Intermediate Accounting A

BUS 330A Syllabus

syllabus

2024-2 Spring

Published

August 9, 2024

Subject to revision

Contact information

Class meetings

Prerequisites

  • BUS 230A
  • Proficiency in spreadsheet software

Course format

  • This is a an asynchronous course.

Course materials

  • ASC (Accounting Standards Codification) (required).
    • Login credentials will be posted on the course site.
  • Textbook (optional)
    • Intermediate Accounting (9th, 10th, 11th, or 12th edition by Spiceland et al.)
      • ISBN 11th ed loose-leaf: 978-264-38744-1
  • Spreadsheet Software
    • Google Sheets (required to use through SSU’s Google Drive)

Learning objectives

  • Environment and conceptual framework
    • Describe the function and primary focus of financial accounting
    • Explain the difference between cash and accrual accounting
    • Discuss the FASB’s conceptual framework
  • Accounting cycle
    • Record transactions using journal entries
    • Post the effects of journal entries to general ledger accounts
    • Prepare an unadjusted trial balance, adjusting journal entries, adjusted trial balance, and closing journal entries
    • Prepare basic financial statements
  • Balance sheet and financial disclosures
    • Describe the purpose of the balance sheet and its usefulness and limitations
    • Distinguish among current and non-current assets and liabilities
    • Explain the purpose of financial statement disclosures, the management discussion and analysis disclosure, and of an audit
    • Calculate liquidity and financing ratios
  • Income statement and statement of cash flows
    • Discuss income from continuing operations and its components
    • Define discontinued operations and its income statement presentations
    • Explain the accounting treatments of changes in estimates and accounting principles and the correction of errors
    • Define earnings per share (EPS) and explain the required disclosures of EPS
    • Explain the difference between net income and comprehensive income
    • Describe the purpose and classifications of the statement of cash flows
  • Income Measurement and Profitability Analysis
    • Discuss the revenue recognition criteria
    • Discuss the implications for revenue recognition of allowing customers the right of return
    • Calculate the common ratios used to assess profitability
  • Cash and receivables
    • Distinguish between the gross and net methods of accounting for cash discounts
    • Account for merchandise returns and anticipated uncollectible accounts receivable
    • Describe the two approaches to estimating bad debts
    • Differentiate between the use of receivables in financing arrangements accounted for as a secured borrowing and those accounted for as a sale
  • Inventories
    • Explain the difference between perpetual and periodic inventory systems
    • Explain which physical quantities of goods should be included in inventory
    • Determine the expenditures that should be included in the cost of inventory
    • Determine the cost of ending inventory and cost of goods sold using the specific identification, FIFO, LIFO, dollar-value LIFO, retail inventory, gross , and average cost methods
    • Describe supplemental LIFO disclosures and the effect of LIFO liquidations on net income
    • Apply the lower of cost or net realizable value rule
  • Property, plant and equipment, and intangibles
    • Identify costs included in the initial cost of property, plant, and equipment, natural resources, and intangible assets
    • Determine the initial cost of individual property, plant, and equipment, and intangible assets acquired as a group for a lump-sum purchase price, in exchange for a deferred payment contract, in exchange for equity securities, or through donation
    • Explain how to account for dispositions
    • Identify the items included in the cost of a self-constructed asset and determine the amount of capitalized interest
    • Calculate depreciation and amortization expenses
    • Account for changes in estimated service lives and residual value of property, plant, and equipment, and intangible assets
    • Discuss when long-lived assets must be tested for impairment
  • Analyze public companies’ annual reports (10-Ks)
  • Relate course topics to current events

Schedule

Week of Topic
Jan 22 0: Introduction
Jan 29 1: Environment and conceptual framework / ASC
Feb 5 2: Accounting cycle
Feb 12 3: Balance sheet and financial disclosures
Feb 19 4: Income statement and statement of cash flows
Feb 26 5: Income measurement and profitability analysis
Mar 4 Review
Mar 11 Exam (Topics 1-5)
Mar 18 Spring Break
Mar 25 6: Cash and receivables
Apr 2 7: Inventories I
Apr 8 8: Inventories II
Apr 15 9: Property, plant and equipment, and intangibles I
Apr 22 10: Property, plant and equipment, and intangibles II
Apr 29 Review
May 6 Exam (Topics 6-10)

Grading

There are 1000 possible points in the course. Your grade will be determined by your total points:

Grade Points
A 950
A- 900
B+ 870
B 830
B- 800
C+ 770
C 730
C- 700
D+ 670
D 600

Quizzes - 320 points

  • There are 10 quizzes. Each quiz is worth 40 points.
  • Your two lowest scores will be dropped (max points = 8 x 40 = 320)
  • Questions will be short-answer, numerical, and multiple-choice.
  • You can attempt each quiz twice, and you will receive the highest grade scored.
  • There will be multiple versions of quizzes. You can work with others on the quizzes, but you must enter and understand the answers yourself. You can ask me for help and whether your second attempt answers are correct before submitting them. When you submit your answers, you are acknowledging that you can explain them.

Assignments (links to your Google Sheet) - 280 points

  • For each topic, 1-10, provide the link to your updated Google spreadsheet that has your work and answers for your quiz.
  • Each submission (assignment) is worth 35 points.
  • Your two lowest scores will be dropped (max points = 8 x 35 = 280)

Exams - 400 points

  • There are 2 exams, each worth 200 points.
  • The exams are open-book, open-note I will proxy them by monitoring your work on your shared Google Sheet.
  • On each exam day, the exam will open at 9 AM and close at 5 PM. After you open the exam, you will have 2 hours to complete it.
  • You will be required to do your work on your SSU Google Spreadsheet on the Google Drive shared with me.

In general late submissions will not be accepted. If you need an extension because of hardships related to COVID-19 and other illnesses, mental health challenges, and family concerns, please let me know as soon as possible and provide documentation if possible. The most important thing you can do is communicate with me so I can work with you to determine your options for success.

University Policies

You should be aware of important University policies, such as the add/drop policy; cheating and plagiarism policy, grade appeal procedures; accommodations for students with disabilities and the diversity vision statement.

Dropping and Adding

Students are responsible for understanding the policies and procedures about add/drops, academic renewal, etc. How to Register has step-by-step instructions,important deadlines and penalties for adding and dropping classes.

Campus Policy on Disability Access for Students

If you are a student with a disability and think you may need academic accommodations, please contact Disability Services for Students (DSS), located in Salazar Hall, Room 1049, Voice: (707) 664-2677, TTY/TDD: (707) 664-2958, as early as possible in order to avoid a delay in receiving accommodation services. Use of DSS services, including testing accommodations, requires prior authorization by DSS in compliance with university policies and procedures. See SSU’s policy on Disability Access for Students.

Academic Integrity

Students should be familiar with the University’s Cheating and Plagiarism Policy. Your own commitment to learning, as evidenced by your enrollment at Sonoma State University and the University’s policy, requires you to be honest in all your academic coursework. Instances of academic dishonesty will not be tolerated. Cheating on exams or plagiarism (presenting the work of another as your own or the use of another person’s ideas without giving proper credit) will result in a failing grade and sanctions by the University. For this class, all assignments are to be completed by the individual student unless otherwise specified.

Recording

Students may not record (audio or video) in this class except in accordance with ADA accommodations. Any recordings made in connection with a disability accommodation are for the student’s personal academic use only and may not be distributed in any manner to any other individual.

University services

Counseling and Psychological Services (CAPS)

CAPS is a unit of the Division of Student Affairs of Sonoma State University. CAPS offers confidential counseling to students experiencing personal problems that interfere with their academic progress, career, or well-being. The CAPS website provides information only. If you would like to talk with someone or make an appointment, please call (707) 664-2153 between 8 a.m. – 5:00 p.m., Monday-Friday during the academic year.

Basic Needs

We learn as whole people. To learn effectively, you must have basic security: a roof over your head, a safe place to sleep, and enough food to eat. If you are having trouble with any of those things, please visit Student Affairs’ Basic Needs webpage for resources to support your well-being inside and outside the classroom.

Religious Observances

The observance of religious holidays (activities observed by a religious group of which a student is a member) and cultural practices are an important reflection of diversity. As your instructor, I am committed to providing equivalent educational opportunities to students of all belief systems. At the beginning of the semester, you should review the course requirements to identify foreseeable conflicts with assignments, exams, or other required attendance. If possible, please contact me (your course coordinator/s) within the first two weeks of the first class meeting to allow time for us to discuss and make fair and reasonable adjustments to the schedule and/or tasks.

Fires and/or power outages

Sonoma County has seen an increase in fire activity and public safety power outages that have had an impact on campus operations intermittently since 2017. In the event that we experience a similar disruption to our course this semester, I will communicate with the class via email within 24 hours of the disruption around potential changes to assignments, due dates, or readings. If the disruption continues for more than one week of our regular class meetings, I will subsequently follow up on a weekly basis. Please sign up to receive university emergency alerts by texting SSUALERTS to 67283.