UNIVERSITY OF SOUTH FLORIDA ST. PETERSBURG
ACG 3103 - 691
INTERMEDIATE FINANCIAL ACCOUNTING I
Fall Semester, 2013
Instructor:
Office:
Off. Phone:
Fax:
Email:
Dr. Stephen P. Danese
Davis 108 G
Classroom:
Time:
STG 110
Thursday 6:00 - 8:55
Office Hrs:
Monday:
Tuesday:
Wednesday:
Thursday:
Friday:
5:00 - 6:00
1:00 - 2:00
5:30 - 6:00
Prerequisite:
ACG 2071- Principles of Managerial Accounting (or equivalent) with a grade of C or
higher.
Description: Theory and methodology underlying financial reporting including the FASB
conceptual framework, the accounting process, financial statements, accounting changes,
present value, and current assets.
Course Themes:
Financial accounting, reporting financial information to external users
Objectives: Students completing this course should be able to:
Describe the need for accounting standards and identify the major organizations in the
standard-setting process.
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.
Demonstrate the steps in the accounting cycle from recording business transactions
into the accounting information system to the preparation of financial statements.
Demonstrate the theory, preparation and presentation of the income statement,
statement of changes in owners’ equity, balance sheet, and statement of cash flows.
Apply the concepts of time value of money to business transactions and demonstrate
its use in the accounting information system.
Describe the theory and accounting for current assets and apply them to the
presentation of cash, accounts receivable and inventory in the balance sheet.
Demonstrate the accounting for inventory including the systems used, costs included,
and cost flow assumptions
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.
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 objectives 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
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 Actg. 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: Cost Basis Approach
Inventories: Additional Valuation Problems


Issues
Being able to properly recognize transactions in the workplace
Classifying transaction properly





5%
10%
15%
10%
10%
10%
15%
13%
12%
Skills
Recognize transactions
Analyze transactions
Apply specific standards
Record transactions
Prepare financial statements
Materials:
Required:
Intermediate Accounting, 15th Ed., Kieso, Weygandt, and Warfield, John Wiley &
Sons, Inc.
The above text can be ordered in a number of ways. A single volume covering all 24
chapters (ISBN – 978-1-118-14729-0) or the same chapters covered in two volumes:
Volume 1 (ISBN – 978-1-118-14727-6). Volume 2 (ISBN – 978-1-118-14728-3). I
prefer the two-volume set because they are lighter, easier to carry and the binding
does not wear out so easily.
There is an international version that is cheaper, but not guaranteed to be 100% word
for word. They can also be purchased at Amazon and other on-line sites or rented.
Financial Accounting – Exam questions and Explanations, Gleim and Collins, 17th
edition.
Access to spreadsheet software such as Excel.
Recommended:
Study Guide to accompany text and/or
Problem Solving Survival Guide, Vol. 1, Keiso, et al.
Assessment and grading:
Task #1
Task #2
Task #3
Task #4
Task #5
Task #6
Task #7
Task #8
5%
10%
15%
20%
10%
15%
13%
12%
Determination of final grade will be based on:
Three exams weighted 100 points each.
Four of five quizzes worth 10 points each. The lowest quiz score is dropped. The point
total on which the final grade is based is 340.
In addition, two computer spreadsheet assignments are required and will be worth 10
points each. These computer projects act as extra credit, but are required to be
completed by the student. Non-completion could result in an Incomplete grade for the
course.
Please understand that Blackboard does not, in its calculations, allow for extra credit or for
elimination of the lowest score on quizzes. I maintain a separate grade book which all of
the proper point values are included and your final grade will be determined.
Quizzes will be administered after reviewing the homework for a particular chapter. The
following table shows the chapters from the Kieso text and the related study units from
Gleim.
Kieso
Chapter
Chapter
Chapter
Chapter
Chapter
Gleim
Study Unit
Study Unit
Study Unit
Study Unit
Study Unit
2
4
6
7
8 and 9
1
3
4
5
6
Grading scale:
Grades will be assigned according to the following schedule:
Course
% of Total
Total Points
Grade
Points
Required
A
90-100%
306
B+
87-89.9%
296
B
80-86.9%
272
C+
77-79.9%
262
C
70-76.9%
238
D+
67-69.9%
228
D
60-66.9%
204
F
Below 60%
Below 204
Minus grades will not be used in this course.
Key Leadership Skill(s) and Perspectives Addressed in This Course:
Interpersonal and
Communication
Skills
Analytical and
Critical Thinking
Skills
Information
Technology
Skills
Reflective
Thinking and
Experiential
Learning
Ethical and
Social
Consciousness
Multicultural
Competence
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.
UNIVERSITY & COLLEGE POLICY
HONOR SYSTEM: Under the USF Honor System, each student is expected to observe complete
honesty in all academic matters. Violation of the Honor System will be referred to the Honor
Council. Note: The following are violations of the Honor Code: Copying another student’s
homework, signing another student’s name on the attendance roster, copying another group’s
disk or written work, using another student’s computer disk to print out your assignment, copying
another student’s file onto your disk, and misrepresenting a reason for a missed exam.
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 work 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 and punishment guidelines for Plagiarism, Cheating, and Student Disruption of the
Academic Process may be found in the USF Policy on Academic Dishonesty & Disruption of the
Academic Process at
http://www.stpt.usf.edu/ugc/documents/USFSPUNDERGRADCATALOG.pdf
STUDENTS WITH DISABILITIES: Please notify your instructor by the second class meeting 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. Contact R. Barry McDowell, St. Petersburg Campus: TER 200 (727) 8734940, (mcdowell@stpt.usf.edu) for more information.
RELIGIOUS OBSERVANCES: Students who anticipate the necessity of being absent from class
due to the observance of a major religious holiday must provide notice of the date(s) to the
instructor, in writing, by the second class meeting.
COPYRIGHTS: Students who wish to audiotape lectures can do so with direct permission from
the professor, but tapes and lectures may not be sold. No videos or photos can be taken in
the classroom!
INCOMPLETE GRADES: An “I” grade may be given to an undergraduate student only when a
small portion of the student’s work (normally 30% or less) is incomplete due to circumstances
beyond the control of the student and only when a student is otherwise earning a passing
grade. “I” grades are to be used only in emergency situations and cannot to be used as a
means of avoiding a poor grade. Normally these are only for medical emergencies and require
a signed letter from a medical professional that the student was prevented from attending
class. The student must petition the professor before the week of final exams for a grade of “I”
to be given.
GRADE FORGIVENESS: Grade forgiveness is limited to three USFSP courses with no more than
one repeat per course. Accounting majors can use the forgiveness only once in upper level
accounting courses.
WITHDRAWAL: No “W” grades can be obtained after the official drop or withdrawal date
November 2, 2013. All students enrolled as of the withdrawal date November 2, 2013, will
receive a letter grade of A, B+, B, C+, C, D+, D or F.
Undergraduate students are limited to a total of five course withdrawals while enrolled as a
degree-seeking student or non-degree seeking student at USF. The five course withdrawals will
be limited to three course withdrawals for students with less than or equal to 60 semester hours
and two course withdrawals for students with more than 60 semester credit hours. Only in
extenuating circumstances will approval be granted for more than five course withdrawals.
Appeals for additional course withdrawals must be submitted to the Academic Regulation
Committee.
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 is 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.
BOMB THREAT OR OTHER DISRUPTION: All scheduled classes will be held in an alternate room in
the case of a bomb scare, fire alarm or other disruption. Students will gather outside of the
classroom building at a designated area in the parking lot so that an alternative room may be
announced.
S/U GRADES: This course may not be taken on an S/U basis.
PROFESSIONAL BEHAVIOR & DISRUPTIONS TO THE ACADEMIC PROCESS: If you bring a cell phone,
pager or any other communication device to class, please be sure to turn it off and do not use it
in the classroom. These devices are not to be used during an exam. Students are expected to
conduct themselves at all times in a professional manner, including regular class attendance,
alertness and interest in the class. Students are expected to attend class and make positive
contributions to class discussions where appropriate and/or when called on. Unprofessional
behavior includes, but is not limited to: arriving to class late, returning from breaks late,
leaving class during a lecture, cell phone ringing, reading the newspaper during class, talking
excessively, leaving class, sleeping in class, or engaging in any other behavior that is
disruptive or disrespectful. Turn cell phone sound off during class! Cameras, laptops and
other Internet enabled technologies are not allowed in the classroom without express
authorization. Students who surf on the laptop during class will be denied use thereafter.
Academic disruptions will be dealt with according to university policy.
UNIVERSITY ASSESSMENT: Students should be aware that some of the work you complete this
semester will be used for purposes other than calculating the final course grade. Different types
of assessments are required for us to maintain our accreditation as a university and/or as a
college of business. Most of these assessments are done as part of the course and will require
no additional work from you as a student. In all cases, any assessment is done anonymously.
No student is ever identified with his/her work. If you have any questions or concerns about this
please see the instructor.
COURSE POLICIES
ATTENDANCE: Regular attendance is imperative for successful completion of this course.
Attendance will be taken. Absences will be considered in assigning a grade for the course.
MAKE-UP EXAMS: In the unusual event that you cannot take one of the scheduled exams
for a valid reason, you must notify the professor prior to exam time. Make-up exams
(generally more difficult than the scheduled exams) will be given only at a time agreeable to
your instructor and should be taken prior to the next scheduled class session.
RETURN OF EXAMS: Anyone failing to return a test to his/her instructor at the end of an
exam or at the end of the class when the exam is reviewed, will face the prospect of receiving
an F in the course, or worse, if conditions warrant.
EXAM RETENTION: The exams will be retained for a minimum of 2 weeks into the following
semester, and then they will be destroyed.
CALCULATORS: Calculators without financial functions may be used during exams.
However, to obtain partial credit on problems you must show your supporting computations.
No sharing of calculators is allowed. If you do not have a calculator without financial
functions, calculators will be provided for exam purposes.
LECTURE NOTE SALES: It is acceptable to tape the lectures and to take notes for personal
use. But it is unacceptable to sell them to another person or to a company that specializes in
the sale of class notes.
DURING EXAMS: On tests and quizzes, please make every effort to cover your papers during
each exam and keep your eyes only on your own exam. No hats or caps may be worn during
exams.
GRADE DISCLOSURE: At the end of the semester grades will be posted on Blackboard.
TENTATIVE ASSIGNMENT SCHEDULE
In-Class Learning Activities
Date
Chapter
Assessments
Assignments
IFRS Self-Test Questions at the end of each chapter. Solutions
are in the text at the end of each chapter.
Aug. 29
Sept.
5
Sept. 12
1 - Financial Accounting and Acctg. Standards
C 8, 9, 12, 14
Task # 1
3 - Review of the Accounting Process
E 1, 10, 17, P 6 (part
a only) 8, 9 (skip part
a, and posting in part
b)
Task # 3
Topics continued
Homework Chapters 1 and 3
2 - Conceptual Framework Underlying
Financial Accounting
Sept. 19
Topics continued
Finish Homework Chapters 3 and 2 Quiz 1
Gleim Study Unit #1
4 - Statement of Income and Retained Earnings
E 1, 3, 5, 13, 12, 14,
15, 16 P 6, 7 Task #4
Sept. 26
Exam 1 (Chapters 1 - 3)
Oct.
Continue Chapter 4
5 - Balance Sheet and Statement of Cash Flows
3
Oct. 10
Homework Chapter 4, Quiz 2
Continued Lecture of Chapter 5
6 – Accounting and the Time Value of Money
Oct. 17
BE 7, 8, 11 E 9
Task # 2
Topic Continued 7 - Cash and Receivables
pages 359 – 364)
E 1 (use classifications used in E2), 2,
13 P 5, 6 Task #4
Gleim Study Unit #3
P 1, 9, Homework supplement on Blackbd.
Task #5
E (18 (also prepare
interest amortization
schedules and
adjusting entries)
Task #5,6
Oct. 24
Topics continued Homework Chapter 6,Ex. 18 of Chapter 7
and Quiz 3
Gleim Study Unit #4
Oct. 31
Exam 2 (Chapters 4-6 and portion of chapter 7 above)
Nov.
7 - Cash and Receivables
7
E 2, 5, 12, 14, 23
P 3, 6, 13 Task # 6
8 – Valuation of Inventories: A Cost Basis Approach E 1, 3, 6(also prepare
adjusting entry for
each year) ,8, 9,
10, 15, 25 P 2, 6 )
part a,c,e,f)
Task # 7
Nov. 14
Homework Chapter 7,
Lecture Chapter 8, continued.
9 - Inventories: Additional Valuation Problems
Nov. 21
Quiz 4, Lecture Chapter 8 and 9, continued
Nov. 28
Thanksgiving Holiday
Dec.
Homework Chapters 8 and 9, Quiz 5
5
Dec. 12
E 3, 8, 17, 22
Task # 8
Gleim Study Unit #5
Gleim Study Unit #6
Exam 3 Chapters 7 – 9
CA = Concepts for Analysis
E = Exercise
BE = Brief Exercise
P = Problem