Washburn University
Dr. Ockree
AC 224 Financial Accounting
Summer 2015
Financial Accounting
Course Syllabus
Summer 2015
Instructor:
Kanalis Ockree PhD, CPA, CMA
Office:
HC 311 J
Phone:
785-670-1589
Home: 862-0086
E-mail:
kanalis.ockree@washburn.edu
Meeting Time:
Section A
Tuesday, Wednesday, Thursday 11:00 am – 12:35 pm
Tuesday, Wednesday 12:40 – 1:30 pm;
Thursday 10:40 – 10:55 am
AND BY APPOINTMENT
Required Materials: Financial Accounting,
Kimmel, Weygandt, and Kieso, 14e, Wiley 2012
Registration number for Wiley Plus which is included in new textbooks and may be
purchased as a separate item on line or in the book store if a used book is purchased
O Optional
Text website – Student resources at www.wiley.com/kimmel
Materials:
Study Guide to accompany the above text
Prerequisites:
EN101 Freshman Composition, MA 116 College Algebra Each with a grade of C or
better
It is the responsibility of the student to meet all prerequisite requirements for courses in
which the student is enrolled. A student failing to meet prerequisite requirements is
subject to administrative withdrawal from the course at any time
Office Hours:
Course
Description:
The study of accounting as a means of communicating financial information about the activities
of business enterprises. Emphasis is place on the concepts and principles underlying the
measurement of income and financial position and how this information may be used to
evaluate the progress of a firm.
Course
Objectives:
1. Development of a conceptual understanding of financial accounting and the underlying concepts
and methods of financial statement presentation.
2. Development of students’ ability to use and understand accounting as the language of
business people.
3. Development of students’ ability to read, understand, interpret, and use financial accounting
information.
4. Development of students’ problem solving skills.
5. Development of students’ communications skills.
6. Understanding the importance of ethical behavior in financial accounting and understanding
the role of accounting in society.
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Washburn University
Dr. Ockree
AC 224 Financial Accounting
Summer 2015
Course
Outcomes:
All AC224 Sections under the School of Business Outcome Assessment Program
Upon completion of AC224, a student will be able to:
1. explain the primary objective of financial reporting. The primary objective of financial
reporting in AC224 is limited to the objective of “providing useful economic information to
external users to assist them in making more informed investment and credit decisions.”
2. demonstrate an understanding of generally accepted accounting principles (GAAP) by
defining GAAP, stating the purpose of GAAP and identifying and distinguishing between the
primary sources of GAAP
3. demonstrate an understanding of the accrual basis of accounting by defining and applying the
revenue recognition principle and the matching principle.
4. describe the effect of business transactions on the accounting equation and the four financial
statements required by GAAP.
5. interpret the four financial statements required by GAAP by identifying and describing the
purpose of the financial statements; identifying and describing the elements and
classifications of economic information presented in the financial statements and describing the
interaction of the financial statements.
6. calculate key amounts that are reported in the four financial statements required by GAAP cost of goods sold, gross profit, net income and ending retained earnings
7. define and provide calculations for the cost allocation procedures used in financial reporting
for allocating the cost of property plant and equipment to depreciation expense and the cost of
merchandise inventory to cost of goods sold.
8. calculate and state the purpose of the current ratio and earning per share.
9. recognize an ethical problem occurring in a business.
Homework:
1. Read the assigned materials in their entirety before class.
2. Attempt to complete all assigned homework before class on the day for which it is assigned.
3. A record of homework performance will be maintained.
Most homework problems will be done through the internet by using an electronic program
provided by the publisher of the textbook. The electronic program is called e-grade plus.
The e-grade plus program will be discussed in class.
The Wiley Plus URL for this class is
http://wileyplus.com/
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Washburn University
Dr. Ockree
AC 224 Financial Accounting
Summer 2015
Attendance:
1.
2.
3.
4.
Each student is expected to attend every class session.
Students should inform the instructor in advance of any anticipated absences that are unavoidable.
If excessive absences are anticipated the student should discuss the problem with the instructor.
turn off all pagers and cell phones during class. Use of Electronics is not allowed during class
IT IS THE STUDENTS' RESPONSIBILITY TO FIND OUT ABOUT CHANGES TO THE CLASS AND
ASSIGNMENT SCHEDULE THAT MAY BE ANNOUNCED IN CLASS OR ON THE E-GRADE SITE
QUIZZES
Announced and/or unannounced quizzes will be administered.
make up Quizzes will be given
Class
Participation
Each student should be prepared to lead the discussion of daily homework.
Each student should be prepared to present daily homework solutions orally or on the board.
If homework is incomplete student should be prepared to ask relevant questions to progress toward a
solution.
Examinations
Three regularly scheduled unit examinations and a comprehensive final exam will be given in this
course.
Calculators will be provided for examinations that must be used by students.
Students may NOT use their own calculators for examinations
Unit examination questions will consist of the following:
Multiple choice questions. Both conceptual and computational.
Other objective type questions: fill-in-the-blank, matching, etc.
Short answer, definition questions.
Problems for which students must develop and appropriately present answers.
Report
1. Students will prepare a financial analysis report covering materials in chapter 13. The
report must include a copy financial statements of the firm being reported on.
The appropriate assessment process will be discussed in class.
Fifty (50) points are assigned to this report.
The report must be turned in be turned in by July 9th. The report must be prepared on a
word processor using standard English form, grammar, and punctuation!!! The report
will be graded for content and for appropriate use of written English.
Due date to be announced.
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Grading
Unit Examination
I
II
III
Final Examination
Total Examination Points
Homework and Quizzes
And in class problems
Participation
150
150
150
450
200
650
150
50
Total class work points
Total points for the semester
200
850
There is also a possible course project [assignment to be determined later]
If assigned the project will add 100 points to the possible points above.
Exam scores are normally assigned using the high score achieved on each exam as the base. However, if
the high score is less than 90% of the points possible the instructor reserves the right to use 90% of points
possible as the applied base. Each student’s percentage performance related to the base will be
multiplied by the total points allowed to determine each student’s recorded score.
Points earned from the above sets will be accumulated for each student over the course of the semester.
The actual score for each student on all other work [non examination] will be the
recorded grade.
There is no other curve applied for grade determination for the course.
Grades will be assigned as follows:
90 - 100% of total points
80 - 89% of total points
70 - 79% of total points
60 - 69% of total points
Below 60%
A
B
C
D
F
The final exam must be taken by every student at the scheduled time
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In class work, quizzes and assignments to be submitted in class cannot be made up.
Paper homework may be submitted in advance of the due date or turned in by a classmate during
class on the date due.
Significant portions of the homework will be completed electronically through WileyPlus, a textbook
sponsored support site. You may keep track of your WileyPlus performance online. WileyPlus scores
will only periodically be entered into the official course grade record maintained by the professor.
[Wiley Plus assignments allow part credit for late homework]
At the end of the semester the three lowest grades on homework and quizzes including "0s" will
be deleted from your score to allow for unavoidable absences.
MAKE UP EXAMS WILL NOT BE GIVEN Except in extreme circumstances.
Permission to take a make-up exam must be approved by the professor
of the stated
exam time.
In the rare case when a make-up exam is allowed the exam must be made up on the Friday of the last
week of class.
Under no circumstance will more than one unit exam be taken as a “make up”.
Computer usage will be required during the semester for part of the homework and possibly
for a course project. If you do not own or have access to a personal computer or to appropriate
software you must complete computer assignments in one of the Washburn University personal
computer labs. The most convenient lab is in HC 108.
ACADEMIC MISCONDUCT
Recent violations of ethical behavior standards in business have raised concerns about ethical
expectations on academia. All students are expected to behave ethically in class. In this regard, you
should be aware of the definition of academic misconduct at Washburn University:
Academic misconduct by a student shall include, but not be limited to, disruption of classes,
giving or receiving unauthorized aid on examinations or in the preparation of notebooks,
themes, reports or other assignments, or knowingly misrepresenting the source of academic
work.
[For a complete copy of the Academic Impropriety Policy, contact the office of the Vice President for
Academic Affairs.]
You are expected to do your own work on projects, examinations and quizzes and to not knowingly
share your work with others in an unauthorized manner except as provided for in a group structure. It
is you moral obligation to report any violations of ethical behavior to your instructor.
Of course, you are encouraged to work with other students inside and outside of class and to freely
share your work and your ideas on group assignments. A free exchange of ideas is an important
component of enhancing understanding and the learning experience.
Violation of this code will result in:
First incident: a zero grade assigned to the related work for the initial instance and a warning.
Second incident of academic misconduct: will result in the assignment of a failing grade (F) for
the course and administrative withdrawal from the course.
Behavior deemed by the professor to be in flagrant disregard of the academic misconduct policy
may result in withdrawal from the course and a failing grade for the first incident.
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STUDENTS WITH DISABILITIES
Students with disabilities may identify themselves voluntarily to the Services for Students with
Disabilities Office [SSWDO]
to request accommodations. The office is responsible for assisting in arranging accommodations
and for identifying
resources on campus. New requests for accommodations should be submitted two months or
more prior to the date
services should begin; however, check with SSWDO as soon as a need arises.
Location:
Morgan Hall, Room 150
Phone:
785-670-1629
TDD
785-670-1025
Students may also voluntarily identify themselves to their instructors.
Withdrawal Policy:
The last day to withdraw from a Summer class is July 1. Thereafter, there are no withdrawals and
the grade earned will be assigned for the course.
Grade Appeal Procedure:
The Washburn University grade appeal procedure can be found in the Washburn University
Catalog.
Advising Services:
As a Washburn student, you may experience difficulty with issues such as studying, personal
problems, time management, or choice of major, classes, or employment. The Center for Learning
and Student Success or CLASS (counseling, testing, learning assistance, career services, academic
advising) is available to help students. If you need someone with whom to discuss an issue
confidentially and free of charge, contact:
Phone: 670-1299,
Web: www.washburn.edu/services/class
E-Mail
"Your Washburn University e-mail address will be the official address used by the
University for relaying important messages regarding academic and financial
information. It may also be used by your instructors to provide specific course
information. E-mail messages sent to your Washburn University e-mail address will
be considered your official notification for important information. If you prefer to use
an alternate e-mail address at which to receive these official University notices, you can
access your MyWashburn e-mail account, choose the “Options” tab, and select “Auto
Forward” to complete the process to forward your mail."
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AC 224 Topic Outline
1. Introduction to Financial statements
2. More about financial statements
3. The accounting information system
4. Accrual accounting
5. Merchandising and the MS Income Statement
6. Reporting and analyzing inventory.
7. Internal control and cash.
8. Accounts receivable
9. Reporting and analyzing long-lived assets.
10. Reporting and analyzing liabilities,
including the time value of money.
11. Reporting and analyzing stockholders’ equity
12. Statement of cash flows
13. Analysis of financial statements
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