INTERMEDIATE ACCOUNTING
ACG 2100
Instructor: Julio C. Borges
Phone: 305-237-1236
Messages: 305-237-1199
E-mail: jborges@mdc.edu
Office: North Campus, Bldg. 3
Suite 3242, # 53
Office hours: to be announced in class
“Whether you think you can do a thing or not, you are right”
Henry Ford
Dear students,
With this thought I would like to welcome you to our class. It is our philosophy that in
school as in life, attitude is as important as aptitude. If you are willing to come to our
class with a positive can do attitude, and you are willing to work hard, you will
succeed.
Best of luck, and please let us know how we can be of help in achieving your goals.
Have a great semester!!!
Sincerely,
J.C. Borges
Course Description: A review of financial reporting and the accounting cycle, and
advanced work in the areas of financial statements, revenue recognition, temporary
investments, receivables, inventories, plant assets, and investments in stocks and bonds.
Prerequisite: ACG 2011 or ACG 2021
Required Text:
Intermediate Accounting, 15th Edition, by Stice, Stice, & Skousen
Additional Course Materials:Financial Accounting Working Papers,” 15th
Edition, by the same authors (Optional). Other resources available in the publisher’s
website http://stice.swlearning.com
Attendance:Your attendance and participation are vital for the proper understanding and
discussion of the material. Class roll will be taken at each session. It is your responsibility
to make up work missed because of absences and to find out what material has been
assigned for the day. Attendance and class participation is worth 10 points toward the
final grade
Objectives:
∙To understand the users of financial reports
∙To be able to conceptualize the framework of accounting and the accounting cycle
∙To be able to analyze the financial statements and their respective notes
∙To understand the complexities of revenue recognition
∙To be able to apply the inventory estimation systems to inventories
∙To understand the financing activities with respect to debt and equity financing
∙To understand the acquisition of operating assets and their utilization and retirement
Homework: Please do your homework daily, do not fall behind. You must complete it
in order to understand the material covered in class. Each homework problem will be
collected on the day of the related exam and it is worth 1 point towards your final grade.
Completion of homework is also needed for class participation.
Internet Project: You are required to find a current article ( using the internet)
dealing with a topic covered in this course and write a one-page summary of the
article. Identify the Internet world web site in which you found your article, and
write a one-page summary. The summary must be done using a computer. You will
turn in the summary, copy of the article, and cover sheet. The project is worth 10
points towards your final grade.
Service- learning project: A service learning project is required in this class. You will
demonstrate proof that you have used your accounting skills to assist in the betterment of
the community. Ie., help in preparation of income tax returns, bookkeeping assistance to
a non-profit organizations, and others.. We will discuss this project in class. A one-page
summary of the project will be submitted. This project is worth 20 points towards your
final grade. The service project is due on the day of your final exam.
Grading: Your final grade will determined as follows:
Exam 1- Chapters 1-5 100 points
Exam 2- Chapters 6-10 100 points
Exam 3-Chapters 11, 13- 100 Final Exam, Comprehensive,
100 points
At the end of the course the total of all possible earned points in the class will be
added. Your personal score will be divided by the total number of points to calculate
your grade.
Attendance & Participation
Homework
Internet Project
Service Learning Project
Exams
Total
10 points
55
”
10
”
20
”
400 ”
495 points
Only under extreme circumstances are make-up exams allowed. Please make prior
arrangements for make-up tests. A cumulative make-up test (All Chapters ) will be
given at the end of the term. That test will replace one of the missing tests. If you miss
more than one test, the others will be replaced with a “0”. You may take the make-up test
to replace any of the grades in the first three exams. The final exam cannot be replaced.
Grading Scale:
90%-100%
80%-89%
70%-79%
60%-69%
A
B
C
D
Academic Dishonesty Procedure:
You are to work independently on tests. Please remember that talking or helping a fellow
student during a test is prohibited, and may result in the implementation of the Academic
Dishonesty Procedure. This Procedure reads as follows:
“If a student is caught cheating in a test or work related in class, the student will receive
one warning before the dishonesty procedure becomes effective. This procedure will be
one of the following: (1) a lower grade for the course; (2) a grade of F for the course; or,
(3) removal from the course.”
Ethical Behavior and Classroom Conduct: All cell phones and beepers must be
turned off during class time. Courteous, professional conduct is expected always.
Course Withdrawal: If you decide to withdraw from the class, please turn in a drop card
at the Registrar’s Office prior to the withdrawal date specified by the college for the
current term. If your name appears on the class roll after the withdrawal date, a grade
must be assigned by the instructor. An “Incomplete” will be given only for a serious,
documented, long-term illness or accident. Only if you become disabled after the course
drop date, and only if all work has been completed by the drop date, will you be eligible
for an incomplete grade. Incomplete grades are not to be used to gain extra time to a
achieve a better grade or higher standards. The instructor has the ultimate decision to
grant an incomplete grade.
HOMEWORK IS DUE ON THE DAY OF THE EXAM FOR THE SECTION
TESTED. INTERNET AND SERVICE LEARNING PROJECTS ARE DUE
ONE WEEK PRIOR TO THE FINAL EXAM. PLEASE TURN IN YOUR WORK
ON TIME!!!!
ASSIGNMENT SHEET
Chapter 1 Financial Reporting
Exercises 1, 2, 3, 6, 7
Chapter 2 A Review of the Accounting Cycle Ex’s., 19, 21, 27, 29
Problem 39
Chapter 3 Balance Sheet Ex.’s 23, 28, 33
Problem 37
Chapter 4 Income Statement Ex.’s 24, 28, 35 Problem 49
Chapter 5 Statement of Cash Flows Ex.’s 23, 26, 33 Problem 49
Chapter 6 Earnings Management
Cases 2, 10, 15, 22
Chapter 7 The Revenue/Receivables/Cash Cycle Ex.’s 27, 28, 29, 32, 35, 40
Chapter 8 Revenue Recognition Ex.’s 24, 27, 29, 31, 38
Chapter 9 Inventory and Cost of Goods Sold Ex.’s 20, 21, 30, 39
Chapter 10 Debt Financing Ex.’s 25, 26, 30, 32, 36
Chapter 11 Equity Financing Ex.’s 22, 23, 26, 32, 33, 39
Chapter 13 Investment in Noncurrent Operating Assets Ex.’s 26, 33, 37