ACTG 317: Accounting Processes and Controls

Fall 2008 Syllabus

 

Professor:         Dr. Jared A. Moore                                     E-mail:        jared.moore@bus.oregonstate.edu

Office:              BEXL 224E                                                Phone:        737-2517

Office Hours:    MTWTh   3:00 – 4:00pm

                        (or by appointment)

Class Times:     TTh   8:00 – 9:50am (CRN 17533)               Classroom:  BEXL 328  (Moss Adams Classroom)

                        TTh 10:00 – 11:50am (CRN 17534)              Credit Hrs:   4

                        TTh  12:00 – 1:50pm (CRN 17535)

 

COURSE OVERVIEW

 

Welcome to ACTG 317, Accounting Processes and Controls. 

ACTG 317 is the first in a three-course sequence that covers the theory and practice of accounting and financial reporting to external parties.  This course focuses on the accounting process from recording transactions to preparing financial reports and is intended to develop an understanding of how accounting theory and the conceptual framework form the foundation for accounting practice.  In addition, this course is intended to assist students in preparation to become a professional, and thus contains components designed to aid in the development of technical, analytical, problem-solving and communications skills.  It is assumed that students come into this course with a working knowledge of the material covered in BA 211 and BA 213, as many of the topics covered in these courses will be examined in much more detail (both theoretically and practically).

 

Class will be conducted in a lecture-discussion format.  Topics will be introduced and examples will be given in class – and students are encouraged to ask questions and participate in class discussion.  There will also be in-class exercises from time to time that will require participation from students.  Students are expected to bring to class the textbook, a calculator, and a printout of the class notes for the chapter(s) to be covered in class.

 

Prerequisites:

1. Junior standing, and

2. Must have completed BA 213 and BA 271 with a grade of “C” or better.

 

Required Resources:

  Text:  1)  Kieso, Weygandt, and Warfield, Intermediate Accounting, Twelfth Edition w/ 2007 FASB Update

     (hereafter Kieso)

                      a.  Two copies are on reserve at the library.

                      b.  Just as a “heads up,” you will be using the same text in ACTG 318 and ACTG 319 (if you

 continue on to those courses).

2)      Your BA 211 textbook or equivalent    (optional but recommended)

                      a.  Two copies of the BA 211 text used last year are on reserve at the library.

 

  Packet:   The manual accounting project (Corvallis Athletic Supply) packet is available at the OSU bookstore.

 

  E-mail:   E-mail may be used at times to communicate course information to students outside of class.  All

                  students need to have a functional Oregon State University (OSU) e-mail account (@onid.orst.edu)

                  and check it AT LEAST DAILY.  Everyone in the class has an OSU e-mail account – and if you do

                  not regularly check your OSU account, it is your responsibility to get your OSU account forwarded to

                  the e-mail account you regularly use.

 

 

 

  Blackboard:   Class notes (Power Point slides), practice problem sets, selected homework answers, and other course materials will be available for download from the course Blackboard site at https://my.oregonstate.edu/webapps/login.  Blackboard will also be the primary outlet for important course announcements – so it should also be checked AT LEAST DAILY.

 

Important Dates:

First Beta Alpha Psi (BAP) Meeting:                              Oct. 1, 6:00pm

BAP Meet the Firms Night:                                           Oct. 8, 6:30pm

Last Day to Drop a Course by Web:                               Oct. 10, 11:55pm

Last Day to Withdraw from a Course:                            Nov. 14, 11:55pm  (must be passing to receive a “W”)

Last Day for Total Withdrawal from University:              Dec. 5, 5:00pm  (must be passing to receive a “W”)

 

 

COURSE POLICIES

 

Academic Dishonesty:

Cheating and plagiarism will not be tolerated in this course.  If a student is caught engaging in such activity, he or she will be dealt with according to University and College of Business guidelines and will be subject to penalties ranging from a failing grade on the assignment, exam, quiz, etc. in question to a failing grade for the course.  All students will be required to sign an Academic Integrity Policy form at the beginning of the course.

 

Grading:

Final grades will be determined based on the following structure:

 

Quizzes

60 points

Group Project  (CAS)

100 points

Midterm Exam

100 points

Final Exam       

125 points

Professionalism

     40 points

Total

 425 points

 

  • Grades are calculated based on the plus/minus system.  Specific information is available on the blackboard site in the “Syllabus” folder.
  • The 425 points listed above are the only points available for the class.  In other words, no extra credit.
  • GRADE CAVEAT:  A student can earn no more than one full letter grade above his or her exam average (midterm and final).

 

Quizzes / Homework:  Questions, Exercises, and Problems are assigned from each chapter to give you practice in applying the concepts learned.  It is essential that you work through these on your own before coming to class so you can participate in any class discussion and so the material presented in class is easier to absorb.  Homework will not be collected, but there are three ways in which failing to complete the homework assigned can adversely affect your grade. 

 

First (and most directly), there will be 6 on-line quizzes worth 12 points each that will consist of questions taken directly from the homework assigned.  The quizzes are 1) “open-book,” 2) do not have a time limit, 3) must be completed by you alone (no working together), and 4) must be completed before 8:00am on the date corresponding to the quiz due date on the class schedule.  You will take the quizzes through the Blackboard site.  Your lowest quiz score will be dropped for determination of your final grade.

 

Second, successfully learning the material in this class depends at some level on having adequate practice and repetition.  Much of this practice is provided by the homework.  As such, failure to take the homework seriously often translates into lower exam scores.

 

Finally, coming to class unprepared to participate in class discussions will adversely affect your Professionalism grade for the class (described in detail below).

 

Group Project:  A group project (Corvallis Athletic Supply) worth 100 points will be required in this course, and portions will be due at the beginning of class on three different dates.  More information on the nature of the work and time frame will be provided in class. There may or may not be some class time available to organize and discuss the assignment; however, substantial out-of-class work will be required to complete the project.  Each student will be evaluated by his/her teammates in terms of participation and professionalism, and these evaluations will be incorporated into his/her project grade.  Late work will be accepted up to the next class session, but with a 25% penalty for each 24 hours or part thereof that it is late.

 

Exams:  Both exams will be administered as common evening exams and must be taken during the time scheduled (missed exams cannot be made up).  Absence from a scheduled exam without prior approval from the professor will result in a grade of zero on the exam.  Approval to be absent from an exam will only be granted in cases of extreme personal emergency.  Written verification of the personal emergency must be provided.  Note that oversleeping, parking trouble, traffic, etc. are NOT considered extreme personal emergency.  The exam schedule for the class is as follows:

           

            Midterm            Monday, October 27, 2008 – time TBD

            Final                 Monday, December 8, 2008 – 7:30am 

 

Graded exams remain the property of the professor, but may be viewed at any time during office hours.

 

Each student must have his/her own calculator as no sharing will be allowed on exams.  Also, students are responsible for battery failure and/or calculator malfunction – and may not use this as a reason for excused absence from an exam or additional time to complete an exam.  Finally, cell phone calculators or other calculators with data storage capabilities are not permited.

 

Professionalism:  Professionalism consists of preparation for class, attendance, punctuality, class participation, cooperation, respect for colleagues, respect for the instructor, etc.  Professionalism will impact your grade in two ways:

 

Instructor evaluation:  The Professionalism points in this class (noted above) will be awarded on the basis of the professionalism elements listed above and will amount to almost 9˝ % of the total course grade. 

 

Group member evaluation:  As previously mentioned, group members will be required to evaluate each other’s professionalism and participation on the CAS project.  This allows the people who are in the best position to assess your professionalism the opportunity to do so.  Unsatisfactory group evaluations will have the power to reduce an individual’s score on the group project.  These evaluations will be due with the final (third) part of the project.

 

Grading Disputes:

Students who believe that an error has been made in the grading of an exam, project, or quiz should submit a written request for re-grading within one week of the originally graded exam, project, or quiz being returned in class.  This request must identify the item in question and describe why the student believes it has been graded erroneously.  Students should understand that submission of this request will result in a complete re-grading of the item in question, which may produce a higher or lower score than originally received.


 

Syllabus Changes: 

Changes to the syllabus are not anticipated and would only occur if absolutely necessary.  However, you are responsible for any changes announced in class, posted on Blackboard, and/or communicated through e-mail.

 

Students with Disabilities
Accommodations are collaborative efforts between students, faculty and Services for Students with Disabilities (SSD). Students with accommodations approved through SSD are responsible for contacting the faculty member in charge of the course prior to or during the first week of the term to discuss accommodations. Students who believe they are eligible for accommodations but who have not yet obtained approval through SSD should contact SSD immediately at 737-4098.

 

 

HOW TO APPROACH THIS CLASS

 

Regular attendance is essential.  There is a fairly straightforward correlation between attendance and performance; students who do not attend class regularly tend to do poorly in the course.

 

Read the text chapters and do the homework sets as they are assigned (i.e., take the class seriously from the start).  Learning accounting is sequential in nature.  Your prospects for understanding a new concept are largely contingent upon your having a solid understanding the previously discussed concepts. 

 

Avoid memorization; rather develop an understanding of concepts.  Do not try to memorize the material so you can recite it back – this will not help you in most cases.  In ACTG 317 most of the assignments (including exams) require you to apply the concepts being covered or to think beyond the material presented.  These types of assignments cannot be done well without substantial consideration and thought.

 

This is a tough and time-consuming course.  Make sure your schedule allows you sufficient time to be successful.

 

 

OBJECTIVES FOR ACTG 317

 

This course is intended to deepen and extend your basic understanding of financial accounting concepts including the conceptual framework, the accounting cycle, journalizing and posting events and transactions via general and special / subsidiary journals and ledgers, adjusting and closing entries, financial statement preparation, the statement of cash flows, and basic financial statement analysis.  The anticipated learning outcomes are to acquire sufficient knowledge and comprehension of these accounting concepts to apply generally accepted accounting principles to prepare financial statements, solve accounting problems, analyze accounting issues, and appraise proposals for changes in generally accepted accounting procedures based on the underlying theory and conceptual framework.

 

 

 

 

*****


 

 

ACTG 317

 

 

 

 

 

Fall 2008

 

 

 

 

 

Syllabus - Class Schedule

 

 

 

 

 

 

 

 

 

 

DAY

TOPIC

 

READING

 

HOMEWORK

 

-Introduction

 

Chapter 1

 

 

TUE  9/30

-Course / Syllabus Overview

 

 

 

 

1

-Financial Acctg / Acctg Standards

 

 

 

 

 

 

 

 

 

 

THU  10/2

-CAS Project Overview

 

Chapter 2

 

Q 1-5, 1-17, 1-28, 2-6, 2-8, 2-20

2

-Financial Acctg / Acctg Standards (cont.)

 

 

 

E 2-1, 2-4

 

-Conceptual Framework

 

 

 

 

 

 

 

 

 

 

TUE  10/7

-Conceptual Framework (cont.)

 

Chapter 3

 

On-Line Quiz 1 "Due"

3

-AIS / Acctg Cycle

 

(Including Appendices)

 

Q 3-1, 3-7, 3-12

 

 

 

 

 

E 3-1, 3-4, 3-11, 3-22

 

 

 

 

 

P 3-8, 3-10

 

 

 

 

 

 

THU  10/9

-AIS / Acctg Cycle (cont.)

 

 

 

 

4

 

 

 

 

 

TUE  10/14

-AIS / Acctg Cycle (cont.)

 

 

 

 

5

 

 

 

 

 

THU  1016

-Income Statement

 

Chapter 4

 

On-Line Quiz 2 "Due"

6

 

 

 

 

Q 4-6

 

 

 

 

 

E 4-5, 4-13, 4-15

 

 

 

 

 

P 4-2, 4-5, 4-6, 4-7

 

 

 

 

 

 

TUE  10/21

-CAS Project Part 1 Due

 

 

 

 

7

-Income Statement (cont.)

 

 

 

 

 

 

 

 

 

 

THU  10/23

-Review for Midterm

 

 

 

On-Line Quiz 3 "Due"

8

-Practice Problems (time permitting)

 

 

 

 

 

 

 

 

 

 

MON  10/27

COMMON MIDTERM

 

 

 

 

9

 

 

 

 

 

TUE  10/28

-I/S - Acctg Chgs & Errors

 

Chapter 22

 

E 22-2, 22-8, 22-11, 22-16, 22-18

10

 

 

(Skip Appendix 22A)

 

P 22-1

 

 

 

 

 

 

 

 

 

 

 

 

THU  10/30

NO CLASS - SELF STUDY

 

 

 

 

 

 

 

 

 

 

 

 


 

 

ACTG 317

 

 

 

 

 

Fall 2008

 

 

 

 

 

Syllabus - Class Schedule

 

 

 

 

 

 

 

 

 

 

DAY

TOPIC

 

READING

 

HOMEWORK

TUE  11/4

-Briefly Go Over Midterm

 

 

 

 

11

-I/S - Acctg Chgs & Errors (cont.)

 

 

 

 

 

 

 

 

 

 

THU  11/6

-I/S - Acctg Chgs & Errors (cont.)

 

Chapter 5

 

On-Line Quiz 4 "Due"

12

-Balance Sheet

 

(Skip Appendices)

 

Q 5-7

 

 

 

 

 

E 5-2, 5-8, 5-13, 5-15

 

 

 

 

 

P 5-2, 5-5, 5-6

 

 

 

 

 

 

TUE  11/11

-CAS Project Part 2 Due

 

 

 

 

13

-Balance Sheet (cont.)

 

 

 

 

 

 

 

 

 

 

THU  11/13

-Balance Sheet (cont.)

 

 

 

On-Line Quiz 5 "Due"

14

-Statement of Cash Flows

 

 

 

 

 

 

 

 

 

 

TUE  11/18

-Statement of Cash Flows (cont.)

 

 

 

 

15

 

 

 

 

 

THU  11/20

-Internal Control

 

 

 

On-Line Quiz 6 "Due"

16

 

 

 

 

 

TUE  11/25

-CAS Project Part 3 Due

 

Chapter 5

 

 

17

-Statement of Cash Flows (cont.)

 

(Appendix 5A Only)

 

 

 

-Financial Statement Analysis

 

 

 

 

 

 

 

 

 

 

THU  11/27

THANKSGIVING - NO CLASS

 

 

 

 

 

 

 

 

 

 

TUE  12/2

-Financial Statement Analysis (cont.)

 

 

 

 

18

 

 

 

 

 

THU  12/4

-Review for Final Exam

 

 

 

 

19

-Practice Problems (time permitting)

 

 

 

 

 

 

 

 

 

 

MON  12/8

FINAL EXAM - 7:30AM

 

 

 

 

20