DIVISION OF BUSINESS

COURSE SYLLABUS: ACCT 3307-SA01 Financial Accounting, Fall 2009, San Antonio Campus

Instructor:	Robert L. Gomez, MBA
Office:	Office Hours: By Appointmt.
Phone:	(210) 215-2776
Email:	robgomez6@yahoo.com
Course Web Site:	http://virtualcampus.wbu.edu
Class Hours:	Thursdays, 6:00 p.m. – 10:10 p.m. (Fall Term: August 17 – October 31, 2009)
Class Location:	Randolph AFB, Building 743, Room 172

MESSAGE FROM THE INSTRUCTOR: I possess a sincere respect for your decision to further your personal growth and education at the Wayland Baptist University, and I pledge my best efforts to make your educational experience both personally and academically rewarding. The primary purpose of this document is to clearly and honestly convey the high level of commitment and study one must put forth to successfully learn the material covered in this course.

DESCRIPTION: An overview of financial accounting covering the accounting cycle for service and merchandising business and related transactions for business entities. Course topics include: principles, and procedures for measuring, processing, and communicating financial information to decision makers; current assets and liabilities, long-term assets and liabilities, internal control, inventory methods, plant assets, depreciation methods, statement of cash flows, stockholder’s equity, financial reporting, and financial statement analysis.

Accounting is an information system used to communicate economic business data to stakeholders. The assumption is made that students possess no substantive prior knowledge of accounting, but do possess a genuine interest in developing a solid understanding of financial accounting concepts. Credit will not be awarded toward degree for both ACCT 2305 and ACCT 3307.

PREREQUISITE(s): MATH 1304 or consent of division.

TEXTBOOK & MATERIALS:

BOOK	AUTHOR	ED	YEAR	PUBLISHER	ISBN#	REVIEW
Financial and Managerial Acctg.	Warren/Reeve	10th	2009	Thomson Learning	0-324-40188-4	Spring 2010
http://websites.swlearning.com/cgi-wadsworth/course_products_wp.pl?fid=M20b&product_isbn_issn=9780324663815&discipline_number=400

· Please bring a simple function, non-graphing, non-cell phone, non-PDA calculator to every class session!

TEACHING / LEARNING METHODOLOGY: Optimal learning in an Accounting course is attained through pre-class preparation and proactive classroom participation. In this course, brief lecture and extensive discussion of end-of-chapter exercises and problem solving will be the preferred forms of instruction. Course material is mastered by intently reading assigned text prior to attending class, completing end-of-chapter exercises and homework projects before attending class, listening intently and taking notes during lecture presentation, and actively participating during class discussions.

OUTCOME COMPETENCIES: Explain the importance and purpose of accounting.

· Explain how any given business event will affect the financial statements.

· Prepare financial statements, income statement, statement of retained earnings, balance sheet, and statement of cash flows.

· Record transactions in the accounting cycle.

· Explain the purpose of internal control. Understand and apply accrual accounting.

· Record transactions in merchandising businesses.

· Prepare a bank reconciliation.

· Account for receivables and payables.

· Value inventory under specific identification, FIFO, LIFO, and weighted average.

· Compute depreciation under the following methods: straight-line, double-declining-balance, and units-of-production.

· Understand the differences between gains and losses.

· Record transactions on long-term debt (bonds). Perform calculations using time value of money.

· Calculate the present value of money.

· Calculate the present value of a bond.

· Explain the characteristics of equity and debt financing.

· Understand and record transactions in the stockholder’s equity section of the balance sheet.

· Prepare financial statement analysis. Prepare statement of cash flows.

· Discuss ethical decisions in business.

· Describe the nature of a business.

· Describe the role of accounting in business.

· Describe importance of business and accounting ethics.

· State the accounting equation and define each element of the equation.

· Explain why accounts are used to record and summarize transactions.

· Explain the matching concept as it relates to the accrual basis of accounting.

· Explain the need for adjustments and adjusting entries. Prepare an adjusted trial balance. Prepare a worksheet. Prepare financial statements from a worksheet.

· Distinguish a service business from a merchandising business.

· Prepare a chart of accounts for a merchandising business. List three objectives of internal control.

· Prepare a bank reconciliation and journalize any necessary entries.

· Describe the allowance method of accounting for uncollectible accounts.

· Summarize examples of internal controls applicable to inventories.

· Define current liabilities and journalize entries for notes payable.

· Journalize entries for corporate income taxes.

COURSE REQUIREMENTS AND EVALUATION: End-of Chapter Exercises, Take-home Projects, Accounting Theory Exercise, Examinations, and Positive Classroom Participation will be utilized to assess student achievement.

GRADING: Percentage

3 Exams: 90%

Exam 1—on September 17^th 30%

Exam 2—on October 8^th 30 %

Exam 3—on October 29^th 30 %

Jim’s Lawn Care Exercise—discussed Sept. 10^th 5%

In Class Quizzes & Positive Class Participation +/- 5%

Total 100%

Percentage Earned Grade Earned

90.0% - 100% A

80.0% - 89.9% B

70.0% - 79.9% C

60.0% - 69.0% D

Below 60% F

IN-CLASS EXAMS (Required): Three (3) exams will be administered during this FALL 2009 term—on September 17^th, October 8^th, & October 29^th. Students may bring three (3) 8.5” x 11” double-sided pages filled with notes and their graded Accounting Theory Project to use during regularly scheduled exams. No textbooks, laptops, PDAs, Blackberrys, iPhones, pagers, or cell phone calculators allowed during exams! Any student absent on exam days should contact instructor asap to arrange for a challenging make-up exam.

HOMEWORK PROJECTS: Students are encouraged to complete two (2) Homework Projects—1) Jim’s Lawn Care Exercise will be discussed on September 10^th at 6:00pm & 2) Optional Accounting Theory Project due on September 17^th at 6:00pm. Students may use their own Accounting Theory Projects during exam #1. Timely completion of Jim’s Lawn Care Exercise will count 5% towards your final grade.

IN-CLASS CHAPTER QUIZ DISCUSSIONS (Required): Students should be prepared to engage in informed discussions of Chapter Quizzes for each chapter discussed. These quizzes will be created by instructor and posted on the Virtual Campus website (http://virtualcampus.wbu.edu). Your active participation and demonstrated preparation during quiz discussions will count 5% towards your final grade.

POSITIVE CLASS PARTICIPATION: Participation and professional etiquette commensurate with upper-division university coursework is expected. Please maintain group awareness and a cordial, professional, and scholarly learning environment. Please maintain the highest level of professionalism in this course at all times. Be respectful and courteous at all times. Listen intently—and without disruption--to peer inquiries.

Cell phone/PDA etiquette: As a courtesy to all present in the classroom, please set all cell phones/iphones/pagers/blackberrys/PDAs to “silent” mode during class sessions. Thank you for exhibiting awareness and professionalism in this regard. I invite everyone to “leave the telecom grid” behind. Thank you for your consideration. Positive Class Participation will be appreciated and acknowledged.

ATTENDANCE POLICY (Required): Regular and punctual attendance at all classes is required. (Attending means arriving in a timely manner, being focused and engaged during class, and remaining for entire class period.) A student absent for any reason is responsible for all work missed. Note: Please contact a classmate to inquire about material covered during a missed class session.

Student absences are recorded from official date of enrollment. A student absent equivalent of two (2) weeks of instruction in a regular semester (equates to two class sessions) may be dropped by instructor after the census date.

STATEMENTS: “This class will adhere to zero tolerance for using someone else’s work as your own.” “It is university policy that no otherwise qualified disabled person be excused from participation in, be denied the benefits of, or be subject to discrimination under any educational program or activity in the University. Students should inform the instructor of existing disabilities at the first class meeting”.

“Students are responsible for reading, understanding, obeying, and respecting all academic policies, with added emphasis being placed upon academic progress policies, appearing in the Wayland Baptist University Academic Catalog applicable to their curriculum and/or program of study.”

COURSE OUTLINE/CALENDAR: Attached

STRATEGIES FOR SUCCESS IN THIS FINANCIAL ACCOUNTING CLASS:

Accounting is viewed as a challenging college course as students must learn new terminology, concepts, and a new information system in a relatively short period of time, and must demonstrate a level of mastery in solving accounting problems on assignments and examinations.

Learning Strategies

· Read with purpose! Read to discover new details! Read every page of every assigned chapter. Then, use my Powerpoint (ppt) notes to focus your attention and internalize those major concepts in each chapter. Rest assured every term, concept, exercise, problem & project discussed in class or contained in my ppt notes will appear on exams.

Classroom Preparation and Etiquette! In your preparation, please:

· Plan to begin class promptly at 6:00 p.m. and remain for entire session. Come to class on-time, energized, and focused. Bring a positive mental attitude and enthusiastic spirit.

· Avoid a poor attitude—it’s a participation grade killer. It’s easy to be critical. It takes more thought, skill, and character to be positive. If you come to class unprepared, please exercise self-control when dealing with your frustration.

· Patience, energy, and respect will carry us through these long class sessions.

Positive Participation Strategies

· This is going to be a long 11-week term! Work diligently and try not to fall behind!

· “Extra credit” work will not be required— or available.

· Please don’t hesitate to call me for assistance! (210) 215-2776

COURSE CONTENT:

Day 1 Thursday, August 20, 2009 Topics / Assignments

Introduction Syllabus / Student Info Forms

Preparation for next class session

Ø Read Chapters 1 & 2 (for context and foundation). Complete Chapter 1 QUIZ.

Read for next class session

Ø Chapter 1: Exercise 1-6 (p33)

Ø Chapter 2: Exercise 2-4, 2-5, & 2-6 (p83-84); Exercise 2-8 (p84); Exercise 2-10 (p84); Exercise 2-13 (p85); PR 2-2A (p.89); PR 2-4A (p.91).

Day 2 Thursday, August 27, 2009 Topics / Assignments

Complete CHAPTER 1 INTRODUCTION TO ACCOUNTING & BUSINESS

Begin CHAPTER 2 ANALYZING TRANSACTIONS

Discuss CHAPTER 1 QUIZ

Preparation for next class session

Ø Read Chapter 2 (for context and details). Complete Chapter 2 QUIZ.

Read for next class session

Ø Chapter 2: Exercise 2-4, 2-5, & 2-6 (p83-84); Exercise 2-8 (p84); Exercise 2-10 (p84); Exercise 2-13 (p85); PR 2-2A (p.89); PR 2-4A (p.91).

Day 3 Thursday, September 3, 2009 Topics / Assignments

Complete CHAPTER 2 ANALYZING TRANSACTIONS

Discuss End-of-Chapter exercises, as assigned.

Discuss CHAPTER 2 QUIZ

Preparation for next class session

Ø Read Chapters 3 & 4. Complete Chapters 3 & 4 QUIZZES.

Ø Complete Jim’s Lawn Care Exercise.

Read for next class session

Ø Chapter 3: Exercise 3-1 (p130); Exercise 3-3 (p130); Exercise 3-5 (p130); PR 3-2A (p135);

Ø Chapter 4: Exercise 4-6 (p187); Exercise 4-8 (p188); Exercise 4-16 (p189); PR 4-1A (p193);

Day 4 Thursday, September 10, 2009 Topics / Assignments

Complete CHAPTER 3 THE ADJUSTING PROCESS

Complete CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE

Discuss End-of-Chapter exercises, as assigned.

Discuss Jim’s Lawn Care Exercise

Discuss CHAPTER 3 & 4 QUIZZES

Preparation for next class session

Ø Prepare for EXA M #1. Complete Optional Accounting Theory Project.

Day 5 Thursday, September 17, 2009 Topics / Assignments

6:00 p.m. IN-CLASS EXAM #1 Chapters 1-4

Bring Optional Accounting Theory Exercise

8:00 p.m. DISCUSS RESULTS OF IN-CLASS EXAM #1

Preparation for next class session

Ø Read Chapter 5 & 6 (for context and details). Complete Chapter 5 & 6 QUIZZES.

Read for next class session

Ø Chapter 5: Exercise 5-1 (p245); Exercise 5-6 (p246); PR 5-6A (p254)

Ø Chapter 6: PR 6-1A (p296); PR 6-2A (p297);

Day 6 Thursday, September 24, 2009 Topics / Assignments

Complete CHAPTER 5 ACCOUNTING FOR MERCHANDISING BUSINESSES

Complete CHAPTER 6 INVENTORIES

Discuss End-of-Chapter exercises, as assigned.

Discuss CHAPTER 5 & 6 QUIZZES

	Preparation for next class session
	Ø Read Chapters 7 & 8 (for context and details). Complete Chapters 7 & 8 QUIZZES.
	Read for next class session
	Ø Chapter 7: Exercise 7-12 (p335); Exercise 7-13 (p335); Exercises 7-16 & 7-17 (p335); Exercises 7-18 & 7-19 (p336); Exercise 7-24 (p337); PR 7-2A, p339; PR 7-3A (p339); Ø Chapter 8: Exercise 8-4 (p376); Exercises 8-9 & 8-10 (p377); Exercises 8-11 & 8-12 (p378); Exercise 8-20 (p380);
Day 7 Thursday, October 1, 2009 Topics / Assignments

Complete CHAPTER 7 SARBANES-OXLEY, INTERNAL CONTROL, & CASH

Complete CHAPTER 8 RECEIVABLES

Discuss End-of-Chapter exercises, as assigned.

Discuss CHAPTER 7 & 8 QUIZZES

Preparation for next class session

Ø Prepare for EXA M #2

Day 8 Thursday, October 8, 2009 Topics / Assignments

6:00 p.m. IN-CLASS EXAM #2 Chapters 5-8

8:00 p.m. DISCUSS RESULTS OF IN-CLASS EXAM #2

Preparation for next class session

Ø Read Chapters 9 & 10 (for context and details). Complete Chapters 9 & 10 QUIZZES.

Read for next class session

Ø Chapter 9: Exercise 9-2 (p424); Exercise 9-6 (p425); Exercise 9-9 (p425); Exercise 9-10 (p426); PR 9-2A, p430

Ø Chapter 10: Exercise 10-4 (p466); Exercise 10-8 (p467); Exercise 10-17 (p469); Exercise 10-20 (p470);

Day 9 Thursday, October 15, 2009 Topics / Assignments

Complete CHAPTER 9 FIXED ASSETS & INTANGIBLE ASSETS

Complete CHAPTER 10 CURRENT LIABILITIES & PAYROLL

Discuss End-of-Chapter exercises, as assigned.

Discuss CHAPTER 9 & 10 QUIZ

Preparation for next class session

Ø Read Chapters 11 & 12 (for context and details). Complete Chapters 11 & 12 QUIZZES.

Day 10 Thursday, October 22, 2009 Topics / Assignments

Complete CHAPTER 11 CORPORATIONS: ORG., STK T/As, & DIVIDENDS

Complete CHAPTER 12 LONG-TERM LIABILITIES: BONDS & NOTES

Discuss End-of-Chapter exercises, as assigned.

Discuss CHAPTER 11 & 12 QUIZZES

Preparation for next class session

Ø Prepare for EXA M #3.

Day 11 Thursday, October 29, 2009 Topics / Assignments

6:00 p.m. IN-CLASS EXAM #3 Chapters 9 - 12