ACCT 410x – Foundations of Accounting
Syllabus – Spring 2024
Section 14096R Tues and Thurs 12noon to 1:50 pm
Professor: Robert Buce
Office: ACC 214
E-mail: [email protected] (best way to contact me)
Office Hours: Tues and Thurs 1:50pm to 3:00pm; or by appointment in person or Zoom
ACCT 410’s FINAL WILL BE HELD ON Wednesday, May 8, 2024, 2-4pm
NO EXAMS WILL BE GIVEN PRIOR TO THIS DATE; NO EXCEPTIONS
IMPORTANT DATES
First day of classes: Monday, January 8, 2024
Last day to add: Tuesday, January 30, 2024
Last day to change to Pass/No Pass: Tuesday, January 30, 2024
Last day to drop without a mark of "W" and receive a refund: Tuesday, January 30, 2024
Last day to withdraw without a “W” on transcript or change pass/no pass to letter grade: Tuesday, February 27, 2024
Last day to drop with a mark of "W": Friday, April 5, 2024
Last day of classes: Friday, April 26, 2024
End of session: Wednesday, May 8, 2024
COURSE DESCRIPTION
This course provides an introduction to both financial and management accounting. Accounting, in general, is a system that provides quantitative information for decision making. Financial accounting systems summarize the events and transactions of businesses for external users, such as banks and investors. Management accounting systems summarize important phenomena for internal users, such as marketing managers. The presentation will consist of moderately technical expositions of concepts and material. The primary focus of the course will be on use, interpretation and analysis of financial information, rather than its preparation.
PREREQUISITES AND/OR RECOMMENDED PREPARATION
The course has no prerequisites and requires no special skills. The quantitative aspects of the course require only elementary math skills, and you are allowed to use a calculator. This course is intended for those with limited or no prior business coursework. The course is not open to students who have credit for other accounting courses, including BUAD 280 and 281 (or a similar course at another 4-year university). This course satisfies the requirement for the business minor (and for other departments’ majors); however, it cannot be used toward a degree in accounting or business. Students who successfully complete the course are eligible to apply to the Leventhal School of Accounting’s Masters programs.
LEARNING OBJECTIVES
The overall goal of this course, as mentioned above is to introduce you to financial accounting and management accounting. Supporting this goal are several specific learning objectives and desired outcomes:
You will gain factual knowledge of important financial and management accounting terminology, including, for example: asset, liability, equity, balance sheet, income statement, statement of cash flows, net income, current ratio, accounts receivable, inventory, revenue, cost of goods sold, FIFO, LIFO, fixed cost, variable cost, job order costing, and activity-based costing.
-- The desired outcome for this objective is that you be able to define and describe these terms. For example, you might be asked to define the term “asset” and give an example.
You will gain factual knowledge of the placement of various items in financial statements, including, for example, net income, dividends paid, and operating cash flows. That is, you should learn on which financial statements these items appear and where, if applicable, or in which part of the annual report the item appears.
-- The desired outcome for this objective is that you be able to state where items appear in theannual report. For example, you might be asked to state on which financial statement you would find dividends paid.
You will learn fundamental financial and management accounting principles. For example, you should learn the balance sheet equation; the effects of transactions and events on asset, liability, and equity accounts; revenue and expense recognition principles; effects of transactions and events on cash flows; various methods of calculating inventory values and depreciation; the method for calculating breakeven point; methods for calculating product costs; and so forth.
-- The desired outcome for this objective is that you be able to describe these principles. Forexample, you might be asked whether a transaction increases or decreases a particular account’s balance.
You will learn to apply the above factual knowledge to novel situations. That is, you should be able to apply the definitions and descriptions of important terms, and apply your knowledge of placement of items in financial statements.
-- One desired outcome for this objective is that you be able to classify examples of concepts, and locate items in annual reports. For example, you might be asked to determine whether aparticular item is an asset or a liability (or neither), or locate dividends in a given set of financial statements.
-- A second desired outcome for this objective is that you be able to critically read media articles that use financial accounting and management accounting terms. For example, you might be asked to read an earnings release or article about a company’s performance and identify instances of impression management.
You will learn to apply the above accounting principles to novel situations. For example, you should be able to state (and/or calculate) the dollar effects of a particular transaction (like purchase of materials on credit) on particular accounts like inventory and accounts payable). As another example, you should also be able to calculate the total cost of a manufactured product.
--The desired outcome for this objective is that you be able to calculate various accounting figures (e.g., account balances, costs, etc.) using fundamental accounting principles. For example, you might be told that a company borrowed funds from a bank and asked to record the dollar increases or decreases to specific accounts caused by this transaction.
You will begin to learn how to read and critically analyze financial statements using the above factual knowledge and principles. Specifically, using your understanding of important terms, the effects of transactions and events on accounts, and the definition and underpinnings of financial ratios, you should begin to be able to make assessments of firms’ economic “health” and performance based on their financial statements.
-- The desired outcome for this objective is that you exhibit a rudimentary understanding of theuse of financial ratios and other tools for analyzing financial statements. For example, you might be asked which ratios are appropriate for assessing a firm’s solvency and be asked to compare and evaluate two companies based on these ratios.
To achieve the above learning objectives, I will employ a combination of background reading, videos, homework, interactive lecture, working problems during class sections (individually, together as a class, and in groups), at-home quizzes, and exams. Research on
learning indicates that it is very difficult to gain anything more than a superficial understanding of the material without practice and feedback, so this class incorporates a substantial amount of both. Attending class sessions is very important to achieving these
learning objectives. It is extremely important to complete the reading assignment and homework before class.
REQUIRED TEXTBOOKS AND READINGS
The following required text for this course is a custom text drawn from the following:
Survey of Accounting (7th edition, ISBN:978-1-264-44297-3) by Thomas P. Edmonds, McGraw Hill
Managerial Accounting: Creating Value in a Dynamic Business Environment (13th edition, ISBN: 978-1-264-10069-9) by Hilton, Ronald W., Platt, David E., McGraw Hill (2023).
Marshall has negotiated a price of $70 with McGraw Hill that includes both the electronic version of the custom text as well as access to Connect, the McGraw Hill platform that will be used for assignments.
Your McGraw Hill Create™ eBook, ACCT 410, is now available for purchase:
1. Go to your section registration link and enter your email to register.
Section registration link:https://connect.mheducation.com/class/r-buce-spring-2024
2. Having trouble registering? Get help:
https://bit.ly/StudentRegistration
For detailed instruction handouts for your students use the links below.
- Purchasing a book with an access code - PDF- Purchasing a book using a credit card - PDF
For students desiring access to a hard copy of the textbooks, they may be found in the library on the first floor of ACC.
Note that access to McGraw Hill Connect will be required as part of this course and will be where the Edmonds pre-class videos and quizzes and the Hilton/Platt homework will be completed. Such access is included in the purchase price of the textbook. Note that McGraw Hill provides 14 days of courtesy access to Connect.
There may also be readings from the business press or other sources, which I will post on Blackboard should I find them relevant and topical.
This course will utilize Blackboard to post course materials such as PowerPoint slides, Reading Assignments, Homework Assignments administered by McGraw Hill Connect, Team Project Instructions and Templates as well as Course Announcements.
Technology requirements are different for each course. Marshall has site licenses for a variety of software that students can access free of charge. You are responsible for ensuring that you have the necessary computer equipment and reliable internet access.
Students are invited to explore what lab or loaner options exist. Contact the Marshall HelpDesk (213-740-3000 or [email protected]) if you need assistance.
You will find it helpful to have a simple calculator in class each day as we often will work on problems during class sessions. Students should also plan to have either a smartphone or laptop available for each class so as to complete the occasional live survey.
COURSE NOTES
I will post slides and handouts to our class Blackboard site prior to class. In my experience, some students prefer to learn during class by taking notes within the electronic slides – thus, you are welcome to download the slides and use them during class on your laptop or tablet. Alternatively, I have observed that some students prefer to take notes “by hand.” You should choose the approach that works best for you.
Please make sure that you are able to access Blackboard after the first class. I will generally communicate with you through Blackboard (which is connected to your USC email account). Please make sure that you have your USC email forwarded to another account if you do not check your USC email account frequently.
TIPS TO BE SUCCESSFUL
1. Treat the lecture videos like a traditional lecture and take notes. You will need to review these notes before exams.
2. When taking post video assessment quizzes, seek to understand why an answer is correct or incorrect. Same for homework problems. Don't just assume that you understand if you get the question correct. After graded homework is submitted you will be able to view feedback for each question. Read and make sure you understand this feedback whether you got the question correct or not. You should focus on understanding and not memorizing. There is a lot of material in this course and it is not possible to memorize and be successful.
3. Practice, practice, practice. You must work problems to learn accounting. Take the in-class and out-of-class post-assignments very seriously. It is highly recommended that you work the post-assignment practice sets multiple times. Like the quizzes, seek to understand why an answer is correct or incorrect.
4. Work on this class daily. Do not wait until the due date to complete assignments. If you wait until the last minute you will be focused on completing the assignment on-time and not on learning and understanding.
5. Watch the lectures and complete assignments in a quiet environment where you are not rushed. You need time to re-watch videos and re-work problems.
6. Always review old material before starting new material. Remember this course is cumulative. Reviewing often will ensure that you are prepared to learn the new material. Come to class and bring questions. The class is an opportunity to get all your questions answered and clear up any confusion. You will also get the opportunity to help other students. Remember the best way to learn is to teach.
GRADING AND ASSIGNMENT DETAIL
Your grade in this class will be determined by your relative performance on exams, quizzes, in-class exercises, and the Team Project and other points as listed below:
|
|
Points |
% of Grade
|
|
Readings Assignments |
0 |
0% |
|
Class Participation and Professionalism |
50 |
5% |
|
Connect Videos, Quizzes, Homework (200 out of 234 Potential Points) |
200 |
20% |
|
Team Project (including peer review/assessment) |
75 |
7.5% |
|
Mid-Term Exam #1 |
225 |
22.5% |
|
Mid-Term Exam #2 |
225 |
22.5% |
|
Final Exam |
225 |
22.5% |
|
Total |
1,000 |
100% |
Final grades represent how you perform in the class relative to other students. Historically, the average grade for this class is about a 3.3 (i.e., a “B+”). Three items are considered when assigning a student’s final grade:
1. Your average weighted score as a percentage of the available points for all assignments (the points you receive divided by the number of points possible).2. The overall average percentage score within the class.3. Your ranking among all students in the class.
After each student’s weighted total points are determined for the semester, letter grades will be assigned according to the Marshall School of Business grading guidelines, which generally allows for grading on a curve. There will likely be a wide range of scores. As such, a curve will work in your favor.
Course final grades will be determined using the following scale:
Table 2 Course Grading Scale
|
Letter grade |
Corresponding numerical point range |
|
A |
95-100 |
|
A- |
90-94 |
|
B+ |
87-89 |
|
B |
83-86 |
|
B- |
80-82 |
|
C + |
77-79 |
|
C |
73-76 |
|
C- |
70-72 |
|
D+ |
67-69 |
|
D |
63-66 |
|
D- |
60-62 |
|
F |
59 |
Assignments
Although no points will be awarded for completing Reading Assignments or videos, it is highly recommended that student completed the reading assignments/videos prior to the due dates to establish a foundational understanding of the material that will be taught during
lectures. For classes with pre-class videos, there is generally a quiz/assessment that is due before the start of that class. For classes with reading assignments there is generally assigned homework that is due before the start of the next class.
Please note, as documented in the Course Calendar, not every Learning Objective (LO) in every chapter will be covered. Of course, students are encouraged to read each chapter in full and/or complete all LO videos, however, only those Learning Objectives listed on the
Course Calendar/Schedule below are “Required”.
The Course Calendar lists the Reading/Video Assignments and due dates. In addition, for convenience the reading assignments are posted on Blackboard in Assignments. If you click on the assignment, it will take you to the textbook on McGraw Hill’s platform.
For classes that have Pre-class videos and assessments/quizzes assigned, they will be taken on Connect and are scored for accuracy. Unless I indicate otherwise, each quiz will be due by 8:00am of the day of each class session where it is scheduled (see course calendar later in this syllabus). These videos and quizzes will be posted on Blackboard shortly after the class session that immediately precedes the class session where the quiz is due, if not sooner. I strongly recommend that you begin the quiz well before the due date/time to allow for any technical issues. You can view your submission in the Blackboard gradebook, and it is your responsibility to confirm that your quiz was and belowvalidly received by Blackboard by the due date/time. Please contact me ASAP if you experience any issues.
Class Participation and Professionalism
While no points will be awarded for Class Participation, numerous academic studies have found that there is a direct, positive correlation between active student participation and academic performance. Active, engaged and thoughtful participation will very likely be a
dramatic impact on your performance.
Each student begins the course with 50 Professionalism points. These points are the student’s to keep or lose, based on (1) your thoughtful response to questions discussed in class, (2) “classroom citizenship” including maintaining a professional classroom environment, respectful relationships with teaching assistants, tutors, your fellow classmates and me. Frequently missed classes, late arrivals or early departures, failure to attend Class
Project Team meetings, lack of communication or inappropriate behaviors or communication will be considered with regards to professionalism points. Ideally each student will begin and end the course will all 50 professionalism points.
Classroom Policies
Active class participation is important in achieving the learning objectives for this course. Unless students provide an accommodation letter from USC OSAS or from Marshall detailing visa or travel restrictions, attendance and active participation is expected in the
classroom.
Any student with such accommodations should submit their accommodation document to me as soon as possible.
Connect Homework Assignments
A maximum of 200 points out of a total of 234 potential points may be earned related to Homework. Homework will be administered through the McGraw Hill Connect technology platform. The Course Calendar lists the Due Dates for each Homework Assignments. Assignments are due by 8:00 am on the date listed on the Course Calendar. Homework assignments will be auto-graded via Connect. Students will have two attempts per assignment.
Students will have access to “Check My Work” once per question. Students can use it on either the first or second submission.
After submission of the first attempt students will be made aware of the portions of the assignment that were completed correctly as well as any portions answered incorrectly. (Green indicators for correct solutions or Red for incorrect solutions.) On the second
attempt, students only need to change those portions answered incorrectly on the first attempt.
Note: Connect does offer a second attempt if a student’s first attempt is 100% correct.
The highest score across both attempts will be posted to Blackboard. However, it is important to note that Homework points WILL NOT be posted to Blackboard until a link is established between Blackboard and the McGraw Hill Connect platform. To establish the linkage, at least once during semester each student must click on a Homework Assignments listed on Blackboard in “Assignments.”
While it is highly recommended that students complete ALL assigned Homework prior to the due date, the 34-point difference between the total potential points and the maximum that may be earned provides each student with the flexibility of missing the due date on at least one assignment without incurring a penalty. Accordingly, Homework not completed by the Due Date and Time will earn 0 points. No Homework Extension will be granted regardless of the circumstance. PLEASE do not ask for a Homework Extension, NO HOMEWORK EXTENSIONS WILL BE GRANTED.
Team Project
The team project is designed to help you apply many of the concepts that you have learned in class. You will receive more instructions on the Team Project requirements during class and via Blackboard ahead of time. However below are a few important things to know.
Team Presentation
Each team will make an in-class presentation summarizing the findings and conclusions. Every member of the team must be present. Every team member should make a contribution to the project, even if not speaking.
Peer Evaluation/Assessments
It is critically important that ALL members of the Team contribute equally in all aspects of the Team Project. At completion each student will complete a Peer Evaluation/Assessment. The Peer Evaluation/Assessment provides a mechanism for Team Members to provide feedback to the Professor and their Teammates regarding their contributions to the effort. In my evaluation of you and the team I will thoughtfully ,consider the information provided through the Peer Evaluation. My evaluation you and your team performance will be based on (1) timely completion of all deliverables, (2) following directions, (3) originality, thoughtfulness and quality of reasoning with respect to your conclusions, (4) persuasiveness of your presentation and (5) your productive contribution to the team. It is important to note that any student failing to submit the Peer Evaluation/Assessment by the posted deadline will result in the loss of 5 points per day up to 10 points.
Examinations
All three examinations will be administered in person within a classroom environment using paper examinations. Accordingly, students must be physically present to take each examination.
Examination Administration Policy
All examinations will be “Closed Book and No Notes or Formula Cards”.
Midterms
There are two Midterms on the dates listed in the Course Calendar. Each Midterm is worth 22.5% of total available course points.
Midterm Policies
- No Midterms will be given prior the date listed in the Course Calendar
- No Make-up Midterms
- Failure to take a Midterm will result in 0 points being earned for that Midterm.
- In the event that a student is unable to take Midterm #1 or Midterm #2 due to a documented medical emergency, the points associated with the missed Midterm will be reallocated across the remaining Midterm and/or Final. In the unlikely event of this situation, the Professor will provide more specific information regarding the point reallocation methodology that will be utilized.
Final
The Final Exam is worth 22.5% of total available course points. The Final is “partially cumulative” covering the chapters previously tested on Midterms 1 and 2 and the chapters covered after Midterm 2. Please refer to the Course Calendar below for the
specific chapters to be included.
Final will be held on Wednesday May 8, 2-4pm