ACCT 331: Intermediate Accounting I Master Syllabus
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Course Description
Accounting is called the language of business. As such, the objective of the course is to learn to read, understand, and analyze financial statements. This course adopts a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events that generated them. The course focuses on how to record economic events in the accounting records (i.e., accrual accounting) and how to prepare and interpret the primary financial statements that summarize a firm's economic transactions (i.e., the balance sheet and the income statement).
Format
This course will be delivered in a face-to-face format. Lectures will consist of weekly, in-person lectures. There is no online lecture component to this course. Examinations are scheduled to be conducted and submitted in-person. There will be deadlines for homework, and exams/quizzes must be taken during the appointed time. Please pay close attention to these dates and deadlines.
Course Materials
Web Sites
- Canvas (https://info.canvas.gmu.edu/) – course information and support materials will be available through Canvas. Canvas includes important announcements, syllabus, study resources, grades and other relevant information. Class materials will be directly available on Canvas. You are expected to come to class with these materials as they will not be handed out in class. You should visit Canvas daily for the latest information.
- Connect Accounting: please follow the Connect Registration Link posted on Canvas below this syllabus.
Textbook
- Intermediate Accounting, 11th Edition, Spiceland, Nelson & Thomas (McGraw-Hill Irwin).
- Connect subscription, including the ebook version of Intermediate Accounting, 11th Edition by McGraw-Hill. Connect subscription may be purchased on the Connect website or at the GMU bookstore. A loose-leaf textbook in paper form is also available but not required.
- Please note that eBook and Connect access are part of a bundle subscription purchase through McGraw-Hill. Your Connect access will continue when you progress to ACCT 332 – Intermediate Accounting II. You only need to pay for it once to use in both courses.
Other Required Material
- Student handouts on Blackboard – lecture notes are the primary learning element in our course. A visual learning method is used because it is a proven effective and efficient way for students to learn complex financial accounting topics. All students should read through lecture notes and familiarize themselves with the unique terminology and topic structure for each chapter. Then, you will attend class and work through the handout topics and exercises with your professor.
- Simple four-function calculator (scientific or other programmable calculators will not be allowed during exams).
- A computer for in-class, computer-based quizzes and exams.
- Computer and Internet Requirements - see School of Business Computer Policy for complete computer policy at https://business.gmu.edu/undergraduate-laptop-requirements
Recommended
- Supplemental material posted in Connect
Course Objectives
- Students will study the underlying economics of identified business events and transactions and record them in accordance with generally accepted accounting principles.
- Students will create various financial statements, including the balance sheet and income statement.
- Students will show writing effectiveness.
- Students will have increased awareness of IFRS.
- Students will learn to compare alternative accounting treatments and explain accounting choices in a given business environment.
Learning Goals
Primary learning goals
- Students will record, analyze, interpret, and communicate financial and non-financial information for users of such information in accordance with applicable professional authoritative literature.
- Students will understand the environment and role of the accounting profession in the proper functioning of commerce, and in society at large, and the ethical and regulatory responsibilities associated with that environment and role.
- Students possess the following technical competencies: (1) research skills to access, understand, and apply relevant professional authoritative literature; (2) decision modeling skills to identify issues, analyze alternatives, and implement solutions related to financial and non-financial information; and (3) technology and data analysis skills to manage financial and non-financial information. - Students will be effective communicators.
- Students will have an interdisciplinary perspective.
- Students will be knowledgeable about global business and trade.
- Students will be critical thinkers.
Other learning goals
- Students will assess risks inherent in financial and non-financial information and provide appropriate assurance to users of such information and they will be able to develop, validate, and evaluate processes and controls which serve to ensure the integrity of financial and non-financial information.
- Students will be aware of the uses of technology in business.
- Students will recognize the importance of ethical decisions.
- Students will be knowledgeable about the legal environment of business.
- Students will be knowledgeable about team dynamics and the characteristics of effective teams.
- Students will understand the value of diversity and the importance of managing diversity in the context of business.
Grading
- The grade you receive depends solely on your ability to demonstrate your mastery of the course materials.
- Grades will be assigned based on the absolute number of points you earn during the semester. There will be no extra credit assignments or other opportunities to pull up your grade. There is no curving of individual exams.
- Final grades will be available on Blackboard and PatriotWeb.
| Assignment | Points | Percentage |
| Homework Assignments | 70 | 14% |
| Excel-based Assignments | 39 | 7.8% |
| Research Assignment | 46 | 9.2% |
| In-class quizzes | 120 | 24% |
| Exam 1 | 75 | 15% |
| Exam 2 | 75 | 15% |
| Exam 3 | 75 | 15% |
| TOTAL | 500 | 100% |
- Letter grades will be assigned based on total points earned by students completing all course requirements as follows:
| Points Scored | Letter Grade |
| 465 and above | A |
| Between 445 and 464 | A- |
| Between 425 and 444 | B+ |
| Between 405 and 424 | B |
| Between 385 and 404 | B- |
| Between 365 and 384 | C+ |
| Between 350 and 364 | C |
| Between 300 and 349 | D |
| 299 and below | F |
Homework
Homework Assignments (graded)
- These assignments are to be done on Connect and will be automatically graded.
- All homework assignments must be completed on or before the respective due dates indicated on the Connect web page.
- Assignments can be submitted up to two days after the deadline. A student needs to send an email requesting a homework extension. However, there will be a 25 percent deduction from the grade for each day it is late. Assignments submitted more than two days late will receive a score of 0. Any additional exceptions or extensions on assignments are subject to instructor approval pending student submission of the appropriate documentation.
- Each assignment may be submitted 3 times and the higher score will be entered in the grade book. At the end of the semester, one homework with the lowest score will be dropped from the total homework assignments grade.
- It is extremely important to keep up to date, and to be prepared for class. These assignments provide you with concrete applications of the fundamental concepts and principles.
Practice Tests and Supplemental Problems in Connect (not graded)
- These are supplemental assignments and are not used in the calculation of your final grade (also, on Connect Accounting, but your grade will not be entered in the grade book).
Excel-based Analytics Assignments
- These assignments are to be done on Connect Accounting.
- All assignments must be completed on or before the respective due dates indicated on the Connect Accounting web page. -
- Late assignments may be submitted, but a 25 percent grade reduction is continually applied for each day late (until 0 points remain possible at which time the student will receive a score of 0 on that assignment). Any additional exceptions or extensions on assignments are subject to instructor approval pending student submission of the appropriate documentation.
Research Assignment
- In this assignment, you will be required to research an accounting case/topic using both your accounting knowledge and AI skills.
- Additional information related to the assignment will be distributed during the semester.
In-class Quizzes
- In-class, computer-based quizzes consist of multiple-choice problems. Quiz dates are provided as a part of the Course Schedule at the end of this document. As with exams, you are expected to be present for all quizzes. If an emergency arises that will prevent you from taking a scheduled quiz, contact your professor as soon as possible and be prepared to provide acceptable, official documentation supporting your case. An unapproved absence will result in a grade of zero on the quiz. At the end of the semester, one quiz with the lowest score will be dropped from the total Quizzes grade.
Disclaimer
Any changes to assignments or course schedule will be announced in class, on Canvas and/or via e-mail. Inability to access the course webpage or failure to read e-mails cannot be an excuse for late submissions or non-completion of assignments.
| Example of the Course Schedule | ||
|---|---|---|
| Date | Chapter | Topics |
| Aug 26 | 01 | Financial Accounting and Accounting Standards; Conceptual Framework |
| Aug 28 | 02 | Accounting Information System |
| Sep 04 | 02 | Accounting Information System |
| Sep 09 | 02 | Accounting Information System |
| Sep 11 | 03 | Balance Sheet; Quiz 1 (Chapters 1+2) |
| Sep 16 | 04 | Income Statement |
| Sep 18 | 06 | Revenue Recognition |
| Sep 23 | 06 | Revenue Recognition; Quiz 2 (Chapters 3+4) |
| Sep 25 | 06 | Revenue Recognition |
| Sep 30 | 06 | Revenue Recognition; Quiz 3 (Chapter 6) |
| Oct 02 | Exam 1 (Chapters 2,4,6) | |
| Oct 07 | 07 | Cash and Receivables |
| Oct 09 | 07 | Cash and Receivables |
| Oct 16 | 07 | Cash and Receivables |
| Oct 21 | 08 | Valuation of Inventories; Quiz 4 (Chapter 7) |
| Oct 23 | 08 | Valuation of Inventories |
| Oct 28 | 08, 09 | Valuation of Inventories; Additional Inventory Issues |
| Oct 30 | 09 | Additional Inventory Issues |
| Nov 04 | 09 | Additional Inventory Issues; Quiz 5 (Chapter 8+9) |
| Nov 06 | Exam 2 (Chapters 7,8,9) | |
| Nov 11 | 10 | Operational Assets |
| Nov 13 | 10 | Operational Assets |
| Nov 18 | 11 | Depreciation, Depletion and Impairment |
| Nov 20 | 11 | Depreciation, Depletion and Impairment |
| Nov 25 | 12 | Investments; Quiz 6 (Chapters 10+11) |
| Dec 02 | 12 | Investments |
| Dec 04 | Quiz 7 (Chapter 12) | |
| Dec 09 | Final Exam review | |
| Dec 11 | Exam 3 (Chapters 10,11,12) | |
* The professor reserves the right to make any necessary changes to the syllabus with appropriate announcements in class and on Canvas
** - refer to the Exam section of this syllabus for a detailed explanation of exam policies. Additional exam information will be posted on Canvas one week before each exam.
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