University of South Carolina
Moore School of Business
ACCT 405
Financial Accounting 2
Section 1
Spring 2011
PREREQUISITES:
ACCT 401 (with earned grade of at least a C)
INSTRUCTOR:
Marcus Caylor
OFFICE:
314
OFFICE HOURS:
Tuesdays & Thursdays 1:30 pm – 4 pm
(Hours also available by appointment)
TELEPHONE / EMAIL:
777-6081 / marcus.caylor@moore.sc.edu
I prefer to be contacted via this email as opposed to through Blackboard
TEXTBOOK:
Intermediate Accounting, 13th ed., Kieso, Weygandt and Warfield(REQUIRED)
Course Description and Learning Outcomes:
This course is a continuation of ACCT 401, the study of financial accounting theory and practice as
it relates to the preparation and understanding of financial statements. You will be expected to
apply concepts from previous accounting courses to the material of this course.
The basic learning outcomes of this course include:
1.) Understanding owner’s equity.
2.) Understanding of the valuation and reporting of investments.
3.) Understanding of the reporting of income taxes.
4.) Understanding of the valuation and reporting of pensions and leases.
5.) Understanding of revenue recognition issues.
6.) Understanding of the reporting of cash flows.
Attendance:
Students are encouraged to attend every class. Students are responsible for everything that is
covered in the class.
Academic Dishonesty:
You are expected to practice the highest possible standards of academic integrity. Any deviation
from this expectation will result in a minimum academic penalty of your failing the assignment, and
will result in additional disciplinary measures including referring you to the Office of Academic
Integrity. Violations of the University's Honor Code include, but are not limited to improper citation
of sources, using another student’s work, and any other form of academic misrepresentation. For
more information, see the Carolina Community Student Handbook.
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Homework:
Students are expected to be prepared for every class. You are expected to have read and studied the
chapter before we cover it in class. You will only get out of the class as much as you put into it.
All assigned exercises and problems should be worked prior to the class meeting for which it is
scheduled to be covered. Depending on time, I will work some problems in class and post solutions
to other problems on Blackboard.
Student Evaluation:
Your grade for this course will be based on the number of points you earn from the following:
Item
Exam #1
Exam #2
Final Exam
Total
Point value
300
350
350
1,000
Percent of final grade
30%
35%
35%
100%
Exams will be roughly 50% multiple choice type questions with the remaining 50% to be word
problems. These word problems may require journal entries, financial statement preparation,
computations, and/or written explanations.
Graded exams will be reviewed in class. Exams may also be reviewed in my office for seven days
after the date reviewed in class. After seven days, exam scores are final and exams are not available
for review.
Approval to be absent from an exam will be granted only in cases of extreme personal emergency,
not for convenience. Written documentation must be provided. You must let me know by email
as early as possible if you know you will be unable to take an exam on the assigned date. In
lieu of makeup exams, the final exam will be given proportionately greater weight.
Grading scale:
Grades are assigned based on points earned as follows:
Points
Percent
900 and above
90% and above
870-899
87%-89.9%
800-869
80%-86.9%
770-799
77%-79.9%
700-769
70%-76.9%
600-699
60%-69.9%
Below 600
Below 60%
Grade
A
B+
B
C+
C
D
F
Withdrawal from course:
It is your responsibility to be familiar with university policy governing withdrawal.
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ACCT 405 Schedule of Events (Subject to Change)
Date
January 11
Chapter and Topic
Chapter 15: Stockholders’ Equity
January 13
Chapter 15: Stockholders’ Equity
January 18
Chapter 15: Stockholders’ Equity---Problems
January 20
Chapter 16: Dilutive Securities and Earnings Per Share
January 25
Chapter 16: Dilutive Securities and Earnings Per Share
January 27
Chapter 16: Dilutive Securities and Earnings Per Share--Problems
February 1
Chapter 17: Investments
February 3
Chapter 17: Investments
February 8
Chapter 17: Investments---Problems
February 10
Chapter 18: Revenue Recognition
February 15
Exam 1: Chapters 15-17
February 17
Chapter 18: Revenue Recognition
February 22
Go over Exam 1 in class
February 24
Chapter 18: Revenue Recognition---Problems
February 28
Last Day to Withdraw Without a Grade of “WF”
March 1
Chapter 19: Accounting for Income Taxes
March 3
Chapter 19: Accounting for Income Taxes
March 8
Spring Break – No class
March 10
Spring Break – No class
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Homework Assignment
HW Problems: E15-2; E15-5; E15-11;
E15-12; E15-13; E15-14; E15-22; P152; P15-5
HW Problems: E16-9; E16-11; E16-14;
E16-25; E16-28; P16-2
HW Problems: E17-3; E17-7; E17-9;
E17-12; E17-19; P17-5; P17-8
HW Problems: E18-4; E18-7; E18-9;
E18-11, E18-16; P18-3; P18-7; P18-8
March 15
Chapter 19: Accounting for Income Taxes---Problems
March 17
Chapter 20: Accounting for Pensions and Postretirement
Benefits
March 22
Chapter 20: Accounting for Pensions and Postretirement
Benefits
March 24
Chapter 20: Accounting for Pensions and Postretirement
Benefits---Problems
March 29
Exam 2: Chapters 18-20
March 31
Chapter 21: Accounting for Leases
HW Problems: E19-2; E19-5; E19-16;
E19-22; E19-23; P19-1
HW Problems: E20-2; E20-4; E20-5;
E20-8; E20-12; P20-3
April 5
Go over Exam 2 in class
April 7
Chapter 21: Accounting for Leases
April 12
Chapter 21: Accounting for Leases---Problems
April 14
Chapter 23: Statement of Cash Flows
April 19
Chapter 23: Statement of Cash Flows
April 21
Chapter 23: Statement of Cash Flows---Problems / Final
Exam Review
May 2
2 PM - Final Exam with roughly 40% covering Chapters 21 and 23 and the other 60%
covering Chapters 15-20.
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HW Problems: E21-2; E21-4; E21-6;
E21-8; E21-12; P21-1
HW Problems: E23-3; E23-4; E23-13;
E23-14; P23-1; P23-2
Tips for success:
1. Attend every class.
2. Be prepared for class by reading the covered chapter and working assigned problems.
3. Never get behind because the material will move fast. If you do find that you do not
understand a particular concept, please ask me for help immediately!
Accountant’s mental toolbox:
1. Know the accounting equation.
2. Know the accounting cycle and journal entries.
3. Know how to use T-accounts.
4. As new concepts and new accounts are learned ask yourself the following questions:
a. What type of account is this (i.e., asset, liability, owners’ equity, revenue, expense,
gain, or loss)?
b. How is this account measured? When can it be recognized/realized?
c. On what statement is it to be found? What is its effect on that statement?
d. What is the account’s effect on other accounts/statements?
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