203834 - William Paterson University

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WILLIAM PATERSON UNIVERSITY
COLLEGE OF BUSINESS
DEPARTMENT OF ACCOUNTING AND LAW
COURSE OUTLINE
FALL 2008
COURSE NUMBER AND TITLE: ACCT710 Financial Accounting and Reporting I
COURSE DESCRIPTION:
This is an intensive MBA course geared towards students committed to take the
CPA examination. It studies in depth specific accounting subjects such as assets and
liabilities and equity, revenue and expense recognition, accounting changes and error
analysis, and preparing income statement, balance sheet, and cash flow statement for
business entities.
COURSE PRE-REQUISITES: ACCT606 Financial & Managerial Accounting
COURSE OBJECTIVES:
This course purports to help students understand the complex concepts and problems
involved in preparation of income statement, balance sheet, and cash flow statement.
This course intends to help students develop analytical ability to organize, process, and
interpret data to develop and evaluate opinions for decision making. This course will
enhance students’ research ability to locate and extract relevant information and
communication ability to effectively elicit and express information or judgment through
written or oral means.
TUDENT LEARNING OUTCOMES:
1. Understand the concepts, principles, and methods of accounting for preparation of
income statement.
2. Understand the concepts, principles, and methods of accounting for preparation of
balance sheet.
3. Understand the concepts, principles, and methods of accounting for inventory
valuation.
4. Understand the concepts, principles, and methods of accounting for acquisition,
disposition, and valuation of property, plant, and Equipment.
5. Understand the concepts, principles, and methods of accounting for intangible assets.
6. Understand the concepts, principles, and methods of accounting for liabilities and other
contingencies.
7. Understand the concepts, principles, and methods of accounting for equity related
transactions.
8. Understand the concepts, principles, and methods of accounting for earnings per
shares.
9. Understand the concepts, principles, and methods of accounting for investments.
10. Understand the concepts, principles, and methods of accounting for departures from
revenue recognition principle.
11. Understand the concepts, principles, and methods of accounting for changes in
accounting estimates, changes in accounting principles, and error analysis.
12. Understand the concepts, principles, and methods of accounting for preparing cash
flow statement.
13. Understand the concepts, principles, and methods of disclosing financial accounting
information in the notes accompanying basic financial statements.
TOPICAL OUTLINE OF THE COURSE CONTENT:
1. Current Assets, Current Liabilities and Contingencies
2. Valuation of Inventories
3. Acquisition and Disposition of Property, Plant and Equipment
4. Depreciation, Impairments and Depletion
5. Intangible Assets
6. Long Term Liabilities
7. The Income Statement and Related Information
8. The Balance Sheet
9. Accounting Changes and Error Analysis
10. Stockholder’s Equity
11. Dilutive Securities and Earnings Per Share
12. Investments
13. Revenue Recognition
14. Statement of Cash Flows
15. Full Disclosure in Financial Reporting
GUIDELINES/SUGGESTIONS FOR TEACHING METHODS AND STUDENT
LEARNING ACTIVITIES:
As an intensive MBA course targeted at highly motivated students who intend to take the
CPA examination, this class will be very demanding, challenging, and time-consuming.
Students must study the topic in advance and understand the accounting concepts and
principles before class. Class lectures will be devoted not to the basics of the subject
matter, but to the complicated logical analysis of the issues and how to solve difficult
problems, as seen in the CPA exam. This course requires a very significant time
commitment. It is imperative that students complete all assigned work on a timely basis
and actively participate in class discussions.
STUDENT ASSESSMENT:
1. Homework & Class participation: 25%
2. Group Mini-tests: 25%
3. Exams: 50%
SUGGESTED READINGS, TEXTS
Kieso, Weygandt, and Warfield, Intermediate Accounting 12th Edition, Wiley, 2007
Nikolai, Bazley, and Jones, Intermediate Accounting, 10th Edition, South-Western, 2007
Contact: Sia Nassiripour, Ph.D., CPA
Office: Valley Road Building, Room 4073
Telephone number: 973-720-2241
Email: [email protected]
Office Hours: T 10:30-2:00
W 10:30-11:00
TH 10:30-12:15 & 2:00-6:45
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