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ACCT 382 A
Intermediate Accounting I
June Session 14-55
June 1 – July 25, 2015
Course Description
Development of accounting theory and practice as applied to: the institutional structure of financial
accounting; conceptual framework and financial reporting; overview of accounting systems; review
of accounting procedures; income statement; balance sheet; statement of cash flows; cash;
receivables; valuation of inventories and cost of goods sold; and time value of money.
Prerequisite: ACCT 281
Proctored Exams: -- None
Textbooks
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Spiceland et al (2016). Intermediate Accounting, 8th Edition. McGraw-Hill.
Connect Accounting Access.
To purchase the textbook and access to Connect, use ISBN-13: 978-1-259-54623-5. If you already
have the textbook, you will need to purchase access to Connect by using ISBN-13: 978-0-07-7832810. Do not purchase used accesses to Connect; they are not valid.
I will provide a link to my Connect website on the first day of class. Do not try to register for Connect
prior to the first day. You must register for my website only. Registration cannot be changed or
reversed.
Textbooks for the course may be ordered from MBS Direct. You can order
 online at http://direct.mbsbooks.com/columbia.htm (be sure to select Online Education
rather than your home campus before selecting your class)
 by phone at 800-325-3252
Course Overview
Throughout this course we will review the accounting knowledge you have learned up to this point in
time. We will also expand upon that knowledge to begin to cover some of the more complex issues
accountants are faced with when it comes to recording the transactions and creating the related
financial statements under more complex business scenarios.
Technology Requirements
Participation in this course will require the basic technology for all online classes at Columbia
College:
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A computer with reliable Internet access,
a web browser,
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Acrobat Reader,
Microsoft Office or another word processor such as Open Office.
You can find more details about standard technical requirements for our courses on our site.
Course Objectives
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To apply accounting theory to financial accounting problems and to financial statements.
To engage in oral and written communication, as well as critical and creative thinking.
To develop skills in information technology, self-study and applied research.
To promote ethical awareness and professional responsibilities.
Measurable Learning Outcomes
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Describe the institutional structure of financial accounting.
Describe the conceptual framework of financial reporting.
Describe how to conduct an overview of accounting procedures.
Prepare and interpret the income statement, balance sheet, and statement of cash flows.
Demonstrate the accounting and control of cash and receivables.
Demonstrate the valuation of inventories and cost of goods sold.
Calculate the time value of money.
Grading
Grading Scale
Grade Weights
GRADE
POINTS
PERCENT
ASSIGNMENT
POINTS
PERCENT
A
630-700
90-100
Discussions (4)
100
14
B
560-629
80-89
Homework (7)
200
29
C
490-559
70-79
Tests (4)
400
57
700
100
D
420-489
60-69
Total
F
000-419
0-59
Grades will be updated each Wednesday for the prior
week.
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Schedule of Due Dates
WEEK
1
2
3
4
ASSIGNMENT
POINTS
Discussion 1
25
Homework 1
30
Homework 2
30
Test 1
100
Discussion 2
25
Homework 3
30
Homework 4
30
Test 2
100
DUE DAY
WEEK
Sunday
5
Sunday
6
Sunday
7
Sunday
8
ASSIGNMENT
POINTS
Discussion 3
25
Homework 5
30
Homework 6
30
Test 3
100
Discussion 4
25
Homework 7
20
Test 4
100
Course WrapUp
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DUE DAY
Sunday
Sunday
Sunday
Saturday
Assignment Overview
Readings: Each week you will be assigned readings from the textbook and the course environment.
Please complete the readings prior to posting to the weekly discussions.
Discussions: There are four discussions throughout this session. Please see the Schedule of Due
Dates for specific scheduling. You are required to actively participate in the course discussions.
Active participation includes posting original thoughts and reading/responding to your classmates’
postings. You must respond to a minimum of one of your classmates’ postings.
Homework: There are weekly Homework assignments that will require you to access the Connect
Accounting website. See the Connect Accounting website for specific assignment detail.
Tests: Tests are posted at the Connect website and can be worked on all week. Be sure you do not
submit the exam until you are finished with the test and ready to submit. The exams are due by
Sunday evening for Weeks 2, 4, and 6, and Saturday evening for Week 8. All tests are comprised of
multiple choice questions.
Course Schedule
Week 1 – Foundations of Financial Reporting
Readings
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Chapter 1
Review all Week 1 resources in the Content area.
Discussions
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Introduction: Introduce yourself in the "Introductions" topic of our class discussion. Please give us
more than your name. Include your profession, hobbies, interest in this course, and any other
information that can help us get to know you. Don't be shy; I will go first!
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Discussion 1: We will discuss the foundations of financial reporting during week 1. Post your
original response to the main question(s) by Thursday and reply to at least 2 other posts by Sunday.
Posts such as “I agree” will not be counted toward the two responses needed to earn full points for
the assignment.
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Homework 1: You will complete 6-12 questions similar to the end of chapter exercises in Chapter 1.
You will be able to rework differing versions of the homework to improve your grade and ensure
your understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This week’s homework will cover the following learning objectives as
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described in the text.
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LO1–1 Describe the function and primary focus of financial accounting.
LO1–2 Explain the difference between cash and accrual accounting.
LO1–3 Define generally accepted accounting principles (GAAP) and discuss the historical
development of accounting standards, including convergence between U.S. and international
standards.
LO1–4 Explain why the establishment of accounting standards is characterized as a
political process.
LO1–5 Explain factors that encourage high-quality financial reporting.
LO1–6 Explain the purpose of the conceptual framework.
LO1–7 Identify the objective and qualitative characteristics of financial reporting
information, and the elements of financial statements.
LO1–8 Describe the four basic assumptions underlying GAAP.
LO1–9 Describe the recognition, measurement and disclosure concepts that guide
accounting practice.
LO1–10 Contrast a revenue/expense approach and an asset/liability approach to accounting
standard setting.
LO1–11 Discuss the primary differences between U.S. GAAP and IFRS with respect to the
development of accounting standards and the conceptual framework underlying accounting
standards. Describe the function and primary focus of financial accounting. (page 4)
Week 2– Review of the Accounting Cycle
Readings
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Chapter 2
Review all Week 2 resources in the Content area.
Homework 2: You will complete 6-12 questions similar to the end of chapter exercises in chapter 2.
You will be able to rework differing versions of the homework to improve your grade and ensure
your understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This week’s homework will cover the following learning objectives as
described in the text.
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LO2-1 Analyze routine economic events—transactions—and record their effects on a
company’s financial position using the accounting equation format.
LO2-2 Record transactions using the general journal format.
LO2-3 Post the effects of journal entries to general ledger accounts and prepare an
unadjusted trial balance.
LO2-4 Identify and describe the different types of adjusting journal entries.
LO2-5 Record adjusting journal entries in general journal format, post entries, and
prepare an adjusted trial balance.
LO2-6 Describe the basic financial statements.
LO2-7 Explain the closing process.
LO2-8 Convert from cash basis net income to accrual basis net income.
Tests: Complete Test 1, which covers Chapters 1 and 2, at the Connect Accounting Website.
Week 3– The Balance Sheet
Readings
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Chapter 3
Review all Week 3 resources in the Content area.
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Discussion 2: We will discuss the balance sheet during week 3. Post your original response to the
main question(s) by Thursday and reply to at least 2 other posts by Sunday. Posts such as “I agree”
will not be counted toward the two responses needed to earn full points for the assignment.
Homework 3: You will complete 6-12 questions similar to the end of chapter exercises in chapter 3.
You will be able to rework differing versions of the homework to improve your grade and ensure
your understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This week’s homework will cover the following learning objectives as
described in the text.
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LO3-1 Describe the purpose of the balance sheet and understand its usefulness and
limitations.
LO3-2 Identify and describe the various balance sheet asset classifications.
LO3-3 Identify and describe the two balance sheet liability classifications.
LO3-4 Explain the purpose of financial statement disclosures.
LO3-5 Explain the purpose of the management discussion and analysis disclosure.
LO3-6 Explain the purpose of an audit and describe the content of the audit report.
LO3-7 Describe the techniques used by financial analysts to transform financial
information into forms more useful for analysis.
LO3-8 Identify and calculate the common liquidity and financing ratios used to assess risk.
LO3-9 Discuss the primary differences between U.S. GAAP and IFRS with respect to the
balance sheet, financial disclosures, and segment reporting.
Week 4– The Income Statement and the Statement of Cash Flows
Readings
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Chapter 4
Review all Week 4 resources in the Content area.
Homework 4: You will complete 6-12 questions similar to the end of chapter exercises in chapter 4.
You will be able to rework differing versions of the homework to improve your grade and ensure
your understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This week’s homework will cover the following learning objectives as
described in the text.
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LO4-1 Discuss the importance of income from continuing operations and describe its
components.
LO4-2 Describe earnings quality and how it is impacted by management practices to
manipulate earnings.
LO4-3 Discuss the components of operating and nonoperating income and their
relationship to earnings quality.
LO4-4 Define what constitutes discontinued operations and describe the appropriate
income statement presentation for these transactions.
LO4-5 Define earnings per share (EPS) and explain required disclosures of EPS for certain
income statement components.
LO4-6 Explain the difference between net income and comprehensive income and how we
report components of the difference.
LO4-7 Describe the purpose of the statement of cash flows.
LO4-8 Identify and describe the various classifications of cash flows presented in a
statement of cash flows.
LO4-9 Discuss the primary differences between U.S. GAAP and IFRS with respect to the
income statement, statement of comprehensive income, and the statement of cash flows.
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Tests: Complete Test 2, which covers Chapters 3 and 4, at the Connect Accounting Website.
Week 5– Revenue Recognition and Profitability Analysis
Readings
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Chapter 5
Review all Week 5 resources in the Content area.
Discussion 3: We will discuss revenue recognition and profitability analysis during week 5. Post
your original response to the main question(s) by Thursday and reply to at least 2 other posts by
Sunday. Posts such as “I agree” will not be counted toward the two responses needed to earn full
points for the assignment.
Homework 5: You will complete 6-12 questions similar to the end of chapter exercises in chapter 5.
You will be able to rework differing versions of the homework to improve your grade and ensure
your understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This week’s homework will cover the following learning objectives as
described in the text.
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LO5-1 State the core revenue recognition principle and the five key steps in applying it.
LO5-2 Explain when it is appropriate to recognize revenue at a single point in time.
LO5-3 Explain when it is appropriate to recognize revenue over a period of time.
LO5-4 Allocate a contract’s transaction price to multiple performance obligations.
LO5-5 Determine whether a contract exists, and whether some frequently encountered
features of contracts qualify as performance obligations.
LO5-6 Understand how variable consideration and other aspects of contracts affect the
calculation and allocation of the transaction price.
LO5-7 Determine the timing of revenue recognition with respect to licenses, franchises,
and other common arrangements.
LO5-8 Understand the disclosures required for revenue recognition, accounts receivable,
contract assets, and contract liabilities.
LO5-9 Demonstrate revenue recognition for long-term contracts, both at a point in time
when the contract is completed and over a period of time according to the percentage
completed.
LO5–10 Identify and calculate the common ratios used to assess profitability.
Week 6– Time Value of Money
Readings
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Chapter 6
Review all Week 6 resources in the Content area.
Homework 6: You will complete 6-12 questions similar to the end of chapter exercises in chapter 6.
You will be able to rework differing versions of the homework to improve your grade and ensure
your understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This week’s homework will cover the following learning objectives as
described in the text.
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LO6-1 Explain the difference between simple and compound interest.
LO6-2 Compute the future value of a single amount.
LO6-3 Compute the present value of a single amount.
LO6-4 Solve for either the interest rate or the number of compounding periods when
present value and future value of a single amount are known.
LO6-5 Explain the difference between an ordinary annuity and an annuity due situation.
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LO6-6 Compute the future value of both an ordinary annuity and an annuity due.
LO6-7 Compute the present value of an ordinary annuity, an annuity due, and a deferred
annuity.
LO6-8 Solve for unknown values in annuity situations involving present value.
LO6-9 Briefly describe how the concept of the time value of money is incorporated into the
valuation of bonds, long-term leases, and pension obligations.
Tests: Complete Test 3, which covers Chapters 5 and 6, at the Connect Accounting Website.
Course Evaluations: Course evaluations are available and will remain open until Thursday of Week
7. A link sent to your CougarMail will allow you to access the evaluation. Please note that these
evaluations are provided so that I can improve the course, find out what students perceive to be its
strengths and weaknesses, and in general assess the success of the course. Please do take the time to
fill this out.
Week 7– Cash and Receivables
Readings
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Chapter 7
Review all Week 7 resources in the Content area.
Discussion 4: We will discuss cash and receivables during week 7. Post your original response to
the main question(s) by Thursday and reply to at least 2 other posts by Sunday. Posts such as “I
agree” will not be counted toward the two responses needed to earn full points for the assignment.
Homework 7: You will complete 6-12 questions similar to the end of chapter exercises in chapter 7.
You will be able to rework differing versions of the homework to improve your grade and ensure
your understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This week’s homework will cover the following learning objectives as
described in the text.
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LO 7-1. Define what is meant by internal control and describe some key elements of an
internal control system for cash receipts and disbursements.
LO 7-2. Explain the possible restrictions on cash and their implications for classification on
the balance sheet.
LO 7-3. Distinguish between the gross and net methods of accounting for cash discounts.
LO 7-4. Describe the accounting treatment for merchandise returns.
LO 7-5. Describe the accounting treatment of anticipated uncollectible accounts receivable.
LO 7-6. Describe the two approaches to estimating bad debts.
LO 7-7. Describe the accounting treatment of notes receivable.
LO 7-8. Differentiate between the use of receivables in financing arrangements accounted for
as a secured borrowing and those accounted for as a sale.
LO 7-9. Describe the variables that influence a company’s investment in receivables and
calculate the key ratios used by analysts to monitor that investment.
LO 7-10. Discuss the primary differences between U.S. GAAP and IFRS with respect to cash
and receivables.
Week 8– Wrap-up and Final Test
Course WrapUp: This ungraded discussion topic provides an opportunity for you to post your final
thoughts.
Tests: Complete Test 4, which covers Chapter 7, at the Connect Accounting Website.
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Course Policies
Student Conduct
All Columbia College students, whether enrolled in a land-based or online course, are responsible for
behaving in a manner consistent with Columbia College's Student Conduct Code and Acceptable Use
Policy. Students violating these policies will be referred to the office of Student Affairs and/or the
office of Academic Affairs for possible disciplinary action. The Student Code of Conduct and the
Computer Use Policy for students can be found in the Columbia College Student Handbook. The
Handbook is available online; you can also obtain a copy by calling the Student Affairs office (Campus
Life) at 573-875-7400. The teacher maintains the right to manage a positive learning environment,
and all students must adhere to the conventions of online etiquette.
Plagiarism
Your grade will be based in large part on the originality of your ideas and your written presentation
of these ideas. Presenting the words, ideas, or expression of another in any form as your own is
plagiarism. Students who fail to properly give credit for information contained in their written work
(papers, journals, exams, etc.) are violating the intellectual property rights of the original author. For
proper citation of the original authors, you should reference the appropriate publication manual for
your degree program or course (APA, MLA, etc.). Violations are taken seriously in higher education
and may result in a failing grade on the assignment, a grade of "F" for the course, or dismissal from
the College.
Collaboration conducted between students without prior permission from the instructor is
considered plagiarism and will be treated as such. Spouses and roommates taking the same course
should be particularly careful.
All required papers may be submitted for textual similarity review to Turnitin.com for the detection
of plagiarism. All submitted papers may be included in the Turnitin.com reference database for the
purpose of detecting plagiarism. This service is subject to the Terms and Conditions of Use posted on
the Turnitin.com site.
Please view the plagiarism tutorial that can be found in your course content area in D2L.
Non-Discrimination
There will be no discrimination on the basis of sex, race, color, national origin, sexual orientation,
religion, ideology, political affiliation, veteran status, age, physical handicap, or marital status.
Disability Services
Students with documented disabilities who may need academic services for this course are required
to register with the Coordinator for Disability Services at (573) 875-7626. Until the student has been
cleared through the disability services office, accommodations do not have to be granted. If you are a
student who has a documented disability, it is important for you to read the entire syllabus before
enrolling in the course. The structure or the content of the course may make an accommodation not
feasible.
Online Participation
You are expected to read the assigned texts and participate in the discussions and other course
activities each week. Assignments should be posted by the due dates stated on the grading schedule
in your syllabus. If an emergency arises that prevents you from participating in class, please let your
instructor know as soon as possible.
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Attendance Policy
Attendance for a week will be counted as having submitted a course assignment for which points
have been earned during that week of the session or if the proctoring information has been
submitted or the plagiarism quiz taken if there is no other assignment due that week. A class week is
defined as the period of time between Monday and Sunday (except for Week 8, when the week and
the course will end on Saturday at midnight). The course and system deadlines are all based on the
Central Time Zone.
Cougar E-mail
All students are provided a CougarMail account when they enroll in classes at Columbia College. You
are responsible for monitoring e-mail from that account for important messages from the College and
from your instructor. You may forward your Cougar e-mail account to another account; however, the
College cannot be held responsible for breaches in security or service interruptions with other e-mail
providers.
Students should use e-mail for private messages to the instructor and other students. The class
discussions are for public messages so the class members can each see what others have to say about
any given topic and respond.
Late Assignment Policy
An online class requires regular participation and a commitment to your instructor and your
classmates to regularly engage in the reading, discussion and writing assignments. Although most of
the online communication for this course is asynchronous, you must be able to commit to the
schedule of work for the class for the next eight weeks. You must keep up with the schedule of
reading and writing to successfully complete the class.
No late discussion assignments will be accepted. Tests must be completed by the end of each week.
Homework will be accepted late up to midnight Saturday of Week 8. A grade penalty may apply.
Course Evaluation
You will have the opportunity to evaluate the course near the end of the session. Course evaluations
will open on Sunday of Week 5 and will remain open until Thursday of Week 7. A link will be sent to
your CougarMail that will allow you to access the evaluation. Be assured that the evaluations are
anonymous and that your instructor will not be able to see them until after final grades are
submitted.
Additional Resources
Orientation for New Students
This course is offered online, using course management software provided by Desire2Learn and
Columbia College. The Student Manual provides details about taking an online course at Columbia
College. You may also want to visit the course demonstration to view a sample course before this one
opens.
Technical Support
If you have problems accessing the course or posting your assignments, contact your instructor, the
Columbia College Helpdesk, or the D2L Helpdesk for assistance. Contact information is also available
within the online course environment.
CCHelpDesk@ccis.edu
helpdesk@desire2learn.com
Columbia College Online Campus
800-231-2391 ex. 4357
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877-325-7778
Online Tutoring
Smarthinking is a free online tutoring service available to all Columbia College students.
Smarthinking provides real-time online tutoring and homework help for Math, English, and Writing.
The Writing Center can be used for writing assistance in any course.
Smarthinking also provides access to live tutorials in writing and math, as well as a full range of study
resources, including writing manuals, sample problems, and study skills manuals. You can access the
service from wherever you have a connection to the Internet. I encourage you to take advantage of
this free service provided by the college.
Access Smarthinking through CougarTrack under Students->Academics->Academic Resources.