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Introductory Course, Syllabus for Intermediate Accounting I | ACCT 3010, Study notes of Financial Accounting

Dixie State University (DSU)Financial Accounting

Material Type: Notes; Class: Intermediate Accounting I; Subject: Accounting; University: Dixie State College of Utah; Term: Unknown 2008;

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ACCOUNTING 3010
INTERMEDIATE ACCOUNTING I
SYLLABUS
SUMMER 2008
Instructor: Robert C. Huddleston, Ph.D. Office: 435-652-7740
Cell: 435-619-4867
E-mail: huddleston@dixie.edu
Office Location and Hours:
Udvar-Hazy Building Room 345 T & R 4:00 PM - 5:00 PM
A. TEXT AND WORKING PAPERS
Intermediate Accounting - 12
th
Edition - Kieso
B. COURSE DESCRIPTION
ACCT 3010 - Intermediate Accounting I (3 Credits)
Designed for students majoring in business who would like an emphasis in Accounting. Course
covers the conceptual framework of accounting; reviews the accounting process; reviews
accounting statements including the income statement, balance sheet, and statement of cash
flows, and includes an in-depth coverage of revenue recognition, accounting changes and error
correction, and financial statement analysis. Prerequisites: Acct 2020 and advanced standing in
the business baccalaureate program. 3 lecture hours per week.
C. COURSE OBJECTIVES
Chapter 1 - Financial Accounting and Accounting Standards
1. Identify the major financial statements and other means of financial reporting.
2. Explain how accounting assists in the efficient use of scarce resources.
3. Describe some of the challenges facing accounting.
4. Identify the objectives of financial reporting.
5. Explain the need for accounting standards.
6. Identify the major policy-setting bodies and their role in the standard-setting process.
7. Explain the meaning of generally accepted accounting principles.
8. Describe the impact of user groups on the standard-setting process.
9. Understand issues related to ethics and financial accounting.
Chapter 2 - Conceptual Framework Underlying Financial Accounting
1. Describe the usefulness of a conceptual framework.
2. Describe the FASB’s efforts to construct a conceptual framework.
3. Understand the objectives of financial reporting.
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Download Introductory Course, Syllabus for Intermediate Accounting I | ACCT 3010 and more Study notes Financial Accounting in PDF only on Docsity!

ACCOUNTING 3010

INTERMEDIATE ACCOUNTING I

SYLLABUS

SUMMER 2008

Instructor: Robert C. Huddleston, Ph.D. Office: 435-652- Cell: 435-619- E-mail: huddleston@dixie.edu

Office Location and Hours: Udvar-Hazy Building Room 345 T & R 4:00 PM - 5:00 PM

A. TEXT AND WORKING PAPERS

Intermediate Accounting - 12th^ Edition - Kieso

B. COURSE DESCRIPTION

ACCT 3010 - Intermediate Accounting I (3 Credits) Designed for students majoring in business who would like an emphasis in Accounting. Course covers the conceptual framework of accounting; reviews the accounting process; reviews accounting statements including the income statement, balance sheet, and statement of cash flows, and includes an in-depth coverage of revenue recognition, accounting changes and error correction, and financial statement analysis. Prerequisites: Acct 2020 and advanced standing in the business baccalaureate program. 3 lecture hours per week.

C. COURSE OBJECTIVES

Chapter 1 - Financial Accounting and Accounting Standards

  1. Identify the major financial statements and other means of financial reporting.
  2. Explain how accounting assists in the efficient use of scarce resources.
  3. Describe some of the challenges facing accounting.
  4. Identify the objectives of financial reporting.
  5. Explain the need for accounting standards.
  6. Identify the major policy-setting bodies and their role in the standard-setting process.
  7. Explain the meaning of generally accepted accounting principles.
  8. Describe the impact of user groups on the standard-setting process.
  9. Understand issues related to ethics and financial accounting.

Chapter 2 - Conceptual Framework Underlying Financial Accounting

  1. Describe the usefulness of a conceptual framework.
  2. Describe the FASB’s efforts to construct a conceptual framework.
  3. Understand the objectives of financial reporting.
  1. Identify the qualitative characteristics of accounting information.
  2. Define the basic elements of financial statements.
  3. Describe the basic assumptions of accounting.
  4. Explain the application of the basic principles of accounting.
  5. Describe the impact that constraints have on reporting accounting information.

Chapter 3 - The Accounting Information System

  1. Understand basic accounting terminology.
  2. Explain double-entry rules.
  3. Identify steps in the accounting cycle.
  4. Record transactions in journals, post to ledger accounts, and prepare a trial balance.
  5. Explain the reasons for preparing adjusting entries.
  6. Prepare financial statements from the adjusted trial balance.
  7. Prepare closing entries.
  8. Explain how to adjust inventory accounts at year-end.

Chapter 4 - Income Statement and Related Information

  1. Understand the uses and limitations of an income statement.
  2. Prepare a single-step income statement.
  3. Prepare a multiple-step income statement.
  4. Explain how to report irregular items.
  5. Explain intraperiod tax allocation.
  6. Identify where to report earnings per share information.
  7. Prepare a retained earnings statement.
  8. Explain how to report other comprehensive income.

Chapter 5 - Balance Sheet and Statement of Cash Flows

  1. Explain the uses and limitations of a balance sheet.
  2. Identify the major classifications of the balance sheet.
  3. Prepare a classified balance sheet using the report and account formats.
  4. Determine which balance sheet information requires supplemental disclosure.
  5. Describe the major disclosure techniques for the balance sheet.
  6. Indicate the purpose of the statement of cash flows.
  7. Identify the content of the statement of cash flows.
  8. Prepare a statement of cash flows.
  9. Understand the usefulness of the statement of cash flows.

Chapter 6 - Accounting and the Time Value of Money

  1. Identify accounting topics where the time value of money is relevant.
  2. Distinguish between simple and compound interest.
  3. Use appropriate compound interest tables.
  4. Identify variables fundamental to solving interest problems.
  5. Solve future and present value of 1 problems.
  6. Solve future value of ordinary and annuity due problems.
  7. Solve present value of ordinary and annuity due problems.

Chapter 11 - Depreciation, Impairments, and Depletion

  1. Explain the concept of depreciation.
  2. Identify the factors involved in the depreciation process.
  3. Compare activity, straight-line, and decreasing-charge methods of depreciation.
  4. Explain special depreciation methods.
  5. Explain the accounting issues related to asset impairment.
  6. Explain the accounting procedures for depletion of natural resources.
  7. Explain how to report and analyze property, plant, equipment, and natural resources.

Chapter 12 - Intangible Assets

  1. Describe the characteristics of intangible assets.
  2. Identify the costs to include in the initial valuation of intangible assets.
  3. Explain the procedure for amortizing intangible assets.
  4. Describe the types of intangible assets.
  5. Explain the conceptual issues related to goodwill.
  6. Describe the accounting procedures for recording goodwill.
  7. Explain the accounting issues related to intangible-asset impairments.
  8. Identify the conceptual issues related to research and development costs.
  9. Describe the accounting for research and development and similar costs.
  10. Indicate the presentation of intangible assets and related items.

Chapter 13 - Current Liabilities and Contingencies

  1. Describe the nature, type, and valuation of current liabilities.
  2. Explain the classification issues of short-term debt expected to be refinanced.
  3. Identify types of employee related liabilities.
  4. Identify the criteria used to account for and disclose gain and loss contingencies.
  5. Explain the accounting for different types of loss contingencies.
  6. Indicate how to present and analyze liabilities and contingencies.

Chapter 14 - Long-Term Liabilities

  1. Describe the formal procedures associated with issuing long-term debt.
  2. Identify various types of bond issues.
  3. Describe the accounting valuation for bonds at date of issuance.
  4. Apply the methods of bond discount and premium amortization.
  5. Describe the accounting for the extinguishment of debt.
  6. Explain the accounting for long-term notes payable.
  7. Explain the reporting of off-balance-sheet financing arrangements.
  8. Indicate how to present and analyze long-term debt.

D. CLASS HOURS

Accounting 3010 meets two days a week: Tuesday & Thursday from 5:00 pm - 7: pm

E. EXAMINATIONS

Six examinations are given in Intermediate Accounting 3010. All exams will be taken in the classroom. Individuals taking a late exam will be graded on a more difficult grading scheme (see Grading Section). Any form of cheating may result in an F grade for the course.

F. HOMEWORK Homework will be collected randomly at the beginning of class on five occasions. No homework will be accepted after 5:05 pm.

G. GRADING

  1. EXAMS 70%
  2. *HOMEWORK 20%
  3. **ATTENDANCE 10% TOTAL 100%

A 93.0 - 100.0% C 73.0 - 76.9%

A- 90.0 - 92.9% C- 70.0 - 72.9%

B+ 87.0 - 89.9% D+ 67.0 - 69.9%

B 83.0 - 86.9% D 63.0 - 66.9%

B- 80.0 - 82.9% D- 60.0 - 62.9%

C+ 77.0 - 79.9% F BELOW 60%

*Homework will not be graded on its accuracy. It will be graded on the effort made. If you could do all the homework correctly, you would not need to the course. The grading scheme is as follow: Strong effort = 95% Moderate effort = 85% Little or no effort = 50%

**Attendance will be graded as follows: 0 to 1 absences = 95% 2 absences = 85% 3 or more = 50%

Late Exam Grading Scheme: 95% - 100% = A 90% - 94% = B 85% - 89% = C 80% - 84% = D 79% or bellow = F