ACCOUNTING (AIM) 6201

FINANCIAL ACCOUNTING
SUMMER 2005

Professor: Jeffrey T. Liggitt

Office Hours: By appointment
Phone: 214-324-5643 (h)
Email: jliggitt@hotmail.com

1. Course Objectives: After completing this course, you should be able to use accounting information to make business
decisions.

2. Required Text: Financial Accounting – A Business Process Approach by Jane Reimers (ISBN – 0-13-078482-6).

3. Attendance: This course meets only 12 times over 6 weeks. Attending every class will be extremely beneficial to your
success in this class.

4. Course Grading: Your course grade will be earned as follows:

Class Participation – 5%
Homework – 15%
Mid-Term Exam – 35%
Final Exam – 45%

5. Exams: YOU MUST TAKE EXAMS WHEN SCHEDULED. Both the mid-term and final exam will be multiple
choice. If you miss the mid-term, the final exam grade will count in place of the missed mid-term exam. If you must
miss an exam, contact me via email or phone beforehand. The final exam will be comprehensive. You will need to
have Scantron form 882 for each exam.

6. Daily Routine: As you read each chapter, work the Study Break questions in the textbook. The Study Break
questions will help you learn the basic material and actually save you time in studying. Bring your textbook to class as
a reference to use as we go over the material.

7. Homework: Various homework exercises and problems will be assigned throughout the course. I will take up three
homework problems at random over the course of the class. Each problem taken up will be worth 5 points of your
grade. The problems taken up will be graded more for completion rather than accuracy. It will be beneficial to you to
do all the assigned homework problems, as these will help you in preparing for the exams.

8. Group Study: Feel free to work in groups. Organize into study groups, and work the daily assignments together.

Academic Dishonesty
Candidates are expected to be above reproach in scholastic activities. Candidates who engage in scholastic dishonesty are subject
to disciplinary penalties, including the possibility of failure in the course and dismissal from the University. “Scholastic
dishonesty includes, but is not limited to cheating, plagiarism, collusion, the submission for credit of any work or materials that
are attributable in whole or in part to another person, taking an examination for another person, any act designed to give unfair
advantage to a student or the attempt to commit such acts.” Since scholastic dishonesty harms the individual, all candidates, and
the integrity of the University, policies on scholastic dishonesty will be strictly enforced.
Class Chapter
Date Topic Reference

Introduction to Financial Chapter 1,

5/16 Accounting Chapter 2
-Regulatory Framework (SEC, FASB,
GAAP)
-Qualities of Accounting Information
-Elements of Financial Statements

Chapter 3,
5/18 The Accounting Process Chapter 4
-Accruals and Deferrals
-The Accounting Cycle

Purchase and Use of Business

5/23 Assets Chapter 5
-Depreciation vs. Capitalization
-Depreciation Methods
-Depletion

5/25 Inventory & Liabilities Chapter 6

5/30 No Class - Memorial Day

6/1 Mid-Term Exam

6/6 Sales and Collection Cycle Chapter 7

-Revenue Recognition
-Accounts Receivable

6/8 Long-Term Debt & Bonds Chapter 8

-Time Value of Money
-Bond Issuance

6/13 Shareholder's Equity Chapter 9

-Issuance of Common Stock
-Dividends
-Treasury Stock

6/15 Statement of Cash Flows Chapter 10

6/20 Financial Statement Analysis Chapter 11

6/22 Final Exam

Homework Problems

Short
Exercises Issues for
Chapter (SE) Exercises (E) *Problems (P) Discussion Due Date

1 1-7 1-3A (a,c,d), 1-2B, 1-5B 5/18

2 2-3 2-5 2-1A, 2-2A, 2-1B(a,c), 2-4B 5/18
3 3-2, 3-4, 3-11 3-1A(a), 3-5B, 3-8B #1 5/23
4 4-1, 4-6 4-6 4-4A, 4-2B 5/23
5 5-8, 5-11, 5-12 5-2, 5-6 5-5A #1 5/25
6 6-1 6-7, 6-8 6-7A, 6-8B, 6-11B 6/1
7 7-15 7-3, 7-6 7-5A, 7-6A(d), 7-4B(1,3,4) 6/8
8 8-3, 8-8 8-4A, 8-6A, 8-8B #1, #2 6/13
9 9-13, 9-17 9-4 9-4A, 9-1B 6/15
10-3A, 10-6A, 10-1B(a),
10 10-5, 10-6 10-8B 6/20
11 11-2, 11-4 11-3A, 11-5B 6/22

*Each problem ("P") should be prepared on a different sheet of paper. Short Exercises and Exercises may be prepared
on the same sheets of paper.