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LEBANON VALLEY COLLEGE Department of Business Administration ACT161 - Financial Accounting Spring 2014 Professor: Ms.

Gail Sanderson; Office: Lynch, Room 137; Office Phone: 867-6107 E-mail: Office Hours: Monday, Tuesday, Wednesday, Thursday 2-4 p.m. Other times by appointment (please call, e-mail or see me after class) Class Meetings: Monday, Wednesday, Friday Section 01: 8:00 a.m., Section 02: 9:00 a.m. Text: Libby, Libby and Short, Financial Accounting, 7th edition, (McGraw-Hill Irwin), 2011. On-Line access code for McGraw Hills Connect to accompany text Course Objective: Acquiring the fundamental knowledge to understand fundamental accounting information
which is for decision making in the business world. The basic accounting equation is used to introduce the student to the accounting cycle; the measurement and recording of assets, liabilities, owners equity, revenues and expenses; and the reporting of these elements in the financial statements. This course is for both accounting majors and non-majors, and assumes no prior knowledge of the subject.

Outcomes: Upon successful completion of the course, the student should be able to:
understand the basic elements of financial reporting: assets, liabilities, owners equity, revenues and expenses describe the four basic financial statements and explain how they provide useful information to decision makers understand concepts and standards used in preparing financial statements explain the difference between cash and accrual accounting identify and interpret financial ratios used to evaluate financial results of a business organization

IDEA Objectives
gaining factual knowledge (terminology, classifications, methods, trends) learning fundamental principles, generalizations, or theories; connecting facts, understanding relationships learning to apply course material (to improve thinking, problem solving, and decisions)

Prerequisites: None. Grading: the final course grade is based on the following:
Points 300 125 40 24 22 9 520

Three hourly examinations Comprehensive final Quizzes Connect homework Scanned homework Class participation, work ethic, etc. Total


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Minimum grade: Please note that a grade of C- or better is required in this class in order to take the next accounting course in the sequence, Managerial Accounting, ACT162.

Procedures and Expectations: Students should to read the text on the first day a chapter is assigned. Homework on Connect is usually due on the second day a chapter is assigned, and all other homework should be completed for the third day the chapter is assigned (in pencil, please) in a manner suitable for handing in. Students should plan to spend 2-3 hours outside of class for each hour of class time, and should come to class prepared to discuss the assigned text reading or homework, answer questions, ask questions and actively participate in discussions. To receive the maximum benefit (and grade) from this class, work must be done consistently and on time. Homework may be collected at the discretion of the instructor. Late work will not be accepted. Students should seek help immediately if they dont understand something. The instructor is available for extra help and/or the student can arrange tutoring by contacting Peer Tutoring (ext. 6799), through the LVC website (LVC Students, Academic Success, Peer Tutoring), or email There may be a weekly scheduled tutoring/review session; the instructor will announce the day and time. Make-up exams are generally not given; however, in the event of serious illness or emergency, contact the instructor prior to the exam to reschedule. There are scheduled quizzes, but unannounced quizzes may also be given, at the instructors discretion. There are no make-ups on quizzes. Cell phones may not be used as calculators on quizzes or exams; the Department will provide calculators. During an exam, students may not leave the classroom except in an emergency and with the permission of the professor. Absences in excess of three will result in a decrease in the students grade. Cell phones must be switched off in class.

Connect Homework Some of the homework problems will be completed online, using McGraw-Hills Connect. Connect access will be available until midnight before the class period in which the homework is due. To register for Connect, type in the web address below for your section, and use the code which came with your textbook to register. BE SURE TO REGISTER IN THE CORRECT SECTION. Section 01: Section 02: If you did not purchase a new text through the college bookstore, and do not have a Connect access code, you may purchase one by going to the link above. In the event of technical problems with Connect, you may hand in a copy of your written homework at the beginning of class.


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Other Homework Scan and turn in other homework on Blackboard by midnight before the class period it is due. There is a scanner in the technology lab in the Lynch building. Note that if you have a printer it may have a scanner feature. See Blackboard (ACT161Master) for scanner instructions. Email the scanned document to yourself, then save it onto the network drive, your personal computer, a USB, etc. Go to the assignment in Blackboard and click on Browse my Computer to locate your saved file.

Text Website Go to for additional resources for the textbook. There are review materials, practice quizzes, and other helpful resources on this website.

Special needs:
If you have a physical, medical, psychological, or learning disability that is going to impact your attendance or require accommodation, please let me know. In order to ensure that your learning needs are appropriately met, you will need to provide documentation of your disability or medical condition to the Director of Disability Services. The Office of Disability Services will then provide a letter of verification of disability that describes the accommodations needed for this class. This office is located in the Humanities Building, room 04, and the Director may be reached by phone at 717-867-6071.

Academic Honesty:
Any student who submits plagiarized work will be subject to the penalties described in the Student Handbook and outlined in LVCs Academic Honesty Policy ( This code asks each student to do his/her own work in his/her own words. A student shall neither hinder nor unfairly assist the efforts of other students to complete their work. All individual work that a student produces and submits as a course assignment must be the student's own. Cheating and plagiarism are acts of academic dishonesty. Cheating is an act that deceives or defrauds. It includes, but is not limited to, looking at another's exam or quiz, using unauthorized materials during an exam or quiz, colluding on assignments without the permission or knowledge of the instructor, and furnishing false information for the purpose of receiving special consideration, such as postponement of an exam, essay, quiz or deadline of an oral presentation. Plagiarism is the act of submitting as one's own the work (the words, ideas, images, or compositions) of another person or persons without accurate attribution. Plagiarism can manifest itself in various ways: it can arise from sloppy note-taking; it can emerge as the incomplete or incompetent citation of resources; it can take the form of the wholesale submission of other people's work as one's own, whether from an online, oral or printed source. Students who take part in violations such as cheating or plagiarism are required to meet with the Associate Dean of Academic Affairs, who has the authority to take further action, up to and including expulsion from the College.


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Financial Stmts & Business Decisions MLK Day activities no class Investing, Financing and Balance Sheet Quiz 1- chapters 1 and 2 Operations and the Income Statement Exam 1- Chapters 1, 2, 3 Adjustments, Financial Statements, Quality of Earnings Quiz 2 - chapter 4 Communicating and Interpreting Financial Information Sales Revenue, Receivables, Cash Exam 2 - Chapters 4,5,6 Spring break Cost of Goods Sold and Inventory Quiz 3 chapter 7 Property, Plant and Equipment; Natural Resources; Intangibles Quiz 4 chapter 8 Liabilities Exam 3 - Chapters 7,8,9 Bonds (omit Effective Interest Method) Quiz 5 chapter 10 Owners Equity Cash Flow Statement
(Indirect method only)

Jan 13,15,17 Jan 20 Jan 22,24,27 Jan 29 Jan 29,31,Feb 3 Feb 5 Feb 7,10,12 Feb 14 Feb 14,17,19 Feb 21,24,26 Feb 28 Mar 3-7 Mar 10,12,14 Mar 17 Mar 17,19,21 Mar 24 Mar 24,26,28 Mar 31 Mar 31 Apr 2,4,7 Apr 9 Apr 9,11,14 Apr 16 Apr 18,21 Apr 23,28,30

Chapter 1, supplement A

E 4, 8 E12, 13; P2; CP1 E 5,7 E19, P3 E 3,4 P6 E 6,7 P7, CP1 E9,13 E17; P6 (also prepare the Retained Earnings Statement) E 2,13,18

Chapter 2

Chapter 3

Chapter 4

Chapter 5 Chapter 6

Chapter 7

E10, P1 E11,13; P2; CP3 E1,4 E8,14,17 E 1,2, P1 E15,17; P7 E5,8 E23; P6 E2,9 E21,22,23; P2

Chapter 8 Chapter 8 Chapter 9

Chapter 10

Chapter 11 Chapter 13

Easter holiday Cash Flow Statement Final Exam (Comprehensive)

Chapter 13


ACT161-01, 8:00 a.m. section: Friday May. 2 (9:00-12:00) ACT161-02, 9:00 a.m. section: Monday May 5 (9:00-12:00) * E = exercise, P = problem, CP = Cases and Projects


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