Summer 2020 Whitworth ACG 3103 PDF

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ACG 3103: Intermediate Financial Accounting 1 Summer 2020, Sections 001 (3 Credit Hours) CRN 56364 Muma College of Business, Lynn Pippenger School of Accountancy

COURSE SYLLABUS Semester: Summer 2020 Class Meeting Days: Monday & Wednesday Class Meeting Time: 12:00 pm – 2:10 pm Class Meeting Location: Online (Canvas – Blackboard Collaborative Ultra) Instructor: James D. Whitworth, Ph.D., CPA Office Location: 3320 BSN Office Hours: Tuesday/Thursday 10 – noon; also by appointment Email: [email protected] Phone Number: (813) 974 – 6513

I. University Course Description Theory and methodology underlying financial reporting, including the FASB's conceptual framework, the accounting process, financial statements, accounting changes, present value applications, and current assets. II.

Course Prerequisites Prerequisite: ACG 2021 with a minimum grade of C, ACG 2071 with a minimum grade of C . Co-Prerequisite: One course from: ACG 3341, ACG 3401, or TAX 4001 with a minimum grade of a C.

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Course Purpose Intermediate Financial Accounting is the core of the accounting curriculum. The threecourse sequence provides primary exposure to financial accounting theory and the opportunity for students to gain a thorough understanding of: - Financial accounting measurement theory and concepts, including international issues - The methodology used by professional accountants in applying Generally Accepted Accounting Principles (GAAP) to business transactions and events - Theory and methodology underlying income measurement, financial position reporting, cash flows measurement, and financial statements preparation

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Course Topics

The following subject areas are studied intensively in this course: • The Environment of Accounting and Development of Accounting Standards (Chapter 1)

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• The Conceptual Framework (Chapter 2) • The Accounting Cycle (Chapter 3) • Income Statement and Statement of Equity (Chapter 4 and Chapter 22) • Balance Sheet and Statement of Cash Flows (Chapter 5) • Time Value of Money Concepts and Accounting Applications (Chapter 6) • Accounting for Cash, Securities and Receivables (Chapter 7) • Accounting for Inventory (Chapters 8 and 9) V.

Student Learning Outcomes

Upon successful completion of this course, students will demonstrate the ability to understand and apply generally accepted accounting principles to the measurement and reporting of income and financial position for business enterprises. When you complete this course successfully, you should be able to: • Identify and apply various tools of accounting theory to solve business problems • Critically examine accounting rules to apply to various situations • Understand the environment and theoretical structure of accounting • Understand the accounting cycle, prepare adjusting entries, financial statements and related disclosures • Understand the preparation and the reporting issues related to balance sheet, income statement, & statement of cash flows. • Improve skills in problem solving, critical thinking and communication relating to subject areas studied in this course.

VI. Required Texts and/or Readings and Course Materials Intermediate Accounting bundled with WileyPLUS, (17th Edition) by Kieso, Weygandt and Warfield, 2019 (John Wiley & Sons, Inc.) Through the USF Bookstore initiative, IncludEd, you can gain digital access to the textbook plus other required online resources. See the posted instructions on Canvas for getting access to these materials. Alternatively, you have the option to buy a traditional hardcopy textbook (this textbook comes in a bound or loose-leaf version) if you prefer. The pricing is less favorable than the online option. Software: Excel, or any equivalent computer software; Canvas Calculator: Basic four function (add, subtract, multiply, divide), with no storage capability.

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VII. Grading Scale Grading Scale (%) 94-100 A 90 – 93 A87 – 89 B+ 84 – 86 B 80 – 83 B77 – 79 C+ 74 – 76 C 70 – 73 C67 – 69 D+ 64 – 66 D 60 – 63 D0 – 59 F Please note a grade of C or better is required to progress as an accounting major. Any instance of academic dishonesty will be reported to the University, and will result in an automatic F (or FF) in this course, as well as other penalties enforced by the University (suspension, expulsion, etc.). VIII. Grade Categories and Weights Grades will be based on a total of 515 points possible, allocated as follows: Exam 1: 125 points Exam 2: 150 points Final Exam: 175 points Assignments and Quizzes: 60 points Proficiency Quiz: 5 points Homework is graded on a completion and effort basis, not accuracy. Students earning a 100% on their homework for the semester will receive 5.15 bonus points (+1%) on their final grade. The final exam is typically 85% content after the second exam and 15% announced cumulative content. The final exam will be held in accordance with USF’s final exam schedule.

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Course Schedule

A tentative course schedule will be posted to Canvas.

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X.

Course Policies:

Online Proctoring: All students must review the syllabus and the requirements including the online terms and video testing requirements to determine if they wish to remain in the course. Enrollment in the course is an agreement to abide by and accept all terms. Any student may elect to drop or withdraw from this course before the end of the drop/add period. Online exams and quizzes within this course may require online proctoring. Therefore, students will be required to have a webcam (USB or internal) with a microphone when taking an exam or quiz. Students understand that this remote recording device is purchased and controlled by the student and that recordings from any private residence must be done with the permission of any person residing in the residence. To avoid any concerns in this regard, students should select private spaces for the testing. The University library and other academic sites at the University offer secure private settings for recordings and students with concerns may discuss location of an appropriate space for the recordings with their instructor or advisor. Students must ensure that any recordings do not invade any third-party privacy rights and accept all responsibility and liability for violations of any third-party privacy concerns. Setup information will be provided prior to taking the proctored exam. For additional information about online proctoring you can visit the online proctoring student FAQ. Late Work Policy: Late work will not be accepted. Extra Credit Policy: Minimal extra credit may be made available. In such circumstances it will be offered to all students. Grades of "Incomplete": An “I” grade may be awarded to a student only when a small portion of the student’s work is incomplete and only when the student is otherwise earning a passing grade. The time limit for removing the “I” is to be set by the instructor of the course. For undergraduate students, this time limit may not exceed two academic semesters, whether or not the student is in residence, and/or graduation, whichever comes first. For graduate students, this time limit may not exceed one academic semester. “I” grades not removed by the end of the time limit will be changed to “IF” or “IU,” whichever is appropriate. Make-up Exams Policy: Generally, no make-up quizzes or exams will be permitted. If there is a valid reason (determined by the instructor), written evidence will be required to support the reason prior to the exam date. Make-up exams will be scheduled at the instructor’s convenience, and may be more difficult than the regularly scheduled exam. Exam Retention Policy: Exams files will be kept by the instructor until six months after the end of the semester, at which time they will be destroyed. Group Work Policy: You may work together on homework, but each student needs to submit their own solution.

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Final Examinations Policy: All final exams are to be scheduled in accordance with the University’s final examination policy. XI.

Course Policies: Technology and Media Email: All communications to the professor should be made in a business-like, professional manner. Thus, they should have an appropriate greeting (e.g., Dear Dr. Whitworth), a clear, concise, and professionally drafted message, and an appropriate salutation (e.g., Cordially, Student’s name). Any messages that are not appropriately communicated will not be read by the instructor. Also, please note that all email communications are public (not private) information. I do answer emails on the weekend, particularly as exams approach, but it will be at my convenience. Canvas: Slides and other resources will be posted to Canvas. Multi-Tasking: Dr. Whitworth is aware that he is not the most interesting thing on the internet. However, distracted attempts at learning in a detail-oriented, upper level accounting course are associated with failure. Please respect the degree of difficulty that this course represents, and honor the money being paid for it with your full attention. Recording: Lectures will take place live on Blackboard Collaborative Ultra during class time, then will be uploaded to Canvas, typically by the end of the day (there is a technology lag). WileyPlus: WileyPlus has many resources to assist you in studying this material: o Orion – Orion asks questions to assess your proficiency and then provides personalized practice sessions to improve understanding in weak areas. o For each chapter WP provides: ▪ Reading Content = ebook ▪ Practice Brief Exercises, Exercises, Problems ▪ Solution Walkthrough Videos ▪ Applied Skills Videos ▪ Lecture Presentation (PowerPoint) ▪ Flashcards ▪ Selected Additional Practice – I have identified selected practice exercises on each study guide that I recommend.

XII. Course Policies: Student Expectations Policies about disability access, religious observances, academic grievances, academic misconduct, and several other topics are governed by a central set of policies, which apply to all classes at USF: https://www.usf.edu/provost/faculty-info/core-syllabuspolicy-statements.aspx

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Attendance Policy: I do not take attendance, we are all adults and it is your choice to attend or not. However, I expect you to attend or watch the lecture recording after the fact in a timely manner. Missing class or not keeping up is strongly associated with failure to pass the course. Anything discussed in class, whether covered in the text or not, may appear on examinations. End of Semester Student Evaluations: All classes at USF make use of an online system for students to provide feedback to the University regarding the course. These surveys will be made available at the end of the semester, and the University will notify you by email when the response window opens. Your participation is highly encouraged and valued. The Writing Studio: Offer information about the Writing Studio. Example: The Writing Studio is a free resource for USF undergraduate and graduate students. At the Writing Studio, a trained writing consultant will work individually with you, at any point in the writing process from brainstorming to editing. Appointments are recommended, but not required. For more information or to make an appointment, visit http://www.lib.usf.edu/writing/, stop by LIB 2nd Floor, or call 813974-8293. XIII. Important Dates to Remember All dates and assignments are tentative, and can be changed at the discretion of the professor. Drop/Add Deadline: Friday, May 22 Memorial Day (No class: Monday, May 25 First Exam: Wednesday, June 3 Second Exam: Wednesday, June 24 Withdrawal Deadline: Saturday, June 27 Last Day of Class & Final Exam: Wednesday, July 22 XIV. Additional Resources

Accounting Boot Camp - See the Canvas announcement about this online seminar that is a review of basic principles of financial accounting. Students, especially those who have a long gap between ACG 2021 and this course, report that the boot camp is very helpful in getting them up-to-speed for this course. The online bootcamp will be provided in RealizeIT, online learning modules to help your learning intermediate accounting. RealizeIT is free this semester and more information will be provided on Canvas. School of Accountancy video tutorials – a series of brief lectures on selected topics are available through Canvas on course ORG 02499: School of Accountancy Tutorials. Free tutoring is available online, times and dates will be posted to Canvas. Tutoring is also available at no cost to you through Knack (http://usf.joinknack.com/)

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School of Accountancy Student Success Counselor – Dr. Reggie Shouse, BSN 3501, [email protected]

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