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INTERMEDIATE FINANCIAL ACCOUNTING I
ACG 3103-Section 601
Syllabus-Spring Semester 2011
Instructor:
Office:
Office Phone:
Fax:
E-mail:
Classroom:
Time:
Dr. María T. Cabán-García
DAV 108B
727-873-4561
727-873-4192
caban@mail.usf.edu
STG 110
Tuesdays 2:00-4:50 P.M.
Office Hours:
Monday:
Tuesday:
Wednesday:
Thursday:
Friday:
By Appointment:
4:30-5:30 P.M.
5:00-6:00 P.M.
4:30-5:30 P.M.
as agreed with instructor
Prerequisite: ACG 2021 and ACG 2071 with a grade of C or better
Course Description: Theory and methodology underlying financial reporting, including the
FASB’s conceptual framework, the accounting process, financial statements, accounting
changes, present value applications, and current assets.
Course Themes: Financial accounting, reporting financial information to external users
Learning Outcomes: After successfully completing this course, the student should be able to
recognize, analyze, evaluate and journalize business transactions affecting the income
statement, balance sheet, statement of cash flows, and statement of changes in owners’
equity.
Assessment Tasks: Intermediate financial accounting forms the core of the accounting
curriculum. The three course sequence provides the student’s basic exposure to financial
accounting theory. In this course, you will be asked to demonstrate the above outcomes
through homework, quizzes, exams, and computer projects that will show your ability to:
1. Describe the need for accounting standards and identify the major organizations in the
standard-setting process.
2. Describe the conceptual framework for financial accounting including its objectives,
qualitative characteristics, the elements of the financial statements, and the
assumptions, principles and constraints comprising generally accepted accounting
principles.
3. Demonstrate the steps in the accounting cycle from recording business transactions
into the accounting information system to the preparation of financial statements.
4. Demonstrate the theory, preparation and presentation of the income statement,
statement of changes in owners’ equity, balance sheet, and statement of cash flows.
5. Apply the concepts of time value of money to business transactions and demonstrate
its use in the accounting information system.
6. Describe the theory and accounting for current assets and apply them to the
presentation of cash, accounts receivable and inventory in the balance sheet.
7. Demonstrate the accounting for inventory including the systems used, costs included,
and cost flow assumptions
ACG 3103 /syllabus / spring 2011 /MTCG
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8. Describe other valuation issues for inventory including the use of lower of cost or
market, relative sales value, retail inventory and gross profit methods and apply them
to the accounting for inventory.
Course Content:
Concepts
Financial Accounting and Accounting Standards
Conceptual Framework Underlying Financial Accounting
Review of the Accounting Process
Statement of Income and Retained Earnings
Balance Sheet and Statement of Cash Flows
Accounting and the Time Value of Money
Cash and Receivables
Valuation of Inventories: A Cost Basis Approach
Inventories: Additional Valuation Problems
Skills
5%
10%
15%
10%
10%
10%
15%
13%
12%
Recognize transactions
Analyze transactions
Apply specific standards
Record transactions
Prepare financial statements
Issues
Being able to properly recognize transactions in the workplace
Classifying transactions properly
Required Materials:
Kieso, D.E., J.E. Weygandt and T.D. Warfield. Intermediate Accounting, 13th ed. 2010, John
Wiley & Sons, Inc., New Jersey.
Gleim, I.N., Financial Accounting Exam Questions and Explanations, 15th ed.
Suggested Materials:
Kieso, D.E., J.E. Weygandt and T.D. Warfield. Study Guide: Intermediate Accounting, (Volume
I) 13thed.
Kieso, D.E., J.E. Weygandt and T.D. Warfield. Problem Solving Survival Guide: Intermediate
Accounting (Volume I) 13thed.
Access to computer spreadsheet software (Microsoft Excel)
Assessment and Grading:
Task #1
5%
Task #2
10%
Task #3
15%
Task #4
20%
Task #5
10%
Task #6
15%
Task #7
13%
Task #8
12%
ACG 3103 /syllabus / spring 2011 /MTCG
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Key Leadership Skill(s) and Perspectives Addressed in the Course:
Interpersonal
Analytical Information
Reflective
Ethical and
Multicultural
and
and
Technology
Thinking
Social
Competence
Communication
Critical
Skills
and
Consciousness
Skills
Thinking
Experiential
Skills
Learning
2(a)
5(b)
4(c)
1(d)
2(e)
1(f)
a. In-class discussion of issues related to preparation of financial statements; students
defend answers to assigned problems.
b. Analytical and Critical Thinking Skills are addressed throughout the course. See course
description, learning outcomes and assessment tasks above.
c. Information Technology Skills are addressed in two class projects involving spreadsheet
applications for the preparation of financial statements and present value applications.
d. Application of accounting principles to businesses in various industries.
e. Discussion of stewardship function and its relation to current events.
f. Comparison to accounting principles used in other countries.
Course Website: The course has a website under the Blackboard platform site in the USF
Portal. The website will serve as a communication channel and will give you access to class
announcements, syllabus, notes, links, grades and other class information.
You can access the course web site at https://my.usf.edu. You will need a USF NetID and
password in order to have access. If you do not already have a USF NetID, you can obtain
one by going to https://una.acomp.usf.edu, clicking on Activate your NetID, and filling out a few
simple forms. A USF id card http://it.usf.edu/services/usfcard may be required for USF NetID
activation.
Class Organization: The class will generally consist of a combination of lecture, discussion
and practical applications. The student is expected to read each chapter before class and to
be fully prepared to answer and discuss questions on readings or assignments. The objective
is to create an environment where the student is actively involved in the learning process.
Assigned material is generally due on the class session where the related material will be
discussed. We will review some of the assignments during class. Please bring your textbooks
and necessary materials (e.g. calculator, pencils) to class.

Given this is an upper level undergraduate course students are expected to display
high standards of professionalism. Therefore, students are expected to attend all
classes, to be punctual, and to submit all required work on time.
Attendance Policy: Attendance to this class is compulsory and it is essential to your learning
process. Frequent absences will affect your performance in the course. A student having
excessive unexcused absences (more than four during the semester) will get a
reduction of one letter grade in the final grade. Attending all classes means staying in
class until the class is dismissed by the instructor at the end of the class period.

Extraordinary events, including hospitalization of yourself or an immediate family
member, extreme weather conditions, etc, maybe excused and not counted as an
absence provided you submit adequate independent documentation of such event
prepared by a third party involved in your absence.
ACG 3103 /syllabus / spring 2011 /MTCG
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
Please be aware that even though many class resources are available in Blackboard,
they are meant to supplement, not to substitute the class.

If you have to miss a class for any valid reason you should inform the instructor in
advance by voicemail or e-mail. If there is homework due you can either send it with
someone else or e-mail it to the instructor prior to the class in which it is due. Make
sure that the file opens properly. No late homework will be accepted. You are also
responsible for all the material given in class on that day including any materials
distributed in class and class announcements.

Religious Holidays Policy: If students anticipate the necessity of being absent from
class due to a major religious observance they must provide written notice of the
date(s) to the instructor (e-mail is okay) by the second class meeting.

Official electronic communications means: your USF assigned e-mail address and the
course web site in the USF portal (https://my.usf.edu).

Students do not have permission to sell class notes or to tape class lectures.

A solutions manual for the text is available in the instructor's office for use after the
student has tried to solve assigned exercises or problems. Some Solution Manual
answers will also be available at the course website.

During class time, please turn off all computers, cell phones, beepers, pagers and
other electronic devices. Failure to follow this policy is considered disruptive of the
academic process and will be treated according to USF policy.

Always be on time to class. Please be courteous with your fellow classmates and
your instructor. Thank you!
Grading Policy: The grade will be based on daily in-class activities (40 points), graded
homework (20 points), and tests, (300) for a total of 360 points.

Daily in-Class Activities includes four announced on-line quizzes (40 points) based on
questions from the Gleim book. The quizzes will be available in Blackboard for a week
ending on the due date shown in the Tentative Assignment Schedule. All quizzes be
conceptual (except Quiz 3).

Graded homework in the Tentative Assignment Schedule appears in bold and consists
of two comprehensive problems supplied by the instructor which include spreadsheet
applications and a research component using the FASB Codification. Each has a
value of 10 points. The computational portion must be prepared using excel and the
research portion using word. The homework will be completed in groups created
randomly by the instructor. After submission, each group member will provide an
evaluation of their contribution to the project.

Graded homework is due in class at the beginning of the class period (2:00 P.M.)
and electronically through Blackboard by 1:00 P.M. on the indicated due dates. If
you want early feedback you can submit them electronically prior to the due date.

Late homework will not be accepted under any circumstances.
ACG 3103 /syllabus / spring 2011 /MTCG
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
Tests will consist of a combination of conceptual and computational questions in the
form of fill the blanks, multiple choice, true/false, essay questions, short exercises, or
problems. Tests will reflect the material included in the chapters, class notes and
assignments. Each test will have a value of 100 points.

Extra Credit: No extra credit projects will be given at any time.

Calculators that do not store formulas or text may be used during exams. However,
in order to obtain partial credit on problems all supporting computations must be
shown. Cell phone’s calculators are not acceptable.

The student must notify in advance (at least 24 hours) if he (she) cannot be present for
an examination due to a valid reason. The valid reason is to be determined by the
instructor. If valid, the make-up exam must be arranged prior to the date of the
regular exam. Otherwise, the student receives a score of zero in the missed exam.

The instructor will review quizzes and exams with the class after they are graded.
They will be retained at the instructor’s office for a minimum of two weeks into the next
semester. After that they will be stored and destroyed according to USF policy.

The grade will be based on the standard curve as follows:
A= .90 x 360 = 324
B= .80 x 360 = 288
C= .70 x 360 = 252
D= .60 x 360 = 216
F= < 216

Plus and Minus Grades Policy: The "plus/minus" grading system will not be used
in this course.

Students who withdraw from the course before the drop date will receive a "W" grade.
For the fall 2010 semester that date is March 26, 2011.

An "I" grade will be awarded only when a small portion of the work is incomplete and
the student is earning a passing grade, but serious personal problems prevent him or
her from completing the course.

ACG 3103 may not be taken on an S/U basis.

Grade forgiveness is limited to three USF courses with no more than one repeat per
course. Accounting majors can use the forgiveness policy only once in upper level
accounting courses.
Grade Disclosure
It is a violation of FERPA to give grades out over the phone, via email, or by posting them.
Violations of FERPA can result in a lawsuit, loss of federal funding, dismissal.
USF Policy on Academic Dishonesty and Disruption of Academic Process
The University's policy on academic dishonesty and disruption of the academic process are
clearly set forth in the USF Undergraduate Catalog. http://www.ugs.usf.edu/catalogs/catdl.htm
ACG 3103 /syllabus / spring 2011 /MTCG
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Because of the University’s commitment to academic integrity, plagiarism or cheating on
course work or on examinations will result in penalties that may include a grade of “F” for the
specific exam or course and a grade of “F” or “FF” for the course. Any incident of academic
dishonesty will be reported to the dean of the college. Definitions of punishment guidelines for
Plagiarism, Cheating and Student Disruption of the Academic Process may be found at the
web address listed above.
Students Disability Resources
Please notify your instructor if you have a learning disability or require special assistance with
this course. Confidential personal and learning assistance counseling are made available to
students through the Division of Student Affairs.
The process of applying for services is described in detail in the SDS website
www.sds.usf.edu. Location/phone: SVC 1133, Voice: (813) 974-4309; TDD: (813) 9745651-St. Petersburg Campus: TER 200, (727) 873-4990 http://www.stpete.usf.edu/disability/
Emergency Preparedness
In the event of an emergency, it may be necessary for USF to suspend normal operations.
During this time, USF may opt to continue delivery of instruction through methods that include
but are not limited to: Blackboard, Elluminate, Skype, and email messaging and/or an alternate
schedule. It’s the responsibility of the student to monitor Blackboard site for each class for
course specific communication, and the main USF, College, and department websites, emails,
and MoBull messages for important general information.
ACG 3103 /syllabus / spring 2011 /MTCG
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Tentative Assignment Schedule:
BE = Brief Exercise, E = Exercise, P = Problem, CE = Codification Exercise, CA = Concepts
for Analysis, FRP = Financial Reporting Problem, PR= Professional Research and IRC =
International Reporting Case
Date
January
11
18
25
February
1
8
Chapter/Topic
1: Financial Accounting and Accounting
Standards
Task #1
3: The Accounting Information System
Task #3
Homework
Pages 1-29
Required: CA1-1, 1-2, 1-6, 1-9,
1-10, 1-11, 1-13
Pages 66-129 (including
Appendices A, B and C)
Required: P3-6
Suggested: BE 1, 5, 7, 8, 11-13
2: Conceptual Framework Underlying
Pages 30-65
Financial Statements
Class discussion: FASB
Codification Exercise from
Task #2
Blackboard
3: The Accounting Information System
Required: E3-1, 3-10, 3-17; P35, 3-7, 3-8
Suggested: E3-3, 3-12, 3-16, 318, 3-20, 3-21; P3-1, 3-2, 3-10
2: Conceptual Framework Underlying
Required: BE 2-4, 2-5, 2-7; E2-4,
Financial Statements
2-5
Suggested: E2-1, 2-3, 2-6, 2-7, 28
Quiz 1: Chapter 2, Gleim Study Unit s 1-1 to 1-3
4:Income Statement and Related Information
Task #4
4:Income Statement and Related Information
5: Balance Sheet and Statement of Cash
Flows
Task #4
22
Required: E4-1, 4-2, 4-11, 4-12,
4-13, 4-16
Suggested: E4-3, 4-5, 4-9, 4-14
Exam 1: Chapters 1-3
4:Income Statement and Related Information
15
Pages 130-175
5: Balance Sheet and Statement of Cash
Flows
Required: P4-6 and 4-7
Suggested: P 4-3; CA4-1, CA4-3
Pages 176-261 (including
Appendices A and B)
Required: E5-1, 5-2; P5-5, 5-6
Suggested: E5-5, 5-6, 5-8, 5-12;
P5-2
Graded Homework 1 due
Required: E5-13
Suggested: E5-15, 5-18; P5-7;
CA5-4
Quiz 2: Chapter 4, Gleim Study Unit 3
March
1
6: Accounting and the Time Value of Money
Task #5, 6
8
6: Accounting and the Time Value of Money
ACG 3103 /syllabus / spring 2011 /MTCG
Pages 264-317
Suggested: E6-1, 6-2, 6-3, 6-4, 68, 6-15
Suggested: E6-5, 6-11, 6-16, 617, 6-19; P6-3, 6-6
8
Date
15
22
29
April
5
12
19
26
May
3
Chapter/Topic
Homework
Spring Break
Quiz 3: Chapter 6, Gleim Study Unit 4
6: Accounting and the Time Value of Money
Exam 2: Chapters 4-6
7: Cash and Receivables
Task #5, 6
7: Cash and Receivables
Required: P6-1, 6-9
Pages 318-379 (including
Appendix A)
Required: E7-2, 7-5, 7-12, 7-14,
7-18, 7-23 (For E7-18 also
prepare interest amortization
tables and adjusting entries.)
Suggested: E7-1, 7-3, 7-15, 7-16
7-20, 7-22, 7-25
Graded Homework 2 due
7: Cash and Receivables
Required: P7-3, 7-6, 7-13
Suggested: P7-2, 7-9; CE7-1(b)
Quiz 4: Chapter 7, Gleim Study Units 5-3 to 5-6
8: Valuation of Inventories: A Cost Basis Pages 380-435
Approach
Required: E8-1, 8-3, 8-6, 8-8, 89, 8-10 (For E8-6 also prepare
adjusting entries for each year.)
Suggested: E8-2, 8-5, 8-7,
Task #7
8: Valuation of Inventories: A Cost Basis Required: E8-25; P8-2, 8-6
Approach
Suggested: E8-14, 8-20, 8-24;
P8-1, 8-4, 8-11
9: Inventories: Additional Valuation Issues
Pages 436-487 (including
Appendix A)
Task #8
Required: E9-3, 9-8, 9-17, 9-22
Suggested: E9-1, 9-2, 9-4, 9-10,
9-12, 9-14, 9-20, 9-24, P9-10
Final Exam: Chapters 7-9
ACG 3103 /syllabus / spring 2011 /MTCG