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Lecture01 Spring 2009 v3

Lecture01 Spring 2009 v3 - Accounting 101 Spring 2009...

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Accounting 101 Spring 2009 INTRODUCTION TO FINANCIAL ACCOUNTING
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Objectives of ACCT 101 Understand how financial accounting statements are constructed Begin to develop the ability to read, analyze and interpret financial statements Provide you with tools for economic decision making Where to find information How the information got there
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Textbook and Registration Financial Accounting by Libby, Libby and Short, 6 th edition (5 th edition can be used) Register both for the lecture and one of the recitations
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Rules of the Game Read the syllabus carefully – CONTRACT Read the assigned material, do the assigned problems before the lecture Attend the recitation sections Come to class on time Turn your online homeworks in on time Turn off cell phones and other communication devices Ask questions and participate in class
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Course Website http://webcafe.wharton.upenn.edu Lecture notes will be posted on WebCafe
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EXAM SCHEDULE EXAM 1 – Monday, February 23 (In Class) EXAM 2 – Monday, March 30 (In Class) FINAL EXAM – Monday, May 11, 6 PM – 8 PM Final - Cannot reschedule or take make-up because of travel plans. Note the make-up exam policy – clearly outlined in the syllabus. Students with disabilities – let me know ASAP so accommodations can be made.
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GRADING SCHEME Final grades will be determined by the following scheme: Homework 10% Exam 1: 15% Exam 2: 35% Final: 40% Grades will be assigned across the sections approximately as follows: 20% As 40% Bs 30% Cs 10% Cs, Ds, Fs
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Online Homework 4 or 5 of them – will announce the assignments and due dates later in semester Due by 9 am on due date Work on them in a group of up to 5 Submit your answers individually on the web – no hard copies accepted Exam questions will be similar to the online homework problems – make sure you understand your own solution
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Teaching Assistants Who? Nitun Tuteja Marshall Vance Recitations What is the role of recitations? Not another lecture Assigned problems Office hours Grading Office hours and contact details on course syllabus and webCafe.
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Course Topics Overview of Financial Statements Long-Lived Assets Balance Sheet Concepts Liabilities – Present Value, Notes, and Mortgages Income Statement Concepts Liabilities – Bonds The Accounting Cycle Liabilities – Leases Revenue Recognition Shareholders’ Equity Statement of Cash Flows Financial Statement Analysis Cash and Receivables Intercorporate Investments Inventories – Cost Methods Academic Research
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Today’s Class Overview of “Accounting” in general and “Financial Accounting” in  particular Discussion of Accounting terminology Mandatory Financial Reporting (including the Financial Statements)
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Big Picture Regarding Accounting and the Profession There are many different career fields that fall within the “Accounting”  domain label; some overlap but most do not
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