Course Outline for Financial Accounting | BUS 2101, Study notes of Financial Accounting

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Eastern Illinois University Lumpkin College of Business and Applied Sciences – School of Business BUS 2101 – Financial Accounting Spring Semester 2010 Instructor: Steve Benner Office Location: Lumpkin Hall 3509 Office Hours: 7:25 – 7:55 MWF; 1:25 – 1:55 MF; 3:00 – 3:45 MW Office Phone: (217) 581- Website: http://www.ux1.eiu.edu/~swbenner/ E-Mail: [email protected] Class Times: BUS2101-001: 8:00 – 8:50 MWF in LMPH 2011 BUS2101-002: 9:00 – 9:50 MWF in LMPH 2011 Catalog Description A study of the principles and processes used to communicate to external parties information about the financial position and the results of operations of business entities. Topics include the accounting principles, processes, and information systems used by service and merchandising firms in the preparation, use, and interpretation of financial statements. Prerequisites Completion of 30 semester hours. Teaching Method Lecture/Discussion/Problem Solving Required Text Financial Accounting: Tools for Business Decision Making , Kimmel, Weygandt, & Kieso, John Wiley & Sons, Inc., 2007, 4th^ Edition. Required Materials  Five Colored Pens/Pencils (blue, purple, black, green, & red) Recommended Materials  Calculator (although any calculator will do for this course, I strongly encourage anyone taking future business classes to consider purchasing a Texas Instruments BAII Plus calculator)  White-Out (just in case you make a mistake!)

Accountancy Program Mission The primary mission of the EIU Accountancy Program is to build a better future for our students, transforming their lives through excellence in relationship-driven instruction of the accounting principles and practices needed for entry into and success in the accounting profession. Our secondary purposes are to advance accounting knowledge through academic inquiry and research, and to perform service activities to benefit the School of Business, the College of Business and Applied Sciences, the University, the accounting profession, and the community. Accountancy Program Vision Tools to succeed…Inspiration to excel. Course Objectives  Content Knowledge (♣):

1. An understanding of the general nature, structure, resources, and operations of business organizations;
2. A basic knowledge of the terms, principles and procedures used in the preparation and presentation of financial statements; and
3. An understanding of the relationships among financial statements, their uses and limitations in business decision-making.  Skills Development (♥):
4. Analytical skills
5. Problem-solving skills
6. Written and oral communication skills
7. Application of computer skills for word processing and spreadsheet analysis  Attitude/Values Development (♦):
8. Ethical conduct
9. Awareness of global/international issues in accounting
10. Professional orientation
11. Appreciation of teamwork

Course Outline Chapter Topic Objectives Time (hours) 1 Introduction to Financial Statements ♣ ♥ ♦ 3 2 Further Look at Financial Statements ♣ ♥ ♦ 3 3 Accounting Information System ♣^ ♥^ ♦^ 4 4 Accrual Accounting ♣ ♥ ♦ 4 5 Merchandising Operations ♣ ♥ 5 6 Inventory ♣ ♥ 3 7 Internal Control & Cash ♣ ♥ ♦ 2 8 Receivables ♣^ ♥^ 2 9 Long-Lived Assets ♣ ♥ 2 10 Liabilities ♣ ♥ 2 11 Stockholders' Equity ♣ ♥ 2 12 Statement of Cash Flows ♣ ♥ 2 13 Financial Analysis - Ratios ♣^ ♥^ ♦^ 2 App C Time Value of Money ♥ 1 App D Investments ♣ ♥ ♦ 1 ------ Exams, Presentations, Projects ♣ ♥ ♦ 7 Students with Disabilities Appropriate academic support is available for students with a documented disability. Please notify your professor and contact the Office of Disability Services (581-6583) for further information. Emergency Preparedness Plan Instructions about what to do in the event of an emergency are posted in all classrooms on Eastern’s campus. Students and faculty are responsible for acquainting themselves as to the specific instructions so that they will be prepared in the event of an emergency. Other Services Career Services http://www.eiu.edu/~careers 581- Counseling Center http://www.eiu.edu/~counsctr 581- Student Success Center http://www.eiu.edu/~success 581- Course Policies, Requirements, Etc.

 Late assignments will not be accepted unless prior arrangements have been made with the instructor and/or proper documentation is given.  Make-up examinations, homework, and quizzes will be granted consistent with university policy when approved by the instructor.  The Final Exam will be comprehensive; all other exams will cover only the material since the previous exam.  Bonus points may be given at any time for such things as successfully completing homework, attending speaker presentations, and/or having good attendance.  Students are responsible for all handouts and/or articles given out during class.  The use of colored pens/pencils will greatly assist you in the process of learning accounting. On various problems and assignments throughout the course we will classify accounts using the following colors: Assets (Blue); Liabilities (Purple); Owners Equity (Black); Revenue (Green); & Expenses (Red).  During the second/third week of the semester, you will need to form teams consisting of 5 to 7 people. Teams will work together on various quizzes & homework, and the group project & presentation.  The Group Project & Presentation will involve the analysis of a corporation using ratio analysis (Chapter 13). More details will be provided later in the semester.  Student Tutoring is a free service to all BUS 2101 Students. The tutors are located across from the Student Center Office (Room LMPH 2131). I strongly recommend anyone wanting additional help to visit the tutors. I will let you know their hours as soon as they are available.  Professional Conduct is expected from all students. This means that cell phones should be silenced and newspapers should not be read during class.  Disruptive Behavior: Any student who continuously talks and/or engages in any other disruptive behavior during a lecture will be counted as being absent twice (2 unexcused absences). More unexcused absences will follow if the talking/disruptive behavior continues. Please note that disruptive behavior may also make you exempt from final curves.  Academic Integrity: All students are expected to comply with University rules and regulations on academic integrity and honesty. These rules and regulations are summarized in the Student Conduct Code (http://www.eiu.edu/~judicial). Disciplinary sanctions may be imposed for violations of these rules and regulations.  Turnitin: To encourage original and authentic written work, students may be required to submit their written assignments in this course for review to Turnitin.com, or other systems designed to detect plagiarized material, and those assignments will become a searchable document with the Turnitin (or other system’s) database.

Course Evaluation 3 Exams @ 150 points 450 points Total Points Grade Homework & Quizzes 200 points 895 and above A Accounting Cycles 150 points 795 to 894 B Group Project & Presentation 100 points 695 to 794 C Final Exam 100 points 595 to 694 D Total Possible 1000 points Below 595 F Note: Attendance will be kept throughout the semester. You are allowed 3 absences with no penalty from your grade. Each absence following will result in a reduction of 10 points from your final grade unless proper documentation is given. Tentative Schedule The following schedule is tentative and may be changed by the instructor at any time. All changes will be announced in class. Students are responsible for any announced changes. Week of: Chapters Topics Covered Other January 11 1 Introduction, Fin. Stmt. 18 2, 3 Fin. Stmt., AIS No Class Jan 18 25 3, 4 AIS, Accrual Acc. February 1 1, 2, 3, 4 AIS, Accrual Acc., Acc. Cycle 8 1, 2, 3, 4 AIS, Accrual Acc., Acc. Cycle No Class Feb 12 15 13 Exam 1 (Feb 17) , Fin. Ratios 22 5 Merch. Ops. March 1 5, 6 Merch. Ops., Inventory 8 7 Internal Control, Exam 2 (Mar 10) 15 ---------- SPRING BREAK No Class Mar 15- 22 8, 9 Receivables, LL Assets 29 9, 10 LL Assets, Liabilities April 5 10, 11 Liabilities, Stk. Equity 12 App D, 12 Investments, Exam 3 (Apr 14) , CF 19 12, App C Stmt of CF, TV of M 26 App C TV of M, Presentations & Project Final Exams May 3: Section 001 (8:00 class) Final Exam at 12:30 - 2: May 3: Section 002 (9:00 class) Final Exam at 2:45 - 4: