SANTA BARBARA CITY COLLEGE
ACCOUNTING EDUCATION DEPARTMENT
ACCT 230 - Financial Accounting
Fall Semester 2009
Instructor:
Office:
Office Phone:
Fax:
E-Mail:
Website:
Office Hours:
Michael Kulper, CPA
BC 206
965-0581 x2686
966-3672
mnkulper@pipeline.sbcc.edu
www.sbccaccounting.com
MW 3 pm to 4 pm; TTh 1 pm to 2 pm; Friday by appointment.
COURSE DESCRIPTION
The course provides an introduction to the financial statements of a corporation: the Income
Statement, Statement of Stockholders' Equity, Balance Sheet, and Statement of Cash Flows,
as well as the principles and procedures on which the financial statements are based.
THIS KNOWLEDGE WILL BE USEFUL TO YOU, either as a preparer or user of financial
information!!
STUDENT LEARNING OUTCOMES
1. Define the basic financial accounting terms and apply those terms on a conceptual basis.
2. Differentiate between the financial statements.
3. Assess the impact of a financial transaction on a company’s financial statements.
4. Calculate, compare, and perform fundamental analysis of financial ratios.
5. Apply generally accepted accounting principles (GAAP) on an ethical basis.
COURSE CONTENT
In this first-semester Financial Accounting course you will learn how financial transactions are
analyzed and recorded in a business entity's accounting records, and how periodic financial
statements are prepared. This knowledge will enhance your ability to interpret and use accounting
information intelligently and effectively, as well as put you one step ahead of those who have little
or no knowledge with respect to financial reporting!
The underlying concepts and principles which guide financial reporting are emphasized. In this
course you will analyze business transactions in terms of the fundamental accounting model,
examine the accounting information processing cycle, study the characteristics of an accounting
system, and examine the various components which make up the Income Statement, Statement of
Stockholders' Equity, Balance Sheet, and Statement of Cash Flows for a corporation.
ACCT 230 - Financial Accounting
Fall 2009
Accounting truly is the LANGUAGE OF BUSINESS!! Accounting data is utilized in business
decision-making, and as a yardstick by which the performance of businesses is measured.
Therefore, it follows that the study of accounting will improve your chances for success in the
business environment!
COURSE ADVISORIES
Eligibility for ENG 110.
Completion of MATH 4.
Completion of ACCT 110.
Sophomore standing is strongly recommended.
TEXTBOOK AND SUPPLEMENTARY MATERIALS (available at SBCC Bookstore required, unless indicated otherwise)
Financial Accounting, Libby/Libby/Short, McGraw-Hill/Irwin, 6th Edition.
Working Papers to accompany textbook (optional).
Study Guide to accompany textbook (recommended).
Six 100-question Scantron forms for exams.
Stapler - multiple page homework will not be accepted unless it is stapled.
ASSIGNMENTS
Accounting is “learned by doing” and this is the reasoning behind the homework policy.
Understanding the material and, therefore, success in the course will only come through doing the
work!! It should require several hours of study outside of class each week! Conventional wisdom
says that you should plan on spending a MINIMUM of two hours outside of class for each hour in
class. PLEASE READ THE CHAPTERS MORE THAN ONCE!!
The following types of assignments will be prepared and submitted by you during the semester:
HOMEWORK ASSIGNMENTS, ARTICLE SUMMARIES, and IN-CLASS ASSIGNMENTS:
Homework assignments (questions, exercises, and problems) will need to be prepared for almost
every class session. Typically, questions (Q) at the end of a chapter are assigned for the first day a
chapter is covered, while exercises (E) at the end of a chapter are assigned for the second day a
chapter is covered. A few problems (P) at the end of Chapter 5 have also been assigned. Please see
the FALL SEMESTER SCHEDULE handout for due dates.
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ACCT 230 - Financial Accounting
Fall 2009
Homework assignments must be completed before class on the dates indicated in the FALL
SEMESTER SCHEDULE handout. Please keep current with your assignments!! FINANCIAL
ACCOUNTING IS A CHALLENGING COURSE and will require a serious commitment of time,
energy, and effort on your part. However, a serious commitment will yield a much more satisfying
and successful result!
Homework assignments will be collected and reviewed during the semester. The collection of
homework assignments will occur on the day they are due. In addition, you will be asked to present
your answers in class. You will lose points if you are not prepared, so please come prepared to
discuss your homework assignments! Homework assignments are assessed based on effort and
completeness, not correctness only.
Homework assignments have been allocated 110 POINTS for the semester. Five points will be
deducted from your 110-point total for any homework not submitted when requested, or up to five
points will be deducted for homework judged to be incomplete when submitted. Additional article
summaries and in-class assignments will be included with homework assignments in determining
your overall point total. In-class assignments will be graded for completeness and correctness!
Please refer to the “COURSE GRADE” and “GRADING SYSTEM” section of this syllabus
regarding points.
CASES:
Cases assignments must be typed (single-spaced, with no larger than size 12 font) and will be
collected at the beginning of the class session indicated in the FALL SEMESTER SCHEDULE
handout. Four cases have been assigned during the semester. Case responses should be at least
ONE page in length, but no more than TWO. Please address all questions/issues in the case within
the body of your overall case response. In other words, do not separate your case responses into
parts “1,” “2,” etc., as it may be presented in your textbook. Also, you are not required to write a
memo when asked to do so in the textbook. Simply address the issue(s) within the body of your
overall case response. Your ability to support your position, as well as punctuation, sentence
structure, and spelling will be reviewed.
Cases have been allocated a total of 40 POINTS for the semester. If a case (10 points) is not
submitted when due, you will lose all points on that assignment. Points will be deducted for cases
that are in error, poorly presented, or are judged to be incomplete when submitted. Please refer to
the “COURSE GRADE” and “GRADING SYSTEM” sections of this syllabus regarding points.
FINANCIAL STATEMENT ANALYSIS (FSA) ASSIGNMENTS:
FSA assignments must be completed based on the financial statement analysis tool(s) - financial
statement ratios, etc. - presented at the end of each particular chapter, and will be collected at the
beginning of the class session indicated in the FALL SEMESTER SCHEDULE handout.
FSA assignments are to be completed for the two corporations in the industry group I select at the
beginning of the semester. You will either be given the companies’ annual reports for your use, or
you will request them from the companies via their internet websites.
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ACCT 230 - Financial Accounting
Fall 2009
For each assignment, you will calculate the financial ratio(s) for the year(s) which I specify, using the
financial statements of the two companies in the industry group I have selected. You are required to
submit your FSA assignment in memo format, present the formula for the ratio, and show all of your
calculations. As part of each assignment, you will also be required to comment on your findings for
each company, as well as prepare an overall comparative analysis of the two companies.
FSA assignments have been allocated a total of 100 POINTS for the semester. If an FSA assignment
(10 points) is not submitted when due, you will lose all points on that assignment. Points will be
deducted for assignments not presented in memo format, not showing the formula for the ratio(s),
incorrectly calculating the ratio(s), poor presentation, incompleteness, and missing or erroneous
comments/analysis. Please refer to the “COURSE GRADE” and “GRADING SYSTEM” sections
of this syllabus regarding points.
IMPORTANT NOTE REGARDING LATE ASSIGNMENTS:
Late assignments will be accepted TWICE during the semester, NO MATTER WHAT THE
REASON. Please note that a “late” can be used for all assignments due on a particular class
session date. When submitting late assignments, make it clear by adding a note (“FIRST LATE” or
“SECOND LATE,” and the DATE DUE) at the top of your late assignment. Late assignments
submitted without such a note will be returned to you. Late assignments must be submitted by the
following class session.
ATTENDANCE
As specified in the SBCC Schedule of Classes, regular class attendance is required. The college
considers absence from the equivalent of one week of classes to be excessive. Therefore, since we
meet twice a week, I will drop you if you have missed TWO class sessions prior to the last drop date
(unless you can provide me with written documentation which supports an excused absence -- i.e., a
note from your physician for illness, or a religious holiday). Please communicate with me, or I will
assume you have dropped the course upon your SECOND unexcused absence.
After the second week of classes or your second late arrival to class, whichever happens later, I may
deduct 5 points from your overall point total at the end of the semester for each time you arrived late
to class during the semester. You can check with me any time during the semester to see how many
points you may have lost due to arriving late to class. Hopefully, you can see that I feel attendance is
important and, therefore, not attending class, or continually arriving late, may adversely affect your
grade in the course.
Make-up exams will only be allowed under the most unusual of circumstances, which have been
discussed with me prior to the exam date. Make-up exams must be scheduled at a time before the
date you were to take the exam with the class. Not showing up for exam will result in a score of
zero. Please refer to the “EXAMINATIONS” section of this syllabus for additional information.
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ACCT 230 - Financial Accounting
Fall 2009
EXAMINATIONS
Six 100-point examinations are scheduled during the semester for a total of 600 POINTS.
Please refer to the FALL SEMESTER SCHEDULE handout for exam dates. The exams will test
your knowledge of the specific chapters indicated, although an understanding of the basic concepts
covered on previous exams will be necessary. The exams will consist of objective, multiple-choice
questions which test your conceptual (qualitative) and computational (quantitative) understanding of
the topics covered. Please note that the exams are designed to test your understanding of concepts,
rather than your ability to memorize terminology or mechanical steps. Again, please note that the
exams are not cumulative. Therefore, NO exam scores are dropped!
As noted above under “ATTENDANCE,” make-up exams will only be given under the most
unusual of circumstances which have been communicated to me in advance of the exam!
Please refer to the “COURSE GRADE” and “GRADING SYSTEM” sections of this syllabus for
additional information as to how the exam scores fit into your overall grade in the course.
COURSE GRADE
Your grade will be based primarily on objective factors, as evidenced by your performance (points)
on exams, cases, financial statement analysis assignments, homework assignments, article
summaries, and in-class assignments. Scores for all of the above can be accessed at
www.geocities.com/sbcc4acct during the semester. Please refer to the “GRADING SYSTEM”
section of this syllabus for additional information regarding the point structure.
If you are on a grade borderline at the end of the semester, my overall perception of your
performance during the semester may cause me to either award you the higher or lower grade.
Be aware that this is totally at my discretion. The subjective portion will be based on my perception
of such things as your attendance, punctuality, preparation for class, and participation in discussion,
activities, etc.
The last day to drop the course without receiving a "W" (withdrawal) is Saturday, September 5.
The last day to withdraw without a grade ("A" - "F") being assigned is Friday, October 23.
STUDENTS WITH LEARNING DISABILITIES
Students with disabilities who are requesting accommodations should use the following SBCC
procedure: contact the DSPS office, submit documentation of your disability to the DSPS office,
communicate with a DSPS counselor regarding options for services and accommodations, and reach
written accommodation agreement with the DSPS counselor and your instructor.
SBCC requests that you complete this process at least ten working days before your accommodation
is needed, in order to allow DSPS staff time to provide your accommodation. Contact: DSPS office
(805) 965-0581 x 2364, SS Building, Room 160, or dspshelp@sbcc.edu.
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ACCT 230 - Financial Accounting
Fall 2009
ACADEMIC HONESTY AND STUDENT CONDUCT
All assignments and examinations must be completed by students on an individual basis.
Cheating and plagiarism will not be tolerated. If you choose to violate the academic honesty
policy established for this course, you will be subject to a failing grade on the assignment or exam in
question, and/or a failing grade in the course itself. These penalties are consistent with the SBCC
Academic Honesty Policy (see http://www.sbcc.edu/collegeprocedures/index.php?sec=896).
During class sessions, you are expected to act in a manner compatible with the college’s function as
an educational institution. Therefore, all rules and regulations apply which are set forth in the SBCC
Standards of Student Conduct (see http://www.sbcc.edu/collegeprocedures/index.php?sec=901).
In particular, if you choose to talk with your neighbor, are distracted by your cell phone or any other
electronic device, or are distracted by outside reading materials during class, you will be given a
warning the first time. If the incident involves talking with your neighbor, you will be asked to move
to another location in the classroom. The second time you will be asked to leave the classroom.
These disciplinary actions are consistent with the college’s Guidelines for Addressing Disruptive
Student Behavior and Recommended Actions.
Please note that food and drinks are not allowed in the classroom. Finally, please do not continually
leave the classroom during class sessions unless you have communicated to me what necessitates
you having to do so.
RESOURCES AVAILABLE
Resources outside the classroom environment have been made available for your use in order to
improve your chances for success in the course. The resources available to you are:
1. MCGRAW-HILL INTERNET WEBSITE: Many valuable student resources, such as the
ONLINE LEARNING CENTER – STUDENT EDITION, are available on the McGraw-Hill
website for the textbook (www.mhhe.com/libby6e).
2. ACCOUNTING TUTORS: can begin assisting students after the first week of classes, pending
final funding as a result of budget cuts. The Accounting Education Department has usually been
allocated about 20 hours per week of tutor time in past semesters. Tutoring, if available, will be
provided in the faculty library (room BC204). Times will be announced and posted.
3. FELLOW STUDENTS: can be a wonderful source of assistance! Please do not hesitate to
form study groups. Research has shown them to be very useful!!
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ACCT 230 - Financial Accounting
Fall 2009
GRADING SYSTEM (point totals may be subject to revision during the semester)
Point Structure:
Item
Chapters
Cases
2, 3, 6, and 8
Financial Statement Analysis Assignments
Various
100#
Homework Assignments, Article Summaries,
and In-Class Assignments
All
110&
Exam 1
1 and 2
100
Exam 2
3, 4, and 5
100
Exam 3
6 and 7
100
Exam 4
8 and 12
100
Exam 5
9 and 10
100
Exam 6
11and 13
100
Total Points
Points
40@
850*
@ 10 points for each case.
# 10 points for each FSA assignment.
& 5 points lost for each homework assignment, article summary, or in-class assignment not
submitted when due.
* Late assignments will be accepted TWICE during the semester, NO MATTER WHAT THE
REASON, but must be submitted by the following class session!!
Grade Scale (letter grades/points/percentages):
A
B
C
D
F
765-850
680-764
595-679
510-594
509 and below
(90-100%)
(80-89%)
(70-79%)
(60-69%)
(below 60%)
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