SYLLABUS		FALL, 2009
BSAD 060Z3	Financial Accounting
INSTRUCTOR(s): Barbara Arel - PROFESSOR INFO PHONE: (802) 656-5478 OFFICE: 307 Kalkin OFFICE HOURS: MW 12:30-2:00 or by Appointment E-MAIL: barel@bsad.uvm.edu		COURSE INFO: MEETS: MW 2:00-3:15 LOCATION: 001 Kalkin

Pre-requisites:

Required course specific fee of $20; CE students and permission only; Degree students should register for BSAD 060 C.

Goals & Objectives:

This course is intended to introduce you to various types of accounting information and the role this information plays in business decisions. This course emphasizes understanding accounting as the language of business with a particular emphasis on how business transactions affect financial statements which are used for decision making. As such, you should obtain an understanding of the generally accepted accounting principles for preparation of financial statements. In addition, assignments and other activities are designed to improve your analytical and communication skills.

In this course, students are encouraged to be active participants in the learning process. You are expected to attend class each day and to come prepared for that days work by having read the material assigned. Class notes will be provided to help facilitate note taking. In-class exercises will be used to apply the new accounting concepts and encourage active student involvement in the learning process. Homework assignments with solutions are provided to reinforce your understanding of the accounting concepts.

The following objectives have been identified by the accounting area faculty as minimum competency learning objectives for all BSAD60 classes. Your understanding of these objectives will be tested on examinations and you must demonstrate an ability to perform these key learning objectives in order to receive a passing grade for the course:

Understanding the Business Context

Differentiate the key attributes and advantages proprietorships, partnerships and corporations

Identify steps in the business operating cycle

Understand the importance of the concept of internal control

Apply the concept of internal control to a simple business context

Understanding Financial Statements

Define the purpose of accounting

Identify the four basic financial statements

Understand the purpose of the four basic financial statements and accompanying notes

Identify the components of the balance sheet, income statement and statement of cash flows (e.g., accounts receivable appears in the balance sheet)

Prepare a basic balance sheet, income statement and statement of cash flows

Understand how the basic financial statements interrelate

Understand the basic accounting equation

Analyzing Transactions and Understanding their Impact on Financial Statements

Understand the role of GAAP and IFRS in financial reporting

Apply principles/concepts of historical cost, fair value, revenue recognition and full disclosure

Analyze and record transactions

Understand the impact of transactions on financial statements

Understand the purpose and impact of accruals and deferrals

Analyze and prepare adjusting entries

Understand the following additional concepts:

Differences between capitalization and expense

The concept of present value techniques

The impact of present value on account valuation

Cost allocation (e.g., depreciation) and impairment (write down of assets)

Inventory cost flow assumptions

Specific Content Areas within the Financial Statements

Differentiate components of current operating income from other income statement components

Understand the use and misuse of earnings per share

Understand the nature of retained earnings

Differentiate the book value of equity from the market value of equity

Course Content:

This course is a study of the theory and application of accounting concepts for reporting financial information to outside users. The course stresses the relationship between the rules by which financial statements are prepared and the use of financial statement information for decision making.

Books & Materials

Fundamentals of Financial Accounting, Phillips, Libby & Libby, McGraw-Hill Irwin, 2nd edition

Access card to McGraw-Hill Homework Manager

Calculator

Grading:

Grading Comments:

Your course grade is determined as follows:

A+: 96 % and above

A: 93-95%

A-: 90-92%

B+: 87-89%

B: 83-86%

B-: 80-82%

C+: 77-79%

C: 73-76%

C-: 70-72%

D+: 67-69%

D: 63-66%

D-: 60-62%

F: 59% and below

Exam Comments:

Your performance in this course will be assessed across the following components:

Exams: Three exams will be given (two midterm exams and one comprehensive final exam). The exams will consist of multiple-choice questions and problems, and will be held only on the dates indicated on the detailed assignment sheet. Absence from any scheduled exam without prior approval will result in a grade of zero on the missed exam. Documented medical and family emergencies are the only valid reasons that will be accepted for missing an exam. In the event a student is given approval to miss a scheduled exam period, the grade on the comprehensive final will be substituted for the midterm exam score. In addition, a higher grade on the comprehensive final exam will be substituted for a lower score on one of the midterm exams.

Assignments: Assignments must be completed in homework manager. Due dates for homework assignments are noted in homework manager and on the course schedule. No late assignments will be accepted and no assignments will be made up.

Quizzes: There will be six quizzes throughout the semester. The lowest quiz score will be dropped; thus, only the top 5 quiz grades will count toward your overall grade. Missed quizzes cannot be made up; absence from a quiz will result in a grade of zero on the missed quiz.

Ethics Case: Each student will be responsible for completing an ethics case which will be assigned and described during the semester.

In-class exercises: A portion of the work you do in this course will take place in small groups of 3 to 5 students. In order for a group to function effectively, each member must come prepared for that days work and take an active part in the discussion. No one will be allowed a free ride because of the work of others.

Academic Honesty

The principal objective of the policy on academic honesty is to promote an intellectual climate and support the academic integrity of the University of Vermont. Academic dishonesty or an offense against academic honesty includes acts that may subvert or compromise the integrity of the educational process. Such acts are serious offenses that insult the integrity of the entire academic community.

Offenses against academic honesty are any acts that would have the effect of unfairly promoting or enhancing one's academic standing within the entire community of learners which includes, but is not limited to, the faculty and students of the University of Vermont. Academic dishonesty includes knowingly permitting or assisting any person in the committing of an act of academic dishonesty.

The policy distinguishes between minor and major offenses. Offenses purely technical in nature or in which the instructor does not perceive intent to achieve advantage are deemed minor and handled by the instructor. Major offenses are those in which intent to achieve academic advantages is perceived. A full statement of the policy can be found in the Cat's Tale. Each student is responsible for knowing and observing this policy.

Classroom Code of Conduct

Faculty and students will at all times conduct themselves in a manner that serves to maintain, promote, and enhance the high quality academic environment befitting the University of Vermont. To this end, it is expected that all members of the learning community will adhere to the following guidelines:

1. Faculty and students will attend all regularly scheduled classes, except for those occasions warranting an excused absence under the policy detailed in the catalogue (e.g., religious, athletic, medical).
2. Students and faculty will arrive prepared for class and on time, and they will remain in class until the class is dismissed.
3. Faculty and students will treat all members of the learning community with respect. Toward this end, they will promote academic discourse and the free exchange of ideas by listening with civil attention to the comments made by all individuals.
4. Students and faculty will maintain an appropriate academic climate by refraining from all actions which disrupt the learning environment (e.g., making noise, ostentatiously not paying attention, and leaving and reentering the classroom inappropriately).
5. Food and drink are not allowed in classrooms.

Instructors will inform students of any special/additional expectations.