ACCT 3311 - University of Central Arkansas

Document Sample
ACCT 3311 - University of Central Arkansas Powered By Docstoc
					                            UNIVERSITY OF CENTRAL ARKANSAS
                              DEPARTMENT OF ACCOUNTING
                         INTERMEDIATE ACCOUNTING I (ACCT 3311)
                                   12:00 – 1:15 MW COB 105            CRN 25355
                                                  Spring 2011

INSTRUCTOR:          P. Michael Moore, CPA, Ph.D.

OFFICE:              College of Business Build. 204C

OFFICE HOURS: MW 9:00 – 12:00
              T Th 1:00 - 3:00

PHONE:               450-5332 (Office)



Intermediate Accounting I is a required course for majors in accounting or finance. It is a prerequisite for
Intermediate Accounting II and Accounting Information Systems.


1)       To examine the economic, political, and ethical environment of financial accounting and to study
         the standard setting processes involved in the promulgation of generally accepted accounting

 2)      To review the accounting cycle;

 3)      To examine the presentation and classification formats of the Balance Sheet, Income Statement,
         Comprehensive Income Statement, and Statement of Retained Earnings;

 5)      To examine the valuation and financial statement presentation of assets, current liabilities, and
         related income statement accounts as promulgated by the FASB Codification.

6)       To examine the differences between FASB Codification standards and International Financial
         Accounting Standards (IFRS, iGAAP).

Intermediate Accounting, 13 Ed., Kieso, Weygandt, Warfield (Wiley)


Four 100 point exams will be given. If it is impossible for you to take a scheduled exam, a comprehensive
make-up will be given on April 29. Fifty points may be earned by completing assigned homework and
Excel spreadsheet problems. Homework will be taken up before class. It must be complete and done
with a good faith effort to be acceptable. I strongly recommend you make a copy of your homework
prior to class so that you will have your homework problem when we review it in class. Homework will not
be accepted after the beginning of class on the due date. If you have to miss class for any reason you
should e-mail your homework prior to the beginning of class.
Grade assignments will be based on the guaranteed minimums shown below:

A = 90% = 405 - 450 points
B = 80% = 360 - 404 points
C = 70% = 315 - 359 points
D = 60% = 270 - 314 points
F = Less than 270 points

Regular attendance is expected and mandatory. As an incentive to attend class, 5 points will be deducted
from your total points for each absence beginning after your fourth absence. If you come to class late be
sure that you check with me after class to verify that I have not counted you absent. Missing class due to a
University function or increment weather will count toward the first four absences, however you will not be
penalized if you miss class due to a University function and have no other absences.

Ethical behavior is a cornerstone of the accounting profession and is expected when preparing homework
or Excel assignments and taking exams. Cheating of any kind is a breach of professional ethics and will
not be tolerated. If you copy someone else’s work, or a solution manual, or knowingly provide
help to another student during an exam or allow someone to copy your homework or Excel
assignment, you will receive a grade of F or W/F for the semester.

In your career you will encounter ethical dilemmas. Sometimes doing the right thing is obvious, but
sometimes issues are complex and not obvious. Some of your homework problems will present ethical
dilemmas which we will discuss in class. These problems are designed to raise your consciousness on
accounting issues with ethical ramifications.

You are expected to act in a professional manner when in class. Laptops and cell phones must not be
open and present in class. You may not use a cell phone to check or send text messages, nor should you
read a book other than our text. If I see you doing one of the above actions, I will ask you to stop. Each
time I observe you doing one of the above actions after your initial warning, ten points will be deducted from
your total points

The UCA Student Handbook contains policies dealing with sexual harassment, academic policies, and
other topics. You are encouraged to familiarize yourself with all policies in the student handbook.

If you find that at some time during the semester, personal problems are keeping you from completing our
course work, you may find it beneficial to visit the counseling center. All students are entitled to free,
confidential, professional counseling. The office is located in Bernard 313. The center phone number is
The University of Central Arkansas adheres to the Americans with Disabilities Act. If you need an
accommodation under this Act due to a disability, contact the Office of Disability Support Services at

Food is not allowed in the classroom. Drinks are allowed, but must be in closed-lip containers.

Wiley (publisher) maintains a student website with several useful resources such as self tests, PowerPoint
PowerPoint slides, study guides, etc. The web address is Click on the
“student companion site”.

If the University is closed for an extended time due to an emergency, I will contact you through your UCA
e-mail account and give you assignments and instructions regarding the completion of the semester.
                                   COURSE OUTLINE:

Jan     17     MLK Holiday
        19     1-2

        24     2
        26     3

        31     3
Feb      2     3

        7      4
        9      4

        14     Exam (Chap 1 – 4)
        16     5

        21     5
        23     6

        28     6
March    2     7

        7      7
        9      Exam (Chap 5 – 7)

        14     8
        16     8

        Spring Break

        28     9
        30     9                                4/1   Last day to drop W

April   4     10
        6     10

        11    Exam (Chap 8 – 10)
        13    11

        18    11
        20    12                                4/22 Last day to drop W/P, W/F

        25    13
        27    13

May     2      finals
        4      Exam (Chap 11 – 13)   11:00

FASB CODIFICATION: view the codification   academic access   registered user
Username   AAA52139
Password   SitL2t2

A maximum of twenty homework points may be earned by completing the Excel spreadsheet assignments
below. Each assignment must be prepared independently. If files are copied, all individuals
involved will receive a semester grade of F.

Points will be deducted for assignments in which Excel is not used efficiently. For example use cell
addresses, formulas, and functions whenever possible.

Using the data in Problem 3-9 prepare a worksheet and financial statements.

Part 1
Prepare an Excel worksheet with the following tables entering you desired variables.

                                             Case 1            Case 2            Case 3
Years to Retirement
Interest Rate (annual)
Annual Investment
Accumulation (FV function)

Years of Retirement
Annual Withdrawal (PMT function)

                                             Case 1            Case 2            Case 3
Years of Retirement
Interest Rate
Desired Retirement Income
Need funds at Retirement

Years to Retirement
Required Annual Investment

ASSIGNMENT NO 2             Part 2
 Assume you are going to take out a four year loan for the purchase of a car . Add the following data entry section to
your spreadsheet and enter the appropriate interest rate and loan period above.

                                             Case 1            Case 2            Case 3

MONTHLY PAYMENT (calculate using PMT function or formula)
 Prepare an amortization schedule for the loan in requirement 2. Use the following headings:

                                                                               LOAN                     CARRYING
PAYMENT #              PAYMENT                INTEREST                    REDUCTION             VALUE

Using the data in Problem 9-10, prepare a schedule to determine the inventory valuation using lower of cost
or market applied a) on an individual item basis, and b) on the entire inventory. Be sure you use formulas
or functions to determine the "market" and the "lower of cost or market".
Hint: you may want to check out the =min and =median functions.


Using the data in Exercise 11 -1, prepare schedules for the Straight-line, Sum-of-the Year’s Digits, and
Double Declining Balance methods for all 12 years. Set up the schedules as shown below. For each
method, calculate depreciation expense using both formulas and functions. Note the two columns below
for depreciation expense. For the double declining balance method, switch to straight line after the ninth

                 Formula                         Function
YEAR BEG OF YEAR DEPR.                        DEPR.             ACCUMULATED                 END OF YEAR
     BOOK VALUE EXPENSE                       EXPENSE           DEPRECIATION                BOOK VALUE

Shared By: