financial accounting syllabus PDF

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2021 fall semester syllabus aem 2210...

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AEM 2210 – Lecture 001 Financial Accounting for Non-Dyson Majors Fall 2021 – Course Syllabus (Version 4) General Information:

Instructor Faculty Support: Teaching Assistants:

Staf Office Telephone Dr. Danny Szpiro Statler Hall 465C 607-279-1260 Jennifer R. Williams Warren Hall 201 607-255-5632 Please refer to course Canvas site

Course Website:

http://canvas.cornell.edu

Schedule:

Tuesday & Thursday, 9:40am – 10:55am

Classroom:

Warren Hall B25

Prerequisites:

Enrollment is limited to non-Dyson majors only.

NetID das247 jrw344

Course Materials: Required Text: Financial Accounting, Libby, Libby, Hodge, Tenth Edition, McGraw- Hill Education. McGraw-Hill Connect is also a requirement for this course. Connect provides online homework problems to help students gain a better understanding of the course material. One copy of the text may be on reserve at Mann Library. Copies of all lecture materials will be made available on Canvas throughout the semester. Instant Access materials, for the textbook and Connect, listed above, will be available to students as soon as Canvas courses open for the semester. Students have until 11:59 P.M. on Thursday, September 16, 2021, to access materials without incurring a charge. Students who then wish to keep the Instant Access materials do not need to take any action to pay for the materials; bursar accounts will automatically be charged for the materials once this opt-out date has passed. Should students decide to purchase the materials elsewhere in another format,

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AEM 2210 Financial Accounting – Fall 2021

there is a process to opt out of the Instant Access materials by clicking the opt-out button on the RedShelf page for the corresponding materials. For detailed instructions on how-to access, opt-out, and billing, please visit: https://www.cornellstore.com/instant-access-program. Students with questions about the Instant Access program at Cornell should contact: [email protected]. Calculator: Non-graphing, nonprogrammable calculators will be permitted for the exams. It is recommended that each student bring their calculator to each lecture and discussion section, throughout the course of the semester, so that they may do the in-lecture problems and indiscussion section multiple choice questions and exercises. Please be aware that during exams calculators that do not meet the above specifications will be confiscated. Learning Goals: Learning Goals Develop effective communication skills in finance. Attain analytical and functional competency in basic business and economic skills. Demonstrate working knowledge of ethics and ability to apply to real world settings. Demonstrate the ability to solve practical business problems that make an impact in the real world and society. Develop skills to be critical consumers of business information and research. Develop the ability to work computerized accounting systems.

This course contributes to the following learning goals: Yes Yes Yes Yes Yes Yes

Objectives of the Course: This course provides an introduction to the basic concepts and terminology used in financial accounting and reporting. Accounting knowledge is useful for every area of business including finance, investment banking, marketing, and economics. This course will focus primarily on recording and communicating financial information for use by external users such as investors, creditors, and regulators. Topics covered include accounting for inventory, receivables, uncollectible accounts, long-term financing and equity, and preparation of financial statements using generally accepted accounting principles.

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AEM 2210 Financial Accounting – Fall 2021

Lectures: This semester, Cornell University has returned to in-person, classroom-based instructions. Accordingly, it is expected that all students will attend all class sessions in-person in the assigned classroom, Warren Hall B25. Please note that class sessions will not include simultaneous Zoom access. Moreover, class sessions will not be recorded. Office Hours: Regularly scheduled office hours will be announced during the second week and posted to Canvas. When necessary, changes to regularly scheduled office hours will also be posted to Canvas. Office hours will be available in both in-person and Zoom-based formats. In most cases the instructors and their administrative teaching assistant will respond to emails within 24 hours. If either instructor or the administrative teaching assistant does not respond within 24 hours, resend your initial email to the instructor, the administrative teaching assistant, and the faculty support staff member. Also, for the instructors or the administrative teaching assistant to be efficient at answering each student’s email, please be sure to examine beforehand the announcements section, modules, and syllabus on Canvas for answers to your questions. Grading Criteria: The following weights will be applied in determining your final grade: Participation Connect Assignments First Examination Second Examination Final Examination Total

10% 15% 25% 25% 25% 100%

All examination results will be communicated to students through the Canvas Gradebook, and specific performance will be viewable on Connect within one week from when the exam was administered. Participation: The participation grade is primarily based on class attendance. One or more times during class sessions, a simple quick question will be asked of students and the responses will be recorded / collected as verification of attendance.

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AEM 2210 Financial Accounting – Fall 2021

Professionalism: For the entirety of this course, each student will be expected to behave in a professional manner. The primary element of professionalism is respect. Each student will be expected to respect the time, ideas, and effort of their classmates, professors, and teaching assistants. Examples of disrespectful conduct include being disruptive during lectures and consistent tardiness to in- person and virtual class sessions. Overt or chronic unprofessionalism will have an impact on the attendance portion of a student’s grade. Connect Assignments: Please note that there is computerized homework, through Connect, for each of the chapters, covered during the course. The computerized Connect assignments can be launched through the McGraw-Hill Connect platform. Late Connect assignments will not be accepted. Examinations: There will be three exams during the semester: The Prelim exams are 90-minutes in length and scheduled for the evenings of September 28th and November 4th from 7:30-9:00pm. The specific locations for the exam will be shared later on Canvas. The final exam schedule is still in production at this time, and the exam date will be communicated as soon as this schedule is finalized. In accordance with Cornell University policy, students must make sure to notify the instructor as soon as they determine that they are going to have a conflict with the timing of any exam. Conflicts consist of timing overlap with other exams for Cornell classes. Make- up exams are at the discretion of the instructor and are only available for students with direct Cornell exam conflicts or written medical excuses. Students must make arrangements with the instructor’s Faculty Support staff member Assistant at least one week prior to a scheduled exam time (the earlier the better). Make-ups will typically be held on the day immediately following the scheduled exam. Please note that under no circumstances will an exam be given early, so be sure of the dates of the exams when planning for interviews. Exams are open book and open notes. A seating chart may be posted to Canvas on the day before each examination if exams are held in person. Online Exams must be individual eforts. The use of outside materials will not be restricted, but the exams will be time limited. For this reason, only a very limited use of pre-organized outside resources (notes) is recommended. The examinations will test each student’s knowledge of specific definitions and facts, their understanding of financial accounting theory, and their ability to solve analytical problems. The exams may include multiple choice, short-answer, and/or problems with multiple parts where partial credit may be available. 4

AEM 2210 Financial Accounting – Fall 2021

Final Examination: Although the final examination is not technically cumulative, the material for the course builds on itself; therefore, it is important to understand the material from the earlier chapters to be able to understand the material from the later chapters. Re-grading of Examinations: If a student wants their examination re-graded because of a grading error, submit the paper with a written request specifying exactly why your answer is correct, with any supporting documents within one week of the date the examination was returned from assessment. These requests should be submitted to the Administrative Teaching Assistant electronically. All requests must specify the specific reason(s) the student thinks the exam should be re-graded. Re-grades will be finalized by the end of the next class session after their submission. Late re-grades and/or review requests will not be accepted. BE AWARE: When a regrade is requested - the student’s entire examination will be re- graded, and if that student’s re-grade request serves to point out a continued lack of understanding (i.e., if the re-grade request points out that even after reviewing the answer key, your notes, and all applicable outside resources, you still do not understand the concept), the student may lose points. Canvas: The web page URL address is: http://canvas.cornell.edu. Students will automatically be enrolled in the AEM 2210 Canvas course site to ensure that they receive important correspondence and have access to the course material available at the site. Canvas has a copy of all announcements and modules. Please be sure to check it frequently (i.e., at least several times during a week and immediately before class each day). Please let the instructor’s Faculty Support staff member know if any student is having problems accessing the site. Students with Disabilities: If a student has a disability that requires special testing accommodations or other classroom modifications, please notify Jennifer R. Williams (jrw344) by no later than the second week of classes. We will do our best to accommodate a student as per the prescribed accommodations. Please do not be shy about coming forward.

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AEM 2210 Financial Accounting – Fall 2021

Teamwork: It is often the case that students view each other as competitors for good grades. Students enrolled in this class should feel that they are members of a team that is working toward the same goal and collaborate rather than compete. It is allowed and advised to discuss the material and the class assignments with each other. Do as much as you can alone to develop independent thinking, but do not hesitate to ask questions of your fellow classmates, the staff, and the instructor. Never refuse to help your classmates because you believe it will harm your grade. That being said …. Academic Integrity: Each student in this course is expected to abide by the Cornell University Code of Academic Integrity. Under the provisions of the Code, anyone who gives or receives unauthorized assistance in the preparation of work at home or during tests in class will be subject to disciplinary action. A students name on any piece of work is our assurance that they have neither given nor received any unauthorized help in its preparation. Students may assist each other on assignments by answering questions and explaining various accounting concepts. However, one student should not allow another student to copy their work directly. All University policies with respect to cheating will be enforced. A student who is found to have cheated on an exam, or any other graded assignment, will receive an “F” in the course. Electronic Devices During Class: For in-person classes the use of cell phones, smart phones during class will not be permitted. Please put all cell phones on vibrate or turn them off prior to class. Inclusion Statement: At the SC Johnson College of Business, through our courses, student organizations, and Schooland College-wide events and activities, we are presented with many opportunities to explore new and challenging issues. Some of these issues are familiar to us and some of them are not. We hope that through honest, open, and sincere dialogue and meaningful interaction with others we will introduce, extend, increase, and/or change our understanding of different people and their perspectives. Our conversations and interactions may not always be easy and may lead to discomfort for you or others around you. We will sometimes make mistakes in our communication with one another, in both speaking and listening; we will sometimes need to exercise patience, or courage, or imagination, and many other qualities in combination to ensure we respect each other’s differences and 6

AEM 2210 Financial Accounting – Fall 2021

similarities, both inside and outside of the classroom. We will always need to maintain respect for others’ experiences and viewpoints and strive to deepen our understanding of diverse perspectives – regardless of our backgrounds, experiences, or positions. Just as you are obligated to respect others’ perspectives, you deserve that same respect in return. You all belong here and if any incident occurs that challenges our commitment to maintaining a supportive and inclusive environment, please let your course instructor or a member of the School or College administration know of your concerns so appropriate actions can be taken to ensure a diverse and inclusive environment.

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AEM 2210 Financial Accounting – Fall 2021

COURSE SCHEDULE

Date

Thursday Aug. 26

Lecture (Session ) Number 1

Topics / Assignment Dates

Topics: Course introduction; Chapter 1: Financial Statements and Business Decisions

Tuesday Aug. 31

2

Topics: Chapter 1 (continued) In-Lecture Problems: P1-1, P1-2, P103, P1-4 Connect Assignment: Chapter 1 Assignment Due Date: Wednesday, September 1, 11:59pm

Thursday Sept. 2

3

Topics: Chapter2: Investing and Financing Decisions and the Accounting System

Tuesday Sept. 7

4

Topics: Chapter 2 (continued) In-Lecture Problems: P2-1, P2-2, P2-5 Connect Assignment: Chapter 2 Assignment Due Date: Wednesday, September 8, 11:59pm

Thursday Sept. 9 Tuesday Sept. 14

5

Topics: Chapter 3: Operating Decisions and the Accounting System

6

Topics: Chapter 3 (continued) In-Lecture Problems: P3-1, P3-2, P3-4 Connect Assignment: Chapter 3 Assignment Due Date: Wednesday, September 15, 11:59pm

Thursday Sept. 16

7

Topics: Chapter 4: Adjustments, Financial Statements, and the Quality of Earnings

Tuesday Sept. 21

8

Topics: Chapter 4 (continued) In-Lecture Problems: P403, P4-6, P4-7 Connect Assignment: Chapter 4 Assignment Due Date: Wednesday, September 22, 11:59pm

Thursday Sept. 23

9

Prelim No. 1 Review Session

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AEM 2210 Financial Accounting – Fall 2021

Date

Tuesday Sept. 28

Lecture (Session ) Number 10

Topics / Assignment Dates

Prelim No. 1 (Chapters 1, 2, 3, 4) Time: 7:30 – 9:00pm (90 minutes) Locations: TBD

Thursday Sept. 30

11

Topics: Chapter 5: Communicating and Interpreting Accounting Information In-Lecture Problems: P5-1, P5-6, P5-8

Tuesday Oct. 5

12

Topics: Chapter 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash

Thursday Oct. 7

13

Topics: Chapter 6 (continued) In-Lecture Problems: P6-1, P6-4, P6-5 Connect Assignment: Chapter 6 Assignment Due Date: Friday, October 8, 11:59pm

Tuesday Oct. 12 Thursday Oct. 14

No class: fall break 14

Topics: Chapter 7: Reporting and Interpreting Cost of Goods Sold and Inventory

Tuesday Oct. 19

15

Topics: Chapter 7 (continued) In-Lecture Problems: P7-2, P7-4, P7-9 Connect Assignment: Chapter 7 Assignment Due Date: Wednesday, October 20, 11:59pm

Thursday Oct. 21

16

Topics: Chapter 8: Reporting and Interpreting Property, Plant, and Equipment, Intangibles, and Natural Resources

Tuesday Oct. 26

17

Topics: Chapter 8 (continued) In-Lecture Problems: P8-3, P8-5, P8-6, P8-10 Connect Assignment: Chapter 8 Assignment Due Date: Wednesday, October 27, 11:59pm

Thursday Oct. 28

18

Topics: Chapter 9: Reporting and Interpreting Liabilities

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AEM 2210 Financial Accounting – Fall 2021

Date

Tuesday Nov. 2 Thursday Nov. 4

Lecture (Session ) Number 19 20

Tuesday Nov. 9

21

Thursday Nov. 11 Tuesday Nov. 16

22

Thursday Nov. 18 Tuesday Nov. 23

Thursday Nov. 25 Tuesday Nov. 30 Thursday Dec. 2

Tuesday Dec. 7 TBD

10

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Topics / Assignment Dates

Prelim No. 2 Review Session Prelim No. 2 (Chapters 5, 6, 7, 8) Time: 7:30 – 9:00pm (90 minutes) Locations: TBD. Topics: Chapter 9 (continued) In-Lecture Problems: P9-1, P9-2, P9-11, P9-13 Connect Assignment: Chapter 9 Assignment Due Date: Wednesday, November 10, 11:59pm Topics: Chapter 10: Reporting and Interpreting Bond Securities Prelim No. 2 Review Session Topics: Chapter 10 (continued) In-Lecture Problems: P10-2, P10-3, P10-7, P10-11, P10-15 Connect Assignment: Chapter 10 Assignment Due Date: Wednesday, November 17, 11:59pm

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Topics: Chapter 11: Reporting and Interpreting Shareholders’ Equity

25

Topics: Chapter 11 (continued) In-Lecture Problems: P11-4, P11-6, P11-11 Connect Assignment: Chapter 11 Assignment Due Date: Wednesday, November 24, 11:59pm No class

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Topics: Chapter 12: Statement of Cash Flows

27

Topics: Chapter 12 (continued) In-Lecture Problems: P12-1, P12-2 Connect Assignment: Chapter 12 Assignment Due Date: Friday, December 3, 11:59pm

28

Wrap-up and Final Exam Review Final Examination (Chapters 9, 10, 11, 12) Time: TBD (2 hours)

AEM 2210 Financial Accounting – Fall 2021

Date

Lecture (Session ) Number

Topics / Assignment Dates

Locations: TBD

11...