2019 F syllabus - good note PDF

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EdwinL.CoxSchoolofBusiness SouthernMethodistUniversity  CourseInformation: IntermediateAccountingI—Fall2019 ACCT3311–001 ACCT3311–002 ACCT3311–003 ACCT3311–004 ACCT3311–005

MWF 8:00am– 8:50am Maguire351 MWF 9:00am– 9:50am Maguire351 MWF 10:00am– 10:50am Maguire351 MWF 11:00am– 11:50am Maguire351 MWF 12:30pm– 1:20pm Maguire251

 ContactInformation: GregSommers,PhDCPA E‐mail:[email protected] OfficeHours:Th10:00am–11:30amand byappointment Office:Crow373 Phone:214‐768‐1188

 TA:CeciWeigman OfficeHours:Tu4:00pm–5:00pmandW noon–1:00pm Location:Maguire171A 

 CoursePre‐Requisites: FundamentalsofAccountingI(ACCT2301)andII(ACCT2302)  CourseDescription: ACCT3311isthefirstoftwocourses(followedbyACCT3312)designedtogiveyoua comprehensiveknowledgeoffinancialaccountingtheoryandprinciplesandtoacquaint youwithcurrentfinancialstatementmeasurementanddisclosureconcepts/standards. WhileyouwereexposedtothesetopicsinACCT2301,thecoverageinthiscourseismuch morein‐depthandrigorous.Foreachtopiccoveredinthecourse,weconsiderthe underlyingbusinesstransactionsandgothroughthedetailsofGenerallyAccepted AccountingPrinciples(GAAP).Asidefromlearningtheaccounting,wewillalsodiscusswhy management,analystsandinvestorscareaboutaccounting.Tounderstandaccountingand itsimplicationsfordecisionmaking,wewillspendtimetalkingaboutmanagement’s incentivesandhowtheirincentivescaninfluencethedecisionsandestimatestheymake whenreportingtheirfinancialresults. Therearetwokeygoalsinthiscourse.Thefirstgoalistolearnhowthenumbersreported inthefinancialstatementsareproduced.Thisrequiresyoutolearnthedetailsof accounting.Thesecondgoalistolearnhowtointerpretthenumbersbeingreportedinthe financialstatementsandtheimplicationsofaccounting.Thisrequiresyoutobeableto "backout"thejournalentriesthatmanagementmadetoreportthenumbersinthe financialstatements.Afterdoingthis,youwillbebetterequippedtomakedecisionsacross allbusinessdisciplinesbasedontheavailablefinancialinformation.Mostbusiness 

1

Sommers,SMUCoxACCT3311,Fall2019

professionalagreethattheIntermediateAccountingcoursesaretheHARDESTinthe accountingseriesandthemostimportant. StudentLearningOutcomesandObjectives: Successintoday’sbusinessenvironmentrequiresanintuitiveunderstandingoffinancial reportingandanabilitytointerpretandapplychangingstandards.Studentswill: 

Applycurrentaccountingprinciplestoissues,problems‐solvingandsituations involvingunderstandingandrecordingoftransactionsandpreparationoffinancial statements(i.e.,workforwardfromthedataofthejournalentriestothefinancial statements).



Developtheabilitytoapplycriticalthinkingandanalyticalskillstowardunderstanding oftheimplicationsofreportedfinancialinformationfordecisionmaking.



Examinethelargercontextoffinancialreporting(beyondrulesandprocedures)and raisetheirawarenessofthechangesandthejointeffortofIASB‐FASBconvergence.

Inotherwords,youwillstudyaccountingasbothapreparerandauseroffinancial statementstoincreaseyourunderstandingofhowinformationiscollected,processed,and presentedtooutsiders.Thiswillprovideastrongfoundationbothforcareersinthefieldof accountingand/orfinanceandadvancedlevelcoursesincorporatefinanceand/or financialaccounting.  RequiredTextbooksandOtherMaterials: IntermediateAccounting,2ndEdition,byGordon,Raedy,andSannella(Pearson)including MyAccountingLabaccess(needboundversionISBN9780134833101orlooseleaf versionISBN9780134833118) TheCFAcalculatorpolicywillbefollowedwithoutexception.Onlytwocalculatormodels areauthorizedforuseduringexams: 

TexasInstrumentsBAIIPlus(includingBAIIPlusProfessional)



HewlettPackard12C(includingtheHP12CPlatinum,12CPlatinum25th anniversaryedition,12C30thanniversaryedition,andHP12CPrestige)

Linksforvideos,articlesandadditionalmaterialswillbemadeavailableviaCanvas and/ordistributedinclass  GradingPolicy: Althoughgradesareimportantintheshort‐run,atruemeasureofyoursuccesscomesin howmuchyoulearnthatcanbeappliedtoyourfuturecareer.Yourgoalshouldbetowork hardanddothebestyoucantomaximizeyourlearning.Iamnotlookingforyoutosimply memorizeandspitbackinformation,thoughyouwillneedtoknowthisinformationtodo wellintheclass.WhatIexpectofyouistomakesenseofwhatyoureadandwhatwe discuss,andenterintoadialoguewithmeandyourpeersaboutit.



2

Sommers,SMUCoxACCT3311,Fall2019

Masteringandmakingsenseofthematerialwecoveristhekeytomaximizingyourgrade.I ammorethanhappytohelpyou,inandoutofclass,achievethis;Istrivetobeateacher, afterall.However,thediscipline,timelystudyandpreparationhabits,andsimplehard worknecessarytodowellarematterslargelyinyourownhands.Iwillnotgiveyougrades; youwillearnthem. AllworkundertakenandsubmittedinthiscoursewillbegovernedbytheUniversity's HonorCode(violationsarediscussedintheAcademicDishonestysection).Gradeswillbe basedonthehigherofthefollowingtwooptions: OptionA: Exams MyAccountingLab:

OptionB:

 75%

Exams



AccountingCycleTutorial (relatedtoCh.4) TimeValueofMoneyTutorial (relatedtoCh.7) Highest20HW##s FinancialStatementResearch QuizonCanvas MicrosoftExpertExcel Certification

4%

Total:

100%

80%

MyAccountingLab:

4% 8% 4% 5%





AccountingCycleTutorial (relatedtoCh.4) TimeValueofMoneyTutorial (relatedtoCh.7) HW##s FinancialStatementResearch QuizonCanvas MicrosoftExpertExcel Certification

5%

Total:

100%

5% 0% 5% 5%

Anadjustmentofupto3%maybeaddedorsubtractedfromstudent’stotalaboveatthe professor’sdiscretionbaseduponprofessionalism.Incompleteswillbegivenonlyin accordancewithUniversitypolicy.  CourseandInstructorPolicies: Attendance,Participation,andProfessionalism: Classattendanceisexpectedasitwillbebeneficialtomasteringthematerial.You shouldbeinyourseatandreadytobegindiscussionofthematerialathandatthe beginningofclass.“Ready”meanshavingyournotesandtextsopenandonthetable beforeyouatthebeginningofclass.Latearrivalsshouldexpecttobepenalizedthrough determinationoftheprofessionalismadjustment.Yourcellphonewillnotringduring class.Youwillneithersendnorreceivetextmessagesduringclass.Youwillfocusonthe class.Ifyoumissaclass,itisyourresponsibilitytogetnotesfromaclassmate. Youareexpectedtoreadalloftherequiredtextbookmaterialandrelatedreadingsina timelyfashion.Partoftakingaclassisbeingpreparedforclass.Thismeansyouwill havedoneyourreadingsbeforewetreattheminclass.Failuretodosowillalmostas‐ suredlyleadtoanincompletegraspofthematerial,inabilitytocontributetoand/or learnfromclassdiscussions,andyieldalowergradeinthecourse.Astheprofessorwill regularlycoldcallonstudents,lackofpreparationwillyielduncomfortablesituations 

3

Sommers,SMUCoxACCT3311,Fall2019

foryounowjustasitwouldinameetingwithaclientorsupervisor.Thegoodnewsis thisisavoidablebybeingpreparedtodiscussthetopic,oratleasthavequestions concerningit. Discussionandcoldcallingallowpracticearticulatingyourpositionsanddefending themverballywhichisanecessarybusinessskillregardlessofdiscipline.Youwillhave tospeakpublicly,inmeetingsorgroupsasabusinessperson.Youmightaswellstart thepracticenow.Pleasedonothesitatetovolunteerwhenyouhavesomethingofvalue toaddtothediscussionandtoraisequestionsifyouareconfused.Textbookreadings areshownintheattachedscheduleandadditionalmaterialswillbemadeavailableon Canvas. Professionalismismeasuredbasedonyourpreparationforclass,engagementinclass activities,andconductingyourselfinabusiness‐likemanner.Thepossibleadjustment ofthefinalgradeforprofessionalismwillbeevaluatedrelativetootherstudentsinthe class.Pleasebearinmindthatvirtuallyallgradingschemesaresubjectivetosome extent,andprofessionalism/participationisnoexception.Youarepreparingfor positionsinbusinessandassuchareexpectedtobeactingaccordingly. Examinations Therewillbefourregularexamsandanoptionalcumulativefinaladministered.All examswillbeduringtheclassperiod,andthedatesforeacharenotedontheattached schedule.TherewillbeNOmake‐upexamsgiven.Ifforanyreasonyoudonottakeone oftheexams,youwillreceiveagradeofzeroforthatexam.Noexceptions.However,in determiningyourcoursegrade,thecumulativefinalcanbeusedtoreplacethescore fromthelowestofthefirstthreeexams. Theregularexamsarenotcumulative,excepttotheextentcurrenttopicsrequirean understandingofearliertopics.Ifyouattemptthecumulativefinal,thescorereceived willreplaceyourlowestexamgradefromthefirstthreeregularexamsevenifitis lowerthanthescoreitreplaces. Eachexamwillmeasureyourabilitytounderstandandapplytheconceptsyouhave learnedfromthetextbook,otherreadings/materials,andclassdiscussions.Theideas mayattimesappearinnewgarbandyouwillhavetorecognizethem.Someexam questionswillresemble“bookproblems”whileotherswillbebasedonactualfinancial statements.Yourbestmethodofstudyingfortheexamwillbetoprepareforand participateinclassandthenconcentrateonthehomeworkandreviewmaterials.Also, youmayexperiencetimepressureontheexams.Tomaximizepartialcredit,allocate yourtimetoensureallquestionsareattempted. Fortheclass,examscoresmaybeadjustedupward(pointsaddedtoallstudentsona particularexam)and/orthefinalgradedistributioncutoffsmaybeloweredrecognizing thenatureofthecourseandpotentialissuesrelatedtoquestionwordingortestlength. Youwillbegiventwoweeksafternotificationofyourexamscoretoraise,inwriting, issueswiththegradingoftheexam.Theprofessorreservestherighttore‐gradethe entireexamatthattime.   

4

Sommers,SMUCoxACCT3311,Fall2019

MyAccountingLab AccountingCycleTutorial,TimeValueofMoneyTutorial,andHomeworkAssignments TheAccountingCycleTutorial(ACT)isacomprehensivereviewoftheaccountingcycle fromcreationofjournalentriesthroughfinancialstatementpreparationthatensures foundationalknowledge.ThisassignmentmustbecompletedinMyAccountingLab (accessthroughCanvas).TheACTisavailableforcompletionfromthebeginningofthe semester,butmustbecompletednolaterthan3:00pmonSeptember23rd.Similarly, theTimeValueofMoneyTutorial(TVMT)isacomprehensivereview/introductionto timevalueofmoneyconceptsandcalculations.TheTVMTisavailableforcompletion fromthebeginningofthesemester,butmustbecompletednolaterthan3:00pmon October25th.AnyportionoftheACTorTVMTsubmittedlatewillbesubjecttoa50 percentreductioninpointspossible.Noexceptions. Throughoutthecourse,youwillseeapatternforthehomeworkassignmentsrelatedto thechapters.Generally,therewillbeeasieritemsbeforewebeginworkingthechapter whichshouldbepossiblebasedonyourreadingofthetextandpriorknowledge.Then thenextexposurewillbeatamoreadvancedlevelreflectingtheincreased understandinggainedinclass. Thereare25regularhomeworkassignmentsonMyAccountingLab(HW##).The highest20willbeusedincomputingthehomeworkgradeundergradingOptionA.By onlyusing20scores,itnegatestheeffectsofanyproblemswiththeplatformor particularassignments.Italsoallowsyoutoskipsomeassignmentsifyouchoose.Any assignment(orportionthereof)submittedlatewillbesubjecttoa50percentreduction inpointspossible.Noexceptions. WhiletheexistenceofOptionBrenderstheHW##homeworksoptional,itshouldbe notedthathistoricallyincludingthehomeworkscoreraisedgradesformorethan95% ofstudents.(Thatis,OptionAresultsinahighergradethanOptionB.)Additionally,itis expectedthatcompletingthehomeworkregularlywillcontributetoyourpreparation forclassandexams.WhetheryouarechoosingtocompletetheHW##homework assignmentsornot,youareexpectedtounderstandandabletoapplythematerial assigned. FinancialStatementResearchQuiz Anelementofthecourseisgainingfamiliaritywithacquiringandusingfinancial statementinformationfromvarioussources.Aquizwillbeadministeredthrough CanvasthatwillrequireyoutoutilizeacompanywebsiteaswellasMergentOnlineand CheckpointthroughtheSMUCoxBusinessInformationCenter.Fromthismaterial,you willanswerquestionsrelatedtothefinancialstatementinformationforapubliclytaded company.Thequizmustbecompletedby3:00pmonSeptember18th.Latesubmission ofthequizwillresultina50percentreductioninthepointspossible.Noexceptions. MicrosoftExpertExcelCertification Asapartofyourcoursegrade,youareexpectedtoachieveanadvancedlevelofExcel competency.Todemonstratethis,aportionofyourgradeisdeterminedbypassingthe officialMicrosoftOfficeSpecialist"ExpertExcel"certificationexam(77‐728).The certificationexamsmaybetakenoncampusthroughITTrainingandarescheduledon 

5

Sommers,SMUCoxACCT3311,Fall2019

afirst‐come‐first‐servedbasiswithalimitednumberofseatsavailableatany particulartime.PassingthecertificationexambyNovember8thwillearnfullcredit5%, passingbyNovember22ndwillearnhalfcredit2.5%,andnocreditisavailable thereafter.(Tryingtoscheduleatthelastminutemayresultinnotbeingabletosecure aseatandthereforeareductioninyourgrade.)Evenifyouweretochoosenotto completethecertification,beawarethatinsubsequentfinanceandaccountingclasses itwillbeassumedthatyouhaveachievedthisExpertlevelofExcelknowledge/skills. Additionaldetails(codes,software,resources,etc.)willbeforthcoming. E‐MailandCanvas Duringthesemester,e‐mailmessageswillbesenttoyoursmu.eduaccountasshownon my.SMU.Additionally,theclassCanvaspage(https://smucox.instructure.com/)willbe updatedregularlywithusefulcourseinformation.Youareresponsibleforthecontent ofe‐mailmessagesandthematerialpostedtoCanvas.OnCanvas,youwillfind informationofsignificancetotheclass–syllabus,courseup‐dates,hand‐outs,readings, links,adiscussionboard,andthelike.ThediscussionboardinCanvaswillallowyouto postquestionsandseekhelp.Inadditiontotheprofessor,otherstudentswillalsobe abletohelpwithissuesarisingprovidinganopportunityforcollaborativelearning.The announcementspagewillprovideaquickwaytocommunicatethingscomingup.You shouldplantovisitCanvasregularlyanduseitasyouraccesspointfor MyAccountingLabtoensureyoustaycurrent. AcademicDishonesty TheUniversity’sHonorCodegovernsallworkundertakenandsubmittedinthiscourse. TherelevantsectionoftheCode,takenfromthePreambleoftheHonorCouncil’s Constitution,isasfollows: Intellectualintegrityandacademichonestyarefundamentaltotheprocessesof learningandofevaluatingacademicperformance,andmaintainingthemisthe responsibilityofallmembersofaneducationalinstitution.Theinculcationof personalstandardsofhonestyandintegrityisagoalofeducationinallthe disciplinesoftheUniversity.... Studentsmustsharetheresponsibilityforcreatingandmaintainingan atmosphereofhonestyandintegrity.Studentsshouldbeawarethatpersonal experienceincompletingassignedworkisessentialtolearning.Permittingothers topreparetheirwork,usingpublishedorunpublishedsummariesasasubstitute forstudyingrequiredmaterials,orgivingorreceivingunauthorizedassistancein thepreparationofworktobesubmittedaredirectlycontrarytothehonestprocess oflearning.Studentswhoareawarethatothersinacoursearecheatingor otherwiseactingdishonestlyhavetheresponsibilitytoinformtheprofessorand/or bringanaccusationtotheHonorCouncil. TheHonorPledgeis:“Onmyhonor,Ihaveneithergivennorreceivedunauthorized aidonthiswork.”Everystudentmustsignthispledgeasapartofeveryexamandit alsoappliestoallassignmentscompletedutilizingMyAccountingLabduringthisclass. MycolleaguesandIhavenotedanincreaseinHonorCodeviolationsinthepastcouple ofyears.Thisisdespitetheelevatedattentiontheuniversityhasdirectedtoit.Letme 

6

Sommers,SMUCoxACCT3311,Fall2019

beasclearasIcanbeonthis:AviolationoftheCodewillresultinan“F”forthe course,andthestudentwillbetakenbeforetheHonorCouncil.Ifyouareunclearabout thispolicy–ingeneralorinitsparticularapplication–pleaseseemeimmediately. DocumentRetention Alltestsandotherclassmaterialswillbeheldforthreemonthsfollowingthe completionofthecourse.Theywillthenbedestroyed.Anygradediscrepanciesmustbe clearedwithinthefirsttwoweeksfollowingthesubmissionofgradesfortheclass. DroppingtheCourse YoumustfollowofficialUniversitywithdrawalprocedurestodropthiscourse.Failure toattendclassesandtakeexamsdoesnotconstituteadrop.Astudentwhostops attendingtheclasswithoutofficiallydroppingwillreceiveagradeofF.  StudyGroups Theuseofstudygroupsisstronglyencouragedinthisclassandgoingforwardinyour academiccareer.Theycanbeextremelyhelpfulasthehighestlevelofretentioncomes fromteachingwhichoccursmostnaturallyinthesesettings.Additionally,inbusinessmost activitiesaredoneasapartofagroupsothedevelopmentoftheseskillsisveryvaluable. However,theuseofstudygroupscanbeadecidedlymixedblessing. Potentialdownside,theymay: 

perpetuateandspreaderrorsthatwouldotherwisebeconfinedtotheexaminations ofoneortwopeople,



promoteadivisionoflaborthatworksagainstacoherentunderstandingofthe coursematerial,and/or



provideafalsesenseofsecuritytotheirparticipants.

Potentialupside,theymay: 

provideagoodforuminwhichtotestyourcomprehensionofthecoursematerial,



increaseefficiencyastimewastedtryingtounderstandaconceptorfindwherea numbercamefromcanbeeliminated,



promotediscussionanddebaterelatedtothematerial,and/or



alertyoutodeficienciesinyourpreparation.

Inlightofthesestrengthsandweaknesses,ifyoudecidetoassembleastudygroup,please besensitivetothese“rulesofthumbforsuccessfulstudygroupi...