Bentley University

Course Syllabus
Financial Accounting and Reporting I (AC 311)
Spring 2011 – Professor Keating

Section Time Connect Website

Section 1: WF 9:55- 11:10 http://connect.mcgraw-hill.com/class/e_keating_section_1
Section 2: TF 11:20-12:35 http://connect.mcgraw-hill.com/class/e_keating_section_2
Section 3: TF 12:45- 2:00 http://connect.mcgraw-hill.com/class/e_keating_section_3

Office: Location: Smith 308

E-mail: ekeating@bentley.edu
Hours: MW 11:30-2

ALEKS Course Code: AGP4W-MJUK9 (http://www.aleks.com)

Prerequisites: Junior-level standing, and completion of GB202

Required Text and Supplemental Materials:

(1) Intermediate Accounting, 6th edition, 2010, by Spiceland, Sepe, and Nelson, McGraw-Hill
(2) McGraw Hill’s Connect (online software)
(3) ALEKS for the accounting cycle

A package consisting of the above items is available in a combined volume or split volumes in the
Bentley bookstore. Either package fulfills the textbook requirements for AC 311 as well as AC 312.
Students not purchasing the textbook package from the Bentley bookstore must purchase an access
code to (2) CONNECT Accounting and (3) to ALEKS, both of which will be required for this course, in
addition to the textbook.

Course Description:

This course is the first in a two-course sequence in financial reporting courses at a professional level. It
aims to develop an understanding of the principles and practices of external financial reporting with
particular emphasis on balance sheet valuations and their relationship to income determination. In
addition to reviewing accounting concepts and process, and application of present value techniques, it
examines US Generally Accepted Accounting Principles (GAAP) and to some extent the International
Financial Reporting Standards (IFRS) related to the preparation of financial statements, with particular
emphasis on the assets side of the balance sheet. The course is aimed to expand students’
understanding of accounting theory, and their ability to evaluate the impact of alternative accounting
principles on financial statements.

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Learning Objectives:

1. To enhance verbal- and written-communication skills and critical thinking skills.

2. To understand the environment in which financial reporting choices exist, identify the reporting
alternatives, and determine their effects on financial statements and ratios.

3. To enhance appreciation for judgments involved in making financial reporting decisions and their
impact on earnings, cash flows, and financial position.

4. To research and apply professional accounting literature to determine GAAP in a given context.

Class Preparation:

Much of the material in AC 311 is analytical in nature which requires a period of time to absorb. It does
not lend itself to cramming. AC 311 is rigorous and fast paced and hence regular attendance and
adequate preparation for each class is essential for success.

ALEKS: In particular, students must possess a thorough understanding of the basic accounting cycle
gained in an introductory course equivalent to GB201. To ensure this, each student must complete an
initial assessment using ALEKS by February 18, 2011. If you chose to not do the initial assessment, you
will receive a zero for your ALEKS grade. After you complete 30 new topics you will be asked to
complete an interim assessment. Finally, a post-assessment will be administered between the dates of
March 29 and April 1, 2011. Your grade for ALEKS will be based on your score in the last assessment
you took. For instance, if you score an 80 on your last assessment, you will receive 4 out of 5 points for
ALEKS towards your course grade. You must take the initial assessment by February 18, 2011 to receive
any points for the ALEKS portion of your grade.

You will be using ALEKS several times, and it requires some setup, so you will want to log in initially
from the computer you plan to regularly use to do ALEKS. To set up ALEKS, you may first need to add a
Java add-in. Personally, I found it easy to add into Mozilla Firefox and difficult to add into Internet
Explorer. Once this is installed, you can log in. You may also need to download an ALEKS app before
starting using the program.

Readings and Homework Problems: Readings should be completed and any assigned problems should
be done to the best of your ability prior to the class in which they are assigned. You should plan on
studying a minimum of 8 hours per week outside of class.

It is crucial to work through the homework problems yourself. Browsing through or copying down the
solutions can easily develop an illusory sense of understanding which can be detrimental to your exam
performance. Homework assignments are on the Connect system (so that you have an option of
completing them electronically). There is no time limit, and the assignments are not graded. Please
note that the homework assignments are not required to be turned in to the professor or on Connect.

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Multiple Choice Practice Problems: In addition to the exercises and problems assigned, please get
comfortable with the multiple choice form of testing. All examinations in this course will have multiple
choice questions. Note also that it is also an important testing mechanism at the professional
accounting exams such as CPA, CMA, CIA, etc. Several multiple choice questions (computational and
conceptual) are available at the end of each chapter of the textbook. These are labeled as CPA and
CMA Review Questions and are placed between the exercises and problems.

Attendance and Participation:

Classes will start promptly at the scheduled time. Please make every effort to be on time. All cell
phones and laptops must be turned off at the beginning of the class. Attendance will be taken. In
addition, active class participation is required. The participation grade is a subjective but neutral
assessment of the quality and quantity of your class contributions.

Grading/Evaluation:

Component Weight
Online Quizzes 15%
Attendance and participation 5%
ALEKS assignment 5%
Case analysis and write-up (in groups not more than three 15%
students each)
Mid-term Exam 1 (During class period): Chapters 1-5. 17.5%
Mid-term Exam 2 (During class period): Chapters 6-9. 17.5%
Final exam: cumulative and common, Chapters 1-12. 25%
Total 100%

Quizzes: There will be one online quiz per chapter. There will be between 6 and 14 questions per quiz.
There will be a mix of conceptual and numerical questions. The format may be multiple choice,
numerical calculation, short answer or a journal entry. The deadlines for the quizzes are listed in the
class schedule on the last page of the syllabus. The lowest two grades will be dropped (i.e. 9 best out of
the 11 grades would be counted). No late submissions will be accepted in any circumstances and no
makeup quizzes will be given for any reason. Only in exceptional circumstances will the professor
modify the grade from the one produced by the Connect website.

Case Project: The case write-up and project are to be completed in groups each consisting of no more
than three students. No late submissions will be accepted in any circumstances and no makeup
homework will be given for any reason.

Exams: Each exam will include multiple choice questions and problems with journal entries, numeric
and written responses. Class time devoted to different topics will be reflective of their importance and
weight on the exam. You can use financial calculators but they should not be text-capable. The time
value of money tables will be available to you during the exams, if necessary.

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Make Up Policy:

No makeup exams will be given without a valid written medical excuse or unforeseen emergency.
Travel plans, vacations, interviews etc. do not constitute a valid reason. If you know ahead of time that
you will have to miss an exam, you should see me to decide whether any special arrangements can be
made. This policy will be strictly adhered to, in order to be fair to all students. Students may access
their midterm and final exams by making an appointment and coming to my office at a scheduled
meeting time.

Academic Honesty and Fair Use of Copyright Materials:

Students are responsible for familiarizing themselves with and understanding the academic honesty
guidelines presented in the Student Handbook, as well as the Student Computing Policy. All course
materials, including library reserves, if any, are for teaching purposes for this course during this term
only. You may not reproduce these materials to distribute outside of class. Please see Fair Use of
Copyright Materials for more information.

Getting Help:

Professor: Contact me immediately if you need any assistance. I am available for drop-in visits during
office hours and other times by appointment. E-mail is another effective way of communicating with
me. The earlier you contact me, the better will I be able to help you. This course is rigorous and
demanding. Please do not allow yourself to lag behind. It will be difficult to catch up.

Tutors: The ACELAB is located in Jenison 300. Tutors are available to help with areas of difficulty in this
course.

Disabilities: Bentley University abides by Section 504 of the Rehabilitation Act of 1973 and the
Americans with Disabilities Act of 1990 which stipulate no students shall be denied the benefits of an
education solely by reason of a disability. If you have a hidden or visible disability which may require
classroom accommodations, please make an appointment with the Coordinator of Disability Services,
Stephanie Brodeur, within the first 4 weeks of the semester. The Office of Disability Services is located
in the Office of Counseling and Student Development (CSD), LaCava 166, (781) 891-2274. The
Coordinator of Disability Services is responsible for coordinating accommodations and services for
students with disabilities.

Class and Assignment Schedules:

The schedule on the next page is tentative. Please keep informed of any changes announced during the
semester. Should a class be canceled due to inclement weather, or other unforeseen circumstances,
the assignment due that day will be due the next class. This applies to any scheduled examinations
also. April 15, 2011 is the last day to withdraw from the course.

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 Class Date Quiz* Topic Read Chapter HW Questions
1 Jan 25/26 Introduction 1
Access ALEKS, Connect
2 Jan 28 #1 Jan 31 Conceptual Framework (Ch 1 Homework) & FASB E1-2, 7, 10, 12; Case 1-15
Codification
3 Feb 1/2 Accounting Cycle 2 (Skip App 2A, 2B & 2C) E1-3; E2-4, 8; P2-7, 10
4 Feb 4 #2 Feb 7 Accounting Cycle Form Groups
Get 2010 P&G Financials
5 Feb 8/9 Balance Sheet 3
E3-3, 13; P 3-3, 8; Case 3-7
6 Feb 11 #3 Feb 14 Income Statement 4 E4-2; P 4-1, 2, 11; Case 4-12
7 Feb 15/16 #4 Feb 17 Income Statement E4-24
ALEKS Initial Assessment Due
8 Feb 18 Revenue Recognition 5 (Skip Appendix)
E5-7; P5-3, 5, 6, 12; Case 5-10
9 Feb 22/23 #5 Feb 23 Revenue Recognition
10 Feb 25 Midterm Examination I (Chapters 1-5)
11 Mar 1/2 Time value of money 6 E6-14; P6-2, 8, 13, 14
12 Mar 4 #6 Mar 7 Time value of money
13 Mar 8/9 Case Due
14 Mar 11 Cash and Receivables 7 E7-1, 4, 11, 12, 26; P7-4, 7, 12
SPRING BREAK
15 Mar 22/23 #7 Mar 24 Cash and Receivables
16 Mar 25 Inventories I 8 E8-11; P8-1, 3, 5, 8, 9, 14
17 Mar 29/30 #8 Mar 31 Inventories I ALEKS Final Assessment Due
18 Apr 1 Inventories II 9 P9-1, 3, 4, 10, 13; E9-30
19 Apr 5/6 #9 Apr 6 Inventories II
20 Apr 8 Midterm Examination II (Chapters 6-9)
21 Apr 12/13 Long-lived Assets 10 P10-1, 4, 8, 9; E10-7, 25, 29
22 Apr 15 #10 Apr 18 Long-lived Assets
23 Apr 19/20 Long-lived Assets II 11 (Skip App. 11A & 11B) E11-2, 3; P11-11, 12, 13
24 Apr 22 #11 Apr 25 Long-lived Assets II
25 Apr 26/27 #12 May 1 Investments 12 - Part A - pgs. 618-643 P12-1, 2, 3, 4, 12,14
8:30-10:30 May 07 Cumulative and Common Final Exam (Chapters 1-12)
* Quizzes need to be completed by 12 midnight at the end of the day listed next to the quiz number.

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