Towson University
Department of Accounting
Accounting 301: Intermediate Accounting I
Instructor: Dr. Seth Hammer
Spring 2010
Course Objectives
The objectives of the course are as follows:
· Understand the FASB’s Conceptual Framework of Accounting
· Prepare adjusting, reversing, and closing journal entries
· Prepare a multiple step income statement
· Categorize accounts on a balance sheet
· Allocate and calculate cash flows for a cash flow statement
· Calculate revenues and expenses using alternative accounting methods
· Identify motives for changing existing accounting methods
· Analyze effects of errors on the financial statements
· Understand and identify disclosure requirements
· Demonstrate basic competence with a commercial accounting software package
The above course objectives are presented in accordance with the CBE’s (College of Business and Economics) commitment towards developing student KSAs (Knowledge, Skills, and Attitudes) for success both as a business professional and as a citizen contributing towards the betterment of society. The KSs most applicable for this course are listed below:
· Know, apply and integrate the content of one’s major
· Develop graphic, spreadsheet and financial analysis to support position taken
· Engage in active listening in individual and group settings
· Generate and evaluate feasible alternatives
· Develop comprehensive, justified conclusions and recommendations using qualitative and quantitative tools
· Use general and discipline specific software for state-of-the-practice business applications
· Display ethical conduct and honor-system behavior
· Apply ethics in business decision-making, considering the impact on multiple stakeholders
· Be attentive, proactive and ready to learn
· Meet commitments and complete tasks according to assigned requirements
IMPORTANT NOTICE: Students are alerted, for purposes of personal time management, that the demands of this course and most upper level accounting courses are substantially greater than that of typical Principles of Accounting courses.
Office Information
Location 100C Stephens Hall
Office hours: Tuesday: 1:00–2:00 and 5:30–6:30
Thursday: 1:30–2:00
And by appointment
Telephone (410) 704-3083
Email –
Required Course Materials
1. Intermediate Accounting (13th edition), by Kieso & Weygandt, Wiley 2010
2. Computer Accounting with Quickbooks Pro 08, (11th edition), by Ulmer, McGraw-Hill 2009
Requirements for Completion of the Course
Two exams [25% each] 50.0 %
Final exam 37.5 %
Textbook homework assignments 7.5 %
Quickbooks accounting project 5.0 %
Class participation may be taken into account in deciding between grades on a cusp. In accordance with Towson University policy, plus/minus grading will be used.
Intermediate Accounting I is the first upper level accounting course and has a highly rigorous curriculum. Students who believe it is reasonably possible that they will be unable to complete the homework assignments and/or miss more than one class are strongly encouraged to drop the course and take it at a future time.
Exam Policy
Exams are designed to cover only the material that is discussed in class and/or assigned for homework. Students are advised that not all material in the text is discussed and similarly, all material discussed, is not covered in the text.
Make-up exams: students are expected to take exams at the designated time. In cases where students cannot take an exam for last minute reasons, such as sudden illness, make-up exams will be given. In general, these exams are more comprehensive than the original, to compensate for the additional study time allowed the student. Exception: students who know in advance that they face a conflict (e.g., job interview, three exams in one day, etc.) may arrange, at least five days in advance, to have their exam rescheduled. The rescheduled exam would not be more comprehensive than the original.
Homework Assignments
Textbook homework assignments will be collected four times during the semester. Students are allowed to skip one assignment, without penalty, during the semester. While students are strongly encouraged to complete all homework assignments, this policy is intended to provide a limited cushion in the event of scheduling conflicts, illness, family emergencies, etc. Under no circumstances will homework be accepted after the due date.
Each collected homework assignment will be assigned a grade of check or check minus. Each check = full credit. Each check minus = ½ credit. In order to earn a check, the homework must be fully and reasonably completed.
Where homework assignments are not collected, students may be called upon at random to discuss their solutions.
Completion of homework assignments is highly emphasized in this course because, historically, there has been a high correlation between student fulfillment of homework responsibilities and exam performance.
Computer Accounting with Quickbooks
Students will be required to complete weekly homework assignments from the Computer Accounting with Quickbooks and also Project 1. The weekly assignments, which cover the first ten chapters of the textbook, are designed to develop students’ skills so that they may successfully complete the project. The project is the only Quickbooks related material collected and serves as the basis for the Quickbooks grade.
2009-2010 TU H1N1 Influenza Policy Statement
“Students should not attend classes or other university events from the onset of flu-like symptoms until at least 24 hours after the fever subsides without the use of fever reducing medications. Such absences will be considered excused absences; however, students are responsible for the material covered during the period of their absence.”
Tentative Exam and Quickbooks Assignment Dates
Exams:
February 25
April 8
Final: May 13 (3::30 section), May 17 (2 P.M section)
Quickbooks
Feb 4 Chapter 1
Feb 11 Chapter 2
Feb 18 Chapter 3
March 4 Chapter 4
March 11 Chapter 5
March 25 Chapter 6
April 1 Chapters 7&8
April 15 Chapters 9&10
April 29 Project 10.1 [requirements on page 10.74]
Tentative Textbook Homework Assignments
Chapter 1 Financial Accounting and Accounting Standards
Cases [Referred to as “Concepts for Analysis”): 2,5,6,9,14
Chapter 2 Conceptual Framework Underlying Financial Accounting
Exercises: 2,3,5,8
Chapter 3 The Accounting Information System
Exercises: 1,2,5,8,24 Problems: 2,6,8,9,
Chapter 4 Income Statement and Related Information
Exercises: 3,4,5,11,12 Problems: 1,3,4, Cases: 4,5
Chapter 5 Balance Sheet and Statement of Cash Flows
Exercises: 2,4,6,14 Problem: ,7 Case: 3
Chapter 23 Statement of Cash Flows
Exercises: 5,6,11,12 Problems: 1,2,4,6,7,8
Chapter 18 Revenue Recognition
Exercises: 1,7 (a only), 8 (a only), 10 Problems: 2 (a only), 4 (a only), 8, 10 Case: 4
Chapter 22 Accounting Changes and Error Analysis
Question: 1 Exercises: 2,5,8,9 Case 4
Chapter 24 Full Disclosure in Financial Reporting
Questions: 1,3,4,5,6,8 Exercises: 2,3,4