ACCT 225
Introduction to Financial Accounting
Fall 2013 – Section 001
Monday 8:05AM – 9:20AM (Room 364)
Video
Instructor:
Janice H. Fergusson, CPA, MACC
Recitation
Leader:
Alex Baker
Office:
Room 304E
Office
Hours:
Monday 9:30am – 10:30am
Other times by appointment
E-mail:
Alex.Baker@macc.moore.sc.edu
Required
Materials:
Introduction to Financial Accounting, Student Guide to Accompany
Video Series, 1st edition, by Fergusson, The McGraw-Hill Companies,
Inc., ISBN 9781259201653. This is a special edition loose-leaf text with
an online access code for Connect. This package is only available at the
three local bookstores (Addams, SC Bookstore, and University Bookstore
at Russell House). Each student must purchase a separate package as
assignments will be collected directly from the text. Please make
arrangements to purchase this text for the first week of classes.
Recommended
Materials:
A used introductory financial accounting textbook. Suggested textbooks are:
Financial Accounting, Spiceland, Thomas, Herrmann, 1st or 2nd edition.
Financial Accounting: Making the Connection, Spiceland, Thomas, Herrman.
The local bookstores will not be stocking these books, but they are readily
available online at very reasonable prices.
Course Description:
The study of financial accounting and reporting topics related to business decisions.
Course Format:
The format of this course will consist of a combination of recorded lectures and live
problem-solving classes. You will be responsible for watching a 75-minute lecture video
accessed through Blackboard prior to attending each 75-minute class. Quizzes will be given
on a regular basis to ensure that students are watching the recorded lecture videos and
preparing before class. During the class, the recitation leader will work problems, cover
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supplemental material, and answer questions. Exams will be given during your regularly
scheduled class.
Course Objective:
The objective of this course is to give you an understanding of the decisions that are
made when running a business. The course focuses on the financial results of business
decisions and how accountants inside a business report these results to people outside the
business who then use the reports to make their own decisions. This balanced insider
(reporter) and outsider (user) perspective is intended to serve all business majors whether
you plan to become an accountant who reports the financial results, a manager who uses
the results to make business decisions, or an investor or lender who evaluates the reported
financial results.
Learning Outcomes/Course Competencies:
Upon successful completion of this course, students should be able to:
 demonstrate an understanding of the accounting cycle.
 analyze, interpret, and record common business transactions using double-entry
accounting.
 demonstrate an understanding of the purpose of end-of-period adjustments and be
able to record the more common adjusting entries.
 prepare financial statements on an accrual-basis of accounting.
 demonstrate an understanding of how accounting information is used in decisionmaking by calculating and interpreting financial ratios.
Embedded questions in quizzes, homework assignments, and periodic exams will be used
to measure achievement of the learning outcomes.
Class Attendance:
You are expected to attend every class. The University attendance policy specifics if you
miss more than 10% of the scheduled classes, whether excused or unexcused, your course
grade will be dropped one letter grade.
You are also expected to arrive for class on time and stay for the entire class period. If
you must miss class, you are responsible for all assigned material plus everything covered
in class. It is your responsibility to get that information from a classmate or visit me
during my office hours.
Class Preparation and Attentiveness:
You are expected to prepare for class in advance – that means watching the video,
reading the chapter assignment, and preparing written solutions to the homework
assignments before coming to class.
You are expected to be attentive in class. Doing work for other classes, reading
newspapers, working puzzles, text messaging, sleeping in classes, etc…will not be
tolerated. You will be asked to leave the room for lack of attentiveness.
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Blackboard:
I will provide information and course materials to you through Blackboard. It is your
responsibility to check your e-mail address on Blackboard and change it if it is not your
preferred e-mail address. To change your e-mail address, login to Blackboard and then
go to personal information.
Grading:
Your grade for the course will be computed as follows:
Exam One
Exam Two
Cumulative Final Exam
Study Guide
Homework
Quizzes
Exams:
20%
20%
20%
15%
15%
10%
There will be a total of three exams scheduled as follows:
Exam 1:
Exam 2:
Final Exam:
Monday, September 30 (Lectures 1-6)
Monday, November 4 (Lectures 7-12)
Monday, December 9
(Lectures 1-19)
The final exam will be comprehensive, covering all the material covered during the
semester.
Review sessions will be scheduled prior to each exam.
No makeup exams will be given and a missed exam will generally result in a grade of
zero. In the case of unforeseen emergencies, your final exam grade will be weighted for
the missed test. This exception is at the discretion of the instructor (not the student) and
will be granted only in the case of sincere emergencies, not for convenience. You are
responsible for contacting me in advance of the scheduled exam time if an emergency
arises that will result in an absence from an exam. Appropriate documentation will be
required to support emergencies.
Calculators are permitted provided they are silent calculators with single-line display.
Programmable or graphing calculators, cell phones, and other electronic devices are not
allowed to be used on a quiz or exam under any circumstances. If your calculator does
not meet the above standards, you will not be allowed to use it and a substitute calculator
may not be available. Your instructor will not have extra calculators for quizzes, so you
should invest in a simple four-function calculator and bring it to each class if you want to
make sure that you have a calculator on quiz days.
During exams, all personal belongings except for writing utensils and a calculator must
be securely stored at the front of the room. We reserve the right to confiscate anything
that is not secured in a closed bag during the exam, including cell phones and other
electronic devices which must be powered off and stored during exams.
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Study Guide:
Each student must purchase a study guide. Page(s) will be collected at the beginning of
class on a random basis by the course coordinator or her designee. A grade will be
assigned and the page(s) will be returned the same class period. No late submissions will
be accepted.
Homework:
There will be a total of 21 homework assignments submitted for grading in Connect.
The total points earned on your highest 20 homework assignments will be averaged and
used in computing your final course grade (in other words, your lowest homework score
will be dropped). These assignments will include one or more exercises/problems from
each lecture. The assignments are due no later than 11:30PM on the due date. You will
have unlimited attempts to complete each assignment, but the assignment will not be
available after 11:30PM on the due date, so schedule accordingly. Since you know at the
beginning of the semester when these assignments are due, there are no provisions for
making up a homework assignment. Specific instructions on completing these
assignments will be given in a separate handout.
Quizzes:
There will be a total of 10 quizzes during the semester. The total points earned on your
highest 8 quizzes will be averaged and used in computing your final course grade (in
other words, your lowest two quiz scores will be dropped). The purpose for dropping the
two lowest scores is to allow for illness, family emergencies, car trouble, etc.
Please Note: You must be present the day a quiz is given to earn the points. There are
no provisions for making up a quiz. If a quiz is given at the beginning of class and you
are late, you will not be given extra time to complete the quiz.
Grading Scale:
The grading scale will be:
A
B+
B
C+
C
D
F
89.5-100
86.5-89.49
79.5-86.49
76.5-79.49
69.5-76.49
59.5-69.49
Below 59.5
The grading scale is set by the School of Accounting and your instructor will not be able
to make any changes in it. There will be no deviations from the grading scale. For
example, a student with a weighted average of 69.50 would receive a C, and a student
with a weighted average score of 69.49 would receive a D.
A grade of D+ is not awarded in this course. Any business major scoring a D or F must
retake the course.
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Supplemental Instruction:
Supplemental Instruction (SI) is available for this course to assist you in better
understanding the course material. The SI program provides peer-facilitated study
sessions led by qualified and trained undergraduate SI leaders who attend classes with
students and encourage students to practice and discuss course concepts in sessions.
Sessions are open to all students who want to improve their understanding of the
material, as well as their grades. SI sessions will focus on the most recent material
covered in class. Each SI leader holds three sessions per week. The schedule of sessions
can be found online at http://www.sa.sc.edu/supplementalinstruction/. You may also
contact the Student Success Center at (803) 777-0684 if you have questions about the SI
session schedule.
Students with Disabilities:
If you have a documented disability for which you need special arrangements, please
contact the Office of Student Disability Services, Phone 777-6142, TDD 777-6744, email
sasds@mailbox.sc.edu, or visit their office located in LeConte College, Room 112A.
Qualified students needing extra time during tests must provide their instructor with
documentation at the beginning of the semester. To be given extra time, a student must
take the test through disability services and must take it no later than the rest of the class.
Extra time cannot be given to any student in the classroom with the other students.
Please make your appointments with disability services following their rules.
USC Honor Code:
It is the responsibility of every student at the University of South Carolina Columbia to
adhere steadfastly to truthfulness and to avoid dishonesty, fraud, or deceit of any type in
connection with any academic program. Any student who violates this Honor Code or
who knowingly assists another to violate this Honor Code shall be subject to discipline.
This Honor Code is intended to prohibit all forms of academic dishonesty and should be
interpreted broadly to carry out that purpose. The following examples illustrate conduct
that violates this Honor Code, but this list is not intended to be an exhaustive compilation
of conduct prohibited by the Honor Code:
1. Giving or receiving unauthorized assistance, or attempting to give or receive such
assistance, in connection with the performance of any academic work.
2. Unauthorized use of materials or information of any type or the unauthorized use of
any electronic or mechanical device in connection with the completion of any
academic work.
3. Access to the contents of any test or examination or the purchase, sale, or theft of any
test or examination prior to its administration.
4. Use of another person’s work or ideas without proper acknowledgment of source.
5. Intentional misrepresentation by word or action of any situation of fact, or intentional
omission of material fact, so as to mislead any person in connection with any
academic work (including, without limitation, the scheduling, completion,
performance, or submission of any such work).
6. Offering or giving any favor or thing of value for the purpose of influencing
improperly a grade or other evaluation of a student in an academic program.
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7. Conduct intended to interfere with an instructor’s ability to evaluate accurately a
student’s competency or performance in an academic program.
Whenever a student is uncertain as to whether conduct would violate this Honor Code, it
is the responsibility of the student to seek clarification from the appropriate faculty
member or instructor of record prior to engaging in such conduct.
Suspected violations of the honor code will be reported to the Office of Academic
Integrity. Violations of the honor code will result in disciplinary measures.
Sanctions will be imposed to the fullest extent possible for any student who participates
in any act of academic dishonesty.
General Comments and Tips for Success:
 It is extremely important that you keep up in this course. If you fall behind, it is very
difficult to catch up! So plan now to work hard.

Come to class, participate, and ask questions. At a minimum, proper preparation for
class consists of watching the video, reading the assignment, and working the
homework assignments.

WORK the homework exercises/problems as many times as you need so you
UNDERSTAND the material. The exams are challenging and will differentiate
between those students who understand the material and those who do not.

If you find you are having trouble with the material, please recognize this fact and do
something about it as soon as possible. Experience has shown that those students
who seek help early and regularly attend SI sessions tend to be more successful in this
course.

There are no opportunities for extra credit in this class, so please do not ask for extra
credit at the end of the semester when you haven’t earned the grade that you want.
Begin working hard now for the grade that you want!

The skills that you learn in this course will help you tremendously in other business
courses and in the real world. You will be able to understand why something is done
instead of taking it for granted. You will be surprised at how much this course will
benefit you in the real world and in your other business courses.
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Course Outline – Fall 2013
Dates
8/26 (M)
Lecture Topic/
Event
8/28 (W)
Last Day to
Drop/Add Class
9/2 (M)
Labor Day Holiday –
No Classes
Lecture 2 – Introduction to
Accounting (Part 2)
Lecture 3 – The Accounting
Information System (Part 1)
9/16 (M)
Homework
Assignments
(in Connect)
Graded
Homework
Assignments
(GHA)
pp. 1-9
BE1-1, BE1-4,
BE1-5, BE1-6,
E1-6, E1-8, E110, P1-4A
Due 8/30 (F)
pp. 10-17
BE1-3, BE1-7,
E1-16, P1-6A
GHA-2
(P1-6B)
pp. 18-31
BE2-2, BE2-3,
BE2-5, BE2-6,
BE2-7, BE2-10,
E2-3, E2-6,
E2-8, P2-3A
GHA-3
(E2-12)
Course Orientation
Lecture 1 – Introduction to
Accounting (Part 1)
9/9 (M)
Study
Guide
pages
Lecture 4 – The Accounting
Information System (Part 2)
Lecture 5 – Completing the
Accounting Cycle
pp. 32-41
pp. 42-50
BE2-4, BE2-8,
BE2-10,
BE2-11, E2-2,
E2-4, E2-7,
E2-10, E2-11,
P2-2A
BE3-1, BE3-2,
BE3-6, BE3-7,
BE3-8, BE3-9,
BE3-10, E3-1,
E3-2
GHA-1
(P1-3A)
Due 9/10 (T)
GHA-4
(E2-16)
Due 9/17 (T)
8
Dates
Lecture Topic/
Event
9/23 (M)
Lecture 5 – Completing the
Accounting Cycle, continued
Lecture 6 – Cash and Internal
Controls
9/30 (M)
10/7 (M)
10/11 (F)
10/14 (M)
Study
Guide
pages
Homework
Assignments
(in Connect)
Graded
Homework
Assignments
(GHA)
pp. 51-57
BE3-11, BE3-12,
BE3-13, BE3-19,
BE3-20, E3-10,
E3-12, E3-19,
P3-3A
GHA-5
(E3-13)
pp. 58-64
BE4-7, BE4-8,
BE4-9, E4-10,
E4-11, E4-12,
E4-13
GHA-6
(P4-2A)
Due 9/24 (T)
Exam 1
(Lectures 1-6)
Lecture 7 – Accounts and
Notes Receivable
pp. 65-81
BE5-2, BE5-3,
BE5-4, BE5-5,
BE5-6, BE5-7,
BE5-8, BE5-11,
BE5-12, BE5-13,
E5-3, E5-4,
E5-6, E5-8,
E5-9, E5-11
GHA-7
(P5-3A)
Due 10/8 (T)
Last Day to receive
a grade of “W”
Lecture 8 – Inventory
(Part 1)
pp. 82-106 BE6-3, BE6-4,
BE6-5, BE6-6,
BE6-9, BE6-10,
BE6-11, BE6-12,
BE6-17, BE6-18,
BE6-19, BE6-20,
E6-3, E6-7,
E6-17
GHA-8A
(E6-9)
GHA-8B
(E6-2)
Due 10/15 (T)
9
Dates
10/21 (M)
Lecture Topic/
Event
Lecture 9 – Inventory
( Part 2)
Lecture 10 – Accounting for
Fixed Assets
10/28 (M)
11/4 (M)
11/11 (M)
Study
Guide
pages
Homework
Assignments
(in Connect)
Graded
Homework
Assignments
(GHA)
pp. 107-111
BE6-8,BE6-14,
BE6-15, E6-13
GHA-9
(E6-14)
pp. 112-130
BE7-1, BE7-2,
BE7-7, BE7-10,
E7-1, E7-2,
E7-3, E7-12,
E7-13, E7-15,
E7-17
GHA-10
(P7-8A)
Due 10/22 (T)
Lecture 11 – Intangible
Assets
pp. 131-140
BE 7-3, BE7-9,
E7-16
GHA-11
(E7-6)
Lecture 12 – Liabilities
pp. 141-152
BE8-2, BE8-3,
BE8-5, BE8-7,
BE8-8, BE8-14,
E8-2, E8-5,
E8-7, E8-8,
E8-10, E8-13,
P8-4A, P8-5A,
P8-6A
GHA-12
(P8-2A)
Due 10/29 (T)
Exam 2
(Lectures 7-12)
Lecture 13 – Stockholders’
Equity (Part 1)
Lecture 14 – Stockholders’
Equity (Part 2)
pp. 153-166
BE10-3, BE10-4,
BE10-5, BE10-8,
BE10-9,
BE10-13, E10-3,
E10-6
GHA-13
(P10-4A)
pp. 167-178
BE10-7,
BE10-10,
BE10-11, E10-4,
E10-8, 10-9,
E10-12, P10-6A
GHA-14
(P10-2A)
Due 11/12 (T)
10
Dates
11/18 (M)
Lecture Topic/
Event
Lecture 15 – Investments in
Other Companies
Study
Guide
pages
Homework
Assignments
(in Connect)
Graded
Homework
Assignments
(GHA)
pp. 179-191
BED-2, BED-3,
BED-4, BED-5,
BED-6, ED-4
GHA-15A
(ED-2)
GHA-15B
(ED-3)
Lecture 16 – Back to the
Financial Statements
pp. 193-203
BE3-18, BE6-13,
E6-11, E6-16
GHA-16A
(E3-16)
GHA-16B
(E6-12)
Due 11/19 (T)
11/25 (M)
12/2 (M)
Lecture 17 – Statement of
Cash Flows
Lecture 18 – Financial
Statement Analysis
Lecture 19 – Time Value
of Money
12/9 (M)
9:00AM
pp. 204-218
BE11-1, BE11-2,
BE11-4, BE11-5,
BE11-6, BE11-7,
BE11-8, BE11-9,
E11-4, E11-11,
P11-1A, P11-3A
GHA-17
(P11-4A)
Due 11/26 (T)
pp. 219-228
E12-4, E12-5,
E12-6, E12-7,
E12-8, P12-1A,
P12-2A, P12-4A,
P12-5A
GHA-18
(12-3A)
pp. 229-241
BEC-3,BEC-4,
BEC-5, BEC-6,
BEC-7, BEC-9,
BEC-10,
BEC-11,
BEC-13, EC-2,
EC-3, EC-7
GHA-19
(EC-1)
Due 12/3 (T)
Comprehensive Final
Exam
(Lectures 1-19)
Please Note: Your instructor reserves the right to adjust this schedule at any time. If you are
not in class on a day that a change may be made, it is YOUR responsibility to find out the
changes from a classmate.