Central Connecticut State University
School of Business
1. AC 312 Financial Reporting I : Spring 2010
2. Course Description and Prerequisites:
Financial reporting with special emphasis on measurement and recognition issues pertaining to assets and
liabilities. Prerequisite AC 300 with C- or better.
3. Instructor Information:
a. Neal Hannon, CMA
b. Office: 468 Vance Academic Center; Telephone: 860-832-3238
c. Office Hours: T 12-4:00 W 10-12:00
d. E-mail: e-mail nhannon@gmail.com will be checked daily. Linkedin.com, twitter.com
nhannon@gmail.com, hannonnej@ccsu.edu
4. Course Content and Objectives:
This course in financial reporting covers the time value of money, the preparation of financial statements,
and the generally accepted accounting principles underlying the accounting for current and long-lived
assets and liabilities. The accounting for stockholders’ equity will be covered in AC 313 Financial
Reporting II. The knowledge gained in these two courses will be especially useful to anyone who intends
to work in accounting or finance in a for-profit enterprise. Managers, auditors, regulators, and equity and
credit analysts will also benefit from the insights gained in these courses.
Upon completion of this course, you should have
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Gained knowledge of the accounting standards underlying the valuation and reporting of current
and non-current assets and liabilities and the measurement of income.
Acquired the ability to prepare a properly classified balance sheet, income statement, and
statement of cash flows for a reasonably complex business organization.
Developed proficiency in analyzing the financial statements of a publicly-held company.
ASSURANCE OF LEARNING
Knowledge and Skills Developed in this Class
1. Accounting standards: You will demonstrate your knowledge of generally accepted accounting
principles and the time value of money on examinations and on homework assignments.
2. Critical thinking: You will demonstrate your ability to solve problems and deal with ambiguity on tests
and on homework assignments.
3. Business research skills: You will demonstrate your ability to research the financial statements of a
publicly-held company in the financial statement analysis project.
4. Financial reporting: You will demonstrate your ability to identify information in the financial reports of
a publicly-held company in the financial statement analysis project.
Course Competency
You will be graded on your understanding of the subject matter. Learning is accomplished in stages. The
lowest stage is the ability to cite facts by rote. The next stage is the ability to build upon the facts and
demonstrate their application. The highest stage of learning is the ability to adapt and synthesize
understanding to new and different situations.
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To demonstrate citation of facts, a multiple choice pre-test and exams will be administered.
To demonstrate that you can apply the facts, you will be asked longer questions that require you to
analyze situations and use the information learned to solve problems.
To demonstrate the ability to adapt and synthesize understanding, you will complete a financial
statement analysis project.
5. Required Text and Readings:
Intermediate Accounting, 13th ed., by Kieso, Weygandt, and Warfield (New York: John Wiley & Sons,
Inc., 2010). A WileyPlus subscription is required. The publisher’s website is http//www.wiley.com. The
authors have a page which you might find helpful. Transitions from edition 12 to edition 13 will be
published on the course website.
6. Course Policies:
ATTENDANCE POLICY
You are the most important person in the class. Your attendance is essential. If you are absent it is your
responsibility to obtain class notes, discussion topics and handouts from other class members. You are also
expected to complete all online work assigned to each class. Attendance will be recorded. There will be no
penalty for missing one week of class. For each additional class missed, your grade will be reduced by a
half (e.g., from a B- to C+). Please arrive on time.
DROP AND WITHDRAWAL POLICY
Please be aware of the deadline to drop this course, so that it does not appear on your transcript. Forms are
available in the Registrar’s Office. After this date, withdrawal from this course may only be granted if a
student provides a written justification that indicates a SEVERE EXTENUATING CIRCUMSTANCE such
as a hospitalized illness, which can be documented. This will require a series of signatures and paper work.
Students may not drop this course after the deadline simply because of poor performance.
MAKEUP POLICY
No makeup exams will be given. If an exam is missed, the student must provide a written explanation with
valid supporting documentation within twenty-four hours or a score of zero will be assigned. If the absence
is approved, no makeup will be given but the average of other exam scores from the semester will be
weighted with more points. Make sure to adjust your schedule to the exam dates listed.
ACADEMIC DISHONESTY POLICY
Please read the section in the student handbook on academic misconduct. You must do all of your own
work. Such actions as copying from another, copying another's document, or having someone do your
assignments will not be tolerated. The grade of F for the course will be given for first time cheaters. A
course on academic dishonesty must also be taken. Sorry, there are no second chances.
The faculty of the Accounting Department does not tolerate nor condone cheating. The University Policy
on Academic Misconduct will be enforced in all accounting courses. Every student must understand this
policy. Ignorance of the policy is not an excuse for inappropriate behavior. The policy states that, “It is the
responsibility of each student to become familiar with what constitutes academic dishonesty and plagiarism
and to avoid all forms of cheating and plagiarism.” By virtue of being enrolled in this course, you have
agreed to abide by the University Policy on Academic Misconduct. Consequences of violating the
University policy on academic misconduct include (1) filing of the University Academic Misconduct
Report with the University Judicial Officer; (2) student attending the academic integrity workshop; (3)
grade penalties; and (4) possible expulsion.
http://www.ccsu.edu/AcademicIntegrity/UndergradAcadMisconductPolicy.htm
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RECORDS RETENTION POLICY
Copies of exams and papers will be kept for one semester. After that, materials will be destroyed and only
grades will be kept.
PREPARATION POLICY
Each student is expected to complete the assigned reading and view the chapter animated slides available
on WileyPlus before it is discussed in class. I will assume that you have listened to the slides and that you
will ask questions during the lecture. The student should always bring course materials to class. The
lecture and class discussions are not intended to be a substitute for student preparation. It is intended that
the discussions and in-class assignments clarify and highlight important points. Student questions are
encouraged. Lectures should fortify student understanding. Please, do not fall behind, it is difficult to catch
up. It is important that students practice reading and working problems on their own. It is critical to your
success in this course that you have access to the internet for all your study time outside of class. Mastery
of problems require many different looks at similar material.
Practice is the best preparation for exams and professional work. Regular attendance is essential to your
success in the course. Each class session will be accompanied by a unique set of problems that re-enforces
the main topics of each chapter. Students who expect to earn an A in this course will typically do much
more work than the problems assigned by the professor.
EVALUATION POLICY
Course grades will be based on total points earned. Grading scale of 90%-100% = A- to A, 80%-89% = Bto B+, 70%-79% = C- to C+, 60%-69% = D- to D+, and below 60% = F.
No extra points for special projects will be given to bolster any one student’s grade. It is not fair to the
other students. Please do not ask me to do this. It is each student’s responsibility to manage his/her grade
as the semester progresses. Points will be awarded for the following items.
Points
425
100
10
75
610
Examinations (Last exam = 125)
Online assignments (WileyPLUS)
Two professional meetings @ 5 points each
Standards Convergence Project
Total
During the semester, several graded assignments must be prepared online. These must be completed by the
due date. Late submissions will not be accepted by the system. These homework assignments are in
addition to the problems and exercises listed in the course schedule which are for classroom discussion
purposes.
Note: You may complete an optional XBRL/Codification project worth 25 points. A description of the
project will be posted in Blackboard VISTA and on the course Wiki. Check the course schedule for the
due date.
7. Emergency Closing Information: Check the Cancellation/Delay Information page at the CCSU
web site (www.ccsu.edu) or call 860-832-3333.
8. Students with Special Needs: Please contact me privately to discuss your specific needs if you
believe you need course accommodations based on the impact of a disability, medical condition, or if you
have emergency medical information to share. I will need a copy of the accommodation letter from
Student Disability Services in order to arrange your class accommodations. Contact Student Disability
Services, NC 241, if you are not already registered with them. Student Disability Services maintains the
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confidential documentation of your disability and assists you in coordinating reasonable accommodations
with your teachers.
WARNING: Study of this material is known to cause thinking, occasionally deep thinking. Typical side
effects include mild temporary anxiety followed by profound long-term understanding and satisfaction.
AC 312 Financial Reporting I, Section 01-70
Course Schedule for Spring 2010
(This schedule is subject to revision.)
“We are what we repeatedly do. Excellence then, is not an act, but a habit.” Aristotle
January
February
March
Su Mo Tu We Th Fr Sa
Su Mo Tu We Th Fr Sa
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28
Su Mo Tu We Th Fr Sa
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
24 25 26 27 28 29 30
31
7:
15:
23:
30:
5:
13:
21:
28:
7:
April
May
Su Mo Tu We Th Fr Sa
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
Su Mo Tu We Th Fr Sa
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
Date
Review Acct Cycle
6
6
7
7
1
2
1
2
Review
Exam 6&7
8
8
1
2
XBRL Project
9
1
4
23:
29:
June
Chapter Session
25-Jan
27-Jan
1-Feb
3-Feb
8-Feb
10-Feb
17-Feb
22-Feb
24-Feb
1-Mar
3-Mar
15:
Finals Week 17-22
8-Mar
10-Mar
15-Mar
17-Mar
29-Mar
31-Mar
5-Apr
7-Apr
12-Apr
14-Apr
19-Apr
21-Apr
26-Apr
28-Apr
3-May
5-May
10-May
12-May
WE of 17-May
9
10
10
2
1
2
Review
Exam 8,9,10
11
11
1
2
Convergence
12
12
1
2
Review
Exam 11&12
13
13
14
14
1
2
1
2
Review
Review
Final
Exam
Typical Schedule for each Chapter:
Session one: Read the chapter, do all pre-lecture work assigned, view the animated slides. Come to class
with questions on the material. In class expect to see some additional slides to drive home main chapter
points and to have work through simple problems as assigned in WileyPlus.
Session two: Do assigned homework prior to class and be prepared to go over more complex problems in
class and at your desk. Some teamwork may be assigned as well as research assignments on current
financial accounting topics.
Review session: Reviews will cover more problems that may be representative of the work you are
responsible to know on the exams. Review sessions will occur before each exam.
Topic, Reading, Preparation
Introduction, Review of the Accounting Information System and the Accounting Cycle,
Financial Ratios, Time Value of Money
Read Chapter 6. Time Value of Money, Cash and Receivables
Read Chapter 7. Cash and Receivables
First submission of optional project due (nhannon@gmail.com) at 11:00 PM Feb 11th
Valuation of Inventories Chapter 8
Gross Profit Method, Lower of Cost or Market
Read Chapter 9.
Acquisition and Valuation of Property, Plant, and Equipment
Read Chapter 10.
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Depreciation, Impairments, and Depletion
Read Chapter 11.
Depreciation, Impairments, and Depletion
Read Chapter 11.
Intangible Assets
Read Chapter 12.
Current Liabilities and Contingencies
Read Chapter 13.
Long-Term Liabilities
Read Chapter 14.
Long-Term Liabilities
Read Chapter 14.
Convergence Project due
6
7