ACCOUNTING 1010-100FINANCIAL ACCOUNTING

CLASS SYLLABUS - FALL 2017(Subject to Change)

Instructor: Rick Serafini, CPA, CMA, MACClass location: OnlineEmail: rick_serafini@ivcc.eduOffice: A 327Office phone: 815-224-0392Office hours: Monday 8:45-9:15, 6:00-6:30

Tuesday 9:30-11:00Wednesday 8:45-9:15Thursday 9:30-11:00Friday 8:45-9:15

Also By Appointment

TABLE OF CONTENTS I. Course DescriptionII. PrerequisiteIII. Expected Learning OutcomesIV. Course MaterialsV. Assessment of Student LearningVI. Grading ScaleVII. Contesting of GradesVIII. Structure of ClassIX. Classroom RulesX. Instructor ExpectationsXI. Assessment GuidelinesXII. Attendance PolicyXIII. Late Submission PolicyXIV. Extra Credit PolicyXV. Plagiarism & CheatingXVI. Special NeedsXVII. Withdrawal Policy & Financial AidXVIII. Communicating with the InstructorXIX. Student EmailXX. On-line RequirementsXX. Assignments & Due DatesXXI. Class Schedule

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I. COURSE DESCRIPTION

An introduction to financial accounting as an information processing system that communicates relevant financial data regarding the business entity to external decision makers. Emphasizes the basic concepts, principles, and techniques used in the generation of accounting data for financial statement preparation, interpretation, and use.

II. PREREQUISITE

Sophomore standing with a 2.0 GPA or completion of ACT 1210 with a grade of “C”.

III. EXPECTED LEARNING OUTCOMES

Upon successful completion of the course, the student will have covered;

● Introducing Financial Accounting● Accounting System and Financial Statements● Adjusting Accounts for Financial Statements● Reporting and Analyzing Merchandising Operations● Reporting and Analyzing Inventories● Reporting and Analyzing Cash and Internal Controls● Reporting and Analyzing Receivables● Reporting and Analyzing Long-Term Assets● Reporting and Analyzing Current Liabilities● Reporting and Analyzing Long-Term Liabilities● Reporting and Analyzing Equity● Reporting and Analyzing Cash Flows● Analyzing and Interpreting Financial Statements

IV. COURSE MATERIALS REQUIRED - Financial Accounting Information for Decisions, Wild, 7th Edition

CONNECT access codeOPTIONAL - Working Papers, to accompany Financial Accounting Information for

Decisions

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V. ASSESSMENT OF STUDENT LEARNING

Point DistributionFinal 1 100 pointsExams 4 650 pointsLearnSmart 11 55 pointsChapter Assignments 11 110 pointsProject 1 52 pointsDiscussion Questions 11 33 points

Total 1,000 points

VI. GRADING SCALE

90% - 100% (900 – 1,000) pts A80% - 89% (800 – 899) pts B65% - 79% (650 – 799) pts C55% - 64% (550 – 649) pts D< 55% < 550 F

The instructor reserves the right to apply a class curve to points awarded. Final grades are based on points, not percentages!

VII. CONTESTING OF GRADES

Any student wishing to contest a grade for any assignment must do so within 48 hours of the posting of the grade on Blackboard – days when the college is closed do not count. All grades after this time are final and not subject to change!

VIII. STRUCTURE OF THE CLASS

As mentioned above, the class will be administered in an on-line format. As such, you will be required to use a greater amount of self-discipline and independent effort than you might otherwise use in a normal face-to-face format. Financial Accounting will be an extension of Fundamentals of Accounting and as such we will be delving deeper into some of the topics you covered in ACT 1210 along with introducing a number of new concepts and practices. It is important to keep up with the material and to make sure that you complete all homework assignments in a timely manner.

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IX. CLASSROOM RULES

Since this is an online class, the classroom rules are essentially to follow the instructions as given to you in this Class Syllabus along with following the rules for Netiqutte as outlined below.

X. INSTRUCTOR EXPECTATIONS

The material found in this course is intended for the student who has prior knowledge of accounting at the introductory level or for those who can demonstrate a quick grasp of the fundamentals covered in the first section of the course. Accounting is a discipline that requires you to master many concepts and to demonstrate this understanding you will be required to work through various problems on the exams. The book is generously populated with various visual aids to help the student understand the process of solving these problems.

Accounting is a discipline that must be mastered through repetition and the working of problems. YOU SHOULD EXPECT TO SPEND 8 – 12 HOURS PER WEEK STUDYING THE TEXTBOOK AND WORKING ON HOMEWORK ASSIGNMENTS. Individual time requirements will vary on the student’s ability.

Financial Accounting will build upon what you have learned in Fundamentals of Accounting by expanding on the complexity of the topics you have already been exposed to. It is of the upmost importance that the student work as many problems as possible to get a thorough understanding of the material.

To be a successful in this class, the student should do the following;

1. Read the chapter quickly to get a “feel” of the material being presented.2. Re-read the chapter a second time much more slowly highlighting specific areas

that the author is introducing.3. Make a note card or other study aid to help commit certain concepts to memory.

Accounting is a transactional discipline that involves the application of various steps in order to correctly apply a concept. The student will be required to develop their own study pattern to help commit these steps to memory.

4. Work the problems as assigned. Do the best you can to complete ALL of the material assigned. It is imperative that the student works, and in some cases, reworks problems over and over to develop the skill sets necessary to successfully apply the concepts in the chapter.

5. Review the solutions to the material assigned. The solutions will be available in CONNECT the day after the due date. Go back over your homework to make sure you understand where you made any errors. Rework those problems that you had difficulty with.

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6. IF YOU STILL ARE HAVING PROBLEMS, MAKE AN APPOINTMENT TO SEE ME SO THAT WE MAY DEVELOP A PLAN TO MOVE FORWARD. THIS MAY INVOLVE USING TUTORING SERVICES AT THE COLLEGE IN ORDER TO HELP YOU BETTER UNDERSTAND THE MATERIAL.

XI. ASSESSMENT GUIDELINES

(1) Chapter Assignments

You will have 13 chapter assignments with only the highest 11 counting. Each chapter can consist of exercises and problems and is worth 10 points. The suggested time allowed for completing the homework for each chapter on average using the publisher’s time requirements range from 3 to 4 hours. For some you may find you need more or less time than the author suggests so please budget you time accordingly. See separate instructions under the file entitled “Assignments and Due Dates” under Course Information in Blackboard for a summary of all of your assignments and the due dates.

The homework must be submitted through CONNECT, paper submissions will not be accepted. Homework solutions will be available in CONNECT after the due date of the assignment. To view the solutions to the homework go to your grade book tab and click on the assignment after the due date; there you will see the correct solutions. This should be done after each assignment so you can see where you had difficulty and what areas you should go back and review. Should you need further clarification on specific homework questions please contact the instructor.

(2) LearnSmart

You will be required to complete a LearnSmart module for each of the 13 chapters with the highest 11 scores counting. You may use whatever materials you need in order to complete the LearnSmart module. Each module is worth 5 points. The due dates for all quizzes can be found under the file mentioned above entitled “Assignments and Due Dates”.

All submissions will be made through the CONNECT program and will be graded automatically. The points assigned by CONNECT will be converted for each assignment to 5 points in Blackboard.

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(3) Exams

There will be four chapter exams totaling 650 points and a comprehensive final worth 50 points. The exams with their relative point value and coverage area are as follows:

Exam #1 Chapters 1, 2, 3, 4 200 pointsExam #2 Chapters 5, 6, 7 150 pointsExam #3 Chapters 8, 9, 10 150 pointsExam #4 Chapters 11, 12, 13 150 pointsFinal Exam Chapters 1 – 13 100 points

Exams will be closed book, no notes or other materials may be used. Exams will be administered through the Assessment Center and taken using paper and pencil. The Assessment Center will provide a calculator which you must use. It will be up to you to make arrangements with the Assessment Center by calling (815) 224-0542.

You will be required to take the exams during the designated weeks in the course outline provided to you. PLEASE NOTE THE DATES OF THE EXAMS AND PLAN YOUR TIME ACCORDINGLY!

Exams can consist of matching of terms, multiple choice theory, multiple choice requiring calculations, and various problems requiring completion of tables, worksheets, journals, ledgers, and so on. A rough estimate of point distributions for each exam is approximately 50% for multiple choice, and the remaining 50% for journal entries, work sheets, and reports. Exams will be subject to the following time limits;

Exam #1 2 ½ HoursExam #2 2 HoursExam #3 2 HoursExam #4 2 Hours Final 2 Hours

Exams will be available for your review after the due date of the exam has passed. Should you wish to review the results with your instructor please contact me and we can set up a time to meet.

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(4)Discussion Questions

You will be given one discussion question for each of the 13 chapters with the highest 11 scores counting. Discussion questions will be posted using Blackboard. You will be required to post a response for each of the chapters. Your responses must be substantive and contain a well-thought answer in order to receive high credit. Short answers with no justification in support of your position will be penalized accordingly. You will each be required to post a response to at least one of your fellow students in order to receive full credit. Full credit however will only be given for superior responses. Grammar and spelling errors will cost you points so be careful!

(5)Project

You will be required to complete a project for this class. You will be required to select a publically held company to use to calculate financial ratios and other company information pertaining to your company. The company must be approved by your instructor for use with the project.

Please see the file, “Project Instructions” found under Course Information for detailed requirements of the project.

You may submit the work either in Excel (the preferred method) or a Word document. You will have to submit the file through Blackboard.

XII. ATTENDANCE POLICY This course will be taught in an on-line format. Your “attendance” will be monitored by your weekly submission of assignments and your timely postings to the discussion board. You are expected to log in at least once every 48 hours and submit your work on an ongoing basis throughout the semester; failure to follow this rule can cause you to be withdrawn from the class at the discretion of the instructor!

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XIII. LATE SUBMISSION POLICY

All assignments are due on the date indicated under the section entitled “Assignments and Due Dates” found in this Class Syllabus. ALL ASSIGNMENTS ARE DUE ON THE DATE IDENTIFIED IN THIS DOCUMENT WITH NO EXCEPTIONS WHATSOEVER. The following are specific guidelines for each of the assessment types:

(1) Chapter Assignments, Quizzes, and Discussion Board Postings;

I realize that there can always be unforeseen circumstances outside of the control of the student which will make it impossible to meet a due date for a given assignment; therefore I will drop the (2) lowest chapter assignments, the (2) lowest discussion board posts, and the (2) lowest quiz scores. This will allow for most any unforeseen circumstances that might arise. No late submissions to the discussion board will be allowed under any circumstances.

(2) Exams;

Exams are due during the week specified under “Assignments and Due Dates” and must be taken in the Assessment Center. Exams can be taken any day during that particular exam week but must be taken during the period Monday - Friday. Reproduced here are the dates for each of the exams;

Exam 1 09-05-17 to 09-08-17 (Tuesday – Friday)Exam 2 10-02-17 to 10-05-17 (Monday – Thursday)Exam 3 10-30-17 to 11-03-17 (Monday – Friday)Exam 4 11-27-17 to 12-01-17 (Monday – Friday)Final 12-04-17 to 12-08-17 (Monday – Friday)

There will be no makeup tests unless the student contacts the instructor before the final dates shown above for each of the exams. If the student does not contact the instructor before this date they will receive a zero (0) for that exam! If the student does contact the instructor with a legitimate reason as determined by the instructor as to why they cannot take the exam during the time allotted, an alternative time will be arranged. This will be done only under extreme circumstances.

THERE WILL BE NO EXCEPTIONS BEYOND THIS POLICY FOR ANY REASON!

(3) Project;

The Excel Project will be due 12/03/17. No late submission will be allowed for this project! Please remember that you can submit this before the due date, so when in doubt it is better to submit it early then wait until the last minute to avoid any possibility of missing this deadline!

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XIV. EXTRA CREDIT POLICY

No extra credit is given in this course; however the instructor reserves the right to add additional assignment(s) as extra credit should it be considered beneficial to the learning process.

XV. PLAGIARISIM AND CHEATING POLICY

Plagiarism involves using another person’s exact words or thoughts without citing the source in your work. Plagiarism is therefore an illegal act that constitutes a type of theft from another individual. Such actions are not tolerated in the business world and will not be tolerated in class. Whenever exact quotes are used, citing the source of the original material is required. Illinois Valley Community College prohibits plagiarism in any form. Students found plagiarizing or cheating in any way will result in an automatic zero for that assignment or in some circumstances, failing the course and/or dismissal from the college.

XVI. SPECIAL NEEDS

This course is designed to support diversity of learners. My hope is to create a safe environment for all students. If you want to discuss your learning experience, please talk to me as early in the term as possible. If you know you have, or suspect you have a disability (learning disability, physical disability, or psychiatric disability such as anxiety, depression, AD/HD, or others) for which you may need accommodations, please contact the Disability Services Office in C-211. Tina Hardy tina_hardy@ivcc.edu, 224-0284) can help determine if you are eligible for support.

XVII. WITHDRAWAL POLICY AND FINANCIAL AID

You may be withdrawn from the class in one of two ways;

Instructor initiated – Based on the attendance requirement outlined above, I reserve the right to withdraw a student from class without prior notification if the student does not show sufficient progress as identified under the Attendance Policy outlined above.

Student initiated - Effective Summer 2011, students will have the ability to initiate a withdrawal from classes. By completing the form in the Records Office or at www.ivcc.edu/withdraw, the student is authorizing IVCC to remove him/her from the course. Entering the student ID number serves as the student’s electronic signature. IVCC has the right to rescind a withdrawal in cases of academic dishonesty or at the instructor’s discretion.

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Students should be aware of the impact of a withdrawal on full-time status for insurance purposes and for financial aid. It is highly recommended that students meet with their instructor or with a counselor before withdrawing from a class to discuss if a withdrawal is the best course of action for that particular student. The last day to withdraw for this class is November 3, 2017. Any student who has not withdrawn from the class after this date will receive a letter grade!

XVIII. COMMUNICATING WITH THE INSTRUCTOR

The instructor’s contact information is listed above. You may contact me by phone, in person or email. Whenever contacting the instructor using email, be sure to place your full name in the subject line along with your class number and section. Contact over the weekend or evening is limited.

XIX. STUDENT EMAIL

Please note: Effective Summer 2011, all students will be responsible for checking their IVCC email. All electronic college correspondence will only be sent to the IVCC email. For information on accessing this account, go to http://www.ivcc.edu/studenthelpdesk.aspx?id=16712.”

XX. ON-LINE REQUIREMENTS

BLACKBOARD

All materials, communication, grades, course documents, and so on will be provided for you through Blackboard. Your instructor will enroll you in your Blackboard class based on the class roster.

Please be sure to check Blackboard each day for announcements from your instructor concerning all important information for this class. Also, please make sure to verify that your student email account is working. Important announcements may also be emailed to you through Blackboard by your instructor. It is the student’s responsibility to insure that their student email is correct and working properly.

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CONNECT

As mentioned earlier, all homework, and quizzes will be completed using the on-line learning platform CONNECT offered through the publisher. It is your responsibility to register and monitor your use of this online system. For any problems with the CONNECT system please contact CONNECT TECHNICAL SUPPORT! Your instructor cannot trouble shoot problems with their system or program! You may contact technical support through their contact link in your course home page or you may contact them by phone at 1-800-331-5094.

TECHNICAL ASSISTANCE - IVCC

The center provides individualized academic assistance to all students utilizing computer technology. The Help Desk Support Staff provides assistance to students in person, on the phone, and via e-mail.

Phone: 815-224-0318Location: D201Email: crc@ivcc.eduWeb Page: http://www.ivcc.edu/crcContact Person: Michelle Story - Michelle_Story@ivcc.edu

If you need assistance with communication tools or software issues, contact our staff. If you are having trouble with your computer, you will need to contact the manufacturer or the store where you bought it. If you are having trouble with your Internet connection, you should contact your Internet Services Provider (ISP).

In case you are having difficulty logging into Blackboard or accessing your student email, IVCC has set up a “Known Technical Issues” Page for your convenience. This page is located at http://www.ivcc.edu/its/students/KnownIssues.html.

Please call 224-0555 as soon as you detect a problem during regular campus hours.

NETIQUETTE

In the virtual classroom, you communicate with your classmates and Instructor primarily in writing through the public course bulletin board, e-mail, and sometimes chat sessions. “Online manners” are generally known as “netiquette”. As a general rule, you should adhere to the same classroom conduct that you would “off-line” in a face-to-face course. Some examples of proper netiquette are:

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● Avoid writing messages in all capital letters. THIS IS GENERALLY UNDERSTOOD AS SHOUTING.

● Be careful what you put in writing. Even if you are writing an e-mail message to one person, assume that anyone could read it.

Though you may send an e-mail to a single person, it is very easy to forward your message to hundreds or thousands of people.

● Students use of grammar and spelling matter in all classrooms whether face-to-face or online.

● Never use profanity in any area of an online course. The transcripts of online course bulletin boards, email, and chat sessions are

savable.● When responding to messages, only use “Reply to All” when you really

intend to reply to all.● Avoid unkindly public criticism of others. Publicly criticizing others in an

inappropriate way is known as “flaming”.● Use sarcasm cautiously, In the absence of nonverbal cues such as facial

expressions and voice inflections, the context for your sarcasm may be lost, and your message may thus be misinterpreted.

In a face-to-face setting, our tone and facial expressions may convey as much of our meaning as the words we use. In a written message, the subtext of your meaning may be confused or misinterpreted. Please do not use Internet slang abbreviations (e.g., “lol”, “brb”, etc.). Not everyone may understand.

Source: How to Succeed in an Online Course: Study Skills and Survival Tips. 6.2.05 http://www.distancelearning.org/howtosucceed.html

VIRTUAL CLASSROOM

To log in the First Time:1. Go to http://blackboard.ivcc.edu2. Follow the instructions.3. Do Not Forget to Change Your Password once you have logged in

successfully!

FINAL SPECIAL NOTE:

As stated earlier, it is the student’s responsibility to initiate in a withdrawal from this class. The final date for withdraw is November 3, 2017. Anyone remaining after that date will receive a letter grade according to the point structure listed above.

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XI. ASSIGNMENTS AND DUE DATESDUE DATE DELIVERY

CHP EXERCISE PROBLEM LS DB OTHER EXAM DAY DATE TIME METHODAUGUST

1 3,5,6,8,11,18,19 7,9 LS 1 1 RESP SUN 08/20/17 11:59

PM CONNECT

2 1,2,4,7,13,14,15,20,22 1,4,5 LS 2 1 RESP GL1 SUN 08/27/17 11:59

PM CONNECT

3 3,4,7,11,12,14,15,17 1,3,8 LS 3 1 RESP GL1 SUN 08/27/17 11:59

PM CONNECT

SEPTEMBER

4 1,3,8,9,10,13,15,16,17 1,2,4 LS 4 1 RESP GL2 SUN 09/03/17 11:59

PM CONNECT

EX 1 - CHP

1,2,3,4FRI 09/08/17 1:00 PM ASSESSMENT

CENTER

5 1,2,5,6,10,12,13,16,17 1,2,6 LS 5 1 RESP SUN 09/17/17 11:59

PM CONNECT

6 5,6,9,12,13,14 2,4 LS 6 1 RESP GL1 SUN 09/24/17 11:59

PM CONNECT

OCTOBER

7 1,3,4,5,8,10,12,13,15 3,5 LS 7 1 RESP GL1 SUN 10/01/17 11:59

PM CONNECT

EX 2 - CHP 5,6,7

THU 10/05/17 7:00 PM ASSESSMENT CENTER

8 1,9,12,13,14,15,16,18,20,22 1,4,7 LS 8 1 RESP SUN 10/15/17 11:59

PM CONNECT

9 1,2,3,5,6,7,9,12,13,17 2,3,6 LS 9 1 RESP SUN 10/22/17 11:59

PM CONNECT

10 1,2,4,7,8,11,13,14,16,19 2,3,6 LS 10 1 RESP SUN 10/29/17 11:59

PM CONNECT

NOVEMBER

EX 3 - CHP

8,9,10FRI 11/03/17 1:00 PM ASSESSMENT

CENTER

11 1,2,3,6,8,9,10,12,14,15,16,18 1,2 LS 11 1

RESP GL2 SUN 11/12/17 11:59 PM CONNECT

12 1,4,6,8,9,10,14,17 1,4,7 LS 12 1 RESP SUN 11/19/17 11:59

PM CONNECT

13 1,2,7,9,11,13,14 1,2,3,4 LS 13 1 RESP SUN 11/26/17 11:59

PM CONNECT

DECEMBER

EX 4 - CHP

11,12,13FRI 12/01/17 1:00 PM ASSESSMENT

CENTER

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PROJECT SUN 12/03/17 11:59 PM BLACKBOARD

FINAL - CHP 1-

13FRI 12/08/17 1:00 PM ASSESSMENT

CENTER

XII. CLASS SCHEDULE

WEEK Day Dates Chapter Exam Other

AUGUST

1 Wednesday-Sunday 08-16-17 / 08-20-17 CH 1

2 Monday - Sunday 08-21-17 / 08-27-17 CH 2 & 3

3 Monday - Sunday 08-28-17 / 09-03-17 CH 4

SEPTEMBER

4 Tuesday - Friday 09-05-17 / 09-08-17 NONE EXAM 1

5 Monday - Sunday 09-11-17 / 09-17-17 CH 5

6 Monday - Sunday 09-18-17 / 09-24-17 CH 6

7 Monday - Sunday 09-25-17 / 10-01-17 CH 7

OCTOBER

8 Monday - Thursday 10-02-17 / 10-05-17 NONE EXAM 2

9 Monday - Sunday 10-09-17 / 10-15-17 CH 8

10 Monday - Sunday 10-16-17 / 10-22-17 CH 9

11 Monday - Sunday 10-23-17 / 10-29-17 CH 10

12 Monday - Friday 10-30-17 / 11-03-17 NONE EXAM 3

NOVEMBER

Friday 11/03/17 FINAL DATE FOR WITHDRAWAL

13 Monday - Sunday 11-06-17 / 11-12-17 CH 11

14 Monday - Sunday 11-13-17 / 11-19-17 CH 12

15 Monday - Sunday 11-20-17 / 11-26-17 CH 13

16 Monday - Friday 11-27-17 / 12-01-17 NONE EXAM 4 PROJECT

DECEMBER

17 Monday - Friday 12-04-17 / 12-08-17 NONE FINAL EXAM

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