Lucia Montelone                                                                                                                   Fall 2005

Business Division                                                                            Office Phone: 885-2360, ext. 255

                              Office Hours: Monday & Wednesday   2:00 p.m. - 3:00 p.m.

Friday   2:00 p.m. – 4:00 p.m.

                                                                               E-Mail: lmontelone@manor.edu

 

 

AC201 Intermediate Accounting I - 3 Credit Hours                               

Prerequisite: AC102 Accounting II

 

 

Course Description:

Thorough examination of accounting theory, the accounting process, and the problems involved in the proper recording of transactions and the preparation of financial statements.  A review of the accounting cycle; preparation and interpretation of advanced accounting statements using contemporary techniques; current standards underlying financial statements of business entities.  Topics to be studied include, current and non-current liabilities, income determination, inventory valuation and depreciation methods.  Special emphasis will be placed on corporate equity accounting and those unusual events that affect equity.   Prerequisite: AC102 Accounting II

 

Course Philosophy:

This course will continue to teach additional accounting principles and how they should be applied.  It will also emphasize the need to recognize and solve problems in the unpredictable, fast paced business world.  Issues of comparability, relevance, reliability and practicality underlie the choices that must be made in financial reporting.  Critical thinking and judgment are essential.  Ethical and international considerations are also addressed.

 

Course Objectives:

To expand on the previously acquired knowledge with a more technical approach.

To acquire a more sophisticated accounting vocabulary.

To understand the methods of inventory valuation, periodic and perpetual inventory systems and      items effecting inventory.

To understand acquisition of plant assets, methods of depreciation and disposal of assets.

To acquire a knowledge of intangible assets and nature resources.

To expand on knowledge of current liabilities, long-term liabilities and special types of                     liabilities.

To thoroughly understand the formation of Corporations and Stockholders’ Equity.

To present accounting methods necessary for dividends, stock, and those dealings peculiar to           corporate transactions.

To understand the reporting of unusual events.

To understand the objectives of financial reporting, various types of accounting, areas within the     accounting profession and the setting of standards.

To present the FASB’s conceptual framework of accounting.

 

 

 

Student Outcomes and Analysis

I.  Outcome

     To gain a degree of proficiency in accounting vocabulary

     Measure: Chapter Quizzes on accounting vocabulary

    

 

          II.  Outcome

    Student will demonstrate ability to apply corporate accounting knowledge to a realistic                 problem.   

    Measure: Comprehensive Problem

   

 

         III.  Outcome (Information Literacy)

     Student will demonstrate the ability to locate corporations on Internet and prepare a

     detailed quote and compare price - earnings ratios from Internet information

     Measure: Report on Corporations

   

 

Outline of Course Content

   - Orientation

 

   - Liabilities  

 

   - Forms of Business Organization, Formation of a Corporation

 

   - Reporting Unusual Events and Special Equity Transactions

    

   - Comprehensive Problem

 

    - Measuring Cash Flows

 

   - Environment of Accounting

 

   - Comprehensive chapter tests follow each area of study

 

   -  Final exam

 

* The amount of completion of the outline is dependent on the comprehension and abilities of the class.  Development of material is based on knowledge of previously comprehended content.

Approaches to Teaching

Lectures, demonstrated problems, problem transparencies, Chapter Videos, Comprehensive Problems

 

 

 

 

Procedures for Evaluation and Grading

Class participation, quizzes, required assignments                      20%

“Take-Home” Tests, Comprehensive Problems             40%

Chapter Tests and Final Exam                                       40%

 

 

Grade Equivalent:         90 - 100 = A

80 -   89 = B

70 -   79 = C

60 -   69 = D

below 60= F

 

Class Absence

   Unexcused absence above the number of credit hours (3) for the semester will result in a reduction of the course grade.  Absence documented for illness does not apply.

 

Materials Used

     Texts  - Financial Accounting

         11th Edition, Meigs, Williams, Haka and Bettner

         McGraw-Hill Publishing Company, 2003, ISBN #0-07-251668-2

         Working Papers for Group A Problems, ISBN #0-07-252918-0

     

      Intermediate Accounting: Volume I (Tentative)

         5th Edition, Dyckman, Dukes, Davis

         Mc Graw-Hill Publishing Company, 2001, ISBN #0-07-241222-4

         Accounting Work Sheets, 5th Edition, McGraw-Hill, 2001, ISBN #0-07-242245-9

 

Academic Honesty College Policy

Manor College expects that its students will uphold the principles of truth and honesty in the performance of all academic work.  Plagiarism (the unacknowledged use of another person’s words or assistance) and academic cheating (falsifying data, submitting without instructor’s approval work in one course which was done for another, actually doing another student’s work, and/or the use of any unauthorized aid) are prohibited.

 

The Academic Dean will be formally notified of any violations of this policy.  The penalty for the first violation will be a grade of F for the assignment.  Any subsequent violations will result in a grade of F for the course and possible dismissal from the college.

 

NOTE:

 

This overview is subject to change or adjustment at the discretion of the instructor.