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ACCOUNTANCY 301 ACCOUNTING amount & DISCLOSURE FALL 2011 COURSE programme Po-Chang subgenus subgenus subgenus Chen University of Illinois at Urbana-Champaign 434 Wohlers ho physical exercise emailprotected edu 217-333-4527 curriculum Content Content hang Overview & Objectives cover Materials Prerequisite L consumeing (T separatelying) ism getting Help tier Procedures sagaciousness indite assignings balance carte du jour Project measuring Project examinationinations Professionalism Potential surplus de nonation Opportunities Potential black market Problems Special Accommodations advance cut Cal deceasear Page no. 1 1 1 2 2 3 4 4 4 5 5 5 5 6 7 alpha Note Changes to the program go away be announced in grad and post to the website. Students ar credi cardinalrthy for checking the web regularly ACCY301 lead platformPo-Chang Chen racetrack Overview & Objectives ACCY301 provides an accounting entry to amount and write uping of organisational performance for s trategic and operational purposes with a focus on a descriptor of financial and non-financial performance measures suit adapted for some(prenominal) internal and external decision-making.The descent entrust help you develop the inform intimacy and a variety of dutyal skills and attitudes by means of inclass interactions, projects, and a series of labs. more specific exclusivelyy, the human personate is designed to fall upon the following objectives 1. To show the role of accounting as an catch outing system that measures business value insane asylum and assists economic decision-making. 2. To develop your understanding of the conceptual foundation of accounting criterion. 3.To develop your acquaintance and skills to prep atomic number 18 and interpret in formation in financial statements by helping you learn how to analyze business activities and fetch accounting choices. For instance, you atomic number 18 expected to be able to understand the con successiven esss of accounting choices for assets much(prenominal) as inventory, PPE, and intangible assets. 4. To demonstrate the role of inherent judgments in accounting measurement and manifestation and lead you to critically think some ethics issues in the accounting profession and accountants accountability in society. 5.To develop your king to role accounting as a business language to communicate effectively. 6. To parent team spirit among you and develop your major power to work intumesce in teams. Course Materials 1. Revsine, Collins, Johnson and Mittelstaedt, fiscal storeying & outline, fifth interpretation (McGraw-Hill/Irwin, 2011) 2. Course packet of versions published by XanEdu (available at TIS Bookstore) 3. FASB publications transferable from the FASB website (http//www. fasb. org/) 4. Other readings in infallible readings folders on the Compass melody website, including FASB pronouncements demand for the cut across 5. baptismal fonts and man-to-man designatio ns in a folder on the Compass escape website 6. Other supplemental materials in designated folders on the Compass personal line of credit website. Prerequisite You essential apply completed ACCY 201 and 202 (or the equivalent), and essential have completed or be simultaneously enrolled in ACCY 302 if you are an account statement major. co- authoriserent enrolment is strongly recommended for non-Accountancy majors. Learning (T all(prenominal)ing) Philosophy Learning is a process of construction.That is, comradeship is a state of understanding in the mind of the individual knower and mustiness be constructed by each individual through iterative processes of experimentation (application) and considerateness on the outcomes of such experimentation. Thus, training is a process involving interaction among students and between students and the instructor. To achieve efficient and effective learning, I depart strive to provide 1. Personal have-to doe with for your education a nd development as a pro, 1 ACCY301 Course political programPo-Chang Chen 2. Fair and h singlest learning environment, 3. nakedness to your ideas and opinions, and 4.Personal commitment to excellence in scholarship. Correspondingly, I expect the following from you as my student 1. 2. 3. 4. 5. 6. Thorough conceptualisation of subsidisations (both reading and written) for each class, Class attendance and active voice class comp either, Active association in and constituent to root projects, Fairness and h atomic number 53sty, nudity to the ideas and opinions of an other(a)(prenominal)s, and Personal commitment to excellence in scholarship. Getting Help If you have any(prenominal)(prenominal) questions regarding the campaign, you basis get help either from me or from my TAs during our office hours or by grant.If you wish to set up an appointment with me, transport send me an email at emailprotected edu suggesting three possible 30-minute time slots we could meet. deli ght avoid Mon sidereal days and bindnesdays from 12pm to 4pm, as these are my pedagogics time slots. I leave defend the time and fancy of the appointment via email. My interlocutor instruction Po-Chang Chen slip 434 Wohlers Hall Phone 217-333-4527 business Hours Monday and adoptnesday 4pm 5pm Teaching Assistants Office hours location BIF 2056 or BIF 2062 Ben Ger Email emailprotected edu Office hours Thursday 2pm-330pm Michelle Erb Email emailprotected du Office hours Tuesday 2pm-330pm Class Procedures The class format embarrasss a comsmorgasbord of lecture, group activities, and class discussions of assignments. The assigned sheaths, problems and activities acquaint practical illustrations and applications of the concepts presented in the readings. Cases, problems and activities are meant to hassle inductive argument the reflective reasoning from observations and particulars to concepts and theory that we can utilize much generally. That is, knowledge that we can use in situations other than the specific situation in which it arises.The inductive risk, however, is that such knowledge is single probable and thus, contains an agent of falsity. Student chemical groups I volition assign students to four- or five-spot- mortal groups. These groups are assigned for the entire terminal and group members should sit together in class. Each assigned group should save the assignments designated as group assignments. The assigned groups likewise should accomplish 2 ACCY301 Course programmePo-Chang Chen the fit scorecard and measurement projects. Class Preparation and Participation I encourage students to prepare for class inwardly their assigned groups.Appropriate class preparation is both an individual and a group responsibility. I may call on either groups or individuals to present assignment solutions and contribute to class discussion of the issues and problems contained in the assignment. The keys to successful problem- and case- groun d learning are preparation, attendance, participation, and attitude. period I encourage preparation at bottom study groups, each student is responsible for daily preparation and participation in class when called on. I assay to shoot the class in a mixture of activities.During class discussion you should discuss, challenge, and criticize ideas. You should bear your thoughts and defend your beliefs utilise reason and logic. Assessment The course rate is determined based on the following components. Assigned points (percentage) Professionalism Assignment write-ups Group write-ups1 (25 points each for best four) several(prenominal) write-ups (20 points each for two) equilibrize poster and criterion project (12% piece of music, 4% demo)2 Three trialinations (15% each midterm trial runination, 20% last(a) exam) Lab participation and assignments4 Total 1 2 00 (10%) one hundred forty (14%) ascorbic acid 40 160 (16%) vitamin D (50%) 100 (10%) 1000 (100%) For group assignme nts, 75% bailiwick and 25% grammar and style. For the report, 75% study and 25% grammar and style. For the presentation, 25% content and 75% presentation skills. 4 Lab participation and assignments crisscross is 100% based on the lab grades from the lab instructor. I eggshell the distribution of major elements of the course (see below) to the marker scale below. Overall course grade likewise employs the equivalent marking scale. 100 to 96. 67% of possible points = A+ 96. 66% to 93. 33% = A 93. 32% to 90. 00% = A 89. 9% to 86. 67% = B+ 86. 66% to 83. 33% = B 83. 32% to 80. 00% = B 79. 99% to 76. 67% = C+ and so forth. 3 ACCY301 Course SyllabusPo-Chang Chen Written Assignments All written assignments should be handed in at the parentage of class on the case ascribable day. Papers deemed late are guinea pig to a score of zero. Group-based assignments there are five group-based written assignments. All group-based written assignments are graded for both content and c ommunication theory. For communication theory rate, you are encouraged to seek help from the discussion sections communication theory graders before submitting your work.Written and oral communications support is available through the surgical incision of Accountancy. Please discover to the following website for the support data http//www. business. illinois. edu/accountancy/programs/communications/. For the lowest grade assessment, one group-based assignment that has the worst combined grade of content and communications testament be dropped. Note that any written assignment that has a grade of zero due to no make iting or late submission is non considered for grade. You should prepare all group-based written assignments in compliance with the following guidelines 1.Unless other than specified, assignment write-ups should be in memo format (see both ACCY Memo Guidelines and Project discovery Communications Handbook on the course website for additional guidance). 2. You should type the assignment using 12-point metres New Roman font, with double spacing and one-inch margins on all sides. 3. Unless otherwise specified, your memo should not exceed five pages of text including any attached or embedded tables, graphs and exhibits. 4. Unless otherwise specified, you should submit two (2) copies of the assignment, one for content grading and the other for communications grading.If in addition, you would like to use the memo and attachments to refer to during the days discussion, bring a third model to class. several(prenominal)-based assignments There are two individual-based cases that withdraw primarily numerical analyses and short answers. The individual-based cases are graded for accounting content only(prenominal). Therefore, you do not fate to prepare them in memo format. You should submit one simulate of each individual assignment. counterpoised board Project In this project, you will contract an extracurricular organization to which on e or more of your group members belong.You will because design a Balanced poster for the organization chosen by your group. More details of this project can be found in the Balanced Scorecard Project Guidelines on the course website at a later point of time. The outputs of your efforts will be (1) a written report and (2) a presentation to the class of your balanced scorecard design. Th e Balanced Scorecard Project Guidelines will also contain additional information somewhat the written report and the class presentation.. bill Project In this project, I will assign a company and a specific reporting period f o r yo u r gr o u p to evaluate.You should download the companys annual report from its website. In addition, groups should use other reports and information disclosed by the company, and/or other entities, in 4 ACCY301 Course SyllabusPo-Chang Chen guideing its inquiry of the company. Groups will look into their assigned company using the investigate and analysis guidan ce in the mensuration Project Guidelines on the course website. The outputs of your question and analysis efforts will be (1) a written measurement project report and (2) a presentation to the class of the approximately important results of your research.The meter Project Guidelines will also contain additional information most the written reports and the class presentations.. Examinations There are two midterm exams and one final exam for this course. The two midterm exams are non-cumulative. The final exam is large (cumulative). Each exam will include multiple choice questions, short assay (one or two paragraph) responses, and problems. All examinations are closed-book and closed-notes. Professionalism As a student preparing to lay the profession of accountancy, you have a responsibility to conduct yourself in a nonrecreational manner.Fulfilling this responsibility helps to prepare you for the obligations you will strike as a professional accountant. The IFAC original p rinciples of professionalism are adopted in this course as a guide to our conduct in the accountancy measurement and disclosure course. Please refer to the Professionalism Contract and Professionalism military rating Report Guidelines for more details. Potential Extra Credit Opportunities You will have opportunities to earn potential extra credit by participating in professional learning or service activities.Please refer to the Professionalism Evaluation Report Guidelines for details about those extra credit opportunities. Potential Course Problems Academic Integrity The Business power at the University of Illinois at Urbana-Champaign expects students who are preparing to enter the business profession to exhibit the same qualities of honesty, faithfulness, responsibility, and respect for others that society demands from business professionals. The elementary responsibility for complying with the standards of academic integrity rests with each individual student and with the stu dent body as a whole.By your enrollment in this course, you pledge on your repay that 1. You will neither give nor get together unauthorized assistance on any academic or link up professional assignment or activity. 2. You agree that all provisions of the UIUC Student enroll related to student conduct and academic integrity bind all students matriculating to the University of Illinois at Urbana-Champaign. 3. You accommodate that you have the obligation to report seeming violations of academic integrity and the Student Code in a non-anonymous manner to the course instructor or the Head of the Department. scatty Classes and Examinations and Failing to Turn In Assignments I expect students to attend classes. Midterm examinations are in scheduled class clock and thus, the only acceptable reasons for missing an exam are sickness and other justify circumstances. You 5 ACCY301 Course SyllabusPo-Chang Chen must provide me with adequate supporting of your reason for missing an exam. There are no make-ups for failing to turn in an assignment by its due date or missing an exam for other than an acceptable reason.In the case of a contrast with the final exam (defined as three university course exams scheduled deep down a twenty-four hour period, or two university course exams scheduled at the same time), I will grade for a make-up exam only when approved by the department. A passage of arms exam approval form can be found on the course Compass website close to the final date. No make-up exams will be condition for divergences that arise from travel plans. You will need to provide documentation to support the conflict the staff in the Department of Accountancy will then verify the conflict and you will be notified of your eligibility.You will not be allowed to take the conflict final exam if your demand is denied by the Department of Accountancy. The instructor will request the dean of the College to drop any student from the course who Misses both midterm exams, for whatever reasons Misses also many classes, particularly in sequence Fails to contribute adequately to group assignments (i. e. , class presentations, case writeups and measurement project research and reports). Group Conflicts and Problems Group members should attempt to break all conflicts and problems among themselves in a by the bye manner.If such resolution is not satisfactory, group members should consult immediately with the course instructor. In any event, groups should not allow problems to outride beyond a one-week period. At the end of the semester, students will evaluate each fellow group members cooperation and contribution to group assignments. Such evaluations will be included as part of the Professionalism element of course grades. Grading Dispute time TAs and I make every effort to grade all of your work accurately, grading errors can occur.If you believe there is an error, you may request a regarding of the assignment or exam. Be aware, however, t hat grading errors can occur in both directions errors can make grades too high as well as too low. Therefore, if you request a re-grading, your entire assignment or exam will be regarded, and all grading errors will be corrected. By requesting a re-grade, you accept the possibility that your grade may go either up or down as a result. To request a re-grade, you must submit a written request to me within one week from the class period in which the assignment or exam was get-go returned to students.The request must be go with by the graded original and must state the area of dispute, your recommendation for compound in grade, and an explanation or exculpation for your recommendation. Special Accommodations If you have a condition, such as a physical or learning disability, which will make it baffling for you to carry out the work as I have outlined it or which will require academic accommodations, please notify your Teaching Assistant or me during the first week of the course a nd we will strive to accommodate. 6 ACCY301 Course SyllabusPo-Chang ChenPreliminary Course schedule Date 1 Topic Readings forrader Each Session COMP Course syllabus Assignment Due Mon 22-Aug Course introduction 2 Framework for Accounting measuring stick and Disclosure Revsine et al. , Ch 1 Economic and institutional Setting for Financial Reporting Objectives & political economy TIS Sunder, Ch 1 Introduction to the Theory of connect 24-Aug of accounting Accounting and Control (skim) FASB SFAC 8 Ch 1 Objectives of Financial Reporting by Businesses (skim pg 1-14 use as reference) (Compass) Mon 29-Aug Accounting measurement FASB SFAC 8 Ch 3 QualitativeCharacteristics of recyclable Accounting TIS Brown, An Accountants step Primer (pp. 1- 8) COMP IMA assertion, time value Chain Analysis for Assessing Competitive utility TIS Porter, What is Strategy? Labor twenty-four hours No Class Case day TIS Kaplan & Norton, Transforming the Balanced Internal performance measurement Scorecard from Performance Measurement to Strategic centering Part I Revsine et al. , Ch 2 accrual Accounting and Income finding Financial statements 1 FASB SFAC 6 Elements of Financial Statements (skim, use as reference) Group Case 1 3 4 hook up with 31-Aug Business system and accounting Mon Wed 5-Sep 7-Sep 5 6 Mon 12-Sep 7 Wed 14-Sep 7 ACCY301 Course SyllabusPo-Chang Chen 8 Mon 19-Sep Financial statements 2 Revsine et al. , Ch 4 Structure of the Balance Sheet and Statement of Cash Flows FASB SFAC 5, cite & Measurement in Financial Statements (skim, use as reference) (on Compass) FASB FAS 157, Fair Value Measurement (para. 1-39) Group Case 2 9 Wed 21-Sep comprehension and measurement Recognition and Measurement Selected Events/Transactions 10 Mon 26-Sep receipts recognition-1 Revsine et al. Ch 2 Accrual Accounting & Income Determination (re-read) FASB Research revenue recognition in FASB Codification Revsine et al. , Ch 3 Additional Topics in Income Determination (pp. 137- 156) Group Case 3 11 Wed 28-Sep 12 Mon 13 Wed 3-Oct 5-Oct Revenue recognition-2 Case day Midterm Exam 1 Accounts due & doubtful accounts Trade notes receivable Case day and usefulness of accounting estimates retail inventories and cost flow assumptions BSC Presentation Day Manufacturing inventories Case day Midterm Exam 2 4 Mon 10-Oct 15 Wed 12-Oct 16 Mon 17-Oct 17 Wed 19-Oct 18 Mon 24-Oct 19 Wed 26-Oct 20 Mon 31-Oct 21 Wed 2-Nov Revsine et al. , Ch 8 Receivables (pp. 411-421) Revsine et al. , Ch 8 Receivables (pp. 421-436) TIS Brown, Time Value of Money TIS Lundholm, Reporting on the Past Revsine et al. , Ch 9 Inventories (pp. 481-507) BSC project presentation and report Revsine et al. , Ch 9 Inventories (pp. 476- 481) TIS Maher et al. , Ch 3 Activity-Based wariness Group Case 5 Group Case 4 8 ACCY301 Course SyllabusPo-Chang Chen 22 Mon 7-Nov amend assets 23 Wed 9-NovIntangible assets Revsine et al. , Ch 10 long-lived Assets & Depreciation (pp. 545-558 pp. 563 -576) Revsine et al. , Ch 1 0 Long-Lived Assets & Depreciation (pp. 558- 563) Individual Case 1 TIS Siegel & Borgia, The Measurement and Recognition of Intangible Assets Revsine et al. , Ch 4 Structure of the Balance Sheet and Statement of Cash Flows (re-read pp. 196-207) Revsine et al. , Ch 17, Statement of Cash Flows Revsine et al. , Ch 5 Essentials of Financial Statement Analysis (pp. 267-271) TIS Bergevin, Ch 11 Advanced Cash Flow Analysis Thanksgiving Break. No Class 4 Mon 14-Nov Statement of cash flows I 25 Wed 16-Nov Statement of cash flows -II Mon 21-Nov Wed 23-Nov 26 Mon 28-Nov Statement of cash flows case and final exam exam review Individual Case 2 27 Wed 30-Nov Measurement Project Presentation 28 Mon 2-Dec Measurement Project Presentation Final Exam Measurement Project Report 29 Wed 7-Dec TBD Readings legend TIS Measurement and Disclosure course packet from XanEdu Revsine et al. Revsine, Collins, Johnson & Mittelstaedt textbook, 5th edition COMP Required readings folder on Compass website FASB Financial Accounting Standards panel website 9