ACCT 401: FINANCIAL ACCOUNTING I
UNIVERSITY OF SOUTH CAROLINA
SPRING 2011
Instructor: Ling Harris
Office/Phone: BA 317/777 - 2567
E-mail: ling.harris@moore.sc.edu
Course home page: https://blackboard.sc.edu/
Office Hours: Tuesdays and Thursdays, 10:45am – 12:00 pm, or by appointment
COURSE DESCRIPTION AND OBJECTIVES:
This course examines issues in financial reporting from both the preparer and user perspectives. Upon
successful completion of this course, you should be able to:
(1) prepare and analyze general purpose financial statements using current U.S. financial reporting
standards. In addition, you will be able to identify key differences between U.S. standards and
international financial reporting standards (IFRS);
(2) consider the underlying economics of transactions and events, and understand whether and how
financial reporting under U.S. GAAP captures those economics.
(3) reason about financial reporting problems in a forward direction, similar to what preparers
normally do (i.e., work from data to journal entry to financial statement) and reason about
financial reporting problems in a backward direction, similar to what financial report users do (i.e.,
work from financial statements and footnotes back to journal entries/underlying data).
REQUIRED TEXTBOOK:
Intermediate Accounting, Kieso, Weygandt & Warfield, 13th edition.
*other course materials (such as Lecture Notes, Business Press articles, Cases, On-line Quizzes and
solutions, and Homework Assignments and solutions for 401Lab) will be posted on Blackboard.
PREREQUISITE AND CONCURRENT REQUIREMENT:
Prerequisite: You must have earned a C or better in ACCT 225 to take this course. The material in
ACCT 225 creates a foundation for this course. If you have earned less than a C, you are not yet
prepared for ACCT 401.
Concurrent requirement: ACCT 401 Lab. If you have already passed ACCT 401L, you do not have to
re-enroll in it. However, you are strongly encouraged to sit in on the lab sessions and complete ALL
of the homework and lab assignments to help you succeed in this course.
COURSE GRADES:
Course grades are determined by the following weighting scheme:
Items
Points
Exam 1
230 points
Exam 2
230 points
Cumulative Final Exam
380 points
Quizzes
50 points
Cases
90 points
Professionalism
20 points
1,000 points
Percentage of Final Grade
23%
23%
38%
5%
9%
2%
100%
ACCT 401/Spring2011, Harris, page 1 of 7
Final course grade: Letter grades for the course will be determined on the percentage of total points
earned as follows:
A:
C+:
D:
90% and above; B+:
77% – 79.99%; C:
60% – 69.99%; F:
87% – 89.99%; B:
70% – 76.99%;
Below 60%
80% – 86.99%;
The School of Accounting does not give D+ as a grade. Any business major scoring a D or F must retake this course.
Extra credit: Opportunities for extra credit will arise during the course. Some are course-related
opportunities (e.g., EC # 2 and 3), designed to reinforce/facilitate learning in ACCT 401. Others ask
for your participate in accounting (or other business) related experiments. These experiments help us
learn about the cognitive approaches to certain accounting and auditing decisions, so your
participation is encouraged by offering course credit for good-faith participation.
A maximum of 50 points extra credit is available for the semester, awarded at the rate of 5 points per
Extra Credit opportunity (e.g., you will receive 5 points extra credit for completing EC #1 by
submitting your picture on Blackboard). You will be advised as these opportunities present themselves.
Example: If your grade at the end of the semester without extra credit is 820 (a B), the extra 50 points
raises the grade to 870, which normally is the lowest B+.
COURSE REQUIREMENTS:
Exams: There will be two mid-term exams and one final exam given on the dates indicated in the
schedule. In the case of a conflict with the final exam (defined as three university course exams
scheduled within a twenty-four hour period, or two university course exams scheduled at the same
time), I will arrange for a make-up exam. All conflict exams should be taken prior to the regular
exams. NO make-ups exams will be given after the scheduled exam times. NO make-ups exams will
be given for conflicts that arise from travel plans. You will need to provide documentation to support
the conflict.
Medical and family emergencies are the only valid reasons that will be accepted for missing an exam.
You must provide original, supporting documentation (e.g., an original, signed note from a licensed
physician) if you do miss an exam. If you are excused from an exam, the other two exams will be reweighted. If you do not have a valid reason for missing an exam (i.e., any other reason than a true
medical or family emergency), you will receive a zero on the exam.
All exams will be closed book, closed notes with no text-storing calculators allowed (this includes cell
phone calculators and PDA calculators). You are encouraged to use a standard financial calculator.
Graded exams will be reviewed in ACCT 401L and then returned to the lab instructor. Any exam not
returned to the lab instructor will result in an earned grade of zero. Exams may also be reviewed in
my office for seven days after the date reviewed in the lab. After seven days, exam scores are final
and exams are no longer available for grade review.
The final exam will be cumulative. That is, all topics covered in the entire course are potential
questions.
ACCT 401/Spring2011, Harris, page 2 of 7
Quizzes: There will be 11 quizzes. Each quiz will be worth 5 points and will be given on
Blackboard. The questions will be in either multiple choice or true/false format. You are allowed two
attempts, with your score being the average of the two attempts (or the score on the first one if you do
not open the second one).
If you are satisfied with the score of your first attempt, you do not need to take your second attempt.
You are able to move "freely" in and out of the quiz until the scheduled close time (i.e., you may go
into/start the quiz, save it, and then come back to finish it at a later time). Your quiz is not complete
until you submit your response. To allow for any technology glitches or question ambiguities, I will
drop the lowest quiz before computing your final grade.
Group Cases: There will be 3 cases, which are designed to help you use accounting standards and
other available resources to solve unstructured problems. Each case is worth 30 points.
I will randomly assign you to a group of 4 members. Groups will be announced by Tuesday, January
25. At the end of the semester, each group member will submit to me a confidential evaluation of
him/herself and the other group members. Group evaluations will be used to adjust case grades for
specific individuals in the group when his/her group participation is inadequate on average. The
maximum downward adjustment is the earned score on the specific case in question.
*You will need access to accounting standards and other online library resources to complete the three cases in
this class. To access the authoritative standards, the School of Accounting has purchased a subscription to the
FASB Codification. You will be able to access it via the web at: http://aaahq.org/ascLogin.cfm. The username
and password is available on Blackboard in the Cases folder.
Professionalism: 20 points. Professionalism includes preparation, integrity, respect to those around
you, participation, and promptness. Grades are based on contributions to class discussions and
contributions to the course outside of class. The quality of contributions is more important than its
frequency, although regular reliable participation is rewarded. I will evaluate each student over the
semester and assign the grade at the end of the semester.
Attendance: Regular class attendance is required and attendance will be taken. You are expected to
arrive for the class session on time and stay for the entire class period. The maximum number of
permitted absences is four. After you miss four times, your final grade will be reduced by 10 points
per absence.
I expect you to attend the section in which you are enrolled. If there is a particular reason that you
must miss class (e.g., only time you could schedule a doctor’s appointment), please let me know of
your need to attend another section before that class meeting.
EXPECTATIONS:
This course will move very quickly and the concepts will build on previous material, so it is very
important that you keep up with the material from the start. Students are expected to read the assigned
readings before coming to class, attend class regularly, and complete the homework, cases, and
quizzes in a timely manner. Your active participation is expected to facilitate the learning environment
in this class. Given the volume of work, I highly recommend you form a study group as soon as
possible.
ACCT 401/Spring2011, Harris, page 3 of 7
BLACKBOARD AND E-MAIL:
This course will use Blackboard extensively for communication purposes. I will post announcements
and make course materials available to you through Blackboard. Please make sure you check the
course page regularly!
Also, as needed, I will send a weekly email on Saturdays containing announcements, upcoming
events, etc. Doing so will help us avoid spending time in class on these matters. I will use your
email as listed in Blackboard, so please make sure your profile information in Blackboard is upto-date!
I am generally responsive to email from students. However, please keep in mind that email or
telephone correspondence is not a substitute for regularly attending class or for coming to office hours.
ACADEMIC ACCOMMODATIONS:
The University of South Carolina provides upon request appropriate academic accommodations for
qualified students. Such accommodations should be requested near the beginning of the semester.
More information is available at http://www.sa.sc.edu/sds/.
ACADEMIC INTEGRITY:
You are expected to practice the highest possible standards of academic integrity in this course and in
401L. Any deviation from this expectation will result in a minimum academic penalty of your
failing the assignment or exam, and will result in additional disciplinary measures including
referring you to the Office of Academic Integrity. Violations of the University's Honor Code
include, but are not limited to improper citation of sources, using a current or former student’s work,
unauthorized use of materials (including solutions manuals) in the preparation of academic work,
and/or any other form of academic misrepresentation. For more information, see the Carolina
Community Student Handbook and/or http://www.sc.edu/policies/staf625.pdf.
Remember that the first tenet of the Carolinian Creed is, “I will practice personal and academic
integrity.”
To indicate your understanding of the University’s Honor Code, the School of Accounting requires
that you complete and sign a form indicating that you have read the School of Accounting’s Policy
Regarding Academic Dishonesty. Please return a signed form to me by Tuesday, January 18.
ADDITIONAL RESOURCES:
Some business publications that inform us of what is going on in the business world: The Wall Street
Journal, Financial Times, The Economist, Barron’s, Bloomberg.com, Fortune, Forbes
The WSJ is available in the lobby in hard copy or online in the business library, or many are available
online via General One File (SC Library) or FACTIVA (access through the Richland County Public
Library). Bloomberg.com provides free access to articles to anyone with an active email address.
ACCT 401/Spring2011, Harris, page 4 of 7
ACCT 401 SPRING 2011 - Tentative Schedule
Deviations may be necessary and will be announced on Blackboard.
Part I:
Class
Chapter Topic
Advanced Preparation
Meeting
Tues.
3
Review basic
Read: syllabus, Chapter 3 (as necessary).
01/11
accounting concepts
Assignment Due*
Thurs.
01/13
Download: articles and Conceptual Framework lecture notes.
Read: pages 2-18, 30-34, 38-50, 1312-1316, and 1356-1360
(textbook), 5/18/2010 CFO.com article and the 9/15/2008
Business Week article.
Reminder: Extra Credit (EC) #1 Picture & EC #2
Review close at 11 pm on Sat. 1/15.
Download: articles and the Income Statement lecture notes.
Read: pages 130-157 (textbook), the 7/25/2008 CFO.com and
9/2/2005 WSJ articles.
Reminder: Quiz #1 Framework & EC #3 Review
close at 11 pm on Sat. 1/22.
1&2
Conceptual
Framework
Tues.
01/18
Thurs.
01/20
1&2
4
Conceptual
Framework
Income Statement
Tues.
01/25
Thurs.
01/27
4
Income Statement
5&24
Balance Sheet
Tues.
02/01
Thurs.
02/03
5&24
Balance Sheet
7
Receivables
Tues.
02/08
Thurs.
02/10
7
7
Practice**
E3-1, E3-8, E3-11
E3-17, P3-1, P3-5
P3-6, P3-8, & P3-
E4-8, E4-11(a),
E4-13, & E4-14
Reminder: Groups announced on Blackboard.
Download: the Balance Sheet lecture notes.
Read: page 176-197 and 1316-1324 (textbook).
Due today: HW #1 I/S due at the beginning
E5-10, P5-3,
of your section.
P5-6 (b), & E24-1
Reminder: Quiz #2 I/S closes at 11 pm on Sat. 1/29.
Download: articles and the Receivables lecture notes.
Due today: HW #2 B/S due at the beginning of your E7-8, E7-12, E7-16,
E7-17, E7-18, P7-4,
Read: pages 318-345, 352 - 356 (textbook), the 6/16/2006 WSJ section.
article, the 7/25/2007 Bloomberg article and the 3/21/2010 NYT Reminder: Quiz #3 B/S closes at 11 pm on Sat. 2/5. P7-9.
article.
Receivables
Due today: Case 1 due at the beginning of your
section.
Receivables & Exam I
Due today: HW #3 Receivables due at the beginning
Review
of your section.
Reminder: Quiz #4 Receivables closes at 11 pm on
Sat. 2/12.
Tues.
Exam 1
02/15
* You will need to download from Blackboard: Homework Assignments in the Lab-related Issues folder, Cases in the Cases folder.
**The Practice column lists exercises/problems in the textbook for additional practice. You do not have to turn these in for homework. The textbook’s prepared
solutions to these additional practice problems are posted in the Course Documents folder on Blackboard.
ACCT 401/Spring2011, Harris, page 5 of 7
ACCT 401 SPRING 2011 - Tentative Schedule
Deviations may be necessary and will be announced on Blackboard.
Part II:
Class
Chapter Topic
Meeting
Thurs. 8&9
Inventory
02/17
Advanced Preparation
Assignment Due*
Practice**
Download: articles and the Inventories lecture notes.
Read: pages 380 – 411, 436 – 448, 457-460 (textbook), and the
12/3/2007 CFO.com article
Reminder: Graded Exam 1 returned in Lab on
Friday 2/18.
E8-5, E8-15, E8-2
E8-25, P8-1, P8-8
(a), E9-1, & P9-3.
Download: the PP&E lecture notes.
Read: pages 488-512, 538-545, 548-553 and 559-562
(textbook).
Due today: HW #4 Inventory due at the beginning of E10-7, E10-14,
your section.
E10-18, E10-20, &
Reminder: Quiz #5 Inventory closes at 11 pm on
P10-9
Sat. 2/26.
E11-6, E11-11,
E11-16, E11-17,
P11-9, & P11-11
Due today: HW #5 PP&E due at the beginning of
E12-10, E12-12,
your section.
E12-13, E-12-14,
Reminder: Quiz #6 PP&E closes at 11 pm on Sat. E12-15, E12-16,
03/05.
E12-19 & P12-3
Tues.
02/22
Thurs.
02/24
8&9
Inventory
10&11
Property, Plant &
Equipment
Tues.
03/01
10&11
PPE
Thurs.
03/03
12
Intangible Assets
Download: the Intangible Assets lecture notes.
Read: pages 588 - 612 (textbook).
Spring Break
Intangible Assets
No class
Change in
Accounting
Principle /
Restatements
Change in AP/
Restatements
Download: article and the Change in Accounting
Due today: HW #6 Intangibles due at the beginning E22-2, E22-4,
Principle/Restatements Lecture notes.
of your section.
E22-6, & P22-2
Read: pages 1182 – 1204 (textbook), and the 3/4/2010 CFO.com Reminder: Quiz #7 Intangibles closes at 11 pm on
article.
Sat. 03/19.
Due today: Case 2 due at the beginning of your
section.
Week of
03/07
Tues.
12
03/15
Thurs. 22
03/17
Tues.
03/22
Thurs.
03/24
22
Change in AP/
Restatements &
Exam II Review
Due today: HW #7 Accounting Changes due at the
beginning of your section.
Reminder: Quiz #8 Accounting Changes closes at
11 pm on Sat. 03/25.
Tues.
Exam 2
03/29
* You will need to download from Blackboard: Homework Assignments in the Lab-related Issues folder, Cases in the Cases folder.
**The Practice column lists exercises/problems in the textbook for additional practice. You do not have to turn these in for homework. The textbook’s prepared
solutions to these additional practice problems are posted in the Course Documents folder on Blackboard.
ACCT 401/Spring2011, Harris, page 6 of 7
ACCT 401 SPRING 2011 - Tentative Schedule
Deviations may be necessary and will be announced on Blackboard.
Part III:
Class Chapter Topic
Meeting
Advanced Preparation
Assignment Due*
Practice**
Thurs.
03/31
13
Current Liabilities
and Contingencies
Download: the Current Liabilities and Contingencies lecture
notes.
Read: pages 636 – 667 (textbook).
Reminder: Graded Exam 2 returned in Lab on
Friday 04/01.
E13-2, E13-4,
E13-10, E13-12,
E13-14, P13-1,
P13-11, & P13-14
Tues.
04/05
Thurs.
04/07
13
Current Liabilities
and Contingencies
Long-Term
Liabilities
Download: the Long-Term Liabilities lecture notes.
Read: pages 688-714 and 716-722 (textbook).
Due today: HW #8 CL due at the beginning of your
section.
Reminder: Quiz #9 CL closes at 11 pm on Sat.
04/09.
E14-3, E14-8, E14
10, E14-12, E14-1
E14-16, E14-20,
P14-2, & P14-5
Tues.
04/12
Thurs.
04/14
14
Download: article and the Statement of Cash Flows lecture
notes.
Read: Read pages 197-206 and 1242-1266 (textbook), the
11/19/2009 CFO.com article
Skim: the FASB Draft of the Proposed Financial Statement
Presentation Standard documents (illustrative financial
statements).
Due today: HW #9 LL due at the beginning of your P5-6(a), E23-3, E2
section.
4, E23-5, & E23-6
Reminder: Quiz #10 LL closes at 11 pm on Sat.
04/16.
Tues.
04/19
Thurs.
04/21
5&23
Sat.
04/ 30
14
5&23
5&23
Long-Term
Liabilities
Statement of Cash
Flow
Statement of Cash
Flow
Statement of Cash
Flow & Final Exam
Review
Cumulative
Final Exam
Due today: Case 3 due at the beginning of your
section.
Due today: HW #10 SCF due at the beginning of
your section.
Reminder: Quiz #11 SCF closes at 11 pm on Sat.
04/23.
Final Exam (Section 001 and 002):
April 30, Saturday, 2pm – 5pm, BA 003.
* You will need to download from Blackboard: Homework Assignments in the Lab-related Issues folder, Cases in the Cases folder.
**The Practice column lists exercises/problems in the textbook for additional practice. You do not have to turn these in for homework. The textbook’s prepared
solutions to these additional practice problems are posted in the Course Documents folder on Blackboard.
ACCT 401/Spring2011, Harris, page 7 of 7