AIS 100 – INTRODUCTORY FINANCIAL ACCOUNTING
Syllabus and Instructions
Spring 2014 – MW Sections
Section Number: _________________________
Classroom: ____________________________
Instructor: ______________________________
Email: ________________________________
Time & Days: ____________________________
Office Hours (Grainger 1204):_____________
Course Website (WileyPLUS) URL: _____________________________________________________
COURSE ADMINISTRATION
Faculty Coordinator: Professor Terry Warfield
Office: Grainger 4117
Email: twarfield@bus.wisc.edu
Ph.D. Coordinator: Matt Kaufman
Office: Grainger 4171
Email: mbkaufman@wisc.edu
OBJECTIVES
This course is designed to provide a basic understanding of financial accounting, including
introductory accounting theory, concepts, principles and procedures. Specific attention will be devoted to
the preparation, understanding, and analysis of financial data and financial statements. Students
will also be exposed to current events in accounting and application of business ethics. Students will be
expected to interpret current events in terms of accounting measurements and communication.
Upon successful completion of this course, students should be able to:
 Read, understand, and analyze basic financial statements;
 Apply basic accounting concepts to determine the appropriate accounting treatment for
transactions or events;
 Determine and prepare the appropriate journal entries to record accounting events;
 Understand and evaluate alternative approaches to account for various transactions or changes in
the value of assets or liabilities;
 Analyze the economic ramifications of various current events and political issues, including the
development of emerging international accounting standards.
NOTE: In order to perform well in this class, extensive preparation is required prior to each class
meeting. In addition, over the course of the semester, every attempt will be made to follow the daily
schedule listed in the syllabus. However, depending on overall class progress, the syllabus may be
adjusted. Any departures from the syllabus will be announced in class.
YOUR RESPONSIBILITIES
The objective of the course is to help prepare you to succeed in your career – whether it be in accounting,
business, or in a non-business career where you need to be able to analyze how well you are doing. You,
and you alone, are accountable for the grade you receive in the course. In order to facilitate your success
in this course in building a foundation for other courses in the school, we suggest the following:
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1. Plan on spending a minimum of 3 hours of uninterrupted time preparing for each class (and
possibly more for the first day of a new topic area).
2. Let your instructor know, in advance, if you will miss a class and the reason for missing the class.
3. Come prepared each day with questions. You will do better in the class if you are prepared each
day and come with questions about things you do not understand.
4. Read current business articles that may have an accounting implication or issue and bring them to
class.
5. Do your own work – including the automated homework.
6. Be prepared for, and assume, an unannounced quiz every day except the day before an exam.
7. Adhere to the University and Business School Code of Conduct regarding your responsibilities –
including not cheating and referring others who cheat to your TA, the course coordinator, or
department chair.
TEXT
The required text is Kimmel, Weygandt & Kieso’s Financial Accounting – Tools for Business
Decision Making, Seventh Edition [John Wiley & Sons, Inc., 2013].
You are required to complete and submit assignments (graded) online through WileyPlus. Purchase
options for the text and access to WileyPlus are:
1. Purchase new hard-copy text with a WileyPlus code through the University Bookstore (ISBN:
978-1-118-57029-6). If purchased new at the bookstore, a WileyPlus code is automatically
included with the text. This option is expected to have a retail price of around $272. Be careful if
you purchase the text elsewhere (e.g. amazon.com), as a WileyPlus code is not typically included
with the text.
2. Purchase new binder-ready text with a WileyPLUS code through the University Bookstore
(ISBN: 978-1-118-57015-9). The binder-ready text delivers the text pages unbound but can be
inserted into a binder of the student’s choice. This option is expected to have a retail price of
around $180.
3. Purchase new “All-Access Pass” with an e-book text and WileyPLUS code through the
University Bookstore (ISBN: 978-1-118-62032-8). The e-book text is available for download
and accessible from either a desktop or tablet computer. This option is expected to have a retail
price of around $99.
Be sure to retain the WileyPLUS code that comes with your book; instructions for accessing WileyPLUS
will be provided by the instructor for your section. If you do not have a WileyPLUS registration code
(i.e. because you purchased a used sixth edition of the text), you will need to purchase a WileyPLUS
registration code to have uninterrupted access to the course.
COURSE WEBSITE
You may access the course website on WileyPLUS through the URL provided by your instructor.
This site requires a password which is either included in the textbook or purchased directly from the
publisher’s website for access. The WileyPLUS website includes the assignments (graded activity and
non-graded), tutorials, PowerPoint slides, and other supplementary materials.
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In addition, on this website you will find the general syllabus followed by each section and exam
dates/times/locations (under “Announcements”).
Please note that the University of Wisconsin-Madison is not responsible for technical problems with
WileyPLUS. It is advised that you allow yourself adequate time to complete your assignments prior to
the deadline as exceptions will not be made for any circumstance.
Useful links:
 Login:
 LIVE CHAT! Technical Support:
 Additional Resources:
www.wileyplus.com
www.wileyplus.com/support
www.wileyplus.com/studentfdoc
INSTRUCTOR’S OFFICE HOURS
During office hours, students may check homework solutions, ask questions, and discuss any other aspect
of the course with the instructor. Please take advantage of this resource. If these hours conflict with your
schedule, arrange to meet with the instructor at a time that is mutually convenient.
Location for instructors’ office hours: Grainger Room 1293.
ATTENDANCE AND CLASS PARTICIPATION
Regular attendance and class participation are expected of all students. Because the course covers a
great deal of material, attending every class session is very important to good performance.
Group discussions of the course material are an important part of the learning process in this course.
Students are expected to make a meaningful contribution to the class, whether by asking questions,
responding to questions, or contributing in other ways to class discussion.
COURSE GRADES
In addition to the relative weighting of exams, quizzes, and class participation, there are two items
particularly noteworthy about the grading policy for this class:
1.
Your Instructor, under the supervision of Professor Warfield, will be the individual who makes
the primary determination of your grade. In other words, your Instructor will be responsible for
assessing your class participation, your quizzes, attendance, and other factors that reflect your
overall performance in the class. Thus, it is important to note that grades on exams are important,
but only count for approximately two-thirds of your grade.
2.
Your grade will depend on your overall performance against a standard of excellence that we
have held in the accounting department for a number of years. We will not curve the course just
for the purpose of creating a curve. The determination of the cut-off grades is dependent on the
difficulty of each exam, your performance on the exams, and your performance in class.
NOTE: Attending office hours held by your Instructor may be important, but is not a substitute for class
participation, and will not be a factor in determining your grade for class participation.
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Final course grades will be based on the following four components:
Exam 1 (Thursday, February 27)
Exam 2 (Thursday, April 10)
Final Exam (Tuesday, May 13)
Exam Subtotal
Individual Section Component
Total Exam and Individual Section Points
125 points
125 points
150 points
400 points
285 points
685 points
It should be noted that even though letter grades are given following each midterm examination, the letter
grade received is not necessarily reflective of what the student will receive as a grade for the course (in
other words, the final class grade is not an average of individual component letter grades).
Midterm letter grades are only given to let the student know how he/she performed on that specific exam,
relative to everyone else enrolled in AIS 100. Final grades for the classes are determined by each
Instructor under grading guidelines prepared for the class, and will be based on total accumulated points
using the criteria identified above.
The individual section component (285 maximum points) will be based on in-class quizzes, graded
homework, classroom participation, and current events. This component consists of the following items:
In-Class Quizzes
WileyPLUS Questions (Graded)
Participation
Current Events
Total Individual Section Component
80 points
80 points
50 points
75 points
285 points
The following factors are considered in the class participation points assigned by your instructor:
1.
2.
3.
4.
Attendance.
Volunteering answers to questions or asking good questions.
Responses to cold-calling.
Responses to discussion questions.
For example, attending every day, but with no responses on items 2, 3, and 4 above, would result in a
maximum score of 25 out of 50. Non-attendance and poor responses in categories 2, 3, and 4 will lead to
an even lower score. Also, note that participation is based solely on in-class participation; therefore
attending office hours will have no effect on your participation grade.
EXAMINATIONS
There will be three exams during the semester, including the final exam. Each exam will run for two
hours. Please note that the midterm exams will be given from 7:15 to 9:15 p.m. The midterm
examinations are composed with a mix of multiple-choice questions, short answer questions, essay
questions, problems, and the preparation of financial statements or other financial data. Sample exam
questions will be posted on WileyPLUS.
The self-study questions at the end of each chapter, homework assignments, discussion questions, and
notes taken during class discussion provide an excellent resource for studying for exams. The final exam
will be cumulative, covering all of the material considered in this course, but will emphasize material
since the last exam (about 50% of the final).
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You must sit for the first two exams on the dates and times scheduled. It is your responsibility to check
the dates and times of exams in other courses for which you are registered. If you do not notify your
instructor during the first two weeks of class of any conflict, it will be assumed that you have no
conflicts with these two exams. If conflicts arise over the timing of the final examination due to
conflicting block exam times set by the registrar’s office, accommodations for an alternative final exam
will be made. You will not be permitted to miss any examination in this course because of travel plans.
EXAMINATION SCHEDULE
Exam
Date
Exam 1
Thursday, February 27
Exam 2
Thursday, April 10
Final Exam
Tuesday, May 13
Time
7:15 – 9:15 p.m.
7:15 – 9:15 p.m.
7:45 – 9:45 a.m.
Material Included
Chapter 1 – Chapter 6
Chapter 7 – Chapter 10, App. D
Cumulative
QUIZZES
Each individual instructor will develop a minimum of four quizzes during the semester. The value
of each quiz may vary, and the total value of all quizzes will be 80 points. The quizzes are used to
provide you with timely and effective feedback on your mastery of the material. Quizzes may or
may not be announced in advance. Some quizzes may be given prior to discussion of the material to
encourage students to read the material prior to coming to class. Quizzes will test your knowledge of
both concepts and the application of those concepts, as well as knowledge of current accounting events
discussed in class.
HOMEWORK ASSIGNMENTS
1. Homework assignments are the basis for class discussion. Homework is an important part of the
learning process. If you do not attempt to complete the assignments before class, it is likely that your
performance in the course will suffer.
2.
You are allowed and encouraged to help each other with the daily homework and class preparation.
Additional help with homework is available from (1) the instructor during office hours, (2) the
Learning Center in Grainger Hall, (3) weekly Beta Alpha Psi tutoring sessions, and (4) private tutors
(A tutor list will be available from your instructor).
3.
It is expected that homework assignments will be completed prior to the start of class. Homework
assignments are taken from the questions (Q), brief exercises (BE), Do it! Review (DIR), exercises
(E), problem set A (P-A), problem set B (P-B), the “Broadening Your Perspective” (BYP) questions
at the end of each chapter, and the “IFRS: A Look at IFRS” (IFRS) questions at the end of each
chapter.
4.
There are three types of activities designed to help you understand the material: 1.) WileyPLUS
Questions (Graded), 2.) WileyPLUS Questions (Non-Graded), and 3.) Discussion Questions. A
schedule of these activities and the respective due dates are listed in the course calendar at the end of
this syllabus.
1) WileyPLUS Questions (Graded): Homework assignments in the form of WileyPLUS
Questions (Graded) must be completed in WileyPLUS at least one hour before the start
of the class in which they are due, as listed on the syllabus. You may wish to bring a
printed copy of your completed assignments in WileyPLUS to class to facilitate discussion
and help with your class participation. These problems will be identified in WileyPLUS as
“GRADEDX” where “X” designates the WileyPLUS Identification Number noted on the
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class schedule. As an example, GRADED5 includes problems E4-3, E4-5, and E4-8 and is
due on Monday, February 10.
Students will receive two attempts to complete each WileyPLUS Question (Graded).
Answers to WileyPLUS Questions (Graded) will be made available in WileyPLUS after the
due date for all sections of AIS 100.
No exceptions will be made for late homework. If a student does not complete the
homework in WileyPLUS by the assigned due date, zero points will be given to the student
for that assignment. Note that no exceptions will be made for technical difficulties
experienced with the Wiley website. Homework assignments are posted in advance so that
you can plan accordingly. One suggestion is that you consider printing out the WileyPLUS
question and record the answers to the question prior to entering the answer on WileyPLUS.
This will decrease the likelihood of errors and timing out on WileyPLUS. No additional
attempts will be provided to students who incorrectly entered the answers or if answers were
lost or not completed by the due date because WileyPLUS timed out.
WileyPLUS Questions make up 80 points in the Individual Section Component of your
grade. Your final homework grade will be scored based on 95% of the total points available
on Graded questions during the term. This adjustment is meant to compensate for any
difficulties or misunderstandings during the term. The adjustment could also be used to
compensate for approximately one missed assignment (depending on points available), but
will be most beneficially used to correct for small errors or misunderstandings throughout the
term.
2) WileyPLUS Questions (Non-Graded): The second type of question, WileyPLUS
Questions (Non-Graded) will also be available on WileyPLUS for each chapter. These
WileyPLUS questions are NOT GRADED. They may be used by your instructor to facilitate
class discussion. Solutions to these problems will be made available in WileyPLUS after the
student has correctly completed the question or attempted to correctly complete the question
in two attempts. These problems will be identified in WileyPLUS as “NONGRADEDX”
where “X” designates the WileyPLUS Identification Number noted on the class schedule.
Please note that (when possible) these problems will be algorithmic problems in WileyPLUS
– every time you begin a new attempt, the numbers in the problem will change. This is done
to allow students the maximum amount of practice questions.
3) Discussion Questions: The third type of question, Discussion Question, should be prepared
prior to the start of class as these questions will be discussed in class and factored into the
Participation component of your grade. Note that these questions should NOT be completed
in WileyPLUS or turned in to your instructor.
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CURRENT EVENTS
As noted on the schedule below, current events and associated questions will be discussed in class. Prior
to coming to class, students are expected to prepare written responses to the current events to be turned in.
There are a total of 3 current events averaging 25 points per current event. These are graded as follows:



Clarity and correctness of your answer.
Quality of writing, i.e. clear, concise, direct and to the point, etc.
Demonstration of logical thinking and application of accounting concepts to the project.
Useful Websites and Gadgets for Business News
We recommend you to keep yourself updated with latest business news. Some useful websites for
business news include:





Wall Street Journal: http://www.wsj.com
CNBC: http://www.cnbc.com/
BusinessWeek: http://www.businessweek.com/
Fortune: http://money.cnn.com/magazines/fortune/
Yahoo! Finance: http://finance.yahoo.com/
In addition, we recommend you to create an iGoogle account and put gadgets for business news on your
iGoogle webpage. Useful gadgets includes: Google News - Business, Latest Financial News CNNMoney.com, Reuters: Business News, etc.
International Financial Reporting Standards (IFRS) Implementation Project
The accounting environment in the United States is rapidly changing. Efforts are currently being made to
converge U.S. Accounting Standards with International Accounting Standards. To educate students on
this matter, we will incorporate IFRS into the current curriculum. The objectives are the following:





To provide students with a basic understanding of what IFRS is, the status of IFRS in the U.S.,
and reasons for and against globalization of accounting standards.
Introduce students to similarities and differences between International and U.S. accounting
standards and the implications of such for businesses and users of financial information.
To have students apply basic accounting principles and concepts to in-depth case studies
highlighting the similarities and differences between International and U.S. accounting standards.
To understand various factors considered in the standard setting process, particularly related to
determining the best way to value an economic event, complex factors considered in valuation,
and the impact of varying cultural and individual behaviors.
To provide students with enough background on the current convergence process so students are
able to develop their own viewpoints on convergence and its costs/benefits.
As shown on the schedule on the following page, IFRS and current events related to IFRS will be
discussed throughout the semester. At the end of each chapter, there is a section entitled “IFRS: A
Look at IFRS”. Students are required to read the text in this section and complete the IFRS Concepts
and Applications identified on the schedule under “Discussion Questions”. Written responses to
these questions will NOT be collected by your TA. Please note that points allocated to IFRS are
incorporated within the current events and participation points. Students will be responsible for this
material on the exams. We encourage students to read every chapter’s “IFRS: A Look at IFRS”, but
will only be held responsible for those identified on the schedule below.
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ACCOUNTING 100 – Spring 2014 MW – Course Calendar (Page 1 of 3)
Homework Assignments
Date
Jan
22
27
29
Feb
Day
Chapter
W
Course Introduction
1. Introduction to Financial Statements
1. Introduction to Financial Statements
2. A Further Look at Financial Statements
M
W
WileyPLUS
Identification
Number
2. A Further Look at Financial Statements
WileyPLUS
Questions
(Graded)
#
1
E1-9 , E1-11
2
E2-12#,
P2-3A#,
P2-7A#
#
WileyPLUS
Questions
(Non-Graded)
#
#
P2-5A, E2-8
Q9, Q13,
Q15
BYP1-3,
BYP1-6
BE2-8,
IFRS 1-1 to
IFRS 1-4,
IFRS 2-1 to
IFRS 2-2
E3-3
Q12, Q13,
Q18
E1-2, P1-2A,
P1-5A
3
M
3. The Accounting Information System
3
E3-2 , E3-6
5
W
4
10
M
3. The Accounting Information System
4. Accrual Accounting Concepts
(skip Appendix)
5
P3-8A
E4-3, E4-5,
E4-8
E3-4, P3-6A
E4-1, E4-7,
P4-1A
12
W
6
P4-8A
E4-18
17
M
19
W
24
M
4. Accrual Accounting Concepts
(skip Appendix)
5. Merchandising Operations
(including Appendix)
5. Merchandising Operations
(including Appendix)
6. Reporting and Analyzing Inventory
(including Appendix 6A & 6B)
7
8
9
Page 8
P5-2A,
P5-9A
E5-8 (a & b),
P5-8A
E6-7 (a – c),
P6-1A, P6-2A
Discussion
Questions
E5-4, E5-13
E5-9
E6-9, P6-4A
BYP 3-4,
BYP3-5
Q14
Q33, Q34,
IFRS4-1 to
IFRS 4-2
Current
Events 1,
Q10
BYP5-9
IFRS 6-1 to
IFRS 6-2
ACCOUNTING 100 – Spring 2014 MW – Course Calendar (Page 2 of 3)
6. Reporting and Analyzing Inventory
26
W
(including Appendix 6A & 6B)
10
Mar
E6-12,
P6-7A (a – c)
P6-9A
BYP6-6,
BYP6-9
11
E7-3, E7-4
P7-2A
Q5, BYP7-1,
BYP7-7
27
R
Exam 1 - 7:15-9:15 p.m.
7. Internal Control and Cash
3
M
(skip Appendix)
5
W
(skip Appendix)
12
E7-12, P7-4A
E7-11, P7-8A
10
M
8. Reporting and Analyzing Receivables
13
E8-3, P8-3A
P8-1A, P8-8A
BYP7-5
Q8, Q18,
BYP8-6
12
W
8. Reporting and Analyzing Receivables
14
P8-6A, P8-7A
E8-12
BYP8-4
24
M
SPRING BREAK
9. Long-Lived Assets
(including Appendix)
15
E9-6, P9-1A,
P9-3A
E9-3, E9-4
26
W
9. Long-Lived Assets
(including Appendix)
16
P9-4A (a-c),
P9-7A
E9-13, P9-8A
31
M
Q3, Q4, Q12
Q19, Q20,
Q23, BYP9-6,
IFRS9-1 to
IFRS 9-3
Current
Events 2,
Q18, Q24
2
W
7
M
9
W
10. Continue Liabilities
(including App 10B & 10C; skip App 10A)
In-Class Office Hours – No New Material
Covered
10
R
Exam 2 – 7:15-9:15 p.m.
14
M
11. Stockholders’ Equity
(including Appendix)
7. Internal Control and Cash
Apr
10. Liabilities
(including App 10B & 10C; skip App 10A)
Appendix D: Time Value of Money
(pp. D7-D13)
17
19
E10-2, P10-1A
BED-7,
BED-16
E10-14,
P10-4A,
P10-10A
20
E11-4,
P11-8A
18
Page 9
E10-3, E10-10,
E10-17
BED-13
P10-5A,
P10-11A
BYP10-10
E11-2, E11-6
Q9, Q22
ACCOUNTING 100 – Spring 2014 MW – Course Calendar (Page 3 of 3)
11. Stockholders’ Equity
16
W
(including Appendix)
21
21
M
23
W
28
May
M
30
W
5
M
7
W
Appendix E: Investments
12. Statement of Cash Flows
(skip Appendices)
12. Statement of Cash Flows
(skip Appendices)
13. Financial Analysis
(including Appendix)
13. Financial Analysis (including
Appendix), IFRS discussion,
Review (1-13)
In-Class Office Hours – No New Material
Covered
22
E11-14,
P11-2A
PE-2, PE-4,
PE-5
23
E12-3, P12-1A
24
E12-8, P12-5A
25
P12-7A,
P12-9A,
P12-12A
BE13-2,
E13-1
26
P13-4A
P13-5A
E11-16, P11-6
EE-1, EE-2,
EE-5
BE12-8, E12-2,
P12-3A
E13-2
Q24, BYP11-5
Q1, Q9, Q19
Q13, BE12-3
Current
Events 3,
IFRS12-1 to
IFRS12-3
Q1, Q2, Q3,
Q22
Q14, Q15,
Q18,
BYP13-7
NOTE:
Activities identified with a numeric symbol (#) will not be due in WileyPLUS until Monday, February 3 at 5:30 p.m. This is done to allow all
individuals who add the course after the first day of class enough time to complete the designated assignments. Solutions to these activities will be
available on Tuesday, February 4 for all sections.
Final Exam: Tuesday, May 13 – 7:45 a.m. – 9:45 a.m.
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