Required Texts: Intermediate
Accounting
by Skousen,
Stice and Stice. This is a loose-leaf book that includes an access code
for their Web site.
Catalog
Description:
ACC 301
Principles of Accounting - Intermediate. Prerequisites: ACC 202 and 250
with a grade of "C" or better, proficiency in spreadsheet and word processing
capability. Financial statements, current assets, investments, current and
long-term liabilities, acquisitions, use and retirement of plant and
equipment.
Course
Objectives:
The overall
objective of this course is to prepare students for the preparation and
interpretation of financial information about corporations whose securities are
publicly traded. Specifically, students will learn how:
· to analyze business transactions,
· to identify the transactions' relevance to GAAP-based reporting principles,
· to prepare financial statements and supporting information, and
· to interpret the results.
Crucial to this process is knowledge of the governmental and private sector regulatory environments.
Along with decision making, other important professional competencies will also be stressed. These include accepting responsibility for timely and comprehensive completion of individual and team assignments; understanding the accounting information system's inputs, processing and outputs; using the basic technological tools of business; improving written and oral communication skills; and reinforcing an awareness of potential ethical conflicts in business settings. [Note: the catalog description for ACC 301 lists as a prerequisite proficiency in spreadsheets and word processing. Both are required for successful completion of this course.]
Specific Learning Objectives: See individual learning objectives for chapters 1 - 10 in the text.
Class Procedures: The text material will be discussed on the first day or two of each chapter. A discussion involves a two-way interaction between the instructor and students, not a one-hour lecture by the teacher. The assigned exercises will be reviewed as part of the text discussion. It is expected that students will have previously studied the material and worked the exercises before coming to class (selected check figures are in the appendix of the book).
The remainder
of the chapter time will be devoted to individual and group assignments. As you
can see, this course will require a continuous devotion of time on the
student's part. This material cannot easily be absorbed in one study
session. EKU policies for upper-level courses require 3 hours of
out-of-class preparation for each 1 hour of class time.
A-1 Photography Practice Set: As part of our study of the accounting cycle (Chapter 2) we will complete the practice set (journal, ledger, worksheet, adjustments, closing and preparation of financial statements). The first time, students will complete the practice set manually (or using Excel). Then, the practice set will be completed using PeachTree accounting software.
Chapter Practice Exercises on NOW: At the Thompson NOW web site, this course lists several practice exercises to be completed at the beginning of class on the second day that we spend on a particular chapter. These practice exercises are the same ones that are in the textbook, but the solutions will be submitted and graded on the NOW site.
Chapter Review Quizzes: At the NOW site, this course lists a review problem that is to be completed after we finish a chapter. The problems are designed to be a review and reinforcement of some key concepts covered in the chapter discussions.
Homework Problems: Based on the Assignment Schedule, one or two of the chapter problems will be collected for grading. Assigned problems need to be prepared on Excel (assigned cases prepared in Word or similar software) and printed out on the days that those problems are due. Problems not prepared electronically will receive no grade.
Occasionally, after grading, students will be allowed a homework "mulligan" and be able to rework and resubmit assignments on which they didn't do well. The mulligan is only available for those students who turn in the original work on the assigned day. All redone homework is due by the following class period.
Group Dynamics: Group work has been kept to a minimum in this course. But, a limited amount of collaborative effort is still an integral part of this course (and life!). Occasionally, groups have a member who isn't willing to carry a fair share of the group work. If this happens, groups have the option of "downsizing" a group member. To accomplish this, the entire group must meet with Fern and both sides of the issue can be presented. Fern will make the final decision on "downsizing". Once a member is removed from a group, they are then responsible for all work individually.