University of Bridgeport
School of Business
ACCT 610 – 6W1 Intermediate Accounting
Fall 2013
Subject to change
Instructor: Dr. David Kohn
STUDENT SYLLABUS
My office is located in Mandeville Hall, Room 202
Telephone Number: 203-576-4380 (Office)
Email: dkohn@bridgeport.edu
Office Hours:
Main Campus
Monday:
2:00PM-6:00PM
Tuesday:
4:00 PM-6:00PM
Wednesday: 2:00PM-6:00PM
By Appointment
Mailing Address: School of Business
230 Park Avenue
University of Bridgeport
Bridgeport, CT 06604
Required Text and Materials
Wahlen, James; Jones, Jefferson; Pagach Donald - Intermediate Accounting: Reporting and
Analysis, ISBN-13 978-1-111-82237-8, ISBN-10: 1-111-82237-9
Students who intend to take the Uniform CPA exam in the near future should purchase the full
text. Alternatively, you may be able to download Chapters 7-17 on a chapter-by-chapter basis
through the www.ichapters.com website, or you may rent the text as an e-book from
www.barnesandnoble.com for $99.69.
Interestingly, although the 11th edition was recently published, Chapter 1 is already outdated! An
up-to-date version of this chapter is available on this course’s Canvas site
Recommended Reading
For a quick refresher on Financial Accounting & Reporting, please read/review Chapters 2-6
(especially Chapters 3,4 & 5) of the Nikolai/ Bazley/ Jones text, or else review any good basic
accounting text.
Course Description:
This course applies generally accepted accounting principles to the preparation of financial
statements, including balance sheets, income statements, statement of cash flows, and retained
earnings statements, expanding on topics covered in the School of Business’s Accounting
Concepts course (ACCT-400).
Course Objective:
By the end of the course the student should be able to:
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
m)
n)
o)
Review of a company’s Accounting system
The Balance sheet and the statement of Shareholders’ equity
The income statement and the statement of cash flows
The Statement of cash flows
Cash and Receivables
Inventories: Cost Measurement and flow assumptions
Inventories: Special Valuation Issues
Current Liabilities and contingent obligations
Property, plant and equipment: Acquisition and subsequent investments
Depreciation, depletion, impairment, and disposal
Intangibles
Investments and long term receivables
Financing liabilities: Bonds and Long term notes payable
Contributed Capital
Retained earnings and earnings per share
Course Topics:
The course will cover the following topics:
Chapter 3: Review of a company’s Accounting system
Chapter 4: The Balance sheet and the statement of Shareholders’ equity
Chapter 5: The income statement and the statement of cash flows
Chapter 21: The Statement of cash flows
Chapter 6: Cash and Receivables
Chapter 7: Inventories: Cost Measurement and flow assumptions
Chapter 8: Inventories: Special Valuation Issues
Chapter 9: Current Liabilities and contingent obligations
Chapter 10: Property, plant and equipment: Acquisition and subsequent investments
Chapter 11: Depreciation, depletion, impairment, and disposal
Chapter 12: Intangibles
Chapter 13: Investments and long term receivables
Chapter 14: Financing liabilities: Bonds and Long term notes payable
Chapter 15: Contributed Capital
Chapter 16: Retained earnings and earnings per share
Intended Audience:
Graduate students at the University of Bridgeport
Approach of teaching the students:
Attending each class on time.
All homework and assignments are due on time.
Homework that is late for more than a week will not be accepted.
All the papers should be written according to the general accepted accounting principles.
Students will be called upon to answer every problem in class in a professional business
manner.
Students are required to have a high level participation in the discussions in the class.
There will be NO make-up for the Final exam.
Components of Course Grade:
Homework
Class Participation
EXAM--1
EXAM--2
Final Exam
Total
10%
10%
20%
20%
40%
100%
Grading scale:
A
AB+
B
BC+
C
CHome work:
Home work is due at the beginning of each class. All homework will be reviewed.
Students must write their names and student number on the top of the page.
Assignments have to be written according to the general accepted accounting principles.
Solutions to each homework assignment will be posted at the Canvas under the course
material.
Final Exams:
The final exam will cover all the chapters covered in class. The Exams and Final Exam
will be similar to the home work and the problems given in class. The questions could be
multiple choices, exercises or solving problems. All quizzes and the Final Exam will
follow the CPA guidelines and exams.
Classroom rules:
Behavior to be professional in attitude and dress.
Students must speak loudly and distinctly when called on in class.
No radios, cell-phones or pagers are allowed.
Integrity:
No plagiarism or cheating on the exams and home works will be tolerated. Students are
required to prepare individually.
It is the student’s responsibility to familiarize himself or herself with and adhere to the
standards set forth in the policies on cheating and plagiarism as defined in Chapter 2 and
5 of the Key to UB at www.bridgeport.edu/pages/2623.asp or in the appropriate graduate
program handbook.
ASSIGNMENT SCHEDULE
Homework – Odd Exercises
August 28
Chapter 3: Chapter 3: Review of a company’s Accounting system
What are components of accounting system?
What is the Accounting cycle?
How do we record entries in the general journal?
How do we post to the General ledger?
How do we prepare adjusting entries?
How do we prepare financial statements?
How do we prepare closing entries?
How do we use a worksheet to prepare financial entries?
What is the purpose of reversing entries?
How do we use subsidiary ledgers and special journals?
September 11
Chapter 4:
Chapter 4: The Balance sheet and the statement of Shareholders’ equity
Homework – Odd Exercises
What is the purpose of balance sheet?
What elements are recognized on the balance sheet?
How are the elements of the balance sheep measured?
How are elements classified and reported on the balance sheet?
What is the statement of shareholders’ equity?
Balance sheet classification and presentation under IFRS vs GAAP?
How do we analyze balance sheet information?
September 18
Chapter 5 & Chapter 21:
The income statement and the statement of cash flow
Homework – Odd Exercises
What are the purposes of the income statement?
What is income?
What are the elements of income statement?
What are the major components of income statement?
How do income statements report operating income and income from continuing operations?
How do income statements report results from discontinued operations?
How do we report extraordinary items on the income statement?
How do we compute and report earnings per share?
How do companies report comprehensive income?
How do companies report the statement of cash flows?
How do we analyze the information in the income statements and cash flow statements?
Summary of disclosures
Chapter 21: The Statement of cash flows
Homework – Odd Exercises
What information does the statement of cash flows provide and how it is reported?
How are the cash flows for operating activities reported?
How is statement of cash flows prepared under the visual inspection method?
How are special items accounted for in the statement of cash flows?
September 25
Continuation of Chapter 5 and Chapter 21 &
EXAM 1
October 2
Chapter 6:
Homework – Odd Exercises
Cash and Receivables
What is cash?
Why do businesses need cash controls?
What are the different types of receivables?
How are accounts receivable recorded?
How are uncollectible accounts receivable valued?
Financing Accounts receivable
How do companies account for notes receivable?
How are receivables disclosed?
October 9
Chapter 7:
Homework – Odd Exercises
Inventories: Cost Measurement and flow assumptions
How do companies classify inventory?
Alternative Inventory system
How do companies determine inventory quantities?
How do companies determine inventory costs?
Cost flow assumption
What are the consequences of using alternative inventory cost flow assumptions?
Dollar Value LIFO
How do companies disclose inventory value and methods?
October 16
Chapter 8:
Homework – Odd Exercises
Inventories: Special Valuation Issues
What is the lower of cost or market rule?
Can inventory be valued above cost?
How inventory is estimated using the gross profit method?
How the inventory is estimated using the retail inventory method?
What is the dollar value retail method?
What the effects of inventory errors?
October 30
Chapter 9: Current Liabilities and contingent obligations
Homework – Odd Exercises
What are liabilities?
What is the current liability?
How do you account for currents liabilities based on a contractual amount?
How do we account for current liabilities determined by operating activities?
How do we account for contingent obligations?
How are the current liabilities and contingencies presented in the financial statements?
November 6
EXAM 2:
November 13
Chapter 10:
Homework – Odd Exercises
Property, plant and equipment: Acquisition and subsequent investments
What are the characteristics of property, plant and equipment?
How do we account for the acquisition of property, plant and equipment?
Non-monetary asset exchanges
What is the cost of self-constructed assets?
How do we account for expenditures subsequent to acquisition?
November 20
Chapter 11:
Homework – Odd Exercises
Depreciation, depletion, impairment, and disposal
What are the factors involved in depreciation?
What are the methods of cost allocation?
Conceptual evaluation of depreciation methods
What additional depreciation methods exist?
How are depreciable assets disclosed?
What are some additional issues related to depreciation?
How do we account for the impairment of property, plant and equipment?
How do we account for the disposal of property, plant and equipment?
How is depletion recorded?
November 27
Chapter 12 &Chapter 13:
Homework – Odd Exercises
Chapter 12
Intangibles
How do account for intangible assets?
Research and development cost
How are intangible assets disclosed?
Identifiable Intangible assets
Chapter 13
Investments and long term receivables
How are investments classified and valued?
How are investments held-to-maturity securities measured and recorded?
How are investments in trading securities measured and recorded?
How are investments in available-for-sale securities measured and recorded?
How do we account for transfers and impairments?
Minority active investments- the equity method
How are investments disclosed in the financial statements?
What is accounting for other types of investors?
December 4
Chapter 13 (CON’D) Chapter 14
Homework – Odd Exercises
Investments and long term receivables
Why do companies issue long-term financing liabilities>
Bonds payable
How is the issues price of bonds payable computed?
Recording the issuance of bonds payable.
Amortizing discounts and premiums
Extinguishment of liabilities
How do we account for bonds with equity characteristics?
Long term noted payable
Disclosure of long term liabilities
December 11
Chapter 15 & Chapter 16
Homework – Odd Exercises
Chapter 15
Contributed Capital
What information does shareholders’ equity provide?
How are corporations organized?
How is the capital structure of corporations defined?
How do we account for the issuance of capital stock?
How do companies account for noncomopensatory share purchase plans?
What are share based compensation plans?
What characteristics are associated with preferred stock?
What is treasure stock and how it is accounted for?
How is the contributed capital section structured?
Chapter 16
Retained earnings and earnings per share
What comprises retained earnings?
How do we account for dividends?
What are different types of dividends?
How do we account for prior period adjustments?
How do companies report changes in shareholders’ equity?
Earnings per share
How are basic earnings per share computed?
When do companies report diluted earnings per share?
December 18
Final Exam