UNIVERSITY OF ST. FRANCIS
College of Business
Joliet, Illinois

ACCT 225 - Intermediate Accounting I - 3 semester hours
Fall 2007   T-R 9:30-10:45 a.m.  Motherhouse C105   CRN 10004

Instructor:  Tony Zordan, D.B.A., CPA, CMA
Professor of Accounting
Office:  N212-D           815-740-3608
Home:  773-238-5558  (before 9 p.m. only)
E-mail: azordan@stfrancis.edu

Website: http://www.stfrancis.edu/cob/tonyz/Index.html

Office hours: MWF 9:00-9:45; 11:00-12:00; TR 8:30-9:15; and by appointment

Teaching hours: MWF 8:00-8:50 (N219); 10:00-10:50 (C105) TR 9:30-10:45 (C105)
Approximate on-campus hours: MTWRF 8:00-4:00

USF MISSION STATEMENT: As a Catholic university rooted in the liberal arts, we are a welcoming community of learners challenged by Franciscan values and charism, engaged in a continuous pursuit of knowledge, faith, wisdom, and justice, and ever mindful of a tradition that emphasizes reverence for creation, compassion, and peacemaking. We strive for academic excellence in all programs, preparing women and men to contribute to the world through service and leadership.

COLLEGE OF BUSINESS MISSION STATEMENT: The mission of the College of Business is to offer undergraduate and graduate degree programs that are career oriented and focus on academic excellence.  Undergraduate programs are designed for traditional and nontraditional students providing a blend of professional studies and a strong liberal arts curriculum. Graduate programs are designed for working professionals and are practitioner based. All programs in the College of Business are driven by the University’s Catholic Franciscan mission. The College seeks to inspirer in its students a love of knowledge and truth and to instill the Franciscan values of respect, compassion, integrity and service.

COURSE PREREQUISITES: A grade of C or better in Financial Accounting & Managerial Accounting.

COURSE OBJECTIVES:

1. To provide a thorough investigation of generally accepted accounting principles, including alternatives, underlying corporate financial statements. Emphasis is placed on assets, liabilities, and income measurement.
2. To help prepare students for professional exams (CPA and CMA) by presenting typical exam questions in class and in homework assignments.
3. To develop the ability to think analytically and independently.
4. To improve communication skills.
   

REQUIRED MATERIALS:
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007). Intermediate Accounting, 12th  ed. Wiley: New York. ISBN 0-471-74955-9 or, if bundled with FARS CD, 978-0470-05319-5
2006 or 2007 FARS (Financial Accounting Research System) CD-ROM.
One red pen or pencil.
One annual report from a company listed on a major U.S. stock exchange whose financial statements are prepared in accordance with U.S. GAAP.

OPTIONAL MATERIALS:
            "The Wall Street Journal"
            Study Guide to accompany the text
            Self Study Problems / Solutions

CLASS POLICY / FORMAT:  The above objectives will be met through lectures / discussions, problem solving, discussion of current events and examinations and quizzes. I expect that you will have read the assigned material before class at least once. You should attempt to outline the chapter before class, then annotate your notes from the lecture material. The authors’ website to accompany our text includes PowerPoint slides and quizzes for each chapter and other materials. This valuable resource is at www.wiley.com/college/kieso 

Attendance is strongly recommended and is mandatory on the days tests are given. Excessive absences (>4) will affect your grade. Each one-half of a class absence above this number will reduce your total points by 10. As an alternative, the professor, at his discretion, may assign additional work. Attendance will be taken at the beginning of class. You are responsible for all material discussed, handed out or assigned in class even if you are absent. Please make every effort to be on time for class. (Two tardies equal one absence.) Please dress modestly and don’t wear hats in class. Note the required event on October 22 and plan to attend.

EXAMS:  There will be four exams. Each exam will consist of multiple choice, essays and problems. If you must miss an exam due to a hardship you must talk to me before the exam. Failure to do this may result in a zero for that exam. You may use calculators but you must write down formulas and steps in the process of solving the problems. Be sure nothing is written on the calculator and take it out of any jacket. Correct answers must be supported by calculations to receive credit. Also, clearly mark your answers. If you answer on the back, clearly note this.

Cheating will not be tolerated. The guidelines on academic integrity in the University Catalog (p. 24) state that breaches of academic integrity constitute serious offenses. Students have an obligation to exhibit honesty in carrying out their academic assignments. Students may be found to have violated this obligation if they plagiarize or cheat. Plagiarism is presenting the work of others as one's own; cheating is giving, taking, or accepting any illicit advantage for any course work inside or outside the classroom.

HOMEWORK:  In order to gain a thorough understanding of the topics covered in this class it is essential that your homework be completed before class. We will review your completed homework in class. Check figures for the problems and some exercises will be provided. Be sure to use them. You should be prepared to present your solutions in class and defend them. Any corrections or additions should be made in red. The homework for most chapters will be collected after class. It is worth two to four points per chapter. When submitting homework, please use these procedures:  1) Start each problem on a separate page (two exercises may be put on one page);  2) Do not write on the back side of the page;  3) Don't submit paper with frayed edges;  4) Write your name on each page;  5) Use a staple or paper clip.

You must make an honest effort at each problem to receive credit. In order to demonstrate honest effort you are to do the following for each assigned exercise or problem that you are unable to complete:  1) Turn in all scratch work used trying to work the problem; and 2) On a separate sheet of paper, letter the page a through f and provide the following information:
            a. The problem attempted.
            b. The amount of time you spent trying to work the problem.
            c. Identify the requirements you were able/unable to work.
            d. State what you did not understand about the problem and its requirements.
            e. State which pages in the textbook you read in your attempt to solve the problem.
            f. Identify by page number which examples in the text you looked at for assistance.

No late homework will be accepted (i.e., after the end of the class in which it is covered). Normally, your homework cannot "attend" class without you. Cheating or plagiarism will not be tolerated. Again, see the guidelines on academic integrity in the University Catalog.

Additional readings and problems will be assigned at the discretion of the professor.

ANNUAL REPORT PAPERS:  Annual report papers should explain how your company handled the topics discussed in a particular chapter. To do this you will need to carefully read the footnotes. For example, a paper on Chapter 4 should compare alternative titles and formats (single step vs. multiple step) identified in your text for the Income Statement to what your company uses. A Chapter 4 paper should also discuss whether and how your company reported any of the unusual items identified in the chapter. Use a technical writing style – short, crisp sentences – and a professional tone.

You may select any 2005 - 2007 annual report of a company listed on a major U.S. stock exchange, subject to my approval. The company must have significant inventory and follow U.S. GAAP. You can look for companies using EDGAR at www.sec.gov. Ask for the 10-K. Item 8 should be the financial statements. Once you’ve selected a copy, request 2 hard copies of the annual report (one for me) directly from the company. That will save printing costs. When writing your report, do not repeat a lot of financial information. There should be very few dollar signs. Consider your audience to be a potential investor who is reasonably competent in financial matters. He or she has NOT studied Intermediate Accounting so you may need to provide background information.

Use a word processor, Times New Roman size 12 font, and double spacing. On the first line (all on one line) put your name, company name, report number (1-4), and chapter number. Use left justification. Don’t place two muck reliance on they spell-checker but be shore to fuse it. Do not use any type of binder. Papers are due the class day following the day on which we finish the chapter. (For example, an annual report paper for Chapter 5 is due on or before September 25.)  However, no papers will be accepted after December 4. At least one of your reports must cover chapter four or five.

Four one – two page papers are required. Each is worth five points. You cannot receive full credit if there are any typographical or grammatical errors, awkward sentences, or if you fail to follow any of the directions. Use paragraphs. I strongly suggest that you use the writing center. You MUST ask a classmate to read and sign your paper before you turn it in. If you are asked to review someone else's paper, please be critical. You will often be required to review the work of others in your professional careers. Start providing positive criticism now. Reviewers will not be graded but should sign the papers they review. I often use these abbreviations: WC (the writing center can help you clear this up), awk (awkward sentence), NAS (not a sentence), s/b (should be), and ¶ (start a new paragraph).

FARS:   Throughout both Intermediate I and II you will answer research questions using FARS, the Financial Accounting Research System CD-ROM. Assignments will be distributed in class at least one week before they are due. The database you purchase for Intermediate will also be used in ACCT 336 Advanced Accounting.

QUIZZES:  Quizzes may be given on some chapters either before or after the chapter is discussed in class. They will be worth approximately five points each. The lowest grade will be dropped. No make-up quizzes will be given.     

GRADING SYSTEM:
            Four exams                              400 points        A = 90-100.00%
            Homework/quizzes                   30 points         B = 80- 89.99%
            FARS                                      20 points         C = 70- 79.99%
            Four annual report papers          20 points         D = 60- 69.99%
            Total approx.                            470 points        F = Below 60 %
                                                            =======       

WITHDRAWAL / DROP:    The last day to drop this course is August 31, 2007. In order to withdraw from this course submit the appropriate form, signed by myself and your advisor, to the Registrar by Friday, November 2, 2007.

OTHER:  The University strives to be in compliance with Americans with Disabilities Act (ADA) regulations. To this end, a student who requires special support or arrangements due to a disability should contact the Academic Resource Center, Library L214, 815-740-5060 to coordinate accommodations. This contact should occur no later than the first week of classes in order to allow for sufficient time to provide accommodations. Should a need arise after the start of a semester, the student is encouraged to contact the ARC as soon as possible. Each case will be reviewed on an individual basis. Tutoring and other assistance can also be found in the ARC.  Stop in or call 815-740-5060 for more information or tutoring times.

Love is not a feeling, it’s an act of your will.

ACCT 225 - Intermediate Accounting I
Tentative Schedule
Fall 2007 (29 @ 75 + X4)
Homework is DUE on the date indicated. Note: Additional homework may be assigned. The schedule is subject to change.           

Note: Skim all appendices; Read all footnotes; BE=Brief exercise, E=Exercise, P=Problem, CA=Concepts for Analysis, PR=Professional Research (use FARS); PS=Professional simulation; IR=International reporting case. Homework is DUE on the date indicated. Additional homework may be assigned. The schedule is subject to change.