PRINCIPLES OF FINANCIAL ACCOUNTING 201-003
Fall 2005
CAB 215
TR 8:00 – 9:50
Instructor
Greg Jones, CPA, Ph.D.
e-mail: gjonescpa@cox.net
Office: TBA
Office Hours: TBA
Work: 614-4384
Home: 251-0584
Course Description
Principles of Financial Accounting is a foundation course in accounting. The course focuses on financial accounting principles as related to
corporations, fundamental transaction recognition and recording, service and merchandising operations, and basic financial reporting, especially
as related to the balance sheet, income statement, and statement of cash flows.
Course Prerequisites
Enrollment in Accounting 201 requires sophomore standing. All students who intend to major in Accounting must earn at least a “C” average in
this course.
Special Accommodations
Any student who feels that an accommodation for a disability is in order is encouraged to consult with the Office of Disabled Student Services
early in the quarter.
Topic Coverage
Elements of Financial Statements
Accounting for Accruals
Accounting or Deferrals
The Double-Entry Accounting System
Accounting for Merchandising Businesses
Accounting for Merchandising Businesses -- Advanced Topics
Internal Control and Accounting for Cash
Accounting for Accruals – Advanced Topics
Accounting for Long-Term Operational Assets
Accounting for Long-Term Debt
Accounting for Equity Transactions
Statement of Cash Flows
Course Objectives
The objectives of Financial Accounting are to develop student competencies as follows:
1. Develop a functional knowledge of basic financial accounting principles through lecture and class discussion, a variety of problem and case
assignments, and examination questions. A functional knowledge of Principles of Accounting will include at a minimum:
a. the ability to recognize the impact of basic business transactions on accounts and financial statements,
b. an understanding of the relationship between the major financial statements of a business,
c. an awareness as to the basic forms of business organization and legal characteristics related to each,
d. an appreciation as to the influence of information needs, technological capability, and professional judgment in an organization’s
accounting system,
e. and the ability to apply concepts of ethical conduct to situations likely to arise in the accounting environment.
2. Develop analytical skills through problem assignments and examinations. A variety of problem/case assignments and examination
questions require you to analyze business transactions or activities, apply text and lecture concepts to specific sets of circumstances, and
formulate appropriate responses.
3. Develop critical thinking through problem assignments and examinations that will require you to use critical thinking skills to apply
accounting concepts and principles to various situations.
4. Develop communication skills by reporting the results of operations and the financial condition of an enterprise in the “language” of
generally accepted accounting principles.
5. Develop technology skills through additional assignments that require the use of excel and word-processing packages.
Text Requirements
Edmonds, Edmonds, McNair, Olds. Fundamental Financial Accounting Concepts, 5th Edition, (McGraw-Hill).
Working Papers for Fundamental Financial Accounting Concepts.
Written Communications
At least 10% of your grade will be determined from written communication. The purpose of this requirement is to test your understanding of key
concepts and to improve written communication skills.
Attendance Requirements
Regular attendance is required in this course and will be checked each class meeting. The class attendance policy as stated in the 2004-2005
Louisiana Tech University Bulletin will be followed.
Statement of Ethics and Scholastic Dishonesty
The accounting profession has a long-established reputation for its high level of ethical conduct. This reputation reaches into the academic arena
where the profession’s future leaders are being prepared. Academic dishonesty will not be tolerated in accounting courses. Academic dishonesty
includes, but is not limited to, copying, sharing or obtaining information from any unauthorized source during examinations or quizzes. It also
includes copying from or unauthorized sharing of homework assignments, attempting to take credit for the intellectual creation of another person,
or falsifying information. Any student involved in academic dishonesty will be penalized in accordance with published University rules.
Cell Phone
Please turn your cell phone off during class. Phone conversations during class will not be tolerated. During examinations all phones must
remain in your pocket, purse, or book-bag.
Grading System
Scale:
Normal 10 point scale (90 – 100 = A, etc)
Exams: Three exams worth 100 points each. The third exam will be comprehensive covering chapters 1-12
Homework
Completion of homework assignments is of the utmost importance. They would not be assigned otherwise. I may collect homework at
unannounced intervals for a few extra points. Effort and completeness will determine points awarded. You will get out of your homework what
you put into it. Experience has shown that effort at and understanding of homework assignments is highly correlated with examination grades. If
you find nothing else to be true in my class, be assured that examination problems/questions will be very highly related to homework problems.
You will never be tested on anything that has not been covered either as an in-class demonstration problem or a homework problem.
Projects
Three Excel project which will total 100 points equal to a fourth examination.
Make-up Policy
No make up exams without prior permission. Generally speaking, I only accept official university excuses, death in the family, or near death
illness on your part.
Finally
1. I expect you to be in class, on time, and with the necessary materials. I am not very sympathetic to lame excuses. Please do not waste my
time with them.
2. Please don’t talk during my class unless it is to me. You are in college and I should not have to embarrass you by telling you to be quiet.
3. I hate writing on the chalk board. If I go to the trouble of putting it on the board, chances are very good that you will see it on an exam.
4. If I repeat a point, chances are very good that you will see it on an exam.
5. If I mention that something is worth remembering, chances are about 100% that you will see it on an exam.
6. There will be no absolutely no surprises or tricks on my examinations. My tests are probably the most predictable you will experience. This
does not mean they will be easy as Accounting is a challenging field. However, you will be tested on what we covered, and only what we
covered. Nothing more, nothing less. There will be no problems or questions that you have not seen or heard before. This is my iron clad
guarantee. Come to class, pay attention, do your homework, correct your mistakes, and study the problems and you will do very well in my
class. Don’t do these four things and chances are very good that you will do poorly.
7. If you need help, please talk to me. I genuinely care about your success and am more than willing to provide help those who seek it.
Do not wait until it is too late. I can’t help you at the end of the quarter when you realize that you need a 125% on the final exam for a “D”.
8. Extra credit – generally not.
9. Friday, October 28 is last day to drop or resign with “W” grade.
Class Schedule
Date
Topic
Chapter
Assignment
T 9/13
Introduction/Elements of Financial Statements
1
Read Ch 1
R 9/15
Elements of Financial Statements
1
1-6B, 1-7B, 1-11B, 1-29B, Pre-Read Ch 2
T 9/20
Accounting for Accruals
2
Pre-Read Ch 3
R 9/22
Accounting for Deferrals
3
Pre-Read Ch 4
T 9/27
The Double Entry Accounting System
4
R 9/29
The Double Entry Accounting System
4
T 10/4
Examination #1
1-4
Pre-Read Ch 5
R 10/6
Accounting for Merchandising Businesses
5
Pre-Read Ch 6
T 10/11
Merchandising – Advanced Topics
6
R 10/13
Merchandising – Advanced Topics
6
Pre-Read Ch 7 & 8
T 10/18
Internal Control & Accounting for Cash (Ch 8 Intro)
7
Pre-Read Ch 8
R 10/20
Accounting for Accruals – Advanced Topics
8
T 10/25
Examination #2
5-8
R 10/27
Long Term Operational Assets
9
F 10/28
DROP DATE
T 11/1
Long Term Operational Assets
9
Pre- Read Ch 10
R 11/3
Accounting for Long Term Debt
10
Pre-Read Ch 11
T 11/8
Accounting for Equity Transactions
11
Pre-Read Ch 12
R 11/10
Statement of Cash Flows
12
T 11/15
Statement of Cash Flows
12
R 11/17
Examination #3 and Last Day of Classes
Pre-Read Ch 9