ACCT 382 B Intermediate Accounting I

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Columbia College Online Campus P a g e | 1

ACCT 382 B

Intermediate Accounting I

Spring Session 15-54

March 21 – May 14, 2016

Course Description

Development of accounting theory and practice as applied to: the institutional structure of financial accounting; conceptual framework and financial reporting; overview of accounting systems; review of accounting procedures; income statement; balance sheet; statement of cash flows; cash;

receivables; valuation of inventories and cost of goods sold; and time value of money.

Prerequisite: ACCT 281 Proctored Exams: -- None

Textbooks

1. Spiceland et al (2016). Intermediate Accounting, 8th Edition. McGraw-Hill. 2. Connect Accounting Access.

To purchase the textbook and access to Connect, use ISBN-13: 978-1-259-54284-8. If you already have the textbook, you will need to purchase access to Connect by using ISBN-13: 978-0-07-783281-0. Do not purchase used accesses to Connect; they are not valid.

I will provide a link to my Connect website on the first day of class. Do not try to register for Connect prior to the first day. You must register for my website only. Registration cannot be changed or reversed.

Textbooks for the course may be ordered from MBS Direct. You can order

 online at http://direct.mbsbooks.com/columbia.htm (be sure to select Online Education rather than your home campus before selecting your class)

 by phone at 800-325-3252

Course Overview

Throughout this course we will review the accounting knowledge you have learned up to this point in time. We will also expand upon that knowledge to begin to cover some of the more complex issues accountants are faced with when it comes to recording the transactions and creating the related financial statements under more complex business scenarios.

Technology Requirements

Participation in this course will require the basic technology for all online classes at Columbia College:

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Columbia College Online Campus P a g e | 2  A computer with reliable Internet access,

 a web browser,  Acrobat Reader,

 Microsoft Office or another word processor such as Open Office.

You can find more details about standard technical requirements for our courses on our site.

Course Objectives

 To apply accounting theory to financial accounting problems and to financial statements.  To engage in oral and written communication, as well as critical and creative thinking.  To develop skills in information technology, self-study and applied research.

 To promote ethical awareness and professional responsibilities.

Measurable Learning Outcomes

 Describe the institutional structure of financial accounting.  Describe the conceptual framework of financial reporting.  Describe how to conduct an overview of accounting procedures.

 Prepare and interpret the income statement, balance sheet, and statement of cash flows.  Demonstrate the accounting and control of cash and receivables.

 Demonstrate the valuation of inventories and cost of goods sold.  Calculate the time value of money.

Grading

Grading Scale

GRADE POINTS PERCENT

A 630-700 90-100 B 560-629 80-89 C 490-559 70-79 D 420-489 60-69 F 000-419 0-59

Grade Weights

ASSIGNMENT POINTS PERCENT

Discussions (4) 100 14

Homework (7) 200 29

Tests (4) 400 57

Total 700 100

Grades will be updated each Wednesday for the prior week.

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Schedule of Due Dates

WEEK ASSIGNMENT POINTS DUE DAY WEEK ASSIGNMENT POINTS DUE DAY

1 Discussion 1 25 Sunday 5 Discussion 3 25 Sunday

Homework 1 30 Homework 5 30

2 Homework 2 30 Sunday 6 Homework 6 30 Sunday

Test 1 100 Test 3 100

3 Discussion 2 25 Sunday 7 Discussion 4 25 Sunday

Homework 3 30 Homework 7 20

4 Homework 4 30 Sunday 8 Test 4 100 Saturday

Test 2 100 Course WrapUp --

Assignment Overview

Readings: Each week you will be assigned readings from the textbook and the course environment.

Please complete the readings prior to posting to the weekly discussions.

Discussions: There are four discussions throughout this session. Please see the Schedule of Due

Dates for specific scheduling. You are required to actively participate in the course discussions. Active participation includes posting original thoughts and reading/responding to your classmates’ postings. You must respond to a minimum of one of your classmates’ postings.

Homework: There are weekly Homework assignments that will require you to access the Connect

Accounting website. See the Connect Accounting website for specific assignment detail.

Tests: Tests are posted at the Connect website and can be worked on all week. Be sure you do not

submit the exam until you are finished with the test and ready to submit. The exams are due by Sunday evening for Weeks 2, 4, and 6, and Saturday evening for Week 8. All tests are comprised of multiple choice questions.

Course Schedule

Week 1 – Foundations of Financial Reporting

Readings

 Chapter 1

 Review all Week 1 resources in the Content area.

Discussions

 Introduction: Introduce yourself in the "Introductions" topic of our class discussion. Please give us

more than your name. Include your profession, hobbies, interest in this course, and any other information that can help us get to know you. Don't be shy; I will go first!

 Discussion 1: We will discuss the foundations of financial reporting during week 1. Post your

original response to the main question(s) by Thursday and reply to at least 2 other posts by Sunday. Posts such as “I agree” will not be counted toward the two responses needed to earn full points for the assignment.

 Homework 1: You will complete 6-12 questions similar to the end of chapter exercises in Chapter 1.

You will be able to rework differing versions of the homework to improve your grade and ensure your understanding of this week's material. See the Connect Accounting website for the specific assignment and instructions. This week’s homework will cover the following learning objectives as

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Columbia College Online Campus P a g e | 4 described in the text.

 LO1–1 Describe the function and primary focus of financial accounting.  LO1–2 Explain the difference between cash and accrual accounting.

 LO1–3 Define generally accepted accounting principles (GAAP) and discuss the historical development of accounting standards, including convergence between U.S. and international standards.

 LO1–4 Explain why the establishment of accounting standards is characterized as a political process.

 LO1–5 Explain factors that encourage high-quality financial reporting.  LO1–6 Explain the purpose of the conceptual framework.

 LO1–7 Identify the objective and qualitative characteristics of financial reporting information, and the elements of financial statements.

 LO1–8 Describe the four basic assumptions underlying GAAP.

 LO1–9 Describe the recognition, measurement and disclosure concepts that guide accounting practice.

 LO1–10 Contrast a revenue/expense approach and an asset/liability approach to accounting standard setting.

 LO1–11 Discuss the primary differences between U.S. GAAP and IFRS with respect to the development of accounting standards and the conceptual framework underlying accounting standards. Describe the function and primary focus of financial accounting. (page 4)

Week 2– Review of the Accounting Cycle

Readings

 Chapter 2

Homework 2: You will complete 6-12 questions similar to the end of chapter exercises in chapter 2.

You will be able to rework differing versions of the homework to improve your grade and ensure your understanding of this week's material. See the Connect Accounting website for the specific assignment and instructions. This week’s homework will cover the following learning objectives as

described in the text.

 LO2-1 Analyze routine economic events—transactions—and record their effects on a company’s financial position using the accounting equation format.

 LO2-2 Record transactions using the general journal format.

 LO2-3 Post the effects of journal entries to general ledger accounts and prepare an unadjusted trial balance.

 LO2-4 Identify and describe the different types of adjusting journal entries.  LO2-5 Record adjusting journal entries in general journal format, post entries, and

prepare an adjusted trial balance.

 LO2-6 Describe the basic financial statements.  LO2-7 Explain the closing process.

 LO2-8 Convert from cash basis net income to accrual basis net income.

Tests: Complete Test 1, which covers Chapters 1 and 2, at the Connect Accounting Website.

Week 3– The Balance Sheet

Readings

 Chapter 3

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Columbia College Online Campus P a g e | 5 main question(s) by Thursday and reply to at least 2 other posts by Sunday. Posts such as “I agree” will not be counted toward the two responses needed to earn full points for the assignment.

 LO3-1 Describe the purpose of the balance sheet and understand its usefulness and limitations.

 LO3-2 Identify and describe the various balance sheet asset classifications.  LO3-3 Identify and describe the two balance sheet liability classifications.  LO3-4 Explain the purpose of financial statement disclosures.

 LO3-5 Explain the purpose of the management discussion and analysis disclosure.  LO3-6 Explain the purpose of an audit and describe the content of the audit report.  LO3-7 Describe the techniques used by financial analysts to transform financial

information into forms more useful for analysis.

 LO3-8 Identify and calculate the common liquidity and financing ratios used to assess risk.  LO3-9 Discuss the primary differences between U.S. GAAP and IFRS with respect to the

balance sheet, financial disclosures, and segment reporting.

Week 4– The Income Statement and the Statement of Cash Flows

Readings

 Chapter 4

 LO4-1 Discuss the importance of income from continuing operations and describe its components.

 LO4-2 Describe earnings quality and how it is impacted by management practices to manipulate earnings.

 LO4-3 Discuss the components of operating and nonoperating income and their relationship to earnings quality.

 LO4-4 Define what constitutes discontinued operations and describe the appropriate income statement presentation for these transactions.

 LO4-5 Define earnings per share (EPS) and explain required disclosures of EPS for certain income statement components.

 LO4-6 Explain the difference between net income and comprehensive income and how we report components of the difference.

 LO4-7 Describe the purpose of the statement of cash flows.

 LO4-8 Identify and describe the various classifications of cash flows presented in a statement of cash flows.

 LO4-9 Discuss the primary differences between U.S. GAAP and IFRS with respect to the income statement, statement of comprehensive income, and the statement of cash flows.

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Week 5– Revenue Recognition and Profitability Analysis

Readings

 Chapter 5

Discussion 3: We will discuss revenue recognition and profitability analysis during week 5. Post

your original response to the main question(s) by Thursday and reply to at least 2 other posts by Sunday. Posts such as “I agree” will not be counted toward the two responses needed to earn full points for the assignment.

 LO5-1 State the core revenue recognition principle and the five key steps in applying it.  LO5-2 Explain when it is appropriate to recognize revenue at a single point in time.  LO5-3 Explain when it is appropriate to recognize revenue over a period of time.  LO5-4 Allocate a contract’s transaction price to multiple performance obligations.  LO5-5 Determine whether a contract exists, and whether some frequently encountered

features of contracts qualify as performance obligations.

 LO5-6 Understand how variable consideration and other aspects of contracts affect the calculation and allocation of the transaction price.

 LO5-7 Determine the timing of revenue recognition with respect to licenses, franchises, and other common arrangements.

 LO5-8 Understand the disclosures required for revenue recognition, accounts receivable, contract assets, and contract liabilities.

 LO5-9 Demonstrate revenue recognition for long-term contracts, both at a point in time when the contract is completed and over a period of time according to the percentage completed.

 LO5–10 Identify and calculate the common ratios used to assess profitability.

Week 6– Time Value of Money

Readings

 Chapter 6

described in the text.

 LO6-1 Explain the difference between simple and compound interest.  LO6-2 Compute the future value of a single amount.

 LO6-3 Compute the present value of a single amount.

 LO6-4 Solve for either the interest rate or the number of compounding periods when present value and future value of a single amount are known.

 LO6-5 Explain the difference between an ordinary annuity and an annuity due situation.  LO6-6 Compute the future value of both an ordinary annuity and an annuity due.

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Columbia College Online Campus P a g e | 7  LO6-7 Compute the present value of an ordinary annuity, an annuity due, and a deferred

annuity.

 LO6-8 Solve for unknown values in annuity situations involving present value.

 LO6-9 Briefly describe how the concept of the time value of money is incorporated into the valuation of bonds, long-term leases, and pension obligations.

Tests: Complete Test 3, which covers Chapters 5 and 6, at the Connect Accounting Website.

Course Evaluations: Please evaluate the course. You will have an opportunity to evaluate the course

near the end of the session. A link sent to your CougarMail will allow you to access the evaluation. Please note that these evaluations are provided so that I can improve the course, find out what students perceive to be its strengths and weaknesses, and in general assess the success of the course. Please do take the time to fill this out.

Week 7– Cash and Receivables

Readings

 Chapter 7

Discussion 4: We will discuss cash and receivables during week 7. Post your original response to

the main question(s) by Thursday and reply to at least 2 other posts by Sunday. Posts such as “I agree” will not be counted toward the two responses needed to earn full points for the assignment.

 LO 7-1. Define what is meant by internal control and describe some key elements of an internal control system for cash receipts and disbursements.

 LO 7-2. Explain the possible restrictions on cash and their implications for classification on the balance sheet.

 LO 7-3. Distinguish between the gross and net methods of accounting for cash discounts.  LO 7-4. Describe the accounting treatment for merchandise returns.

 LO 7-5. Describe the accounting treatment of anticipated uncollectible accounts receivable.  LO 7-6. Describe the two approaches to estimating bad debts.

 LO 7-7. Describe the accounting treatment of notes receivable.

 LO 7-8. Differentiate between the use of receivables in financing arrangements accounted for as a secured borrowing and those accounted for as a sale.

 LO 7-9. Describe the variables that influence a company’s investment in receivables and calculate the key ratios used by analysts to monitor that investment.

 LO 7-10. Discuss the primary differences between U.S. GAAP and IFRS with respect to cash and receivables.

Week 8– Wrap-up and Final Test

Course WrapUp: This ungraded discussion topic provides an opportunity for you to post your final

thoughts.

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Course Policies

Student Conduct

All Columbia College students, whether enrolled in a land-based or online course, are responsible for behaving in a manner consistent with Columbia College's Student Conduct Code and Acceptable Use Policy. Students violating these policies will be referred to the office of Student Affairs and/or the office of Academic Affairs for possible disciplinary action. The Student Code of Conduct and the Computer Use Policy for students can be found in the Columbia College Student Handbook. The

Handbook is available online; you can also obtain a copy by calling the Student Affairs office (Campus

Life) at 573-875-7400. The teacher maintains the right to manage a positive learning environment, and all students must adhere to the conventions of online etiquette.

Plagiarism

Your grade will be based in large part on the originality of your ideas and your written presentation of these ideas. Presenting the words, ideas, or expression of another in any form as your own is plagiarism. Students who fail to properly give credit for information contained in their written work (papers, journals, exams, etc.) are violating the intellectual property rights of the original author. For proper citation of the original authors, you should reference the appropriate publication manual for your degree program or course (APA, MLA, etc.). Violations are taken seriously in higher education and may result in a failing grade on the assignment, a grade of "F" for the course, or dismissal from the College.

Collaboration conducted between students without prior permission from the instructor is considered plagiarism and will be treated as such. Spouses and roommates taking the same course should be particularly careful.

All required papers may be submitted for textual similarity review to Turnitin.com for the detection of plagiarism. All submitted papers may be included in the Turnitin.com reference database for the purpose of detecting plagiarism. This service is subject to the Terms and Conditions of Use posted on the Turnitin.com site.

Please view the plagiarism tutorial that can be found in your course content area in D2L.

Non-Discrimination

There will be no discrimination on the basis of sex, race, color, national origin, sexual orientation, religion, ideology, political affiliation, veteran status, age, physical handicap, or marital status.

Disability Services

Students with documented disabilities who may need academic services for this course are required to register with the Coordinator for Disability Services at (573) 875-7626. Until the student has been cleared through the disability services office, accommodations do not have to be granted. If you are a student who has a documented disability, it is important for you to read the entire syllabus before enrolling in the course. The structure or the content of the course may make an accommodation not feasible.

Online Participation

You are expected to read the assigned texts and participate in the discussions and other course activities each week. Assignments should be posted by the due dates stated on the grading schedule in your syllabus. If an emergency arises that prevents you from participating in class, please let your instructor know as soon as possible.

Attendance Policy

Attendance for a week will be counted as having submitted a course assignment for which points

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Columbia College Online Campus P a g e | 9 submitted or the plagiarism quiz taken if there is no other assignment due that week. A class week is defined as the period of time between Monday and Sunday (except for Week 8, when the week and the course will end on Saturday at midnight). The course and system deadlines are all based on the Central Time Zone.

Cougar E-mail

All students are provided a CougarMail account when they enroll in classes at Columbia College. You are responsible for monitoring e-mail from that account for important messages from the College and from your instructor. You may forward your Cougar e-mail account to another account; however, the College cannot be held responsible for breaches in security or service interruptions with other e-mail providers.

Students should use e-mail for private messages to the instructor and other students. The class discussions are for public messages so the class members can each see what others have to say about any given topic and respond.

Late Assignment Policy

An online class requires regular participation and a commitment to your instructor and your classmates to regularly engage in the reading, discussion and writing assignments. Although most of the online communication for this course is asynchronous, you must be able to commit to the schedule of work for the class for the next eight weeks. You must keep up with the schedule of reading and writing to successfully complete the class.

No late discussion assignments will be accepted. Tests must be completed by the end of each week. Homework will be accepted late up to midnight Saturday of Week 8. A grade penalty may apply.

Course Evaluation

You will have an opportunity to evaluate the course near the end of the session. A link will be sent to your CougarMail that will allow you to access the evaluation. Be assured that the evaluations are anonymous and that your instructor will not be able to see them until after final grades are submitted.

Additional Resources

Orientation for New Students

This course is offered online, using course management software provided by Desire2Learn and Columbia College. The Student Manual provides details about taking an online course at Columbia College. You may also want to visit the course demonstration to view a sample course before this one opens.

Technical Support

If you have problems accessing the course or posting your assignments, contact your instructor, the Columbia College Helpdesk, or the D2L Helpdesk for assistance. Contact information is also available within the online course environment.

[email protected] 800-231-2391 ex. 4357

[email protected] 877-325-7778

Online Tutoring

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Columbia College Online Campus P a g e | 10 Smarthinking provides real-time online tutoring and homework help for Math, English, and Writing. Smarthinking also provides access to live tutorials in writing and math, as well as a full range of study resources, including writing manuals, sample problems, and study skills manuals. You can access the service from wherever you have a connection to the Internet. I encourage you to take advantage of this free service provided by the college.