Selected Syllabus Elements for Undergraduate and Graduate Courses in
Introduction to Financial Accounting
Dr. Brian Shapiro
Our college mission provides an important foundation for discussing the ethical dimensions of accounting practices.
Opus College of Business Mission: Inspired by Catholic intellectual tradition, the Opus College of Business develops effective, principled business leaders who think globally, act ethically and create enduring value for society.
Course Description: Financial accounting is an integral part of the planning, reporting and control functions of every business. It is a means to achieving insights about the firm's financial condition, operating results, cash flows and ownership and capital structure. This course covers the fundamental terminology and calculations of financial accounting and reporting, as well as the comprehension and interpretation of financial statements. Ethical aspects of accounting are included.
Professor:
Phone:
……………
Brian Shapiro
651-962-5086
Office:
Email:
MCH 304 (St. Paul) bpshapiro@stthomas.edu
Web Site: This class uses Blackboard to enhance your access to course content, communication tools, and assessment tools. Blackboard is available at http://blackboard.stthomas.edu
. If you need help identifying your username and password call the help desk at (651) 962–6230.
Class Hours:
Required Text:
Section 111 : M/W 1:30 – 3:00 p.m.
Section 112 : M/W 3:15 – 4:45 p.m.
SCH 127
SCH 127
Financial Accounting , by Libby, Libby, and Short, 8 th edition,
McGraw-Hill Irwin
Required Notes: ACCT 601 Course Packet, by Brian Shapiro. This course packet includes financial statement analysis project instructions, Form 10-K (annual report, etc.) for classroom analysis, and workbook chapters that we will use in class. The workbook chapters include course content outlines, questions, and in-class exercises. Solutions to the workbook exercises will be posted in Blackboard after we complete each chapter.
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Course Objectives:

Understand the basic purpose of, and relationships among, each of the four primary financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, and
Statement of Stockholder’s Equity).

Understand the nature and sequence of the major steps in the accounting cycle.

Understand how transactions, events, alternative accounting policies, and other circumstances affect the financial statements and financial ratios.

Develop awareness of the judgment involved and the discretion allowed in choosing accounting methods, making estimates, and disclosing information in financial statements.

Understand how to use financial information to make investment decisions (e.g., calculate and evaluate financial ratios; analyze company financial disclosures; formulate conclusions).
 Understand management’s responsibilities to design and maintain adequate internal controls over financial reporting, and develop awareness of the human costs associated with ineffective internal controls
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This objective addresses the proposed humanizing emphasis on internal control
Item
Midterm Exam (Chapters 1-6)
Quiz 1
Points
175
25
Quiz 2 25
Final exam (Comprehensive, with emphasis on Chapters 7-14) 175
Financial statement analysis project
Daily attendance and participation
100
25
Media coverage forum in Blackboard
Reflection journal in Blackboard (weekly postings)
Total
15
10
550
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Media coverage forum (15 points): This assignment uses the Blackboard discussion board tool.
The objectives of this assignment are for you to (1) find two business and/or accounting stories in the news media that relate to some aspect of our course, (2) post short summaries of the stories’ relevance to topics we are discussing in the course, explain why you find the issues interesting, and if possible include a link to the URLs, and (3) provide a short but substantive comment on at least two stories posted by other classmates. A complete set of relevant postings will receive full credit.
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This online media discussion forum provides an opportunity for students who are especially interested in internal control themes to find, analyze, and share with other students their own examples of inadequate internal controls over assets and financial reporting.
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Sample Course Schedule
Note: Internal control is introduced in Week 5, after coverage of the accounting cycle and before detailed treatment of transactions and events that affect the financial statements.
Week Textbook Chapters and Topics
Week 1
(1 day)
Introduction and financial statement analysis exercise
Week 2
Week 3
Week 4
Ch. 1: Financial Statements and Business Decisions – definitions and overview
Ch. 2: Investing and Financing Decisions and the Balance Sheet (transaction analysis and preparation of fin. stmts.); Teaching Notes
Finish Ch. 2
Ch. 3: Operating Decisions and the Income Statement (revenue recognition; accrual basis of accounting; operating activities and the I/S; preparation of unadjusted financial statements)
Quiz 1
Ch. 4: Adjustments, Financial Statements, and the Quality of Earnings
Ch. 5: Communicating and Interpreting Accounting Information; ROA analysis
Week 5
Ch. 6: Internal Control and Cash;
Sales Revenues and Receivables
Located after coverage of the accounting cycle and before coverage of detailed transactions and events
Week 6
Finish Ch. 6 (including sales contra on p. 304 Ch.6 in text, pp. 358-359 and inventory purchase discounts and allowances in Ch. 7 in text, and pp. 1-7 in Ch.
7 workbook)
Week 7 Ch. 14: Analyzing Financial Statements
Week 8
Ch. 7: Cost of Goods Sold and Inventory
Ch. 8: Property, Plant, and Equipment; Natural Resources; Intangible Assets
(including Supplement – Changes in Depreciation Estimates)
Week 9
Finish Ch. 8
Ch. 9: Liabilities and Present Value (including Supplement B); Note:
Supplement A gives Excel instructions
Week 10 Ch. 10: Bonds
Week 11
Week 12
Quiz 2
Ch. 11: Stockholders’ Equity
Ch. 12: Investments in Other Corporations
Finish Ch. 12
Ch. 13: Statement of Cash Flows (including Supplements A and B)
FSA Project Draft Due (email)
Week 13 Finish Ch. 13
Week 14
Review
Presentation and Discussion of FSA Projects
3