University of South Carolina Moore School of Business ACCT 401

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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
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