(Prerequisite: ACC
206)
COURSE DESCRIPTION
This course provides an in-depth study of
accounting theory and a review of the accounting cycle. It concentrates on the
conceptual framework underlying financial accounting, the preparation of
financial statements, the time value of money, and the valuation of cash,
temporary investments, and receivables.
The course refers to pronouncements of the Financial Accounting
Standards (FASB) and the American Institute of Certified Public Accountants
(AICPA).
INSTRUCTIONAL MATERIALS
Required
Resources
American
Accounting Association. (2011). General format. Retrieved from http://aaahq.org/ascLogin.cfm.
(Note: A login and password are required to access
this site and are available from your professor.)
Keiso,
D. E., Weygandt. J. J., & Warfield, T. D. (2017). Intermediate accounting (16th ed.). Hoboken, NJ: John Wiley &
Sons. (Note: This is a textbook uniquely
created for Strayer and can only be purchased through the Strayer
Bookstore. The contents of the book differ from the national title.)
WileyPLUS access
code. (Note: Students are emailed
a registration code for this product when they purchase new course
materials from the Strayer Bookstore, located at http://www.strayerbookstore.com. Students access
WileyPLUS through their Blackboard course.)
Supplemental
Resources
Jalba, L. G. (2014). Rising problems concerning
the accounting of incomes. Knowledge
Horizons. Economics, 6(1), 94-96.
Kripke,
H. (1989). Reflections on the FASB's Conceptual Framework for Accounting and on
Auditing.
Journal of Accounting, Auditing
& Finance, 4(1), 3-65.
Seay, S. S. (2014). The Economic impact of
IFRS – a financial analysis perspective. Academy of
Accounting and
Financial Studies Journal, 18(2), 119-139.
COURSE LEARNING OUTCOMES
1.
Describe
and analyze the reasons for the basic procedures of the financial accounting
cycle including the use of the journal and ledger, creation of a trial balance,
and preparation of adjusting and closing entries.
2.
Describe
and evaluate the importance of the professional environment of financial
accounting, the functions of related organizations such as the SEC, the AICPA,
the FASB and its predecessors, and the creation of Financial Accounting
Standards, the conceptual framework, and other sources of GAAP.
3.
Analyze
the functions and the main sections of the four (4) primary financial
accounting statements: the income statement, the statement of retained
earnings, the balance sheet, and the statement of cash flows.
4.
Prepare
the main sections of the four (4) primary financial accounting statements: the
income statement, the statement of retained earnings, the balance sheet, and
the statement of cash flows.
5.
Describe
and evaluate the importance of the functions of international financial
standard-setting organizations such as the IASB, IFRIC, IASCF, and the IFRIC,
the hierarchy of IFRS, and international accounting convergence.
6.
Analyze
and explain the reasons for using the basic time value concepts and present
value measurement.
7.
Calculate
basic time value concepts and present value measurement.
8.
State
the financial accounting practices and prepare typical journal entries related
to cash, accounts receivable, and notes receivable.
9.
Use
technology and information resources to research issues in intermediate
accounting.
10. Write clearly and
concisely about intermediate accounting using proper writing mechanics.
STRAYER WRITING STANDARDS
This course requires the use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details. Details are included in your Blackboard left side menu.
This course requires the use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details. Details are included in your Blackboard left side menu.
WEEKLY COURSE SCHEDULE
The
standard requirement for a 4.5 credit hour course is for students to spend 13.5
hours in weekly work. This includes
preparation, activities, and evaluation regardless of delivery mode.
|
Week
|
Activities, Assessments and Content
|
|
1
|
FINANCIAL
ACCOUNTING, REPORTING, AND STANDARDS
INTRODUCTIONS
·
Introduce yourself (20 pts)
LEARN
·
Read Intermediate Accounting - Chapter
1: Financial Accounting and Accounting Standards
·
Watch lecture: Financial Accounting and
Accounting Standards
DISCUSS
·
What Makes a Good Accounting Team? (20 pts)
ASSIGNMENT
·
Chapter 1 Homework (35 pts)
|
|
2
|
FINANCIAL
FRAMEWORKS
QUIZ
·
Chapter 1 Quiz (60 pts)
LEARN
·
Read Intermediate Accounting - Chapter
2: Conceptual Framework for Financial Reporting
·
Watch lecture: Conceptual Framework Underlying
Financial Accounting
DISCUSS
·
IFRS & the United States - Yes or no? (20 pts)
ASSIGNMENT
·
Chapter 2 Homework (65 pts)
|
|
3
|
CYCLES
AND INFORMATION SYSTEMS
QUIZ
·
Chapter 2 Quiz (60 pts)
LEARN
·
Read Intermediate Accounting - Chapter
3: The Accounting Information System
·
Read Intermediate Accounting - Appendix
3A: Cash-Basis Accounting versus Accrual-Basis Accounting
·
Watch lecture: The Accounting Information
System
DISCUSS
·
Merging Accounting Information Systems (20 pts)
ASSIGNMENT
·
Chapter 3 Homework (65 pts)
|
|
4
|
REPORTING INCOME
QUIZ
·
Chapter 3 Quiz (60 pts)
LEARN
·
Read Intermediate Accounting - Chapter
4: Income Statement and Related Information
·
Watch lecture: Income Statement and Related
Information
DISCUSS
·
Operating & Non-Operating Income - Together or
Separate? (20 pts)
ASSIGNMENT
·
Project 1: Number Cruncher vs. Strategic
Thinker (200 pts)
·
Chapter 4 Homework (80 pts)
SUPPLEMENTAL
(OPTIONAL / NOT REQUIRED)
·
View Homework Help Video, located under the Homework
Assignment link
|
|
5
|
MIDTERM EXAM
EXAM
·
Midterm Exam: Chapters 1 through 4 (225 pts)
DISCUSS
·
Attacking Fraud (20 pts)
|
|
6
|
BALANCING YOUR
FINANCIAL POSITION
LEARN
·
Read Intermediate Accounting - Chapter
5: Income Statement and Related Information (Part 1: Section 5.1)
·
Read Intermediate Accounting - Appendix
5A: Ratio Analysis - A Reference
·
Watch lecture: Balance Sheet
DISCUSS
·
The Balance Sheet, Ratio Analysis, and the Financial
Analyst (20 pts)
ASSIGNMENT
·
Chapter 5: Part 1 Homework (80 pts)
|
|
7
|
UNDERSTANDING THE
CASH FLOWS
QUIZ
·
Chapter 5: Part 1 Quiz (60 pts)
LEARN
·
Read Intermediate Accounting - Chapter
5: Balance Sheet and Statement of Cash Flows (Part 2: Section 5.2)
·
Watch lecture: Revenues
and Cash Flows
DISCUSS
·
Statement of Cash Flows (20 pts)
ASSIGNMENT
·
Chapter 5: Part 2 Homework (65 pts)
SUPPLEMENTAL
(OPTIONAL / NOT REQUIRED)
·
View Homework Help Video, located under the Homework
Assignment link
|
|
8
|
THE
CHANGING VALUE OF MONEY
LEARN
·
Read Intermediate Accounting - Chapter
6: Accounting and the Time Value of Money (Part 1: Sections
6.1 & 6.2)
·
Watch lecture: Accounting and the Time Value of
Money: Part 1
DISCUSS
·
Time Value of Money (20 pts)
ASSIGNMENT
·
Project 2: Where Do the Rules Come From? Who
Impacts Accounting? (200 pts)
|
|
9
|
MEASURING
VALUE CHANGE
QUIZ
·
Chapter 5: Part 2 Quiz (60 pts)
·
Chapter 6: Part 1 Quiz (60 pts)
LEARN
·
Read Intermediate Accounting - Chapter
6: Accounting and the Time Value of Money (Part 2: Sections
6.3, 6.4, & 6.5)
·
Watch lecture: Accounting and the Time Value of
Money: Part 2
DISCUSS
·
Winning the Jackpot! (20 pts)
ASSIGNMENT
·
Chapter 6: Part 1 Homework (60 pts)
·
Chapter 6: Part 2 Homework (75 pts)
SUPPLEMENTAL
(OPTIONAL / NOT REQUIRED)
·
View Homework Help Video, located under the Homework
Assignment link
|
|
10
|
ACCOUNTS
RECEIVABLE
QUIZ
·
Chapter 6: Part 2 Quiz (60 pts)
LEARN
·
Read Intermediate Accounting - Chapter
7: Cash and Receivables
·
Watch lecture: Cash and Receivables
DISCUSS
·
Mini-Case Study - Haley Roberts (20 pts)
ASSIGNMENT
·
Chapter 7 Homework (75 pts)
·
Project 3: Impact your Professional Reputation (150
pts)
SUPPLEMENTAL
(OPTIONAL / NOT REQUIRED)
·
View Homework Help Video, located under the Homework
Assignment link
|
|
11
|
FINAL
EXAM
DISCUSS
·
Your Future in Accounting (20 pts)
EXAM
·
Final Exam: Chapters 5 through 7 (225 pts)
|
GRADING SCALE – UNDERGRADUATE
|
Assignment
|
Total Points
|
% of
Grade
|
|
Quizzes
(open book with a 90-minute time limit per chapter)
(7
quizzes, 15 questions each, worth 4 points each)
|
420
|
18%
|
|
Homework:
9 assignments, located in WileyPLUS
(45
IFRS questions each worth 2 points, 25 brief exercises worth 5 points, 33
exercises worth 10 points, 2 problems worth 15 points, and 5 questions worth
5 points each)
|
600
|
27%
|
|
Project
1: Number Cruncher vs. Strategic Thinker
|
200
|
9%
|
|
Project
2: Where Do the Rules Come From? Who Impacts Accounting?
|
200
|
9%
|
|
Project
3: Impact Your Professional Reputation
|
150
|
6.5%
|
|
Midterm
Exam: Chapters 1 through 4 (open book with a 2-hour time limit)
|
225
|
10%
|
|
Final
Exam: Chapters 5 through 7 (open book with a 2-hour time limit)
|
225
|
10%
|
|
Participation
(12 discussions worth 20 points each)
|
240
|
10.5%
|
|
Total
|
2,260
|
100%
|
|
Points
|
Percentage
|
Grade
|
|
2,034 – 2,260
|
90% – 100%
|
A
|
|
1,808 – 2,033
|
80% – 89%
|
B
|
|
1,582 – 1,807
|
70% – 79%
|
C
|
|
1,356 – 1,581
|
60% – 69%
|
D
|
|
Below 1,356
|
Below 60%
|
F
|
Attendance
Policy:
This course uses the WileyPLUS platform for
lab work. Attendance is recorded for completing homework exercises and
submitting exam attempt.
