View Fall 2017 Courses

Business Administration: Financial Accounting

BSAD 060 B (CRN: 90215)

3 Credit Hours

About BSAD 060 B

Introduction to the accounting system and generally accepted accounting principles that govern income determination and financial position presentation. Credit will be granted for only one of BSAD 060 or BSAD 065. Prerequisites: EC 011 and either MATH 019 or MATH 021; Business Administration, Computer Science & Information Systems, Dietetics, Nutrition & Food Science, or Engineering Management major or Business Administration minor; Minimum Sophomore standing.

Notes

Prereqs enforced by system: MATH 019 or MATH 021; & EC 011; Minimum Sophomore standing; BSAD, CSIS, DNFS, EMGT, NFS majors; or ACCT, BSAD minors; Required course specific fee of $25; Open to degree and CDE students; Common Exams: 09/27, 10/25, 11/29, 7:30-9:30pm in BILLNGS LH

Section Description

Course Goals: The overarching goal is the development of skills necessary to think critically and analytically about financial accounting issues. We will emphasize: • Applying computational processes and accounting policies to communicate information to assist in solving financial problems. • Obtaining an understanding of Generally Accepted Accounting Principles for the preparation of financial statements. • Locating, computing and using accounting information to make business decisions. • Analyzing results of operations and financial position to determine the health of an organization. Included will be the impact of accounting methods on the communication of financial information. • Understanding how accounting is used in business including the roles of auditing, systems, financial managerial and tax accounting. • Improving critical thinking, communication, interpersonal, research and computer skills. • Developing an awareness of the trust that users of financial information place in accountants, and of the responsibility accountants have to make ethical decisions in selecting how to report items in financial statements. • Acquiring a basic knowledge about the role of accountants in society and possible career choices for individuals who pursue further studies in accounting. • Gaining a strong foundation for further studies in the School of Business Administration. Specific Learning Objectives: The following objectives have been identified by the accounting area faculty as minimum competency learning objectives for all BSAD60 classes. Your understanding of these objectives will be tested on examinations and you must demonstrate an ability to perform these key learning objectives in order to receive a passing grade for the course: Understanding the Business Context • Differentiate the key attributes and advantages of proprietorships, partnerships and corporations • Identify steps in the business operating cycle • Understand the importance of the concept of internal control • Apply the concept of internal control to a simple business context Understanding Financial Statements • Define the purpose of accounting • Identify the four basic financial statements • Understand the purpose of the four basic financial statements and accompanying notes • Identify the components of the balance sheet, income statement and statement of cash flows (e.g., accounts receivable appears in the balance sheet) • Prepare a basic balance sheet, income statement and statement of cash flows • Understand how the basic financial statements interrelate • Understand the basic accounting equation Analyzing Transactions and Understanding their Impact on Financial Statements • Understand the role of GAAP and IFRS in financial reporting • Apply principles/concepts of historical cost, fair value, revenue recognition and full disclosure • Analyze and record transactions • Understand the impact of transactions on financial statements • Understand the purpose and impact of accruals and deferrals • Analyze and prepare adjusting entries • Understand the following additional concepts: o Differences between capitalization and expense o The concept of present value techniques o The impact of present value on account valuation o Cost allocation (e.g., depreciation) and impairment (write down of assets) o Inventory cost flow assumptions Specific Content Areas within the Financial Statements • Differentiate components of current operating income from other income statement components • Understand the use and misuse of earnings per share • Understand the nature of retained earnings • Differentiate the book value of equity from the market value of equity .

Section Expectation

: In this course, students are encouraged to be active participants in the learning process. You are expected to attend class each day and to come prepared for that day’s work by having read the material assigned. I generally spend less than half a class per week on lecturing. We dedicate much of our time in class solving problems and applying what you have studies before coming to class. Students should expect to be called on to answer questions during class. My assumption is that you have read the material assigned. Homework assignments are assigned to reinforce your understanding of the accounting concepts. I expect that students will behave with common courtesy and refrain from texting and using social media during valuable class time. This class will be challenging, demanding and rewarding. Expect to spend between six to twelve hours a week on work outside of class. Be sure to budget your time accordingly. Required Materials: • Calculator • Required textbook is "Fundamentals of Financial Accounting", 5th edition by Phillips, Libby and Libby. Along with the textbook you will need the access code for McGraw-Hill Connect • Options to buy textbook and access code: You can purchase the book along with Access from the bookstore. You can also purchase access to the online text and Connect here: http://connect.mheducation.com/class/j-pencak-school-of-business--copy-of-bsad-60-fall-2017. The link will give you 2 weeks of free access while you are deciding which option to purchase. You may be able to find the book online, but be sure it comes with Connect access, otherwise you may be wasting your money.

Evaluation

Assessment: Your performance in this course will be assessed across the following components: • Exams: There will be three exams during the semester and one final. They will be based on the textbook readings, in-class discussions and homework assignments and are expected to be more challenging than homework assignments (there are no drop-down menus in an exam). The exams will consist of multiple-choice questions and problems, and will be held only on the dates indicated on the detailed assignment sheet. Absence from any scheduled exam without prior approval will result in a grade of zero on the missed exam. Documented medical and family emergencies are the only valid reasons that will be accepted for missing an exam. In the event a student is given approval to miss a scheduled exam period, the grade on the comprehensive final will be substituted for the exam score. In addition, if a student takes both exams during the semester, a higher grade on the comprehensive final exam can be substituted for a lower score on one of the exams. All BSAD 60 exams are given at the same time. You can find the scheduled dates and times on the course schedule. • Homework: Assignments are to be completed individually and must be completed in an online system called Connect. You will need to register for Connect using the access card purchased with the textbook or from the Connect website. Due dates for homework assignments are noted in Connect. Assignments are due at midnight on the due date. No late assignments will be accepted and no assignments will be made up. In the event you miss a deadline for any reason, I will drop 3 homework assignments when determining grades. Because these assignment questions are auto-graded, you must format your responses precisely as instructed in each question. Please note that for the first four chapters, you are required to complete three assignments each week, one interactive practice set, one LearnSmart and one problem set. After Chapter 4, the LearnSmart is optional. • Projects: There several projects that will help to reinforce your learning and to prepare you for tests. They are to be submitted via Blackboard. The projects, along with grading rubrics and instructions can be found on Blackboard. Projects must be submitted on the due date. Practice Problems: Students are encouraged to work as many problems from the textbook as possible in order to become proficient with the course material. Students can request answers to any of the textbook problems from me. Upon request, I will post answers to specific problems on blackboard. In addition, we will be solving many problems in class. In addition, I will provide you with practice problems in Connect. Grading: Tests 60% Final 20% Homework 10% Projects 10% total 100% Grades will be assigned on the following basis: A+ 100 - 97 A 96 - 93 A- 92 -90 B+ 89 - 87 B 86 - 83 B- 82 - 80 C+ 79 - 77 C 76 - 73 C- 72 - 70 D+ 69 - 67 D 66 - 64 D- 62 – 60 F 59-0 The Use of Blackboard: I utilize blackboard as the main communication tool for my classes. As such, you should regularly log on to blackboard to see if any messages have been posted regarding any information related to exams or assignments. I also post all grades on blackboard. The grades on Blackboard are not weighted, so be sure to use the weights given in this syllabus to calculate your grades.

Meetings

to

Location

Kalkin Building 003 (View Campus Map)

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to on Monday, Wednesday and Friday

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On Campus (View Campus Map)

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to on Wednesday

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On Campus (View Campus Map)

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to on Wednesday

Location

On Campus (View Campus Map)

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to on Wednesday