Saint Louis University ACCT 311John Cook School of Business Syllabus

1. Course Number and Title:

Accounting 311 – Financial Reporting ICredit Hours – 3Prerequisite – A grade of “C” or better in ACCT 220 (Financial Accounting)

2. Course Description and Objectives:

This course is the first in a three-course sequence which provides an overview of accounting and external financial reporting. Significant emphasis is given to the analysis and communication of accounting information. As the individual topics are discussed, students will be expected to identify and explain the significance of related accounting concepts and conventions. Particular attention is given to a study of the body of generally accepted accounting principles concerned with the recognition and matching of revenues and expenses to determine accounting net income and the related issues of asset measurement.

3. Pedagogy

Class sessions will be conducted in an informal lecture/discussion format, and student questions and participation are encouraged. In some instances groups or individuals may be responsible for presenting problem solutions or other topics to the class. Complete reading and problem assignments will be made during the first meeting of the semester. It is EXTREMELY IMPORTANT for students to have completed the reading and problem assignments PRIOR to their coverage in class! STUDENTS ARE ENCOURAGED TO FORM SMALL STUDY GROUPS!

Regular class attendance is critical to success in this course, and absences should be kept to an ABSOLUTE MINIMUM. Students are responsible for all material and announcements in classes they miss and should contact the instructor or classmates to obtain these items!

Instructor’s Web Page: Course materials and other information will be available on the instructor’s web page at

http://www.slu.edu/departments/accounting/keithleyj

The course syllabus will be available at this site, along with PowerPoint lecture slides (indicated within the detailed topical assignments), a message board and other items. Students should print out the lecture slides and bring them to class! Use your own judgment in printing slides. In most cases handouts of three to six per page would be most appropriate, however in some instances; you may want to print only one or two per page. If you need assistance printing slides from PowerPoint or accessing the web page, go to the CSB Computer Lab located in DS 473. This web page will be the primary method of group communication between the instructor and students, and it should be checked on a regular basis.

4. Assignments:

Specific assignments will be made by the instructor, but will include any or all of the following:

a. Reading assignments from the text(s) or additional sources (appendices are included unless specifically deleted). While key issues will be covered in class, not every portion of the reading assignments can be discussed due to limited class time. Students have an important responsibility to study material on their own! The instructor will be available to discuss any assignment material outside of class.

b. Assignments for class discussion. These will be discussed in class. While students are not required to submit these in written form, THEY SHOULD BE COMPLETED PRIOR TO THE ASSIGNED CLASS AND READY FOR DISCUSSION!

c. Written assignments. These assignments are to be submitted at the beginning of the class period on the date indicated and will become a part of the student’s formal evaluation for the semester. In some situations these assignments will be discussed in class after they have been collected. Students should make copies of these assignments for class discussion purposes. NO LATE WRITTEN ASSIGNMENTS WILL BE ACCEPTED!

THE USE OF SPREADSHEET SOFTWARE IS AN INTEGRAL SKILL WITHIN THE ACCOUNTING PROFESSION. ALL QUANTITATIVE ASPECTS OF WRITTEN ASSIGNMENTS SHOULD BE SUBMITTED USING EXCEL.

d. Student presentations. In some situations, students (either individually or in groups) may be assigned class presentations. Specific guidelines for these presentations will be given by the instructor. Makeup of student teams will attempt to provide a diversity of academic and business experience, gender, and ethnic backgrounds.

5. Tests and Examinations:

The date(s), times, number, style, and topical coverage of examinations will be determined and announced by the instructor. Students should expect examinations to cover MATERIAL FROM ALL TYPES OF ASSIGNMENTS RELATED TO THE TOPICAL COVERAGE!

STUDENTS MAY NOT BE IN POSSESSION OF ANY ELECTRONIC DEVICES, INCLUDING CELL PHONES AND PDA’s DURING AN EXAM!

6. Supplementary materials: None required

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7. Topical outline:

The Environment of Accounting

Conceptual Framework of Accounting

Review of Fundamentals of Financial AccountingThe Accounting Information Processing System

The Income Statement and Statement of Retained EarningsThe Balance Sheet and Statement of Cash Flows

Revenue and Expense Recognition

Cash and Receivables

Inventory Measurement and Valuation Methods

Accounting for Operational AssetsAcquisition, Disposal, and Exchange

Depreciation and ImpairmentIntangible Assets and Natural Resources

Accounting for Investments

8. Textbooks and other materials:

Spiceland, J. David, James F. Sepe, and Lawrence A. Tomassini, Intermediate Accounting: Volumes I and II, Fourth edition, McGraw-Hill Irwin, 2007. Assignment notation = S

Wallace, Wanda A., Mastery of the Financial Accounting Research System (FARS) Through Cases, John Wiley & Sons, (latest edition) – Financial Accounting Research System – CD, John Wiley & Sons, most recent edition (should be shrink-wrapped with the Wallace text).

Discussions concerning current developments in financial reporting will be an important part of this course. Students should have easy access to articles in the financial press. A STUDENT SUBSCRIPTION TO THE WALL STREET JOURNAL IS STRONGLY RECOMMENDED.

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Dr. John P. Keithley ACCT 311Office: DS 106 Assignment SheetPhone: Office: 314-977-3856 Home: 314-569-1916 Spring 2007 Fax: 314-977-1473 Email: keithley@slu.edu

Office Hours: Tuesday & Thursday: 8:30 a.m. – 11:00 a.m. Wednesday: 8:30 a.m. – 11:30 a.m. OR BY APPOINTMENT

Course Calendar

ClassMeeting

ReadingAssignment

DiscussionAssignment

WrittenAssignment

Jan. 16 Orientation & (S) Ch. 1(Slides: Environ) E1-3; E1-7; E1-9

18 (S) Ch. 1 (Slides: Concepts) E1-11; E1-12; E1-13

23 (S) Ch. 1 & 2(Slides: Infosys) P2-1 Handout: Review of

Concepts

25 (S) Ch. 2 BE2-7; BE2-8; E2-8 Handout: Debit/CreditReview (ungraded)

30 (S) Ch. 2 Handout: Shave-Close;P2-3

Feb. 1 (S) Ch. 2 Handout: CloseItUp; Handout: Income taxes P2-11

6 (S) Ch. 2 & 4(Slides: Inc. Stat) E4-3 Handout: Samwise

Service Company8 EXAM No. 1: CHAPTERS 1- 2

13 (S) Ch. 4 (omit pp. 183 -189) P4-2; P4-6; P4-7

15 (S) Ch. 4 Handout: Dig Deep, LLP;E4-7; E4-8 FASB Paper Due

20 (S) Ch. 3 (Slides: Bal. Sheet)

E3-2; E3-3; Handout: Approp. of RE Handout: Cut Loose

22 (S) Ch. 3 & 13 (pp. 625-636) Judgment Case 3-7E13-18; E13-19; P13-9

27 (S) Ch. 5(Slides: Rev. Recog)

P3-8; P5-2 (plus point of sale); P5-3

Handout: Balance sheet

Mar. 1 (S) Ch. 5 E5-7; E5-8 Handout: Installment sales

6 (S) Ch. 5 E5-9 P5-4

8 EXAM: No. 2: CHAPTERS 3 – 5, 13 (pp. assigned)13 SPRING BREAK – NO CLASS

15 SPRING BREAK – NO CLASS 20 (S) Ch. 7

(Slides: Cash & Rec.) E7-26; E7-6; E7-7

22 (S) Ch. 7 P7-1; E7-15; E7-16 Article Reviews Due23 Last day to withdraw from class

Note 1: Reading assignments include all appendices unless specifically omitted!

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ClassMeeting

ReadingAssignment

DiscussionAssignment

WrittenAssignment

Mar. 27 (S) Ch. 8(Slides: Inven – Cost) P8-5; P8-11 Handout: Allowance for

doubtful accounts

29 (S) Ch. 8 & 9(Slides: Inven – Est.) Handout: Butte (B); E9-1

Apr. 3 (S) Ch. 9 E9-4; Handout: Inventory errors Handout: Jumping Joe

5 HOLY THURSDAY – NO CLASS10 (S) Ch. 9 Handout: Ajax Company P9-6

12 (S) Ch. 10(Slides: PP&E – Val & Intang) P10-3

17 EXAM No. 3: CHAPTERS 7- 9 19 (S) Ch. 10

(Slides: Deprec) P10-4; P10-10; E10-26

24 (S) Ch. 11 E11-1; E11-3 E10-13 thru E10-1626 (S) Ch. 11 P11-12; Depletion Handout

May 1 (S) Ch. 12(Slides: Invest. Secur)

E12-6; E12-9; E12-8; P12-4

Review of Annual Report Due

3 (K) Ch. 12 P12-6; P12-10;Handout: Investment & Ethics

FINAL EXAM: PER FINAL EXAM SCHEDULE: ACCT 311-01 – Thursday, May 10, 2007: 12:00 p.m. – 1:50 p.m. ACCT 311-02 – Tuesday, May 8, 2007: 12:00 p.m. – 1:50 p.m.

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GRADES WILL BE BASED ON THEFOLLOWING EVALUATIONS:

Approximate Points

Exams (a) 450

Written assignments 230

Team presentations 100

Class participation 70

Research assignments 150

Total 1,000 Grading notes and policies:

(a) Three (3) exams are scheduled during the semester and will be valued at 100 points each. The final exam will be valued at 150 points. No makeup exams will be given. It is impossible to make an equivalent exam without placing the student at either an advantage or disadvantage. If a student misses an exam with a legitimate excuse, I will substitute the percentage grade on the other exams taken during the semester.

Legitimate reasons: Due to illness Note from doctorDeath in family Note from family memberOther On a case by case basis

I must be informed before the exam (or as soon as practical in emergencies) for it to count as an excused absence. If you cannot reach me directly, leave a message on my answering machine (either on my office or home phone) or send an email message. Notifying me after the exam or quiz will result in a grade of zero for the exam.

(b) Ten (10) written assignments are shown on the assignment schedule. Each isvalued at 20 points (with the exception of the handout covering “Accounting Information Systems” which is 50 points) and are due at the beginning of class on the date indicated.

NO LATE WRITTEN ASSIGNMENTS ARE ACCEPTED. If a student must miss a class, they should make arrangements to submit the written assignments on time! Fax or email submissions are acceptable if received prior to the beginning of class. Students should prepare a copy of these assignments for use during class

discussion.

(c) Each team will present two problem assignments during the semester. Each will be valued at 50 points. These presentations will be evaluated by the class and theinstructor. Specific guidelines are given on following pages.

(d) Participation will be evaluated based on a student’s preparation for the discussion of individual topics, and a demonstration of this preparation throughmeaningful dialogue during class sessions or active participation during in-classexercises. Attendance will also be considered in this evaluation (you cannotparticipate if you are absent).

(e) Research assignments: Guidelines are shown on following pages

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1. “The role of the FASB in Establishing GAAP in the United States” - 45 points2. Article reviews - 25 points3. Evaluation of a company’s annual report - 80 points

Letter grades will be based on the following percentage scale:

Grading Scale Grade Point EquivalentA = 93 and above 4.0

A- = 90 thru 92 3.7B+ = 87 thru 89 3.3B = 83 thru 86 3.0B- = 80 thru 82 2.7C+ = 77 thru 79 2.3C = 70 thru 76 2.0C- = 68 thru 69 1.7D = 60 thru 67 1.0

F = 59 and below 0.0

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SPECIFIC RESEARCH ASSIGNMENTS

“The Role of the FASB in Establishing GAAP in the United States”

This paper should be a review of role played by the Financial Accounting Standards Board (FASB) in the establishment of GAAP in the United States. You should also briefly comment on the relationship between the FASB and the SEC. The discussion should also include mention of the organizations which existed prior to the FASB and the reason for their dissolution.

Major sources of information for this paper will include: the course textbook, the web pages for each of the organizations (links on my web page), and major accounting journals. As part of this assignment you must include citations from a minimum of two sources other than your textbook (the Wall Street Journal is an excellent possibility).

This paper should be a maximum of 7 pages.

“Article Reviews”

Concisely review two articles which deal with accounting concepts of financial reporting covered during the semester; these should be of sufficient length to allow reasonable analysis of the subject matter.

a. One of the articles should be from the Wall Street Journal.

b. Another should be from a different source (i.e., Journal of Accountancy,Accounting Horizons, Management Accounting, Accounting Today, CPAJournal, Business Week, Fortune, Forbes, newspaper, etc.).

Neither of the articles can be ones used in the, “FASB Paper.” If you have any questions about the appropriateness of an article, check with the instructor. The focus of each review should be an identification of the key question being raised in the article.

The review of each article should be a maximum of 3 pages. It is not necessary to include copies of the articles, but a complete citation must be given for each article.

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“Annual Report”

Obtain the most recent copy of an audited annual report of a public corporation (use the internet to view a copy the most recent annual report – usually shown under a specific link or under investor relations, stockholder relations, etc.). The complete annual report (“financial statement package”) may be identified as the 10-K Report (SEC designation). The corporation should be a profit oriented entity, and students are cautioned that the selection of a financial institution (i.e., bank, insurance company, etc.) may make the assignment difficult.

A specific internet link to the annual report (10-K, other company documents) must be submitted with your paper! You do not need to submit printed copies of the report.

Specific assignment: Analyze the effectiveness of the financial reporting of the company including:

1. A summary of the basic nature of the businesses/products of the company and the strategic goals or objectives of the firm. What are the inherent business risks faced by this company? Discuss how the nature of the company and its inherent risks would be important to external users of these financial statements. Also comment on how the nature of the firm and its inherent risks would impact the work of the external auditors (be as specific as possible).

2. Evaluate the results of operations of the company in relation to the strategic goals mentioned above (use specific examples). How effectively do the financial statements reflect the company’s success or failure in achieving their objectives (include comments on both the formal statements as well as additional disclosures).

3. Describe the specific application of two “official pronouncements of accounting standards” (ARB’s, APB Opinions, Statements of Financial Accounting Standards, etc.) within the annual report.

Research ONE of these official pronouncements to determine the specific objectives of the standard and comment on the effectiveness of the company’s reporting methods on the achievement of these objectives. THE OFFICIAL “FINANCIAL ACCOUNTING STANDARDS” WILL BE THE MAJOR SOURCE FOR THIS RESEARCH, BUT OTHER ARTICLES MIGHT BE USED. Appropriate citations for this research should be included in the paper.

4. Comment on any portion of the annual report which you find unusual as compared to the “typical” disclosures we discussed in class. You may view these differences from either a positive or negative perspective.

5. Significant sections of the report referenced in the paper should be specifically referenced in your paper (use specific page numbers, columns, etc. for very important sections of the annual report).

6. The text of this paper should be a maximum of 10 pages.

7. Before beginning to work on the annual report assignment, each student must have their company approved by the instructor. Since an attempt will be made to assign as wide a variety of topics as possible, approvals will be given on a first-come, first-served basis. CONTACT THE INSTRUCTOR TO DISCUSS THESE ASSIGNMENTS AS SOON AS POSSIBLE!

An in-depth narrative discussion of this assignment is available on my web page!

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WRITING GUIDELINES FOR RESEARCH ASSIGNMENTS

1. The assignment must be typed (double-spaced) and should be of a high professional quality. Assume you are submitting it for publication or to the chief executive of your organization. Significant reductions in credit will be made for technical writing errors!

2. References should be included where appropriate. Any recognized reference style is acceptable.

While appropriate research is important in the completion of these assignments, simply repeating the material in references is not sufficient. Your own evaluation of the reference material is the key element which will be evaluated.

Writing Center

I encourage you to take advantage of the Cook Writing Center’s services; getting feedback benefits all writers. The Center helps with writing projects, multimedia projects, and oral presentations. They offer one-on-one consultations that address everything from generating and developing ideas to crafting strong sentences and documentation. The Center is located in Cook Hall Room 127. Call 977-2930 to schedule an appointment. They also accept drop-ins when consultants are available.

Visit http://www.slu.edu/departments/sesc/acadresources/writing/index.html for more information.

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GUIDELINES FOR TEAM PRESENTATIONS

1. The coordination of the team’s presentation will be an important part of the evaluation. Advance planning is a critical part of these presentations – you cannot wait until the night before the presentation is due!!

This planning should allow team members to handle any portion of the assignment in the event of an unexpected absence of a team member!

Presentations should last approximately 15-20 minutes, depending on the length of the assignment.

2. EACH MEMBER OF THE TEAM MUST PARTICIPATE IN A MEANINGFUL WAY! NO “FREE RIDERS” WILL BE ACCEPTED! If “free ridership” occurs, the group should talk to the members first and try to resolve the problem. If that doesn’t solve the problem, the entire group should schedule a meeting with the instructor to work out the problem.

3. Appropriate use of visual aids is required (PowerPoint slides on the projector, chalkboard, transparencies, handouts, etc.). Both visual aids and handout materials will greatly improve most presentations because of the detailed nature of the assignments. Teams should have a backup copy of any slides and handouts on a disk, flash drive, CD, etc. After the presentation, these files should be emailed to the instructor.

4. Presentations should focus on the logic (reasoning) behind the solutions in addition to the specific answers! Each presentation should include a sufficient introduction and summary which links the specific assignment to the overall topics discussed.

All team members should be prepared to answer questions from the class and the instructor regarding any portion of the assignment. In many cases the instructor’s questions will add new assumptions to the problem covered in the presentation!

5. Evaluations from the other class members will be collected and returned to the team members, but only the instructor’s evaluation will become a part of the team’s formal evaluation.

6. All members of the team will receive the same score. It is the responsibility of the team to assure equitable participation of all members! If a team member misses a team presentation with an EXCUSED ABSENCE (refer to policy for excused absences noted above, the instructor will substitute an alternate assignment for that individual, and the grade will be based on the results of the team presentation. An unexcused absence from a team presentation will result in a grade of “0” for the presentation.

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Group Evaluation Form YOUR NAME ________________________________COURSE & SECTION _______________

Date__________ Team__________ Assignment________________

Evaluate the team using the following scale (1/2 points are acceptable):5 = excellent4 = good3 = review skills in certain areas2 = needs significant improvement1 = weak (perhaps unprepared, or need help with presentation skills)

Presentation skills:

Professional appearance _____

Effort/enthusiasm/clarity _____

Visual aids/handouts, etc. _____

Total team involvement _____

Content:

Organization of material _____

Introduction and integration _____

Logical analysis _____

Clarity of explanations _____

Conclusion _____

Strengths of the presentation:

Suggestions for improvement:

Overall evaluation (not a numerical score):

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ACADEMIC INTEGRITY

The following is a statement of minimum standards for student academic integrity at Saint Louis University:

The University is a community of learning, whose effectiveness requires an environment of mutual trust and integrity, such as would be expected at a Jesuit, Catholic institution. As members of this community, students, faculty, and staff members share the responsibility to maintain this environment. Academic dishonesty violates it. Although not all forms of academic dishonesty can be listed here, it can be said in general that soliciting, receiving, or providing any unauthorized assistance in the completion of any work submitted toward academic credit is dishonest. It not only violates the mutual trust necessary between faculty and students but also undermines the validity of the University’s evaluation of students and takes unfair advantage of fellow students. Further, it is the responsibility of any student who observes such dishonest conduct to call it to the attention of a faculty member or administrator.

Examples of academic dishonesty would be copying from another student, copying from a book or class notes during a closed-book exam, submitting materials authored by or editorially revised by another person but presented as the student’s own work, copying a passage or text directly from a published source without appropriately citing or recognizing that source, taking a test or doing an assignment or other academic work for another student, tampering with another student=s work, securing or supplying in advance a copy of an examination without the knowledge or consent of the instructor, and colluding with another student or students to engage in an act of academic dishonesty.

Where there is clear indication of such dishonesty, a faculty member or administrator has the responsibility to apply appropriate sanctions. Investigations of violations will be conducted in accord with standards and procedures of the school or college through which the course or research is offered. Recommendations of sanctions to be imposed will be made to the dean of the school or college in which the student is enrolled. Possible sanctions for a violation of academic integrity include, but are not limited to, disciplinary probation, suspension, and dismissal from the University.

Approved by the Council of Academic Deans and Directors, September 20, 2000.

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Saint Louis University – John Cook School of BusinessTHE LEARNING ENVIRONMENT: SHARED EXPECTATIONS

EXPECTATIONS FOR STUDENTS

Students will treat their classroom obligations as they would treat any serious professional engagement. That includes:

1. PREPARING THOROUGHLY for each session in accordance with the instructor’s requests;

2. ARRIVING PROMPTLY AND REMAINING until the end of each class meeting, except in unusual circumstances;

3. PARTICIPATING FULLY & CONSTRUCTIVELY in all classroom activities and discussions;

4. DISPLAYING APPROPRIATE COURTESY to all involved in the class sessions. Courteous behavior specifically entails communicating in a manner that respects, and is sensitive to, the cultural, racial, sexual and other individual differences in the Cook School of Business community;

5. ADHERING TO DEADLINES AND TIMETABLES established by the instructor;

6. PROVIDING CONSTRUCTIVE FEEDBACK TO FACULTY MEMBERS regarding their performance as an instructor. Students should be as objective in their comments about instructors as they expect instructors to be in their evaluations of students.

EXPECTATIONS FOR FACULTY

1. PREPARING THOROUGHLY for class;

2. PUNCTUALITY in beginning class sessions, and except under unusual circumstances, adherence to the established schedule for classes & exams;

3. PROVIDING SUFFICIENT INFORMATION and materials to enable students to prepare adequately for class;

4. DISPLAYING APPROPRIATE COURTESY to all involved in the class sessions. Courteous behavior specifically entails communicating in a manner that respects, and is sensitive to, the cultural, racial, sexual and other individual differences in the Cook School of Business community;

5. SUPPLYING TIMELY INFORMATION ABOUT STUDENT PERFORMANCE on projects, assignments, and examinations;

6. PROVIDING CONSTRUCTIVE FEEDBACK TO STUDENTS concerning their performance. Faculty should be as objective in their feedback to students as they expect students to be in their evaluation of faculty.

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