ACCT1030 INTRODUCTION TO FINANCIAL ACCOUNTING

Professor: Victoria A. Fratto Office Hours: T and TH

Office 234 Massey Hall 10:15 a.m. – 10:30 a.m. (H303)

Phone: 412-262-8488 11:45 a.m. – 2:15 p.m. (H303)

Email: fratto@rmu.edu 7:30 a.m. – 9:00 a.m. (Massey 234)

TEXT: Financial Accounting, Harrison & Horngren, Prentice Hall, 4^th edition

COURSE DESCRIPTION:

AC1030 INTRODUCTORY FINANCIAL ACCOUNTING emphasizes the use of financial accounting information in decision-making by individuals in business, government and other organization. The accounting environment is examined along with the basic principles and concepts, which govern the recording and reporting of accounting data. Study of the language of debits and credits, accrual accounting, and the accounting cycle establishes the framework for comprehending how accounting data is transformed into the financial statements and utilized by decision makers. Accounting for current and long-term assets and liabilities is introduced along with the appropriate tools to measure short-term solvency and profitability. The course concludes with the study of contributed capital, retained earnings, corporate income statements and financial statement analysis. Problem solving, case study, writing and group assignments are given to enhance the students’ ability to interpret and analyze accounting information.

3 Credits

COURSE GOALS:

To use financial statements and make basic decisions or judgments regarding the organization.
To understand accounting and business terminology and concepts.
To introduce the means of processing accounting data.
To recognize that accounting is not a precise science but relies heavily on judgments and estimates.
To be responsive to and begin to make value judgments concerning various legal and ethical issues in business and accounting.
To enhance communication skills.

ATTENDANCE:

Attendance will be taken at the beginning of each class. If a student is not present when attendance is taken, they are considered absent. Any student missing class 25% or more, will automatically be given a failing grade.

CLASS PROCEDURES:

Classes will be lecture and discussion, participation by all members of the class is encouraged and will be beneficial to those students who fall into a borderline situation with respect to grading.

Reading and problem assignments will be given for each class. These should be completed for each class.

EXAMINATIONS:

There will be three examinations during the semester as listed on the course calendar. An unauthorized absence from an examination will result in a grade of zero. Authorized absences must be cleared with professor prior to the exam. There are no make-up examinations for this course. No exceptions!

Examinations will consist of multiple choice and short answer questions.

QUIZZES – ACTIVITIES:

A number of short quizzes and activities will be given throughout the semester. There will be no makeup of missed quizzes. Missed quizzes will be assigned a grade of zero. The lowest quiz grade will be dropped from the student’s quiz average.

HOMEWORK:

Homework will be assigned on a daily basis and will consist of reading and problems. The expectation of the instructor is that each student has completed the reading and attempted the problems. It is very difficult to pass this course without continual student involvement and effort.

LAST DAY TO WITHDRAW:

Last day to withdraw from classes is Monday, November 18.

ACADEMIC INTEGRITY:

Dishonorable behavior may be academic or social in nature. Dishonorable academic behavior includes, but is not limited to: 1) plagiarism, 2) the use of unauthorized sources of information, 3) the theft of academic materials, 4) conspiracy of any kind to threaten or damage the integrity of the academic process, 5) cheating, 6) disruptive behavior in the classroom and 7) any other disruption or obstruction of teaching and learning. Penalties for dishonorable academic behavior may range from the imposition of a failing grade in an academic assignment to immediate suspension or dismissal from the College.

GRADING:

Final Exam 100

Semester Exams (2) 140

Quizzes & Activities (2) 40

Total Points 280

Grade		Point Range	Percentage Range	Grade Points
	A	260-280	93%-100%	4.00
	A-	252-259	90%-92%	3.67
	B+	244-251	87%-89%	3.33
	B	232-243	83%-86%	3.00
	B-	224-231	80%-82%	2.67
	C+	216-223	77%-79%	2.33
	C	196-215	70%-76%	2.00
	D	168-195	60%-69%	1.00
	F	167 and below	59% and below	0.00

TOPICAL COURSE OUTLINE, CALENDAR, AND ASSIGNMENTS

(Subject to Change)

Chapter 1 – Summarizing Business Activity and Using the Financial Statements

Assignment: Exercises – 4, 8, 9, 10, 12

Chapter 2 – Processing Accounting Information

Assignment: Exercises – 2, 3, 5, 7,11

Chapter 3 – Accrual Accounting and the Financial Statement

Assignment: Exercises – 4, 6, 9

Exam #1 Chapters 1,2,3 (70 Points)

Chapter 4 – Internal Control and Managing Cash

Assignment: Exercises – 2, 3, 5, 6, 7 Problem 4-4A

Chapter 5 – Accounting for Short-term Investments and Receivables

Assignment: Exercises – 5, 6, 9

Chapter 6 – Accounting for Merchandise Inventory, Cost of Goods Sold, and the Gross Margin

Assignment: Exercises – 3, 5, 6, 9

Exam #2 Chapters 4, 5, 6 (70 Points)

Chapter 7 – Accounting for Plant Assets, Intangible Assets, and Related Expenses

Assignment: Exercises – 1, 3, 6, 8, 10, 13, P 7-5A + 1 only

Chapter 8 – Accounting for Current and Long-Term Liabilities

Assignment: Exercises – 10, 11, Problem 8-6A

Chapter 9 – Measuring and Reporting Stockholders’ Equity

Assignment: Exercises – 2, 3, 6, 7, 11, 12

Chapter 13 – Financial Statement Analysis for Decision-Making

Assignment: Exercises – 1, 3, 4, 7, 8 Problem 13-5-A

Final Exam Chapters 7, 8, 9, 13 (100 Points)

HOME