INTERMEDIATE ACCOUNTING II

ACCT 3013

STUDENT INFORMATION SHEET AND COURSE OUTLINE

SPRING 2007

COURSE PREREQUISITE: INTERMEDIATE ACCOUNTING I, WITH A GRADE OF C OR BETTER

INSTRUCTOR: W. TERRY DANCER OFFICE: 308 BUSINESS BUILDING

E-MAIL: DANCER@ASTATE.EDU WEB PAGE: www.clt.astate.edu/dancer

OFFICE HOURS: TUESDAY: 12:45-2; 3:15-4:45; AND 6:15-6:45

THURSDAY: 12:45-2; 3:15-4:45; AND 6:15-6:45

OTHER TIMES AVAILABLE BY APPOINTMENT

PHONE: OFFICE: 972-3038 HOME: 935-1579

tc \l3 "PHONE: OFFICE: 972-3038 HOME: 935-1579

COURSE MATERIALS:

INTERMEDIATE ACCOUNTING, WRITTEN BY SPICELAND, SEPE, AND TOMASSINI, FOURTH EDITION, MCGRAW HILL PUBLISHERS.

INSTRUCTOR PREPARED MATERIALS FROM MCGREGOR’S COPY PLACE; 2020 EAST JOHNSON AVENUE.

MISSION STATEMENT

I pursue and share Financial Accounting knowledge within a teaching and learning environment that cares about all students enrolled in Intermediate Accounting II and prepares students to become a more understanding businessperson and informed citizen of our community and region.

COURSE GOAL:

The overall goal for this course is for you to gain knowledge and understanding of a variety of accounting topics. This knowledge and understanding is essential to your pursuit of a career in the accounting profession.

COURSE OBJECTIVES:

The first page of each chapter we study lists a number of student oriented learning objectives. These objectives represent the accomplishments you should achieve from your efforts directed toward a complete and thorough study of the chapter. You should begin each chapter by learning each of the objectives in detail. These objectives will tell you what you should be able to do once you have learned the material in the chapter. Once you finish your study of a chapter, go back to the objectives and test do a self-test to determine if you have indeed mastered the stated objectives.

MY TEACHING PHILOSOPHY:

A teacher is someone who motivates and encourages someone else to learn something new. Thus teaching and learning requires someone to teach and someone to learn. As your teacher, you have the right to expect much from me. You may expect me to be knowledgeable, prepared, approachable, and perhaps even have a bit of a sense of humor. My basic philosophy is that a teacher must have all these qualities. As my student, you must understand first and foremost that learning comes only through hard work and diligent study of the course content. I expect you to study the book, attend class, pay close attention to what I may have to say, and ask questions about what you do not understand. We have limited class time together, so you must prepare yourself for adequate study time between our class sessions.

FINAL GRADE BASIS:

FIVE EXAMS EACH 100 POINTS 500

FINAL EXAMINATION 100

DAILY WORKSHEETS 88

ETHICS 20

INTERNATIONAL ASSIGNMENT 10

LIBRARY/RESEARCH ASSIGNMENT 10

COMPUTER WORK 20

TOTAL POINTS POSSIBLE 748

FINAL GRADE DISTRIBUTION BASED ON 90%, 80%, 70%, 60%, A,B,C,D RESPECTIVELY.

MAJOR EXAMS:

The five major exams will be given as scheduled on the Classroom Activities Schedule. The tests may contain a variety of question types including true/false, multiple-choice, problems, definitions, short-answer questions and essay type questions. During the class before each test, I will give you a review of the test and indicate the type of items you will be answering.

FINAL EXAMINATION:

The final examination will contain 40 multiple choice questions from the chapters we study during the semester. The only way to adequately prepare for a comprehensive exam is to study some each day and not wait until the last minute to begin your test preparation.

DAILY WORKSHEETS:

A worksheet will be turned in each day of class, except for test days. The worksheets may not be turned in early or late for credit. Worksheets will be taken up at the beginning of class. A separate sheet will detail the work required for individual days. 22 worksheets counting 4 points each will be taken up during the semester. Since I will take these up at the beginning of class and then immediately go over the correct solution, you should make a copy of the worksheet to use during the time I go over the correct solution.

ETHICS/INTERNATIONAL/LIBRARY:

Specific details of this assignment are provided on a separate assignment sheet. This assignment will be due April 3, 2007.

COMPUTER WORK

This assignment is due April 10, 2007. Select 5 problems we have covered during the semester and work the problems on the spreadsheet of your choice. Turn in a hard copy of your work.

MAKE-UP POLICY:

Make-up tests will be given with adequate reason for missing the examination. If you miss and have a valid excuse, please see me to make arrangements for the make up. All makeup exams will have 5 essay questions, 10 short answer questions, and 15 definitions. Make up tests will be given on Thursday April 17, 2007 from 3:30-5:00.

Daily worksheets will not be taken up late for credit. Other late homework will be accepted for marginal credit only. Marginal Credit is credit between 0% and 50% of the value of the work. Late homework will be accepted on Thursday April 17, 2007.

OTHER ITEMS

Please turn off cell phones and pagers when you enter the classroom. These are both distractions other students do not need to deal with. Children are not allowed in class. If you bring your child to class, I will respectfully ask you to leave before class begins.

Homework is late if not turned in during class time.

***THE WORK YOU DO SHOULD BE YOUR OWN. BOTH THE GIVING AND RECEIVING OF ANSWERS CONSTITUTES CHEATING. IF YOU ARE CAUGHT CHEATING, YOU MAY EXPECT TO BE EXPELLED FROM THE UNIVERSITY.

ALL ABOVE SUBJECT TO REVISION

Learning Objectives for chapter 12: At the end of your study of Chapter 12, you will be able to:

1. Identify the three categories of debt securities and describe the accounting and reporting treatment for each.

2. Identify the categories of equity securities and describe the accounting and reporting treatment for each

3. Explain the equity method of accounting and compare it to the fair value method for equity securities

6. Describe the accounting for transfer of investment securities between categories.

Learning objectives for chapter 13: At the end of your study of Chapter 13, you will be able to:

2. Account for the issuance and payment of various forms of notes and record the interest on the notes.

3. Characterize accrued liabilities and liabilities from advance collection and describe when and how they should be recorded.

5. Identify situations that constitute contingencies and the circumstances under which they should be accrued.

6. Describe the appropriate accounting treatment for contingencies, including unasserted claims and assessments.

Learning objectives for chapter 14: At the end of your study of Chapter 14, you will be able to:

3. Describe the accounting valuation for bonds at date of issuance at the date of issuance.

Learning Objectives for chapter 15; at the end of Chapter 15, you will be able to:

1. Explain the nature, Economic substance, and advantages of lease transactions.

2. Describe the accounting criteria and procedures for capitalizing leases by the lessee.

6. Identify special features of lease arrangements that cause unique accounting problems

7. Describe the effect of residual values, guaranteed and unguaranteed, on lease accounting

February 13 Test two, chapters 14 and 15

February 15 CHAPTER 16: ACCOUNTING FOR INCOME TAXES

Learning objectives for chapter 16: At the end of your study of chapter 16, you will be able to:

1. Identify differences between pretax financial income and taxable income

2. Describe a temporary difference that results in future taxable amounts

3. Describe a temporary difference that results in future deductible amounts

4. Explain the purpose of a deferred tax asset valuation allowance

5. Describe the presentation of income tax expense in the income statement

6. Describe various temporary and permanent differences

7. Explain the effect of various tax rates on deferred income taxes

8. Apply accounting to loss carry backs and carry forwards

9. Describe the presentation of deferred income taxes in financial statements

10. Identify special issues related to deferred income taxes

11. Indicate the basic principles of the asset-liability method.

tc \l2 "OCT 17 CHAPTER 20: ACCOUNTING FOR INCOME TAXES

Learning Objectives for Chapter 17: At the completion of chapter 17, you will be able to:

1. Distinguish between accounting for the employer’s pension plan and accounting for the pension fund.

7. Explain the accounting procedure for recognizing unexpected gains and losses

8. Explain the corridor approach to amortizing unrecognized gains and losses

10. Describe the reporting requirements to pension plans in financial statements.

Learning objectives for chapter 19: At the end of your study of chapter 19, you will be able to:

1. Describe the accounting for the issuance, conversion, and retirement of convertible securities

3. Contrast the Accounting for stock warrants and stock warrants issued with other securities

Learning Objectives for chapter 20: At the end of your study of chapter 20, you will be able to:

Learning Objectives for chapter 21: At the end of your study of Chapter 21, you will be able to:

3. Differentiate between net income and net cash flows for operating activities

4. Contrast the direct and indirect methods of calculation net cash flow from operating activities