ACC 255 PRINCIPLES OF ACCOUNTING--FINANCIAL (3 credit hours)
The W. A. Franke College of Business (http://www.franke.nau.edu)
Fall 2011:
Section 5 (#1824) MWF 10:20-11:10, FCB 437
Section 6 (#1749) MWF 11:30-12:20, FCB 437
You must attend the section in which you are enrolled.
INSTRUCTOR:
L. Watkins, Ph.D., CPA
Office: FCB 411
Phone & Voice Mail: 523-7368
E-mail: larry.watkins@nau.edu
Faculty webpage: http://www.franke.nau.edu/faculty/ (then click on my name)
Office Hours: MW 9-10 and 3-3:30; others by appointment please.
PREREQUISITE:
Eligible to take Math 114
REQUIRED
MATERIALS:
Financial Accounting, Kimmel, Weygandt, Kieso, Sixth edition (Wiley, 2011); ISBN 9781118088951 (binderready loose-leaf version)
Fall 2011 ACC 255 Course Packet: contains homework working papers, sample exams with solutions, &
comprehensive problems; purchase in FCB 229
Additional materials will be posted on my faculty page throughout the semester
COURSE LEARNING
OUTCOMES:
Students will:
Learn and apply the basic objectives, principles and procedures of accountancy in the preparation, analysis,
and interpretation of general purpose financial statements.
Learn fundamental concepts of accounting information and their impact on financial statements.
Solve problems related to income determination for service and merchandising entities.
Measure and report assets, liabilities, and stockholders’ equity.
EVALUATION TOOLS
There will be three, 200 point, 2 hour examinations and a comprehensive two-hour final that also counts 200 points. If a student
is very ill, has an Institutional Excuse, or experiences a death in the immediate family and receives the professor's approval,
arrangements will be made such that the missed examination can be made up on the Saturday following the normally scheduled
exam. [You must receive prior permission to miss an exam. Leaving a voice mail message or sending an e-mail is not adequate.
You must speak with me and documentation may be required.]
300 points will be allocated to Comprehensive Problems, Annual Report project, homework assignments and other non-exam
items.
Comprehensive Problems, of which there are two each valued at 50 points, are designed to provide a thorough review of the
covered materials. You must turn in Comprehensive Problems at the beginning of the class in which you are enrolled on the due
dates.
The Annual Report Project is worth 100 points and will be completed during the last few weeks of the semester using
the annual report information of actual companies. The project will provide an integrative review of the course
materials and introduces other important information found in the annual report. The case will be graded for
correctness of analysis and the professor’s assessment of the written responses. These are individual projects to be
completed without assistance from others and individual grades will be assigned.
Not all homework assignments will be graded. Some assignments will be graded (total 50 points) on an unannounced basis. It
may be graded for correctness. It is your responsibility to be in class with the appropriate assignments on time. Since the
assignments are made well in advance of due dates, no late homework will be accepted for credit. There are also 50 points (of
the 300 mentioned earlier) allocated to professional deportment. All students will start with these 50 points. If a student
displays behaviors that are inconsistent with the Code of Conduct (see attached) points will be deducted from the 50. A student
may end the semester with anywhere from zero to 50 professional deportment points.
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Mid-term exams (3 @ 200 points)
Final exam
Comprehensive problems (2 @ 50 points)
Annual Report Project
Homework
Professional Deportment
Total Points Possible
600
200
100
100
50
50
1,100
Grading scale: A=90%, B=80%, C=70%, D=60%. Note that a grade of “C” or better is required as a prerequisite for ACC 256.
If there is a particular grade you "need" you now know what is required to earn that grade. No extra credit projects will be
provided. I decline to provide references/recommendations for students that earn less than a B in the course.
IMPORTANT ADMINISTRATIVE DATES:
ACC 255 Evening Exam Dates/Time: Thursdays 7:00-9:00 pm on Sept. 22, Oct. 20, Nov. 17
ACC 255 Common Final Exam Date/Time: Tuesday Dec. 13 from 10:00 am – 12:00 noon
University Deadline to drop/delete: Thursday, September 8
University Deadline to drop with a “W": Friday, October 28 (note that I follow the university deadline and therefore will NOT sign
petitions for late withdrawals)
ADDITIONAL COURSE INFORMATION
(1) IMPORTANCE AND OBJECTIVES OF THE FIRST COURSE IN ACCOUNTING
"The first course in accounting can significantly benefit those who enter business, government, and other organizations, where
decision-makers use accounting information. All organizations have accountability responsibilities to their constituents, and
accounting, properly used, is a powerful tool in creating information to improve the decisions that affect those constituents. For
those who decide to major in accounting or other aspects of business, the course is an important building block for success in
future academic work. The primary objective of the first course in accounting is for students to learn about accounting as an
information development and communication function that supports economic decision-making. [This] is a rigorous course
focusing on the relevance of accounting information to decision-making (use) as well as its source (preparation).”
Accounting Education Change Commission, Position Statement No. Two, "The First Course in Accounting," June 1992.
Learn more about accounting careers on the American Institute of CPAs’ Website:
http://www.startheregoplaces.com/
(2) CLASSROOM POLICIES AND ATTENDANCE
The following information is provided to alleviate possible misunderstandings. If you have any uncertainties regarding my policies
please contact me for clarification.
For many of you this will be your first rigorous course. Most find the material difficult and somewhat foreign at first. Reading the
text will not be like reading a novel in that many of you will have to force yourself to maintain your focus. I urge you to keep up
with the work each and every day. If you get behind in the class you will find it extremely difficult to catch up. Some will get
behind and then struggle to survive. This is not a rational approach to take. If you get behind you will undoubted become
discouraged and that will just make the course more difficult. Make the most of the educational opportunity by doing your very
best this semester. Do not put yourself in the position of taking this course again especially since course availability is now very
limited.
To do well in most classes you have to make certain sacrifices (incur costs in economic terms). In this course the costs or sacrifices
will include the time required for out of class preparation. The time devoted to the course will have a positive correlation with
the grade earned. Therefore, the more time spent the greater the probability of an acceptable (to you) grade. I strongly suggest
that you allocate no less than nine hours per week in addition to class sessions for accounting.
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Wearing of hats in class is not allowed.
Attendance: To do well in this course you need to attend class regularly and in a timely manner (see attached Code of Conduct).
Of course occasionally students may decide to miss class due to illness or family emergency. This is an excellent opportunity to
develop habits of attendance and promptness that will follow you into the work world. A seating chart will be made to facilitate
taking roll. You should be in your seat and ready to start class at the prescribed class time. You should plan on staying in your
seat until the class is finished. It is not acceptable behavior to leave class early and/or to leave and return during the class. If you
have a medical condition that prevents you from staying in class for the entire class period this condition should be documented
and disclosed to your professor.
Homework: Assignments will be made for each chapter covered. You are expected to complete the assignments prior to the
period in which the problems are reviewed. Your assignments should be completed in the Course Packet or on 8.5 X 11 inch
paper.
Do what you need to do in order to be successful this semester. The most critical factors for your success this semester are your
attitude and your effort. Try to maintain a positive attitude toward this class and your own abilities to successfully complete the
course. You can do it, but you must put in the effort! Your effort should include at a minimum:
Most importantly, thinking and learning at all times! Memorization is a short-term "fix" that will come back to haunt you later in
the semester, in future courses, and in your professional careers!
Attending class every day both physically and mentally.
Reading the chapters in the text prior to the lectures (highlight important concepts and definitions; jot down questions about
things you do not understand or want to discuss further in class).
Completing the assigned homework, comprehensive problems, and cases when due (ask questions on areas that caused you
difficulties).
Working problems and objective questions in the review packets and working the prior semester's exams contained in your
course packet and then checking against the correct solution (note areas of difficulty and go back and study these areas until you
master the topic/concept).
Obtaining help early if you are having difficulties. Sources of assistance:
Your professor!
Course supplemental instructors (info to be announced)
Your classmates—students can benefit tremendously by forming their own study groups to do homework and study
The South Student Learning Center (Building 61) has free individual tutoring sessions available. Call 523-7391 at least 24 hours in
advance for appointments.
A TYPICAL STUDENT SHOULD PLAN TO SPEND AN AVERAGE OF APPROXIMATELY 9 HOURS OUTSIDE OF CLASS EACH WEEK (SOME
WEEKS WILL REQUIRE FEWER HOURS AND SOME WILL REQUIRE MORE HOURS).
(3) EXAM POLICIES
Use of electronic devices, programmable calculators (i.e., with alpha capabilities), cell phones as calculators, or sharing calculators
is prohibited during exams.
No exams will be given early under any circumstances. An unexcused absence will result in a zero grade on that exam. Only preapproved absences will be accepted as reasons for missing a regularly scheduled exam. An approved absence will be given for
illness, death in the family, or institutional purposes, provided you contact the instructor and receive approval before the missed
exam and provide appropriate supporting documentation (just leaving a phone or written message or e-mail is not sufficient—
you must directly contact the instructor). Approved absences will not be given for absences due to work or other personal
convenience reasons. Students with an approved absence may take a makeup exam from 3-5 pm on the Saturday following the
exam. If a student cannot take the scheduled makeup and receives approval from the instructor, the points earned on the final
exam (with an adjustment) will be used as the missed exam score. This provision may apply only once during the semester.
(4) SCHOLASTIC DISHONESTY
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Scholastic dishonesty will not be tolerated. Scholastic dishonesty includes, but is not limited to: cheating, plagiarism, providing
false information, forgery, altering documents, bringing in crib notes, programmable calculators, or other unauthorized materials
to exams, or helping others with such activities. Refer to the FCB Code of Conduct for additional information regarding academic
integrity. The full consequences of scholastic dishonesty will be pursued, consistent with the University policy on scholastic
dishonesty. At a minimum, a student will receive an “F” in this course for scholastic dishonesty, with no drops or withdrawals
allowed.
(5) THE W. A. FRANKE COLLEGE OF BUSINESS CODE OF CONDUCT
http://www.franke.nau.edu/conduct.asp
Responsibility: I will be on time, prepared, attentive, and professional in my scholastic endeavors. I will take responsibility
for my actions and make every effort to learn as much as possible from the educational opportunities presented to me.
Respect: I will meet my commitments to others and treat everyone with respect and civility. I will respect our learning
environment and help preserve its physical condition.
Integrity: I will be a reliable and honest contributor to individual and group assignments. I will not seek or help others gain
unfair advantage in completing academic requirements. I understand that there are severe consequences for academic
dishonesty.
Expectations about Behavior
Responsibility:
Attend all classes and meetings on time
Do not wander in and out of classes
Participate but don’t dominate
Pay attention
Respect:
Turn off cell phones when you are in class
Do not use computers during lectures for non class-related purposes
Make sure language and conversations are appropriate to the classroom setting
Behave in a polite and professional manner
Integrity: Do not engage in any act of academic dishonesty, including but not limited to:
sharing a calculator during a quiz or exam
pre-programming a calculator for use during a quiz or exam unless specifically authorized by the instructor
using notes or books during an exam unless specifically authorized by the instructor
looking at another's exam or allowing another student to look at your exam
exchanging exams, passing notes or text messages
discussing answers during an exam
having another take an exam for you or taking an exam for another
unauthorized possession of or access to examination materials by any means, including electronic transmission, theft,
photocopying, electronic or failing to return exams
altering exams or assignments while in student's possession for review in an attempt to obtain a more favorable grade
unauthorized collaboration on assignments
submitting the same paper or substantial portions of a paper for multiple classes
fabrication of information and citations
submitting other's words, ideas, materials or work without properly acknowledging and appropriately referencing them
altering, forging or misusing an academic record
electronic theft of computer programs, data, or text belonging to another
(6) NORTHERN ARIZONA UNIVERSITY POLICY STATEMENTS
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SAFE ENVIRONMENT POLICY
NAU’s Safe Working and Learning Environment Policy seeks to prohibit discrimination and promote the safety of all
individuals within the university. The goal of this policy is to prevent the occurrence of discrimination on the basis of sex,
race, color, age, national origin, religion, sexual orientation, disability, or veteran status and to prevent sexual harassment,
sexual assault or retaliation by anyone at this university.
You may obtain a copy of this policy from the college dean’s office or from the NAU’s Affirmative Action website
http://www4.nau.edu/diversity/swale.asp. If you have concerns about this policy, it is important that you contact the
departmental chair, dean’s office, the Office of Student Life (928-523-5181), or NAU’s Office of Affirmative Action (928-5233312).
STUDENTS WITH DISABILITIES
If you have a documented disability, you can arrange for accommodations by contacting Disability Resources (DR) at 523-8773
(voice) or 523-6906 (TTY), dr@nau.edu (e-mail) or 928-523-8747 (fax). Students needing academic accommodations are
required to register with DR and provide required disability related documentation. Although you may request an
accommodation at any time, in order for DR to best meet your individual needs, you are urged to register and submit
necessary documentation (www.nau.edu/dr) eight weeks prior to the time you wish to receive accommodations. DR is
strongly committed to the needs of students with disabilities and the promotion of Universal Design. Concerns or questions
related to the accessibility of programs and facilities at NAU may be brought to the attention of DR or the Office of
Affirmative Action and Equal Opportunity (523-3312).
INSTITUTIONAL REVIEW BOARD
Any study involving observation of or interaction with human subjects that originates at NAU—including a course project,
report, or research paper—must be reviewed and approved by the Institutional Review Board (IRB) for the protection of
human subjects in research and research-related activities.
The IRB meets monthly. Proposals must be submitted for review at least fifteen working days before the monthly meeting.
You should consult with your course instructor early in the course to ascertain if your project needs to be reviewed by the IRB
and/or to secure information or appropriate forms and procedures for the IRB review. Your instructor and department chair
or college dean must sign the application for approval by the IRB. The IRB categorizes projects into three levels depending on
the nature of the project: exempt from further review, expedited review, or full board review. If the IRB certifies that a
project is exempt from further review, you need not resubmit the project for continuing IRB review as long as there are no
modifications in the exempted procedures.
A copy of the IRB Policy and Procedures Manual is available in each department’s administrative office and each college
dean’s office or on their website: http://www.research.nau.edu/vpr/IRB/index.htm. If you have questions, contact the IRB
Coordinator in the Office of the Vice President for Research at 523-8288 or 523-4340.
ACADEMIC INTEGRITY
The university takes an extremely serious view of violations of academic integrity. As members of the academic community,
NAU’s administration, faculty, staff and students are dedicated to promoting an atmosphere of honesty and are committed to
maintaining the academic integrity essential to the education process. Inherent in this commitment is the belief that
academic dishonesty in all forms violates the basic principles of integrity and impedes learning. Students are therefore
responsible for conducting themselves in an academically honest manner.
Individual students and faculty members are responsible for identifying instances of academic dishonesty. Faculty members
then recommend penalties to the department chair or college dean in keeping with the severity of the violation. The
complete policy on academic integrity is in Appendix G of NAU’s Student Handbook available at:
http://www4.nau.edu/stulife/handbookdishonesty.htm.
ACADEMIC CONTACT HOUR POLICY
The Arizona Board of Regents Academic Contact Hour Policy (ABOR Handbook, 2-206, Academic Credit) states: “an hour of
work is the equivalent of 50 minutes of class time…at least 15 contact hours of recitation, lecture, discussion, testing or
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evaluation, seminar, or colloquium as well as a minimum of 30 hours of student homework is required for each unit of
credit.”
The reasonable interpretation of this policy is that for every credit hour, a student should expect, on average, to do a
minimum of two additional hours of work per week; e.g., preparation, homework, studying.
SENSITIVE COURSE MATERIALS
If an instructor believes it is appropriate, the syllabus should communicate to students that some course content may be
considered sensitive by some students.
“University education aims to expand student understanding and awareness. Thus, it necessarily involves engagement with a
wide range of information, ideas, and creative representations. In the course of college studies, students can expect to
encounter—and critically appraise—materials that may differ from and perhaps challenge familiar understandings, ideas, and
beliefs. Students are encouraged to discuss these matters with faculty.”
CLASSROOM MANAGEMENT STATEMENT
Membership in the academic community places a special obligation on all members to preserve an atmosphere conducive to a
safe and positive learning environment. Part of that obligation implies the responsibility of each member of the NAU community
to maintain an environment in which the behavior of any individual is not disruptive.
It is the responsibility of each student to behave in a manner which does not interrupt or disrupt the delivery of education by
faculty members or receipt of education by students, within or outside the classroom. The determination of whether such
interruption or disruption has occurred has to be made by the faculty member at the time the behavior occurs. It becomes the
responsibility of the individual faculty member to maintain and enforce the standards of behavior acceptable to preserving an
atmosphere for teaching and learning in accordance with University regulations and the course syllabus.
At a minimum, students will be warned if their behavior is evaluated by the faculty member as disruptive. Serious disruptions, as
determined by the faculty member, may result in immediate removal of the student from the instructional environment.
Significant and/or continued violations may result in an administrative withdrawal from the class. Additional responses by the
faculty member to disruptive behavior may include a range of actions from discussing the disruptive behavior with the student to
referral to the appropriate academic unit and/or the Office of Student Life for administrative review, with a view to implement
corrective action up to and including suspension or expulsion.
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