University of South Carolina Moore School of Business ACCT 401 Financial Accounting I Section 1 Fall 2008 Prerequisites: ACCT 225 and ACCT 226 (or equivalent) INSTRUCTOR: Marcus Caylor OFFICE: 314 OFFICE HOURS: Thursdays 10 - 11:30 am; 1 - 2 pm (Hours also available by appointment) TELEPHONE I EMAIL: 777-6081 / marcus.caylor@moore.sc.edu I prefer to be contacted via this email as opposed to through Blackboard TEXTBOOK: Intermediate Accounting, 10th ed., Nikolai, Bazley and Jones (REQUIRED) Problem Solving Strategy Guide (OPTIONAL) Course Description and Objectives: This course is a continuation of the study of financial accounting theory and practice as it relates to the preparation and understanding of financial statements. It is the first course in the financial accounting sequence for accounting majors. The focus of this course is on the understanding of the origin and evolution of accounting theory; the content and preparation of financial statements; and the valuation and reporting of assets and liabilities. Attendance: Students are encouraged to attend every class. Students are responsible for everything that is covered in the class. Homework: Students are expected to be prepared for every class. You are expected to have read and studied the chapter before we cover it in class. You will only get out of the class as much as you put into it. All assigned exercises and problems should be worked before the class meeting for which it is scheduled to be covered. Lab course: The 401L Lab Course is a concurrent requirement for this course. Student Evaluation: Your grade for this course will be based on the number of points you earn from the following: Item Point value Percent of final grade Exam #1 250 25% Exam #2 350 35% Final Exam 400 40% Total 1,000 100% Exams will be roughly 10-20% multiple choice type questions with the remaining 80-90% to be word problems. These word problems may require journal entries, financial statement preparation, computations, and or written explanations. Graded exams will be reviewed in the accounting lab. Exams may also be reviewed in my office for seven days after the date reviewed in the lab. After seven days, exam scores are final and exams are not available for review. Approval to be absent from an exam will be granted only in cases of extreme personal emergency, not for convenience. Written documentation must be provided. You must let me know by email as early as possible if you know you will be unable to take an exam on the assigned date. In lieu of makeup exams, the final exam will be given proportionately greater weight. Grading scale: Grades are assigned based on points earned as follows: Points 900 and above 870-899 800-869 770-799 700-769 600-699 Below 600 Percent 90% and above 87%-89.9% 80%-86.9% 77%-79.9% 70%-76.9% 60%-69.9% Below 60% Grade A B+ B C+ C D F Withdrawal from course: It is your responsibility to be familiar with university policy governing withdrawal. Tips for success: 1. Attend every class. 2. Be prepared for class by reading the covered chapter and working assigned problems. 3. Never get behind because the material will move fast. If you do find that you do not understand a particular concept, please ask me for help immediately! Accountant’s mental toolbox: 1. Know the accounting equation. 2. Know the accounting cycle and journal entries. 3. Know how to use T-accounts. 4. As new concepts and new accounts are learned ask yourself the following questions: a. What type of account is this (i.e., asset, liability, owners’ equity, revenue, expense, gain, or loss)? b. How is this account measured? When can it be recognized/realized? c. On what statement is it to be found? What is its effect on that statement? d. What is the account’s effect on other accounts/statements? 5