Leonard N. Stern School of Business
New York University
C10.0001.001 Principles of Financial Accounting
Fall 2008
MW, 9:30 – 10:45 am
T-UC-52
Professor: Patricia Doran Walters, CFA
Office: KMC 10-177
Email:
Phone: 434-962-2847 (Emergencies ONLY)
Office Hours: M 11:00 am – 1:00 pm and by appointment.
Course Description:
The purpose of this course is to provide students with basic knowledge of financial accounting that will allow them to analyze and construct financial statements using the accounting principles and standards generally accepted and used in the United States (known as US GAAP). Accounting is the “language of business” and students will become sufficiently literate in this language to understand & interpret the financial position and performance of business entities (as described in their financial statements) as well as to enhance students’ personal financial decision-making.
Course Format:
A combination of lectures and problem-solving sessions will be used. The first few weeks provide an overview of the accrual and cash accounting systems. The remainder of the semester will be used to examine specific accounting measurement topics. Readings and assignments should be completed before coming to class. I emphasize that it is critical that you keep up with the coursework. Accounting is not conducive to cramming for exams because new material always builds on prior concepts.
Required Textbook: Horngren, Sundem et al
Introduction to Financial Accounting. 9e (Custom Edition)
Prentice-Hall (2006)
Blackboard:
This course will be managed and communications with students will be posted on line through Blackboard. Students will be responsible for checking the blackboard site DAILY, reading announcements, and downloading course materials from blackboard as necessary. Homework assignments with due dates will also be posted there weekly in advance of the class at which they are due. Hard copies will not be available from Professor Walters.
Course Requirements and Grading: Final grades for the course will be based on the following:
Midterm 1 25%
Midterm 2 25%
Final Exam 25%
Homework 15%
Class Participation 10%
Total 100%
All exams are closed book and cumulative since accounting is necessarily cumulative. I will emphasize the material covered since the previous exam. Make-up exams will only be permitted if you have a University-approved excuse (e.g., illness or family emergency) and you must contact me before the exam is given, either by email or phone!! If you would like any exam question re-graded, you must make a written request clearly stating your reason for re-grading within one week of receiving the graded exam.
Midterms: The midterms will be given on the dates indicated in the schedule. If you miss one midterm without a University-approved excuse, the final exam grade will replace the missing midterm grade (i.e., the final exam will count for 50% of your grade). If you miss both midterms, you will receive a zero for 25% of your grade and the final will count as 50%. If you take both midterms, I will count the higher of the midterm grades twice.
Final Exam: You will not receive a passing grade in the course without taking the final exam.
The financial reporting concepts and the process of recognition and measurement of transactions and events by their nature apply to every topic covered in this course. Although the three tests will likely focus on specific issues covered since the previous test, I reserve the right to give a cumulative exam and test on prior topics if class performance warrants.
Homework Assignments: I will assign & collect homework weekly covering the material I expect to cover in class that week. Homework assignments will normally be due on Monday. You must have turned in at least 80% of the collected homework to receive the full 15 points allocated to the homework grade. Solutions to the assigned homework and other textbook problems will be available on Blackboard. Since I do not own the copyright to the solutions manual I will not post it in its entirety.
Attendance for all classes is mandatory and will count towards your class participation grade. If you are unable to attend a class session, you are still responsible for all the materials covered during that session. In addition, you are expected to arrive for class on time. Although I understand that circumstances can conspire to make you late, this should be the exception rather than the rule.
Extra Credit: I will provide students with up to two extra credit assignments during the semester. Each of these assignments will be worth 2 extra credit points. All students are eligible for extra credit. These credits do not form part of the curve, but are added to your course grade after the curve determining letter grades is finalized.
Letter Grades: Letter grades for the course are determined by application of the following statistical analysis:
A / Greater than or equal to Mean + 1.75 s / C+ / Mean – 1.00 s up to Mean – 0.50 sA- / Mean + 1.50 s up to Mean +1.75 s / C / Mean – 1.75 s up to Mean – 1.00 s
B+ / Mean + 1.00 s up to Mean + 1.50 s / C- / Mean – 2.50 s up to Mean – 1.75 s
B / Mean up to Mean + 1.00 s / D / Mean – 3.00 s up to Mean – 2.50 s
B- / Mean – 0.50 s up to Mean / F / Less than Mean – 3.00 s
Notes:
1 / Mean is the average of the test scores
2 / s = Standard Deviation of the test scores
3 / Your letter grade for the course depends on the average of your test scores, homework and class participation, the class average, and the standard deviation of the class grades.
Letter grades for individual tests provide an indication of your performance during the course, but are approximations of the letter grade that would be calculated when grades for all assessments are included.
Requests for Additional Assignments to Improve a Grade: I do not provide individual students with additional assignments so that they can improve their grades. I provide every student with the same opportunities to perform well. Would you please not ask me to treat you differently than other students in this regard?
Except for the dates of the Midterms, the attached schedule is not final and may be modified during the course of the semester to better meet the course objectives. Yes, I will hold class on the Wednesday before Thanksgiving.
Date / Session / Textbook Chapter / Topic9/3W / 1 / 1 / Introduction
9/8M / 2 / 1 / Balance Sheet
9/10W / 3 / 2 / Income Statement
9/15M / 4 / 2
5 / Cash Flow Statement (Direct Method)
9/17W / 5 / 3 / Recording transactions
9/22M / 6 / 3 / Recording transactions
9/24W / 7 / 4 / Accounting adjustments
9/29M / 8 / Review
10/1M / 9 / Midterm 1
10/6M / 10 / 6 / Sales & Accounts Receivable
10/8W / 11 / 6 / Accounts Receivable & Estimated Uncollectibles
10/13M / Holiday
10/15W / 12 / 6 / Accounts Receivable & Estimates Uncollectibles
10/22M / 13 / 7 / Inventories & Cost of Goods Sold
10/24W / 14 / 7 / Inventories & Cost of Goods Sold
10/27M / 15 / 8 / Long-lived Assets & Depreciation/Amortization
10/29W / 16 / 8 / Long-lived Assets & Depreciation/Amortization
11/3M / 17 / Review
11/5W / 18 / Midterm 2
11/10M / 19 / 9 / Present Value
11/12W / 20 / 9 / Liabilities
11/17M / 21 / 9 / Leases
11/19W / 22 / 9 / Deferred Taxes
11/24M / 23 / 9 / Bonds
11/26W / 24 / 9 / Liabilities “Overflow”
12/1M / 25 / 5 / Cash Flow Statement (Indirect Method)
12/3W / 26 / 10 / Stockholders’ Equity
12/8M / 27 / 10 / Earnings per Share
12/10W / 28 / Review
Final Exam Week