ACCT 300 Intermediate Accounting I Course GuideCourse DescriptionThis course expands upon the underlying framework and concepts of Financial Accounting in the context of how accounting fits into the overall business environment of contemporary society. This course is the first in a two-course sequence of Intermediate Accounting. It provides a comprehensive review of the accounting process that was initially discussed in Financial Accounting. Students will study the conceptual basis of accounting. Students will also deepen their understanding of the preparation and understanding of classified financial statements and related information and apply analytical tools in making both business and financial decisions. This course will focus on the study of contemporary accounting theory and application of generally accepted accounting principles to various specific topics and financial statement elements. Topics examined include those related to corporate financial position, operating results, cash flows, and financial strength. Students will study more complex accounting systems and will be shown how the various accounting alternatives for recording financial transactions impact on the usefulness of the information provided for decision-making. During coverage of relevant topics reference will be made to recent lapses in ethical reporting and the resulting impact on the financial markets and society. Learning ObjectivesThe primary learning objective of this course is to provide more depth to students that accounting is an information development and communication function that supports economic decision making. To support this basic objective the student should: 1. demonstrate the use of accounting information in preparation of financial statements for full and fair disclosure Course OutlineI. Review of Financial Accounting II. Review recording financial transactions III. In each of the topical areas detailed below the following will occur Detailed coverage of Income Statement (including extraordinary items, changes in accounting principle, and disposal of a segment) Detailed coverage of Classified Balance Sheets Review of Statement of Cash Flows (purpose and methods-focus primarily on indirect method for preparation) Income Measurement & Accrual Accounting (recognition and measurement of revenues and expenses) Review of Time Value of Money Concepts Assets Recommended Teaching MethodologyThis course will be structured in such a way as to facilitate the use of different methods of instruction. Students are expected to take an active role in their learning experience and will be expected to have read the assigned material prior to class and to have prepared any written assignments. Classroom time will consist of one or all of the following: lecture, question and answer, group discussions and class exercises and problems. Work may be done individually or in small groups. The readings will come from the required text. Lectures and discussions will enable the Professor and the students to expand on and clarify the material presented in the readings. There will be writing assignments. Recommended Assessment MeasuresThe primary assessment measures will be examinations. Examination may require students to demonstrate knowledge of preparation (including disclosures) in financial statements. Student’s learning expectation of the Accounting and Business Law Department Goal for Accounting Technical Knowledge regarding valuation and reporting of assets will be assessed in ACCT 300. Required AACSB Assessment of Learning Objectives Program Objectives to be Reinforced In ACCT 300, the School of Business Learning Goals for (1) problem solving, (2) written communication, and (3) moral consideration will be reinforced through various discussion and/or assignments. Use of CalculatorsThe accounting department has adopted a policy of restricting the use of certain programmable calculators on in class and final exams in the accounting courses. Students may bring a simple four-function calculator for exams. All personal electronic devices (including cell phones) must be stored during class. Statement of ExpectationsThis course is a required core course for all accounting and finance majors in the School of Business. Students are expected to take an active role in their learning experience and will be expected to have read the assigned material prior to class and to have prepared any written assignments. Students should attend and actively participate in all classes. Most of the learning will not take place in the classroom. Students should be informed that most learning occurs as they are doing the required work outside of class. This includes their reading, critically thinking, and applying the concepts to the real world problems and exercises. The amount that they learn and the level of skill that they develop will be directly proportional to the amount of effort they put forth in preparing for class. The concept of academic integrity lies at the very heart of any college. This is particularly true of Siena with its strong Franciscan tradition and its dedication to fostering sound moral growth. In such an environment, academic dishonesty cannot be tolerated. Work that students submit for this course must be entirely their own. Although students are encouraged to study together, they are required to produce their own solutions to all work they submit (including, obviously, exams). In any situation in which a student is unsure what constitutes academic dishonesty, it is the student’s responsibility to raise the question with his or her instructor. It is also the student’s responsibility to be familiar with the student guidelines on academic dishonesty, “ Academic Integrity and the Siena Student” Course PrerequisitesThis course requires that students have completed ACCT-200 Financial Accounting and assumes a working knowledge of computers, including WORD and EXCEL. Additionally students must be comfortable with mathematical tools necessary for business. Normally this knowledge would be obtained by completing QBUS 100-Mathematics for Decision Making I. The student must be able to communicate effectively and be able to work in groups. Institutional Mechanism for Providing Feedback for Continuous Quality ImprovementThe Accounting department will annually review assessment results from assessment projects that might be undertaken. Specifically, assessment results of the learning outcome areas will be analyzed to determine the level of success in achieving these learning outcomes. Any deficiencies in achieving learning outcomes will be addressed and appropriate changes designed to improve the success in achieving these learning outcomes will be implemented. There also will be a periodic review of the course curriculum to accommodate changes in accounting practice or classroom experience.
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