University of Bridgeport School of Business
ACCT 101-11 Financial Accounting 1
Fall 2013 Room 208
Instructor: Alan M Eisenberg, MBA, JD
Mandeville Hall, Room 10
(203) 919-6190
aeisenbe@Bridgeport.edu
Office Hours: Friday 9:30-12:00pm and by appointment
Required Text:
Financial and Managerial Accounting, 12e. Authors, Warren, Reeve, Duchac. Published
by SOUTH-WESTERN, Cengage learning. Student Copy ISBN- 13: 978-1-285-08534-0
An introduction to the basic principles of accounting and how to account for business
transactions. Emphasis on the understanding of how financial statements are prepared and
how they are used as a basis for decision making by business owners, investors, creditors,
government and others interested in the financial condition of an economic entity and the
results of its operations.
Objective:
To gain an understanding of financial accounting and the role of accounting information
in the overall management and evaluation of an economic entity.
To introduce students to the use of the accounting methods and procedures.
To present to students the various forms of solving the accounting problems using
different approaches.
Course Topics:
Chapter 1. Introduction to Accounting and Business
After studying this chapter you should be able to:
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Describe the nature of a business and the role of accounting and ethics in
business.
Nature of Business and Accounting
o Types of Businesses
o Role of Accounting in Business
o Role of Ethics in Accounting and Business
o Opportunities for Accountants
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Summarize the development of accounting principles and relate them to practice.
Generally Accepted Accounting Principles
Business Entity Concept
Cost Concept
State the Accounting Equation and define each element of the equation.
The Accounting Equation
Describe and illustrate how business transactions can be recorded in terms of the
resulting changes in the elements of the accounting equation.
Describe the financial statements of a corporation and explain how they
interrelate.
Financial Statements
Income Statement
Retained Earnings Statement
Balance Sheet
Statement of Cash flows
Interrelationships Among Financial Statements
Describe and illustrate the use of the ratio of liabilities to stockholders' equity in
evaluating a company's financial condition. Ratio of Liabilities to Stockholders'
Equity.
Chapter 2 Analyzing Transactions
After studying this chapter, you should be able to:
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Describe the characteristics of an account and a chart of accounts
Using accounts to Record Transactions
o Chart of Accounts
Describe and illustrate journalizing transactions using the double-entry accounting
system.
Double-Entry Accounting System
o Balance Sheet Accounts
o Income Statement Accounts
o Dividends
o Normal Balances
o Journalizing
Describe and illustrate the journalizing and posting of transactions to accounts.
Prepare an unadjusted trial balance and explain how it can be used to discover
errors.
Trial Balance
o Errors Affecting the Trial Balance
o Errors Not Affecting the Trial Balance
Describe and illustrate the use of horizontal analysis in evaluating a company's
performance and financial condition.
Chapter 3 The Adjusting Process
After studying this chapter you should be able to:
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Describe the nature of the adjusting process
o The adjusting process
o Types of accounts requiring adjustment
Journalize entries for accounts requiring adjustment
Prepaid expenses
Unearned revenues
Accrued revenues
Accrued expenses
Describe and illustrate the use of vertical analysis in evaluating a company's
performance and financial condition.
Chapter 4 Completing the Accounting Cycle
After studying this chapter you should be able to:
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Describe the flow of accounting information from the unadjusted trial balance
into the adjusted trial balance and financial statements
Prepare financial statements from adjusted account balances.
o Income Statement
o Retained Earnings Statement
o Balance Sheet
Prepare closing entries
o Journalizing and posting closing entries
o Post-Closing Trial Balance
Describe the Accounting Cycle
Describe and illustrate the use of working capital and the current ratio in
evaluating a company's financial condition.
Chapter 5 Accounting for a Merchandising Business
After studying this chapter you should be able to:
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Distinguish between the activities and financial statements of service and
merchandising businesses.
Describe and illustrate the accounting for merchandising transactions
Purchase transactions
Sales transactions
Freight
Chart of accounts for a merchandising business
Sales taxes and trade discounts
Describe and illustrate the financial statements of a merchandising business.
Multiple-Step Income Statement
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Single-Step Income Statement
Retained Earnings Statement
Balance Sheet
Describe and illustrate the use of the ratio of net sales to assets in evaluating a
company's operating performance.
Chapter 6 Inventories
After studying this chapter you should be able to:
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Describe the importance of control over inventory
Safeguarding inventory
Reporting inventory
Describe three inventory cost flow assumptions and how they impact the income
statement and balance sheet.
Determine the cost of inventory under the perpetual inventory system using the
First-In, First-Out, Last-In, First-Out and Weighted Average cost methods.
Compare and contrast the use of the three inventory costing methods.
Describe and illustrate the reporting of merchandise inventory in the financial
statements.
Describe and illustrate the inventory turnover and the number of days' sales in
inventory in analyzing the efficiency and effectiveness of inventory management.
Intended Audience:
Undergraduate students at the University of Bridgeport
Communication / Contact Policies
It is vital that you check your University of Bridgeport e-mail account on a daily, or more
frequent, basis. E-mail is the backbone of communication in this course, as it is in
business today. You also need to be able to sign in to Canvas, the University’s “learning
management system.” As a rule, your assignments will be submitted via Canvas, and
other communication with me will happen through e-mail.
When using e-mail, contact me via University of Bridgeport e-mail on both ends. This
means, “use your UB e mail account to send messages to my UB e-mail account.” I
don’t want to know your GMail address, nor will I keep track of anything but your UBprovided e-mail account. I don’t care that you never look at your UB e-mail: if that is
true, your behavior needs to change for this course for you to succeed in it. The only
reason not to use your UB e-mail account (or mine) should be a technical emergency, not
convenience.
Do not attempt to communicate with me through Facebook, Twitter, LinkedIn, or any
other social media service. I do not have a Facebook or Twitter account. I will not
consider “friend requests” from you via social media services until you have received
your final grade in this course. Please be aware that many of my colleagues are active
users of all social media services and, if you make public comments about this course (or
myself) using these services, you risk me ultimately reading them.
Approach of teaching the students:
Attending each class on time.
All homework and assignments are due on time.
Homework that is late for more than a week will not be accepted.
Students are required to have a high level of active participation in the class discussions.
There will be NO makeup for the Final Examination.
Classroom expectations and attendance policy:
I expect you to be prepared for each class. This includes doing reading assignments and
homework.
Your inability to participate in class discussions due to a lack of preparedness has a
negative impact on your grade. Homework is graded and is checked to ensure students
are completing required work in a timely manner and understand the materials. This also
prompts students to bring questions about material to the class meetings.
I expect you to attend all classes. Please notify me by e-mail or phone prior to class if
an emergency (flat tire, dead cat, open wound, etc.) requires you to miss a class. “I’m
tired,” “I forgot,” “my favorite show/sports team is on TV,” etc., are not emergencies. If
you are ill and contagious, please let me know so you can be excused from attending. I
reserve the right to request for medical verification of any sickness you may experience
that causes you to miss class (in other words, I might ask for a doctor’s note).
Any unexcused absence from class risks severe penalty in your final grade. If you have
3 or more unexcused absences, I will give you an “F.” This is not negotiable. I will
not offer a "big project" or similar alternate assignment at the end so that you can achieve
a passing grade. If there is a compelling reason for your excessive absences (prolonged
serious illness, death in the family, or similar trauma), I will work with you and
University administration to achieve a humane and fair outcome in this regard.
If you miss a class, it is your responsibility to pick up notes, etc. from another student and
visit the class on Canvas as needed.
Lateness is also not acceptable. Repeated tardiness will also have a negative impact on
final grades. I’m on time, and I expect you to be on time, too.
Classroom Decorum and Behavior:
You're an adult, and I'm asking you to act like one. Respect your fellow students, and
me, in class. No ordering pizza by text—actually…
No texting or calls in class, period
No personal phone calls—that's what voicemail is for. All phones are to be on vibrate
mode, unless you have some fantastic ringtone you think will be of use to us all. No
quick glances at your phone's status screen to see whose call/text/Tweet/Facebook status
you’ve just missed.
Please tell me if you need to use your cellphone, etc. to check on an emergency if called
upon during class. Note, an emergency means, "my mother is having a kidney
transplant," not "I’m buying something on Amazon" or “I need to know what’s
happening with the Mets/Nets/American Idol/my friends.”
If I find you're being particularly disruptive or impolite in any manner, I will ask you to
leave the classroom and will mark you absent for the class.
Evaluation Procedures:
Class participation is important. It will be factored into your final grade, but it is
important to ensure you understand concepts discussed and can convey those concepts to
others. It is also important to develop skill and understanding through class work,
participation, and paying attention.
Class participation is not simply arriving for class. To score full points for class
participation, you should actively participate in discussions in class, asking questions and
offering your opinions about the topics discussed.
Grading is based on examination scores, homework assignments, final project
presentations and a subjective review of your preparedness for and contribution to class
discussions and activities.
Component
Active Participation and Regular Attendance
Quizzes
Final Exam
Weight
10%
60%
30%
I reserve the right to modify any aspect of this course as needed to serve the needs of the
class. Every effort will be made to adhere to this syllabus so students can effectively and
efficiently budget their preparation time. Every effort will be made to communicate and
advise, and to consult with students in the event a change is anticipated.
If you have any problems with this course, the requirements of the course, or other issues,
please contact me immediately. If you do not, I will assume you understand and accept
the policies set forth here.
Grading Scale
Score
0
59.5
62.5
67.5
69.5
72.5
77.5
79.5
82.5
87.5
89.5
92.5
Grade
F
DD
D+
CC
C+
BB
B+
AA
Final Exam:
The Final Exam will cover all the chapters covered in class. The questions on the Final,
like those of the quizzes, could be multiple choices, short answers, and problem solving.
Academic Integrity:
No plagiarism or cheating on exams, quizzes, homework and assignments. Students
are required to prepare individually unless told otherwise.
It is the student’s responsibility to familiarize himself or herself with and adhere to
the standards set forth in the policies on cheating and plagiarism as defined in
Chapter 2 and 5 of the Key to UB at
http://www.bridgeport.edu/files/4813/7165/2806/20132014_Key_to_UB_Ready_for_Print .
All members of the University community, students, faculty and staff alike, are expected
to commit themselves to personal and academic integrity and to these fundamental
values:
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Being honest in what they say, don't say, do, and don't do
Trusting others and being worthy of trust
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Acting responsibly and expecting responsible behavior from others
Treating other members of the community fairly, and expecting fair consequences
when mistakes are made
Treating other members of the community and the educational process with
respect, and expecting respect for oneself, one's views, and one's abilities
In keeping with these values, the University expects its community members to comply
with the usual expectations for honest academic work. In this class as others, you…
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May not cheat on any work
Must not transgress copyright law
Must properly cite sources in all papers and online content production
May not provide or procure unauthorized assistance on any assignment or test
May not falsify or alter university documents, tests or assignments
May not impede any other student in his or her coursework
May not do any other thing that violates or allows another person to violate the
accepted standards of academic integrity
Students, faculty, and staff also should promote integrity by:
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Educating each other
Discussing integrity in their classes
Reporting violations when they occur
Of special note: Assume that EVERYTHING ON THE INTERNET IS COPYRIGHTED
unless explicitly expressed otherwise by its author, either through a simple statement
("You can use my picture on your blog") or through a Creative Commons license (see
creativecommons.org for further information). Use of copyrighted material in your
course work is not acceptable. It is a serious academic integrity issue, and it can affect
your status not only as a student in this course, but with the University as a whole.
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Preliminary Assignment schedule:
Week
1
Topic
Chapter 1, Introduction to Accounting and
Business
2
Chapter 2, Analyzing Transactions
3
Chapter 2 Continued
4
Chapter 3, The Adjusting Process
5
Chapter 3 Continued
6
Chapter 4, Completing the Accounting
Cycle
7
Chapter 4 Continued
8
Midterm Exam
9
Chapter 5, Accounting for Merchandising
Business
Homework
(Due by the following week)
a) Need to have obtained
Portal Access
https://myub.bridgeport.edu
b) Need to log on to
Canvas, the UB electronic
learning management
system.
c) Send an e-mail message
to
aeisenbe@bridgeport.edu
from your UB address
containing 2 paragraphs:
Paragraph 1: Introduce
yourself to me: a one page
bio of yourself covering
where you come from, your
family, education and
career path, and where you
want to be working in 5
years.
Paragraph 2: Describe the 1
thing you want to get out of
this class (aside from a
passing grade)
To be announced
10
Chapter 5, Continued
11
Chapter 6, Inventories
12
Chapter 6, Continued
13
Chapter 7, Sarbanes-Oxley, Internal
Control, and Cash
14
Chapter 7, Continued
15
Review
16
FINAL EXAM
Syllabus subject to change
Fall 2013 Academic Calendar
Monday, 8/26
Monday 9/2
Monday 10/14
to
Friday 10/18
Wednesday, 11/27
To
Sunday, 12/1
Monday 12/2
to
Friday, 12/6
Monday, 12/9
To
Friday, 12/13
Monday, 12/16
Classes begin
No Classes – Labor Day
Mid-Semester Examination Week
Thanksgiving Recess - No Classes
Last Week of Classes
Final Examination Week
Final grades due (undergraduate/graduate)