ACC 255 PRINCIPLES OF ACCOUNTING--FINANCIAL (3 credit hours)
The W. A. Franke College of Business (http://www.franke.nau.edu)
Fall 2011: Section 5 (#1824) MWF 10:20-11:10, FCB 437
Section 6 (#1749) MWF 11:30-12:20, FCB 437
You must attend the section in which you are enrolled.
INSTRUCTOR: L. Watkins, Ph.D., CPA
Office: FCB 411 Phone & Voice Mail: 523-7368
E-mail:
Faculty webpage: http://www.franke.nau.edu/faculty/ (then click on my name)
Office Hours: MW 9-10 and 3-3:30; others by appointment please.
PREREQUISITE: Eligible to take Math 114
REQUIRED MATERIALS: / Financial Accounting, Kimmel, Weygandt, Kieso, Sixth edition (Wiley, 2011); ISBN 9781118088951 (binder-ready loose-leaf version)Fall 2011 ACC 255 Course Packet: contains homework working papers, sample exams with solutions, & comprehensive problems; purchase in FCB 229
Additional materials will be posted on my faculty page throughout the semester
COURSE LEARNING
OUTCOMES: / Students will:
Learn and apply the basic objectives, principles and procedures of accountancy in the preparation, analysis, and interpretation of general purpose financial statements.
Learn fundamental concepts of accounting information and their impact on financial statements.
Solve problems related to income determination for service and merchandising entities.
Measure and report assets, liabilities, and stockholders’ equity.
EVALUATION TOOLS
There will be three, 200 point, 2 hour examinations and a comprehensive two-hour final that also counts 200 points. If a student is very ill, has an Institutional Excuse, or experiences a death in the immediate family and receives the professor's approval, arrangements will be made such that the missed examination can be made up on the Saturday following the normally scheduled exam. [You must receive prior permission to miss an exam. Leaving a voice mail message or sending an e-mail is not adequate. You must speak with me and documentation may be required.]
300 points will be allocated to Comprehensive Problems, Annual Report project, homework assignments and other non-exam items.
Comprehensive Problems, of which there are two each valued at 50 points, are designed to provide a thorough review of the covered materials. You must turn in Comprehensive Problems at the beginning of the class in which you are enrolled on the due dates.
The Annual Report Project is worth 100 points and will be completed during the last few weeks of the semester using the annual report information of actual companies. The project will provide an integrative review of the course materials and introduces other important information found in the annual report. The case will be graded for correctness of analysis and the professor’s assessment of the written responses. These are individual projects to be completed without assistance from others and individual grades will be assigned.
Not all homework assignments will be graded. Some assignments will be graded (total 50 points) on an unannounced basis. It may be graded for correctness. It is your responsibility to be in class with the appropriate assignments on time. Since the assignments are made well in advance of due dates, no late homework will be accepted for credit. There are also 50 points (of the 300 mentioned earlier) allocated to professional deportment. All students will start with these 50 points. If a student displays behaviors that are inconsistent with the Code of Conduct (see attached) points will be deducted from the 50. A student may end the semester with anywhere from zero to 50 professional deportment points.
Mid-term exams (3 @ 200 points) 600
Final exam 200
Comprehensive problems (2 @ 50 points) 100
Annual Report Project 100
Homework 50
Professional Deportment 50
Total Points Possible 1,100
Grading scale: A=90%, B=80%, C=70%, D=60%. Note that a grade of “C” or better is required as a prerequisite for ACC 256.
If there is a particular grade you "need" you now know what is required to earn that grade. No extra credit projects will be provided. I decline to provide references/recommendations for students that earn less than a B in the course.
IMPORTANT ADMINISTRATIVE DATES:
ACC 255 Evening Exam Dates/Time: Thursdays 7:00-9:00 pm on Sept. 22, Oct. 20, Nov. 17
ACC 255 Common Final Exam Date/Time: Tuesday Dec. 13 from 10:00 am – 12:00 noon
University Deadline to drop/delete: Thursday, September 8
University Deadline to drop with a “W": Friday, October 28 (note that I follow the university deadline and therefore will NOT sign petitions for late withdrawals)
ADDITIONAL COURSE INFORMATION
(1) IMPORTANCE AND OBJECTIVES OF THE FIRST COURSE IN ACCOUNTING
"The first course in accounting can significantly benefit those who enter business, government, and other organizations, where decision-makers use accounting information. All organizations have accountability responsibilities to their constituents, and accounting, properly used, is a powerful tool in creating information to improve the decisions that affect those constituents. For those who decide to major in accounting or other aspects of business, the course is an important building block for success in future academic work. The primary objective of the first course in accounting is for students to learn about accounting as an information development and communication function that supports economic decision-making. [This] is a rigorous course focusing on the relevance of accounting information to decision-making (use) as well as its source (preparation).”
Accounting Education Change Commission, Position Statement No. Two, "The First Course in Accounting," June 1992.
Learn more about accounting careers on the American Institute of CPAs’ Website:
http://www.startheregoplaces.com/
(2) CLASSROOM POLICIES AND ATTENDANCE
The following information is provided to alleviate possible misunderstandings. If you have any uncertainties regarding my policies please contact me for clarification.
For many of you this will be your first rigorous course. Most find the material difficult and somewhat foreign at first. Reading the text will not be like reading a novel in that many of you will have to force yourself to maintain your focus. I urge you to keep up with the work each and every day. If you get behind in the class you will find it extremely difficult to catch up. Some will get behind and then struggle to survive. This is not a rational approach to take. If you get behind you will undoubted become discouraged and that will just make the course more difficult. Make the most of the educational opportunity by doing your very best this semester. Do not put yourself in the position of taking this course again especially since course availability is now very limited.
To do well in most classes you have to make certain sacrifices (incur costs in economic terms). In this course the costs or sacrifices will include the time required for out of class preparation. The time devoted to the course will have a positive correlation with the grade earned. Therefore, the more time spent the greater the probability of an acceptable (to you) grade. I strongly suggest that you allocate no less than nine hours per week in addition to class sessions for accounting.
Wearing of hats in class is not allowed.
Attendance: To do well in this course you need to attend class regularly and in a timely manner (see attached Code of Conduct). Of course occasionally students may decide to miss class due to illness or family emergency. This is an excellent opportunity to develop habits of attendance and promptness that will follow you into the work world. A seating chart will be made to facilitate taking roll. You should be in your seat and ready to start class at the prescribed class time. You should plan on staying in your seat until the class is finished. It is not acceptable behavior to leave class early and/or to leave and return during the class. If you have a medical condition that prevents you from staying in class for the entire class period this condition should be documented and disclosed to your professor.
Homework: Assignments will be made for each chapter covered. You are expected to complete the assignments prior to the period in which the problems are reviewed. Your assignments should be completed in the Course Packet or on 8.5 X 11 inch paper.
Do what you need to do in order to be successful this semester. The most critical factors for your success this semester are your attitude and your effort. Try to maintain a positive attitude toward this class and your own abilities to successfully complete the course. You can do it, but you must put in the effort! Your effort should include at a minimum:
Most importantly, thinking and learning at all times! Memorization is a short-term "fix" that will come back to haunt you later in the semester, in future courses, and in your professional careers!
Attending class every day both physically and mentally.
Reading the chapters in the text prior to the lectures (highlight important concepts and definitions; jot down questions about things you do not understand or want to discuss further in class).
Completing the assigned homework, comprehensive problems, and cases when due (ask questions on areas that caused you difficulties).
Working problems and objective questions in the review packets and working the prior semester's exams contained in your course packet and then checking against the correct solution (note areas of difficulty and go back and study these areas until you master the topic/concept).
Obtaining help early if you are having difficulties. Sources of assistance:
Your professor!
Course supplemental instructors (info to be announced)
Your classmates—students can benefit tremendously by forming their own study groups to do homework and study
The South Student Learning Center (Building 61) has free individual tutoring sessions available. Call 523-7391 at least 24 hours in advance for appointments.
A TYPICAL STUDENT SHOULD PLAN TO SPEND AN AVERAGE OF APPROXIMATELY 9 HOURS OUTSIDE OF CLASS EACH WEEK (SOME WEEKS WILL REQUIRE FEWER HOURS AND SOME WILL REQUIRE MORE HOURS).
(3) EXAM POLICIES
Use of electronic devices, programmable calculators (i.e., with alpha capabilities), cell phones as calculators, or sharing calculators is prohibited during exams.
No exams will be given early under any circumstances. An unexcused absence will result in a zero grade on that exam. Only pre-approved absences will be accepted as reasons for missing a regularly scheduled exam. An approved absence will be given for illness, death in the family, or institutional purposes, provided you contact the instructor and receive approval before the missed exam and provide appropriate supporting documentation (just leaving a phone or written message or e-mail is not sufficient—you must directly contact the instructor). Approved absences will not be given for absences due to work or other personal convenience reasons. Students with an approved absence may take a makeup exam from 3-5 pm on the Saturday following the exam. If a student cannot take the scheduled makeup and receives approval from the instructor, the points earned on the final exam (with an adjustment) will be used as the missed exam score. This provision may apply only once during the semester.
(4) SCHOLASTIC DISHONESTY
Scholastic dishonesty will not be tolerated. Scholastic dishonesty includes, but is not limited to: cheating, plagiarism, providing false information, forgery, altering documents, bringing in crib notes, programmable calculators, or other unauthorized materials to exams, or helping others with such activities. Refer to the FCB Code of Conduct for additional information regarding academic integrity. The full consequences of scholastic dishonesty will be pursued, consistent with the University policy on scholastic dishonesty. At a minimum, a student will receive an “F” in this course for scholastic dishonesty, with no drops or withdrawals allowed.
(5) THE W. A. FRANKE COLLEGE OF BUSINESS CODE OF CONDUCT
http://www.franke.nau.edu/conduct.asp
Responsibility: I will be on time, prepared, attentive, and professional in my scholastic endeavors. I will take responsibility for my actions and make every effort to learn as much as possible from the educational opportunities presented to me.
Respect: I will meet my commitments to others and treat everyone with respect and civility. I will respect our learning environment and help preserve its physical condition.
Integrity: I will be a reliable and honest contributor to individual and group assignments. I will not seek or help others gain unfair advantage in completing academic requirements. I understand that there are severe consequences for academic dishonesty.
Expectations about Behavior
Responsibility:
Attend all classes and meetings on time
Do not wander in and out of classes
Participate but don’t dominate
Pay attention
Respect:
Turn off cell phones when you are in class
Do not use computers during lectures for non class-related purposes
Make sure language and conversations are appropriate to the classroom setting
Behave in a polite and professional manner
Integrity: Do not engage in any act of academic dishonesty, including but not limited to:
sharing a calculator during a quiz or exam
pre-programming a calculator for use during a quiz or exam unless specifically authorized by the instructor
using notes or books during an exam unless specifically authorized by the instructor
looking at another's exam or allowing another student to look at your exam
exchanging exams, passing notes or text messages
discussing answers during an exam
having another take an exam for you or taking an exam for another
unauthorized possession of or access to examination materials by any means, including electronic transmission, theft, photocopying, electronic or failing to return exams
altering exams or assignments while in student's possession for review in an attempt to obtain a more favorable grade
unauthorized collaboration on assignments
submitting the same paper or substantial portions of a paper for multiple classes
fabrication of information and citations
submitting other's words, ideas, materials or work without properly acknowledging and appropriately referencing them
altering, forging or misusing an academic record
electronic theft of computer programs, data, or text belonging to another
(6) NORTHERN ARIZONA UNIVERSITY POLICY STATEMENTS
Safe Environment Policy
NAU’s Safe Working and Learning Environment Policy seeks to prohibit discrimination and promote the safety of all individuals within the university. The goal of this policy is to prevent the occurrence of discrimination on the basis of sex, race, color, age, national origin, religion, sexual orientation, disability, or veteran status and to prevent sexual harassment, sexual assault or retaliation by anyone at this university.