SYLLABUS		FALL, 2009
BSAD 060Z4	Financial Accounting
INSTRUCTOR(s): Christopher Hodgdon - PROFESSOR INFO PHONE: 656-5774 OFFICE: 308 Kalkin OFFICE HOURS: T, TH 10:00-11:00 and 2:30-3:30 or by Appointment E-MAIL: chodgdon@bsad.uvm.edu		COURSE INFO: MEETS: TR 8:30-9:45 LOCATION: 110 Kalkin

Pre-requisites:

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

Goals & Objectives:

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 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:

In this course, you will study 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, by Phillips, Libby, and Libby. McGraw-Hill/Irwin, 2nd ed., New York, 2008, w/access registration card for the McGraw-Hill Homework Manager.

Grading:

Grading Comments:

Your course grade is determined as follows:

A: 460 to 500 points

A-: 450 to 459 points

B+: 440 to 449 points

B: 410 to 439 points

B-: 400 to 409 points

C+: 390 to 399 points

C: 360 to 389 points

C-: 350 to 359 points

D+: 340 to 349 points

D: 310 to 339 points

D-: 300 to 309 points

F: Less than 300 points

Final Exam 8:00 AM - 11:00 AM Monday, December 14

Last day to withdraw: November 6, Friday

Exam Comments:

The exams will consist of multiple-choice questions and problems, and will be held only on the dates indicated on the detailed assignment sheet. There are NO make-ups for quizzes. If a quiz is missed for any reason, the assigned grade will be zero (0). If an examination is missed for any reason, the assigned grade will be zero (0). In certain special situations (e.g., hospitalization), a student who has received prior approval to miss an examination must take a comprehensive make-up examination at the end of the semester. This is not meant as an option to miss an examination because a student is simply not prepared. In case of hospitalization, or under any other extraordinary circumstance, the student is required to provide proper documentation.

Attendance Policy:

You are expected to attend each class session. The lecture and class discussions are an important part of the instructional program, and therefore it is important that you be present on a regular basis. There are no excused absences, except in rare, unavoidable instances of hospitalization or official university activity.

Additional Comments:

HOMEWORK MANAGER ASSIGNMENTS:

Your textbook contains Homework Manager, a web-based software that you will use to complete your end-of-chapter exercises and problems for credit. It is unique in that it will allow you to practice your homework assignments before you submit them for a grade. After completing a homework assignment using Homework Manager, you will be able to immediately compare your answers with the detailed solutions. To begin Homework Manager, register at http://mh5.brownstone.net/classes/FINACCT-HODGDON/(Special note: your Homework Manager access card is shrink wrapped with your text. If you lose it, you will need to purchase another at http://www.mhhe.com/business/homework/).

PREPARATION FOR CLASS:

Before new material is covered in class, read it carefully. You should think as you read, paying particular attention to key terms and concepts. Make brief notes (in pencil) in the margin of your textbook as reminders to ask questions in class, if necessary. Attend class, listen, and think; the key is genuine intellectual involvement. Be alert for clarification of points that were difficult for you on your first reading of the text. Ask questions if those points are not cleared up in the lecture. Perhaps most importantly, do the homework assignments. Remember, homework is designed to reinforce your understanding of the principles, not to create that understanding.

THE UNIVERSITY'S POLICY REGARDING RELIGIOUS HOLIDAYS:

Students have the right to practice the religion of their choice. Each semester students should submit in writing to their instructors by the end of the second full week of classes their documented religious holiday schedule for the semester. Faculty must permit students who miss work for the purpose of religious observance to make up this work.

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.