UNIVERSITY OF ST. FRANCIS

College of Business

Joliet, IL 60435

ACCT 226 - Intermediate Accounting II - 3 semester hours

Spring, 2007 Tues 6:00-8:45 N216 CRN 29551

Instructor: Tony Zordan, D.B.A., CPA, CMA

Professor of Accounting

Office: N222-D   815-740-3608

Home: 773-238-5558  (before 9 p.m. only)

Email: azordan@stfrancis.edu

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

Office hours: MWF 11:00-12:00; T 5:00-6:00; M 8:00-9:00; and by appointment

Teaching hours: MWF 9:00-10:50 (N217); T 6:00-8:45 (N216)

Approximate on-campus hours: MWF 8:00-5:00; T noon - 9:00 p.m.

 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 inspire in its students a love of knowledge and truth and to instill the Franciscan values of respect, compassion, integrity and service.

 COURSE PREREQUISITES: ACCT 225 - Intermediate Accounting I (minimum grade of C)

 COURSE DESCRIPTION: This course offers a continuation of Intermediate Accounting I, covering such topics as earnings per share, leases, pensions, accounting changes, corporate income taxes, and the statement of cash flows.

 COURSE OBJECTIVES:

            1. To continue (from Intermediate I) the thorough investigation of generally accepted accounting principles, including alternatives, underlying corporate financial statements. Emphasis is placed on the equity side of the balance sheet and on numerous special topics including investments, pensions, leases, taxes, and cash flows.

            2. To help prepare students for professional exams (CPA, CMA and CIA) by presenting typical exam questions in class, in homework assignments, and on exams.

            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, 12^th  ed. Wiley: New York. ISBN 0-471-74955-9

2006 FARS (Financial Accounting Research System) CD-ROM. ISBN: 0-555-03271-X

            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.

            One red pen or pencil.

         
OPTIONAL MATERIALS:

            "The Wall Street Journal"

            Study guide to accompany text

            Self-Study Problems/Solutions Book II to accompany text

 CLASS POLICY / FORMAT: The above objectives will be met through lectures / discussions, problem solving, discussion of current events and examinations. 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. The PPT slides are also on the USF network at O:\Student Common\Business_Admin\ZORDAN\ACCT 226 Int Acc II

            Attendance is strongly recommended and is mandatory on the days tests are given. Excessive absences (>2) will affect your grade. Each absence above this number will reduce your total points by 10. As an alternative, I may, at my discretion, assign additional work. You are responsible for all material discussed, handed out or assigned in class even if you are absent. Attendance will be taken at the beginning of class. Please make every effort to be on time for class. (Two tardies = one absence.) Please don’t wear hats or swimsuits or anything that could be construed to be a swimsuit (i.e., dress modestly) in class.

 EXAMS: There will be four exams. Each exam may consist of true/false, 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. Correct answers must be supported by calculations to receive credit. Take calculators out of their jackets and be sure nothing is written on them. Also, clearly mark your answers. If you answer on the back, clearly note this. No cell phones can be used during exams. (You should use a regular calculator.)

            Cheating will not be tolerated. The guidelines on academic integrity are found in the University Catalog p. 24. 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 taking, giving, or accepting any illicit advantage for any course work inside or outside of 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. I will provide some exercise and problem check figures. 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 one to three points per chapter. When submitting homework, please use these procedures: 1) Start each problem or exercise on a separate page however, 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 and 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 my discretion.

 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 15 should compare alternative titles and formats identified in your text for Stockholders’ Equity to what your company uses. A Chapter 15 paper might also discuss whether and how your company reported any unusual items. Use a technical writing style – short, crisp sentences – and a professional tone.

Use a 2004-2006 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 may use the same report as in Intermediate I or choose a new one. Also, you may change companies in mid semester. I need to approve the company. 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.

            Papers should be 1-2 pages (no longer than 2 but at least one full page), prepared using a word processor with standard font (like Courier or Times New Roman), size 10 or 12, and double-spaced. Use paragraphs. Use left justification. Don’t place two muck reliance on they spell-checker but be shore to fuse it J. Do not use any type of binder. On the first line (all on one line) put your name, company name, report number (1-4), and chapter number. Papers are due the class day following the day on which we finish the chapter.  However, no papers will be accepted after April 24. At least one of your reports must cover chapter 15 and is due January 23.

            Four 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. I strongly suggest that you use the writing center. You MUST ask a classmate to read and sign your paper. If you are asked to review another student’s paper you should 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. 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 announced during the semester.

 QUIZZES:  Quizzes may be given on some chapters either before (in an effort to encourage students to come prepared for class by reading the assigned material) or after the chapter is discussed in class. Each will be worth approximately five points. The lowest grade will be dropped. No make-up quizzes will be given.

 WITHDRAWAL / DROP:  In order to drop this course, see your advisor before January 19, 2007. Be sure to have your PIN. In order to withdraw from this course submit the appropriate form, signed by myself and your advisor, to the Registrar by Friday, March 30, 2007.

GRADING SYSTEM:

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 Office of Disability Services Coordinator, Pat Vivio at 815-740-3864 in the ARC; Library L 214 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 arrive after the start of a semester, the student is encouraged to contact the ADA coordinator as soon as possible.  Each case will be reviewed on an individual basis. Tutoring and other assistance can also be found in the Academic Resource Center.  Stop in or call 815-740-5060 for more information or tutoring times.

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