Accounting Exam

BUSN 505-Summer 2013
Financial Performance OF THE FIRM – ACCOUNTING

Professor
Hsihui Chang Date, Time and Location
Office:
3600 Market Street, Room 71l Monday, 6:00 – 8:50pm
Telephone:
215.895.6979

Email: [e-mail] Office Hours: By Appointment

Course Description
The course objective is to provide prospective users of financial accounting information with an understanding of accounting fundamentals and the ability to evaluate the quality of financial accounting information for use in business decisions. We will study the accounting process and the primary financial statements. In addition, we will discuss the accounting treatment for financial statement line items and explore the implications of the treatment and related accounting choices for the quality of the financial accounting information.

COURSE APPROACH
The course is designed for managers who will use financial accounting information. While no previous training in accounting is assumed, the course proceeds quite rapidly. Students are expected to read the detailed conceptual materials for this course; only the most important and demanding concepts will be dealt with in depth in the class discussions. The required textbook for this course [its title and abbreviations] is:

“LLS” Measuring and Maximizing Financial Performance. McGraw Hill's Create. (ISBN 13: 978-1-121-54709-4) - Material taken from Financial Accounting, 7th edition, 2011, by R. Libby, P. Libby and D. Short (This is for the customized text – with only the seven chapters to be covered – students may purchase the full book via an alternative source)

COURSE LEARNING OBJECTIVES
1. Understand the four financial statements and their use by different stakeholders
2. Identify the role of GAAP and its impact on the reporting of financial information
3. Understand the supporting accounting process used to prepare financial statements.

CLASS PREPARATION AND PARTICIPATION
Each student must accept the responsibility for class preparation. This means studying the assigned readings and analyzing the assigned cases before the respective class meeting. To evaluate this process, two quizzes will be given in class throughout the five week period. Further, students are strongly advised to solve the suggested self-study problems each week on their own, and compare their solutions with suggested answers to obtain immediate feedback on their understanding of materials discussed in class.

Student participation in class discussion is also an important part of this course. It will be evaluated daily beginning Week two; and, it will reflect performance in such areas as responding to the instructors’ specifically-addressed questions, participating in focused class discussions, articulating with clarity difficult concepts in the assigned materials, and applying key concepts from the assignments to candidate’s work experience or current business events. The quality, rather than quantity, of responses will be the basis for assessing performance. Students should also review their notes in the days immediately following the class session.

QUIZZES and EXAMINATION
Two quizzes and one final exam will be given during the term. The final exam has two components: in-class and take home. The in-class component consists of 20 multiple-choice questions and the take home component contains computation exercises that can relate to materials presented in class, assignments and suggested self-study problems. All quizzes and exam will be open-book. Make-up quizzes and final exam at alternative times will not be offered except under extreme extenuating circumstances.

METHOD OF EVALUATION Comprehensive Final Exam in-class component 40 take home component 20 2 Quizzes 16 Class participation 24
Maximum Possible Points 100

Honor Code
Drexel University is committed to a learning environment that embraces academic honesty. In order to protect and maintain a superior learning environment at LeBow College of Business, all students must review and adhere to Drexel University’s Academic Honesty Policy. For Details see: http://www.drexel.edu/studentlife/judicial/honesty.html http://www.drexel.edu/StudentLife/studenthandbook/Handbook05-06.pdf (pp.50-52) Forms of academic dishonesty include plagiarism, fabrications, cheating, and academic misconduct. Students are responsible for the authenticity of material submitted both for individual and group work.
The Hagerty Library offers a brief online tutorial for recognizing and avoiding plagiarism at: http://www.library.drexel.edu/resources/tutorials/plagiarism/plagiarism.html

Disability Accommodation
Students with disabilities who believe that they may need academic adjustments in this class are encouraged to contact the professor as soon as possible (preferably within the first week of class) to ensure that documented accommodations are implemented in a timely fashion. All discussions will remain confidential.

BUSN 505: TENTATITIVE COURSE SCHEDULE

Week
Topic
Assignment
1
(6/24)
Introduction & Administration
Basic Accounting Concepts
Read: LLS 1
2
(7/1)
Transaction Analysis
Read: LLS 2 & 3
Prepare Case Breanna Brained
3
(7/8)
Adjustments, Sales Revenues and Account Receivables
Read: LLS 4 & 6
Take in-class Quiz 1
4
(7/15)
Statement of Cash Flows
Read: LLS 13
Prepare Case Drexel Corporation
Take in-class Quiz 2
5
(7/22)
Financial Statements Analysis

Read: LLS 14
Take in-class Final Exam (60 minutes)

Suggested self-study problems from LLS:

Ch 2: E2-1, E2-3, E2-7, P2-1, P2-4
Ch 3: E3-1, E3-6, E3-13, P3-2
Ch 4: M4-4, E4-4, E4-6, E4-7
Ch 6: M6-1, M6-3, M6-6, E6-11, E6-13
Ch 13: E13-1, E13-16, E13-20, P13-4
Ch 14: E14-1, E14-13, P14-1, P14-9