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COURSE NAME: "Financial Accounting"
SEMESTER & YEAR: Summer Session I 2017

INSTRUCTOR: Stephan Fafatas
EMAIL: [email protected]
HOURS: MTWTH 9:00 AM 10:45 AM
OFFICE HOURS: 10:45-11:45 Monday - Wednesday, 10:45-11:30 Thursday, additional time on days before exams

This course is an introduction to basic accounting methods and concepts; preparation of principal financial statements; application of accounting principles to the main asset, liability, and owners’ equity accounts.

The course begins with understanding economic transactions and the bookkeeping role of accounting. This is followed by a study of accrual-basis accounting. We then focus on specific elements of assets, liabilities and equity before building the primary financial statements. The latter part of the course introduces time-value-of-money concepts, the statement of cash flows, and basic financial statement analysis.


This class will cover the basic principles of accounting and introduce applications of these principles in the context of business decisions.  In addition to material from the text, we will discuss items presented in company annual reports and topics covered by the financial press to get a sense of “real world” accounting issues.  At the completion of this course, you should be able to:

1) Use financial information to create a firm’s income statement, balance sheet, and statement of cash flows.

2) Record business transactions in the form of accounting entries.

3) Understand the difference between accrual- and cash-basis earnings.

4) Understand the concept of present value as it applies to accounting measurement and solve time value of money problems.

Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
Financial and Managerial Accounting (17th International edition)Williams, Haka, Bettner, and CarcelloMcGraw-Hill Education9781259255830  

Exam #1Combination of problems, short-answer and multiple-choice questions. Topics include: recording economic transactions, accrual accounting, and basic financial statements.25%
Exam #2Combination of problems, short-answer and multiple-choice questions. Topics include cash, securities, receivables, inventory and long-term assets. 30%
Final exam Combination of problems, short-answer and multiple-choice questions. Topics include long-term liabilities, time-value-of-money concepts, stockholders’ equity, statement of cash flows and financial statement analysis.30%
HomeworkHomework includes problem sets from the text or handouts and is graded based on effort and accuracy.10%
Participation and attendanceStudents are expected to attend class, attempt the suggested problems, and contribute to the day's discussion in a meaningful way.5%

AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the cour
BThis is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments.
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.
DThis level of performances demonstrates that the student lacks a coherent grasp of the material.Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail.
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.

Students are expected to come to class prepared for the day's material. It is highly recommended that you attend all classes given that the material is comprehensive by nature and the course tends to move at a fast pace. Attendance will be considered in your participation grade. 
You cannot make-up a major exam (midterm or final) without the permission of the Dean’s Office. The Dean’s Office will grant such permission only when the absence was caused by a serious impediment, such as a documented illness, hospitalization or death in the immediate family (in which you must attend the funeral) or other situations of similar gravity. Absences due to other meaningful conflicts, such as job interviews, family celebrations, travel difficulties, student misunderstandings or personal convenience, will not be excused. Students who will be absent from a major exam must notify the Dean’s Office prior to that exam. Absences from class due to the observance of a religious holiday will normally be excused. Individual students who will have to miss class to observe a religious holiday should notify the instructor by the end of the Add/Drop period to make prior arrangements for making up any work that will be missed. The final exam will be given on the 23rd of June. 
As stated in the university catalog, any student who commits an act of academic dishonesty will receive a failing grade on the work in which the dishonesty occurred. In addition, acts of academic dishonesty, irrespective of the weight of the assignment, may result in the student receiving a failing grade in the course. Instances of academic dishonesty will be reported to the Dean of Academic Affairs. A student who is reported twice for academic dishonesty is subject to summary dismissal from the University. In such a case, the Academic Council will then make a recommendation to the President, who will make the final decision.
John Cabot University does not discriminate on the basis of disability or handicap. Students with approved accommodations must inform their professors at the beginning of the term. Please see the website for the complete policy.


Week 1: May 22 - Chapter 1, Introduction to accounting
      May 23 - Chapter 2, Basic financial statements
              May 24 - Chapter 3, Accounting cycle (recording transactions)
      May 25 - Chapter 4, Accounting cycle (accrual accounting and adjusting entries)

Week 2: May 29 - Chapter 4, continued
      May 30 - EXAM #1 (Chapters 1-4)
      May 31 - Chapter 5, Reporting financial results 
              June 1 - Chapter 7, Financial assets

Week 3: June 5 - Chapter 8, Inventories and cost of goods sold
              June 6 - Chapter 9, Plant and intangible assets
      June 7 - Chapter 9, continued 
      June 8 - EXAM #2 (Chapters 5,7,8, and 9)

Week 4: June 12 - Chapter 10 and Appendix B, Liabilities and the time value of money
      June 13 - Chapter 10 and Appendix B, continued 
      June 14 - Chapter 13, Statement of cash flows
      June 15 - Chapter 13, continued

Week 5: June 19 - Chapter 11, Stockholders' equity (including "cash dividends" from chapter 12)
      June 20 - Chapter 14, Financial statement analysis
      June 21 - Chapter 14, continued
      June 22 - Review
      June 23 - FINAL EXAM (Chapters 10-14)