University of North Carolina at Greensboro
Bryan School of Business and Economics
Department of Accounting and Finance
ACC 201.03: Financial Accounting (3 credit hours)
M/W 3:30-4:45, Bryan 132
Fall Session 2010
Instructor: Ms. Amanda Cromartie, CPA
Office: 342 Bryan Building
Phone: 256-0127 (no voicemail)
E-mail: altesh@uncg.edu (best way to reach me)
Office Hours: Mon/Wed 1pm-2pm, Tue 2:30pm-3:30pm, and by appointment
Graduate Assistant: Jackie Reed
Accounting Tutoring: 330 Bryan Building
Important Note: There are high expectations for you in this course. The material is difficult and this
is considered a demanding, time-intensive course. The course requires homework assignments that
are similar to math problems. It is very important that you regularly attend class, actively participate
in class, read the text, complete homework assignments, and develop a sound foundation by
mastering the basic concepts in Chapters 1-3 of the text. I also encourage you to take advantage of
the tutors located in 330 Bryan.
Prerequisite: Any one of the following: MAT 115, 120, 150, 151, 191 or 292.
Course Objectives:
 Demonstrate an understanding of basic accounting terminology and procedures
 Create the financial statements which flow from the accounting process with emphasis on the
balance sheet and income statement
 Understand the accounting cycle and accounting system
 Develop an understanding of how business organizations operate and the events which have a
financial impact upon them
 Understand time value of money concepts
 Facilitate the development of the student’s written communication skills through an essay
assignment, essay assessment and/or business memo assignments
 Contribute toward the Bryan School’s commitment to information technology by requiring
students to use the internet, e-mail, word processing software and spreadsheet software where
appropriate within the course
Course Resources:
 Text: Financial Accounting (Selected materials from Survey of Accounting and Fundamental
Financial Accounting Concepts, both by Edmonds). 2010. ISBN: 10: 0-07-735279-3. This text is
compiled especially for UNCG. You may not be able to find it elsewhere.
 Blackboard: http://blackboard.uncg.edu. Will be used for announcements and posting of
materials and information for class.
ACC 201.03, Financial Accounting
Page 1 of 9


McGraw-Hill Connect (Homework Manager): http://connect.mcgrawhill.com/class/a_cromartie_fall_2010_acc_20103_mw_330. This website will be used for
homework assignments. This is required for the course and an access code can be purchased
from the bookstore.
Textbook Publisher Resources: http://highered.mcgrawhill.com/sites/0073379557/student_view0/. Use this website for practice quizzes, supplementary
course information, and Excel templates for some of the Problems in the textbook.
A grade will be determined by:
 10 Homework Assignments (2% each): 20% Total
 Class Participation: 10% Total
 1 Essay: 10%
 2 Mid-term Exams (15% each): 30% Total
 1 Final Exam: 30%
Grading Scale:
A+ = 98-100
B+ = 88-89
C+ = 78-79
D+ = 68-69
F = 59 and below
A = 93-97
B = 83-87
C = 73-77
D = 63-67
A- = 90-92
B- = 80-82
C- = 70-72
D- = 60-62
All grades will be posted on Blackboard. It is your responsibility to make sure they are recorded
correctly. Please contact me immediately if there is an error.
Academic Integrity Policy: Students are expected to know and abide by the Academic Integrity Policy
in all matters pertaining to this course. When in doubt about whether or not something violates the code,
ask me. http://academicintegrity.uncg.edu/violation/
Student Conduct: Students are expected to know and abide by the Student Code of Conduct. Students
who behave in an unprofessional manner will be dismissed from the class. This includes
inappropriate postings on Blackboard or rude and unprofessional emails. “An academic community of
integrity upholds accountability and depends upon action in the face of wrongdoing. Every member of
an academic community—student, group/organization, faculty member, and staff—is responsible for
upholding the integrity of the community.” Any successful learning experience requires mutual
respect on the part of the student and the instructor. Neither instructor not student should be subject
to others’ behavior that is rude, disruptive, intimidating, or demeaning. The instructor has primary
responsibility for and control over the classroom behavior and maintenance of academic integrity.
ACC 201.03, Financial Accounting
Page 2 of 9
Instructor responsibilities:
 Start and end class on time.
 Be prepared for class.
 Treat all students with courtesy and respect.
 Be open to constructive input from students in the course.
 Ensure that opportunities to participate are enjoyed equally by all students in the course.
Student responsibilities:
 Come to class and be seated on time, and refrain from packing up belongings before class
ends.
 Be prepared for class.
 Limit disruptions, including turning off all electronic devices (see policy below).
 Be quiet and give full respectful attention while either instructor or another student is
speaking.
 When speaking, use courteous, respectful language and keep comments and questions relevant
to the topic at hand.
Please visit http://studentconduct.uncg.edu/policy/code/ and
www.uncg.edu/bae/faculty_student_guidelines.pdf for further information.
Student Disabilities - Any request for special accommodations must come through the Office of
Disability Services with the appropriate paperwork. Please visit http://ods.dept.uncg.edu/services/ for
further information.
Students in Distress: UNCG cares about your success as a student. We recognize that students often
balance many challenging personal issues and demands. Please take advantage of the University
resources designed to help. For assistance accessing these resources, contact the Dean of Students Office
at 334-5514 or Student Academic Services at 334-5730. The Counseling and Testing Center is available
for mental health assistance, 334-5874. You may also visit me during my office hours.
Attendance Policy: Attendance of each class is extremely important to your success in this course.
Please bring a pencil, eraser, and calculator to each class. I expect students that attend to pay attention
during class. Please be respectful of your fellow students and limit disruptions. If you miss a class, it is
your responsibility to get the notes and any missed materials from another student in the class.
Electronic Devices in the Classroom: Unless you have permission from the instructor, electronic
devices (cell phones, pagers, PDAs, Blackberries, iPods, MP3 players, recording devices, etc.) must be
turned off and stored away with your personal belongings during class. Any device being seen or heard
will be picked up by the instructor and returned at the end of class. Any such device in the “ON”
position during an exam will result in a grade of zero and dismissal from the classroom.
Computers in the Classroom: The use of a personal laptop computer is allowed for the taking of notes
and working Excel examples during class lectures. The use of a personal laptop computer is not allowed
for exams. The use of a personal laptop computer for any non-classroom purpose is strictly prohibited
and may result in the student being dismissed from the classroom.
ACC 201.03, Financial Accounting
Page 3 of 9
Class Handouts: Handouts for class will be posted on Blackboard for use in this course. I encourage
you to print out a copy of the problems and the work papers for the problems and bring them to class. I
will NOT provide copies in class. Solutions will NOT be posted on Blackboard. If you miss a class, it is
your responsibility to get the notes and any missed materials from another student in the class.
Homework Policies: All homework is to be completed online through McGraw-Hill Connect.
Homework is open book and, as much can be learned through discussions with each other, I encourage
students to discuss graded homework with other students, but the final result for all of these should be
each student's own work. I recommend that you work assigned problems on paper first then upload your
answers into Connect before the assignment is due. You can save homework in Connect allowing you to
work on the same assignment at different times, but you must SUBMIT the assignment by the due date
to get credit. You are allowed to re-work incorrect homework problems one additional time. Answers to
homework assignments will be available in Connect the day after the assignment is due. Please review
your answers and make sure you understand the material. Late homework will not be accepted.
Class Participation: There is a mandatory 10 minute meeting with me during the first 3 weeks of
class to be eligible for class participation points. Please come by during my office hours or email me to
make an appointment. After this 10 minute meeting, class participation points can be earned by actively
participating in class. During 12 random, unannounced classes I will have an in-class assignment that is
to be handed in before the end of class. To earn credit, students must demonstrate that they are paying
attention in class and taking the assignment and the class seriously. Students are also expected to
participate in small group discussions of the topic if requested. It is your responsibility to put your name
on your assignment and ensure that your assignments are handed in before the end of class. In-class
assignments will not be accepted after class has ended. I will keep a running total in “My Grades” of
how many points you have earned, but this portion of your grade will not be factored in until the end of
the semester once all opportunities for class participation points have ended. Any disputes as to points
earned must be submitted to me in writing. Class participation percentage points will be awarded as
follows:
10-12 Points = 10%
8-9 Points = 8%
6-7 Points = 6%
4-5 Points = 4%
2-3 Points = 2%
0-1 Points = 0%
Essay: Grading policies for the essay and the essay assignment will be discussed in class on
Wednesday, September 8. The essay is due on Wednesday, October 6 at the beginning of class. No
late submissions will be accepted. Any disputes regarding essay grading must be submitted to me in
writing for consideration.
Exams:
 Mid-term exams are not cumulative, but are closed book and proctored. The final exam is
cumulative and proctored.
 All exams require a pencil and calculator. You may not share or borrow calculators during
exams. Cell phones or other PDAs may not be used in place of calculators.
ACC 201.03, Financial Accounting
Page 4 of 9

If you for some reason you are unable to take a scheduled mid-term exam you must notify me
before the scheduled exam date. Failure to do this may result in an exam grade of zero.
Please note that the Final Exam is scheduled for Saturday, December 11 from 3:30-6:30.
This schedule is set by the University and cannot be changed. Please plan accordingly.
In accordance with UNCG’s policy, only those students with three or more final exams within
the 24 hour period surrounding our scheduled final exam and have documentation from the
registrar’s office are eligible to take the final exam on the make-up day. Documentation from the
registrar’s office must be submitted to me before Monday, December 6.


Other Comments:
 I believe that your education is your primary responsibility. It is your job to prepare for and keep
up with assignments. Some students have commented that there is too much work in this course
or that it is all due on the same day. Accounting courses in general are difficult as they cover a
vast amount of material. Deadlines are set, but it is in your hands as to whether or not you do all
the work on the last day or you plan ahead and spread it out.
 This course is a critically important portion of the business curriculum at UNCG. (If you are an
accounting major, you should not take this course, but take ACC 218 instead.) It is also very
time intensive. You may find it necessary to read the textbook material more than once to fully
absorb it.
 Please note that the chapter assignments may only represent the minimum amount of work
necessary to gain an understanding of the material covered in this course.
 There are no opportunities for “extra credit” in this course. Each assignment is an opportunity to
improve your grade.
TENTATIVE SCHEDULE OF CLASS TOPICS AND ASSIGNMENTS
Date
Chapter
Aug 23
Class
#
1
Aug 25
2
1
Aug 30
3
1
Sept 1
4
2
1
TOPIC COVERAGE/IN-CLASS
EXERCISES
Introduction to Course
Chapter 1: An Introduction to Accounting
 Define accounting
 Accounting careers
 Elements of financial statements
 The accounting equation
 Types of transactions
 Historical cost and reliability
 Financial statements (Balance Sheet,
Income Statement, Statement of
Equity, Statement of Cash Flows)
*Handout #1
 Horizontal financial statement
model
 Practice with transactions and
financial statements
Chapter 2: Understanding the Accounting
Cycle
ACC 201.03, Financial Accounting
Assignment
Chapter 1 Homework
assigned and available in
McGraw-Hill Connect
(“Connect”)
Chapter 2 Homework
assigned and available in
Page 5 of 9

Sept. 6
Sept 6
Sept 8
5
2
Sept. 12
Sept 13
6
3
Sept 15
7
3
Sept 20
8
3
Sept 22
9
4
Accrual accounting and the
Matching Concept
 Prepaid expenses (Depreciation,
Prepaids, Supplies)
 Unearned revenues
 Accrued revenues (A/R, Interest
receivable)
 Accrued expenses (A/P, Interest
payable)
*Handout #2
Chapter 1 Homework Assignment Due
by Monday, Sept 6 at 9:00 PM
REMINDER: Homework must be
completed using Connect Homework
Manager software. Homework can be
accessed using the website listed on the
syllabus. You must SUBMIT the
assignment before it is due. Late
assignments will not receive credit.
Labor Day Holiday – Campus Closed
 Adjusting entries continued
 Ethics
 Essay Assignment
Chapter 2 Homework Assignment Due
by Sunday, Sept 12 at 9:00 PM
Chapter 3: Accounting for Merchandising
Businesses
 Terms
 Product costs vs. Selling and
administrative costs
 Perpetual vs. Period inventory
systems
*Handout #3
 Transportation costs, purchase
returns, cash discounts
 Gains and losses
 Multistep income statement
 Lost, damaged, or stolen inventory
 Events affecting sales
 Common size income statement and
ratios
Chapter 4: Accounting for Inventories
 Inventory methods: LIFO, FIFO,
Weighted Average, Specific
Identification
*Handout #4
ACC 201.03, Financial Accounting
Connect
Chapter 1 Homework
Assignment Due
Chapter 2 Homework
Assignment Due
Chapter 3 Homework
assigned and available in
Connect
Chapter 4 Homework
assigned and available in
Connect
Page 6 of 9
Sept 26
Sept 27
10
Sept 29
11
4
Oct 4
12
4
Oct 6
13
5
Oct 10
Oct 11
Oct 13
14
5
Oct 18
15
5
Oct 20
16
6
Oct 24
Oct 25
17
6
Oct 27
18
6
Chapter 3 Homework Assignment Due
by Sunday, Sept 26 at 9:00 PM
Mid-term Exam: Chapters 1, 2, & 3
REMINDER: Bring a pencil with an eraser
and a calculator. Notes, scrap paper, and
cell phones are NOT allowed during the
exam.
 Internal control systems
 Accounting for Cash
 Inventory ratios
 Wrap-up
Chapter 5: Accounting for Receivables
 Allowance method for uncollectible
A/R
 Direct write-off method vs. the
allowance method
 Estimating uncollectible accounts
expense
*Handout #5
Chapter 4 Homework Assignment Due
by Sunday, Oct 10 at 9:00 PM
Fall Break – Campus Closed
 Accounting for Notes Receivable
 Credit card sales
Essay Due at the beginning of class
 Costs of credit sales
 Operating cycle
 A/R turnover ratio
Chapter 6: Accounting for Long-Term
Operational Asset (Fixed Assets)
 Tangible versus intangible assets
 Determining the cost of long-term
assets
 Methods of recognizing depreciation
expense (straight-line, DDB, Units
of Production)
*Handout #6
Chapter 5 Homework Assignment Due
by Sunday, Oct 24 at 9:00 PM
 Revision of estimates
 Continuing expenditures for plant
assets (capital vs. revenue
expenditure)
(NOTE: Last day to drop Oct 15)
 Natural resources
 Intangible assets
ACC 201.03, Financial Accounting
Homework Assignment
Due
Mid-term Exam
Chapter 5 Homework
assigned and available in
Connect
Homework Assignment
Due
Essay Due
Chapter 6 Homework
assigned and available in
Connect
Homework Assignment
Due
Page 7 of 9
Nov 1
Nov 3
Nov 8
Nov 10
19
20
21
22
Nov 15
23
Nov 17
24
 Balance sheet presentation
 Effect of judgment and estimation
Oct 31
Chapter 6 Homework Assignment Due
by Sunday, Oct 31 at 9:00 PM
7
Chapter 7: Accounting for Liabilities
(exclude
 Current vs. noncurrent
pp. 257 Current liabilities (current portion of
266; this
Notes Payable, Sales Tax,
material
Contingent Liabilities, Warranty
will be
Obligations)
covered
 Covenants
in Ch. 8)
 Ratios
*Handout #7
Mid-term Exam: Chapters 4, 5, & 6
REMINDER: Bring a pencil with an eraser
and a calculator. Notes, scrap paper, and
cell phones are NOT allowed during the
exam.
Appendix Appendix A: Time Value of Money
A
 Present value and Future value of a
single amount
 Present value and future value of an
annuity
*Handout #8
Nov 9
Chapter 7 Homework Assignment Due
by Tuesday, Nov 9 at 9:00 PM
8
Chapter 8: Accounting for Long-Term Debt
(includin
 Installment notes payable
g
 Line of Credit
Appendix
 Bonds
on pp.
 Security for Loans
308-312) *Handout #9
Nov 14
Appendix A Homework Assignment Due
by Sunday, Nov 14 at 9:00 PM
8
 Bonds issued at a discount
 Bonds issued at a premium
 Bond redemptions
8
 Bond interest payments and
amortization (Appendix)
 Financial leverage and tax advantage
of debt financing
 Ratios
Nov 21 Chapter 8 Homework Assignment Due
by Sunday, Nov 21 at 9:00 PM
ACC 201.03, Financial Accounting
Homework Assignment
Due
Chapter 7 Homework
assigned and available in
Connect
Mid-term Exam
Appendix A Homework
assigned and available in
Connect
Homework Assignment
Due
Chapter 8 Homework
assigned and available in
Connect
Homework Assignment
Due
Homework Assignment
Due
Page 8 of 9
Nov 22
25
Nov 24
Nov 29
26
Dec 1
27
Dec 6
Dec 11
Dec 15
28
9
Chapter 9: Proprietorships, Partnerships,
and Corporations
 Business forms: sole proprietorship,
partnership, corporation
 Stock: authorized, issued,
outstanding
 Stock: preferred and common
*Handout #10
Thanksgiving Holiday – Campus Closed
9
 Cumulative dividends and dividends
in arrears
 Accounting for stock transactions on
the day of issue
9
 Accounting for stock transactions
after the date of issue (Treasury
Stock, Cash Dividends, Stock
Dividends, Stock Splits)
 Financial statement presentation
 Ratios
Dec 5
Chapter 9 Homework Assignment Due
by Sunday, Dec 5 at 9:00 PM
Last Day of Class – Review
Exam
Saturday, Dec. 11 3:30-6:30
Make-up Wednesday, Dec. 15 (Time and Place
Exam
TBA)
NOTE: See EXAM POLICIES on page 3
of the syllabus to determine whether you
may be eligible for the make-up final
exam date.
Chapter 9 Homework
assigned and available in
Connect
Homework Assignment
Due
NOTE: The above is a tentative schedule. We will cover all of the material in the schedule, but
adjustments may be made as to date a topic is covered. The exam dates will not change. In the
event that we speed up or slow down a bit, I will adjust the material on the exam, not the date of
the exam.
ACC 201.03, Financial Accounting
Page 9 of 9