University of North Carolina at Greensboro
Bryan School of Business and Economics
Department of Accounting
ACC 218.01: Financial Statement Preparation and Disclosures
(Financial Accounting for Accounting Majors)
Fall Session, 2008
INSTRUCTOR:
OFFICE:
PHONE:
E-MAIL:
OFFICE HOURS:
Cindi J Khanlarian, CPA, CMA
388 Bryan
Office: 256-0126
Home: 286-2099
Khanlarian@UNCG.edu
Tuesday & Thursday 10:45-11:45 AM, 3:15 – 4:00 PM
Other times by appointment
Prerequisites/Co requisites:
MAT 115 or equivalent; GPA 2.0 or above
For Whom Planned:
This course is a required course in the undergraduate accounting degree program. Students must
complete the course with a “C” or better.
Catalogue Description:
ACC 218: “First financial accounting course for students desiring to pursue upper division
accounting courses. Includes coverage of basic financial statement preparation, time value of
money concepts, and techniques for accounting valuation.”
Objectives:
Upon completion of this course students will:
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Appreciate the environment of financial accounting; understand how businesses operate,
and identify the events that impact their financial position.
Comprehend basic accounting terminology and financial statement preparation,
particularly the balance sheet and income statement.
Appreciate the concepts and principles that underlie generally accepted accounting
principles
Understand the accounting information system and the accounting cycle.
Comprehend the fundamentals of the time value of money.
Demonstrate, through the completion of a practice set, mastery of the accounting cycle
and preparation of financial statements.
Evaluation Methods and Guidelines for Assignments:
Course grade will be determined through:
2 Tests @ 20% each
Rockford
40%
20%
Homework & Quizzes
Final Exam
10%
30%
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Grading Scale:
A+ = 98-100
A = 93-97
A- = 90-92
B+ = 88-89
B = 83-87
B- = 80-82
C+ = 78-79
C = 73-77
C- = 70-72
D+ = 68-69
D = 63-67
D- = 60-62
F = 59 and below
Graduate students: any average below 70 = F
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.
Required Texts/Readings/References:
Intermediate Accounting, Twelfth Edition
Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Rockford Corporation: An Accounting Practice Set to Accompany Intermediate
Accounting Twelfth Edition, Kieso, Weygandt, Warfield and prepared by Larry Falcetto,
Wiley 2007.
Honor Code: Students are expected to know and abide by the Honor Code in all matters
pertaining to this course. Please do not get into trouble by violating the Honor Code. If you find
yourself behind or in a difficult situation, please come to see me. Do not be tempted to cheat.
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. “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.”
http://studentconduct.uncg.edu/policy/code/ www.uncg.edu/bae/faculty_student_guidelines.pdf
Student Disabilities - ( http://ods.dept.uncg.edu/services/_ ) Any request for special
accommodations must come through that office with the appropriate paperwork.
Attendance policy: while there is no required attendance policy, be aware that people who
come to class generally perform better on tests than people who do not come to class.
Prompt and regular class attendance is necessary to master the material in ACC 218. Financial
Accounting is not an overly difficult subject, but it does require students to prepare for class in
advance, study regularly, and resolve any problems or difficulties in understanding the material
promptly. Should you feel that you are lost, please seek help immediately. It is difficult to
discover knowledge the day before an exam.
Make-up Exam Policy: Make-up tests will be prepared for students with documentation.
Quizzes cannot be made up.
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Makeup policy for other assignments: Homework is due on the due date. No late homework is
allowed. No late submissions will be accepted.
This class will abide by the University’s policy during inclement weather as it is posted on
the website or by calling 334-5000.
Other Comments:
1. I believe that your education is your primary responsibility. It is your job to prepare for and
attend class.
2. This course is a critically important portion of the accounting curriculum at
UNCG. It is also very time intensive. You may find it necessary to read the
textbook material more than once to fully absorb it.
3. Please note that the chapter assignments and practice sets may only represent
the minimum amount of work necessary to gain an understanding of the material
covered in this course.
4. There are no opportunities for “extra credit” in this course.
5. Please bring your calculator to all classes. You may not borrow or share
calculators during quizzes, tests or exams.
Topical Outline:
Week
Aug. 26
Aug. 28
Sept. 2
Sept. 4
Sept. 9
Sept. 11
TOPIC COVERAGE
Chapter 3: The Accounting Information System
 Define accounting and the accounting information system
 Learn the 5 elements and the accounting equation (page 35)
 Learn how to identify, measure and communicate economic events
Learn the formulas to prepare the 4 basic financial statements
 Income Statement
 Statement of Equity
 Balance Sheet
 Statement of Cash Flows
Debits and Credits
Journals and ledgers
Accounting Transaction Cycles
Worksheet
Adjusting entries
In class practice sets
Chapter 1
 Parties involved in standard setting Generally accepted accounting
principles
 Issues in financial reporting
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Sept. 16
Sept. 18
Sept. 23
Sept. 25
Sept. 30
Oct. 7
Oct. 9
Oct. 14
Oct. 16
Oct. 23
Oct. 28
Oct. 30
Nov. 4
Nov. 6
Nov. 11
Nov. 13
Nov. 18
Nov. 18
Nov. 20
Nov. 25
Dec. 2
Dec. 4
Dec. 9
Exam
Chapter 2 Conceptual Framework
 Basic objectives of financial reporting
 Fundamental concepts--Qualitative characteristics
 Recognition and measurement concepts
 Review
Exam 1
Chapter 4 Income statement preparation and related information
 Format of the income statement
 Reporting irregular items
 Special reporting issues
 Periodic COGS: pp. 370-372
 Terms and discounts: p. 320
 Payroll
Chapter 5 Balance Sheet preparation
 Recording Stock purchases: p. 483 & 729-732
 and Treasury stock: p. 733-737
 Lower of cost or market:
 Recording dividends declared: p. 742-743
 Recording purchase of long-term assets: p. 473
 Depreciation: sum of years’ digits, units of production, straight-line,
double declining balance: p. 525-528
 Gain or loss on disposal: p. 485-488
 Bad Debts: p. 323-326
 Note receivable: p. 326-331
Exam 2
Chapter 6 Accounting and the time value of money
 Basic time value concepts
 Single-sum problems
 Annuities
Rockford Set Due
Basic Principles of Accounting page 38
International issues (Chapter 1)
Ethics in Accounting
Review
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Reading Day
Dec. 11 @ 8AM
Dec. 11 @ noon
Dec. 12 @ 3:30 PM
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