Eastern Michigan University
Department of Accounting and Finance
ACC 240: Principles of Financial Accounting
Winter 2008
Instructor:
Office:
Phone:
Office hours:
Email:
Dr. Mary Keener
417 Owen Building
(734) 487-1350
Monday and Wednesday 9-10AM, Monday 3:30-6:30PM and Other
Times by Appointment
mhkeener@sbcglobal.net
Note: It is the responsibility of each student to read this syllabus and the “Acc 240 –
Departmental Policies for Students” handout in its entirety. You are accountable for the
material in that handout.
Course Website
Our class website is located (on WebCT) at
http://webct.emich.edu
Students officially registered for the course will automatically be allowed access to this
website. Your ID and password will be the same as those that you already use for your
My Emich site. The website will be updated frequently throughout the course with
course materials, your course grades, e-mails, and announcements.
Grading: Your grade will be determined based on the following:
Exam 1 (Chapters 1-4)
Exam 2 (Chapters 5-7)
Final Exam (Chapters 8, 9, 11, and 13)
Quizzes
Computer Project 1
Computer Project 2
Computer Project 3
Homework
Participation
Total Points
Possible Points
100 pts
100 pts
100 pts
30 pts
10 pts
10 pts
15 pts
45 pts
10 pts
420 pts
Grades will be based on the percentage of points earned:
Grade Percentage
A
93 – 100
A90 – 92.99
B+
87 – 89.99
B
83 – 86.99
B80 – 82.99
C+
77 – 79.99
Grade Percentage
C
73 – 76.99
C70 – 72.99
D+
67 – 69.99
D
63 – 66.99
D60 – 62.99
F
below 60
Course Content:
Written Homework Problems
The attached schedule details the homework problems. An initial reading of all
assigned pages should be completed before attending class, and a second reading
after the class discussion is suggested. The student is responsible only for those
chapters and pages specifically indicated on the syllabus.
The student should be able to answer all questions at the end of each chapter,
and is encouraged to complete as many of the exercises as are necessary to reinforce
the topics covered (Answers to end of chapter questions, exercises and problems for
which solutions are not provided on the website are available from the instructor). The
assigned Practice Problems correspond to the class for which they are listed. The
exercises and problems listed as Practice Problems on the attached schedule will not
be collected or graded. Some of these exercises and problems, but not all, may be
used for class illustration. Students are strongly encouraged to make use of office
hours since it is not always possible to go over all the homework during the normally
scheduled class time.
To encourage the student to keep up with the assignments and to reinforce
particularly important topics, 59 homework problems will be collected during the
semester. Each of these assignments is listed on the attached syllabus. The assigned
book homework problems are due in the class AFTER they are listed on the
syllabus. The student is encouraged to bring homework to class on paper or to submit
homework electronically in either Microsoft Word or Microsoft Excel format via WebCT
ONLY. Absolutely no late homework will be accepted. Each problem will be graded
for effort and completeness and is worth a maximum of 1 point.
NOTE: The maximum points that can be earned by each student for homework
is 45 points, so this will allow each student to miss 14 homework problems (roughly 23 assignments).
Computer Projects
Three computer projects will be assigned during the semester. These
assignments are designed to develop your computer skills in the context of financial
accounting information and your written communication skills. Remember to doublespace all documents you are required to type up for the computer projects in Microsoft
Word. Failure to double-space will result in loss of some points. You will need to go to
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either the course website through WebCT or the following website to obtain a
description of these assignments: http://www.computerprojects.info. These
assignments will be due ON the dates listed on the attached schedule. Projects turned
in late will receive a substantial penalty.
Quizzes
Four quizzes will be given throughout the semester. The quiz dates will usually
be announced in advance. Each quiz will take only roughly 10 minutes to complete.
Performance on the quizzes will be used to assess the day-to-day progress and effort of
each student.
Each quiz consists of 10 points. The 3 highest grades for each student will be
included in the computation of the final grade. There will be absolutely NO makeup
quizzes given for any reason; a score of 0 will be awarded for any quiz not taken.
Exams
Exams will consist of a combination of multiple choice questions, problems, and
short answer questions, and will be given on the dates indicated on the attached
syllabus. The final exam will NOT be comprehensive, so only the material covered after
Exam #2 will be included on the final.
There will be NO makeup examinations given for any reason. If a student must
miss an examination because of a DOCUMENTED reason (such as illness evidence by
a note from a doctor or student health service), he or she must inform the instructor no
later than the day of the examination. Arrangements (such as possible “reweighing” of
other requirements) must be made as soon as possible. Failure to inform the instructor
will result in a grade of zero for the exam.
Participation/Professionalism
Students will be assigned some portion of the possible 10 participation points
based on the professional attitude that they demonstrate in this course. The
participation grade will be based on randomly taken attendance, professional
behavior, and participation in class lectures.
Course Policies:
Academic Integrity
The maintenance of academic standards and integrity includes the obligation to
not cheat or plagiarize. In this course you must adhere to the high ethical standards of
the Accounting Institute for Certified Public Accountants (See www.aicpa.org and go to
professional standards). All assignment submitted must contain original work, not just
answers copied from some other source. Any student caught cheating in this course
will receive, at minimum, a zero for that assignment.
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Changes in the Syllabus
All dates and assignments in this syllabus are subject to change at the discretion
of the instructor. Every effort will be made to provide these changes to the class in
writing. Verbal notification at any regularly scheduled class meeting, however, or
through any one of the established means of communication (email, phone, homepage,
etc) will constitute sufficient notice. Also, students are fully responsible for learning the
content of this course and any material disseminated in the class. You are not released
from this responsibility because of absences.
Accommodation for Students with Disabilities
In order to receive accommodation for this course, students with disabilities must
register with the Access Services Office in 203 King Hall, 487-2470.
Calculators
Students are encouraged to bring and use silent, non-programmable
calculators on quizzes and exams as needed. You only need a calculator that adds,
subtracts, multiplies, and divides. Sharing of calculators is not permitted. Students will
NOT be permitted to use cell phones, computers, PDAs or anything else as calculators!
Tutoring
Please take advantage of the free tutoring provided in the Accounting Lab on the
rd
3 floor of the College of Business, as well as from the Homan Learning Center in room
G04 of Halle Library. A more detailed schedule of the tutoring hours for the Accounting
Lab will be provided later.
Supplemental Instruction Leader
Sarah Butts sbutts@emich.edu
Sarah is a former ACC 240 student that did very well in this course last year. She will
be attending classes throughout the semester in order to help you in this course as
needed. She will also be presenting two fifty-minute SI sessions per week to help you
out. The time and date for the SI Sessions will be announced later.
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Ethos Statement
Eastern Michigan University
College of Business
The College of Business students, faculty and staff comprise a professional,
interdependent community committed to perfecting responsible, ethical business
professionals to serve business and the wider world. Through a positive learning
experience mirroring the business world’s best aspects, the community respects the
group’s common mission and the individuals comprising it. Community members foster
the COB ethos through behavior growing from six interrelated values:
1) Integrity
Integrity is practicing in all areas of life what we profess to believe. It is commitment to
professional standards in the whole person.
2) Honesty
Honesty requires respect for the truth; it means being truthful, sincere, and
straightforward.
3) Trustworthiness
Growing out of integrity and honesty, trustworthiness is the confidence others have that
we mean what we say; we can be counted on.
4) Respect
Respect is deference or esteem for what we value. We recognize others’ worth as
ends, not means. Respect is key to our other values.
5) Learning
We value learning as an end in itself and as a practical tool for success in lifelong
professional growth. We gain up-to-date, practical and theoretical knowledge through
effective, often participative learning and research.
6) The Work Ethic
We practice self reliance and responsibility to our business profession and community.
We are industrious and often self supporting.
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Course Schedule
(Students are responsible for any changes or updates announced in class.)
Date
Topics
1/7
MON
1/9
WED
1/14
MON
Introduction and Course
Policies
Financial Statements and
Business Decisions
Financial Statements and
Business Decisions
1/16
WED
Investing and Financing
Decisions and the Balance
Sheet
No Class for Martin Luther
King, Jr. Day
Investing and Financing
Decisions and the Balance
Sheet
Operating Decisions and
the Income Statement
Operating Decisions and
the Income Statement
Chapter 2:
p. 48-80
Chapter 3:
p. 104-137
Chapter 3
M2-7, E2-1,
E2-3, E2-11,
P2-2 & P2-3
Questions 5,
6, 7, & 10
E3-3, M3-3,
M3-4, E3-5
& P3-4 (omit
req. #5)
Adjustments, Financial
Statements, and the Quality
of Earnings
Adjustments, Financial
Statements, and the Quality
of Earnings
Review for Exam #1
Chapter 4:
p. 164-197
Questions 2,
4, 10, & 12
Chapter 4
M4-2, M4-3,
E4-5, E4-6,
& P4-3
Chapter 5:
p. 230-261
Questions 1,
8, 10, & 15
Chapter 5
M5-3, M5-7,
E5-11, P5-1
1/21
MON
1/23
WED
1/28
MON
1/30
WED
2/4
MON
2/6
WED
2/11
MON
2/13
WED
2/18
MON
2/20
WED
Readings
Practice
Problems
Chapter 1:
p. 2-30
Chapter 1
Questions 2,
3, 8, 16 & 19
E1-2, E1-9,
E1-10 & P11
Questions 1,
2, 3 & 9
Chapter 2
Required
Assignments
E1-1, E1-3, E1-5,
AP1-1 & CP1-2
E2-5, E2-7, AP2-2,
AP2-3 & CP2-2
E3-4, E3-7, E3-13,
E3-14, AP3-4 (omit
req. #5) & CP3-8;
Computer Project
#1 Due
E4-3, E4-4, AP4-2,
AP4-4 & CP4-3
Exam #1: Chapters 1-4
Communicating and
Interpreting Accounting
Information
Communicating and
Interpreting Accounting
Information
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E5-5, E5-10, E5-12,
E5-13, & CP 5-1
Date
Topics
Readings
Practice
Problems
2/25
MON
2/27
WED
3/3
MON
No Class for Winter
Recess
No Class for Winter
Recess
Reporting and Interpreting
Sales Revenue,
Receivables, and Cash
Reporting and Interpreting
Sales Revenue,
Receivables, and Cash
Chapter 6:
p. 283-311
Questions 2,
7, 8, 9 & 10
Chapter 6
E6-6, E6-9,
E6-10, E6-20,
P6-2, P6-3
Chapter 7:
p. 336-372
Questions 6, 8
&9
Chapter 7
E7-3, E7-10,
E7-13 & P7-2
Chapter 8:
p. 396-432
Questions 4,
5, 6 & 8
Chapter 8
E8-8, E8-10 &
AP8-3
Chapter 9:
p. 460-477
(Note: Cut
p. 477-490)
Chapter 9
Questions 1,
5, 6, 7, 8 & 10
3/5
WED
3/10
MON
3/12
WED
3/17
MON
3/19
WED
3/24
MON
Reporting and Interpreting
Cost of Goods Sold and
Inventory
Reporting and Interpreting
Cost of Goods Sold and
Inventory
Review for Exam #2
3/31
MON
4/2
WED
Reporting and Interpreting
Liabilities
3/26
WED
E6-2, E6-7, E6-8,
E6-11, E6-19, AP61 & CP6-3;
Computer Project
#2 Due
E7-2, E7-6, E7-8,
E7-19 & CP7-3
Exam #2: Chapters 5-7
Reporting and Interpreting
Property, Plant and
Equipment; Natural
Resources; and Intangibles
LAST DATE FOR
INDIVIDUAL CLASS
WITHDRAWAL (with “W”
grades)
Reporting and Interpreting
Property, Plant and
Equipment; Natural
Resources; and Intangibles
Reporting and Interpreting
Liabilities
3/25
TUES
Required
Assignments
7
M9-1, M9-2,
M9-5, P9-6
M8-3, E8-1, E8-11,
P8-3 & CP8-1 (Omit
Req. #5); Computer
Project #3 Due
M9-6, E9-1, E9-4,
AP9-3 & CP9-2
(Omit Req. #5)
Date
Topics
Readings
4/7
MON
Reporting and Interpreting
Owners’ Equity
Chapter 11:
p. 558-584
4/9
WED
Reporting and Interpreting
Owners’ Equity
Chapter 11
4/14
MON
4/16
WED
Statement of Cash Flows
Chapter 13:
p. 656-689
Chapter 13
4/21
FINAL EXAM REVIEW
Chapters 8, 9, 11 & 13
Statement of Cash Flows
Practice
Problems
Questions 1, 3,
4, 7, 9, 11, 13,
15, & 16
M11-7, E11-2,
E11-9, E11-16,
E11-22, P11-2
& P11-5
Questions 1, 2,
4, 6, 10, & 11
M13-1, M13-2,
E13-6, E13-15
& P13-1
Required
Assignments
E11-6, E11-8, E1115, E11-20, AP11-3
& CP11-2
E13-1, E13-14 (req.
#1 only), AP13-1, &
CP13-2 (Omit Req.
#5)
FINAL EXAM DATES AND TIMES:
If your class meets on MW from 10:00AM-11:15AM, your final exam will be given on
Wednesday, April 23 from 9:30AM-11:00AM.
If your class meets on MW from 11:30AM-12:45PM, your final exam will be given on
Friday, April 25 from 11:00AM-12:30PM.
To receive credit for your exam, you must come at the exam time for the section
that you are enrolled in.
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