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JOHN CABOT UNIVERSITY
COURSE CODE: "FIN 201-1"
COURSE NAME: "Financial Accounting"
SEMESTER & YEAR:
Spring 2023
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SYLLABUS
INSTRUCTOR:
Federica Salvatori
EMAIL: [email protected]
HOURS:
TTH 11:30 AM 12:45 PM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
OFFICE HOURS:
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COURSE DESCRIPTION:
This course is an introduction to the basic financial accounting concepts and standards. Relevant concepts will be analyzed in detail, including: preparation of principal financial statements, application of accounting principles to the main asset, liability, and owners’ equity accounts. The course emphasizes the construction of the basic financial accounting statements - the income statement, balance sheet - as well as their interpretation.
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SUMMARY OF COURSE CONTENT:
The Financial Accounting course presents the basic concepts of financial statement and its different components (Balance sheet, income statement, statement of cash flow), investigating also the principles and the procedures on and through which it is built. The tools for reading and analysing a financial statement will be provided.
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LEARNING OUTCOMES:
Students who will successfully complete the course should be able to:
· Prepare financial statements in accordance with International Generally Accepted Accounting Principles
· Use critical thinking to read financial statements
· Employ different tools in order to analyze financial data
· Understand the impact of different financial accounting methods on the financial statement.
· Recognize practices that can increase the fraud occurrence
Use financial accounting data to evaluate the performance of the firms and, consequentially, take business decisions focused on the performance improvement
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TEXTBOOK:
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REQUIRED RESERVED READING:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments |
| Financial & Managerial Accounting | Williams, Bettner and Carcello | McGraw Hill | 9780078025778 | | |
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Test 1 | Test 1 will take place after the first few weeks of the course and it will concern all the topics covered up to that point.No make-up exams will be given. A missed exam will be calculated as zero. Rules of the exam: no mobile phones are allowed, no computers tools are allowed. Calculators are strongly recommended for your personal use and they cannot be shared during the exam.There are no make-up or grade improvement projects in this course. If you fail an exam, you will have to make up for it in future exams. | 20% |
| Final exam | The Final Exam is comprehensive, thus it will test students on all the topics presented during the course.No make-up exams will be given. A missed exam will be calculated as zero. Rules of the exam: no mobile phones are allowed, no computers tools are allowed. Calculators are strongly recommended for your personal use and they cannot be shared during the exam.There are no make-up or grade improvement projects in this course. If you fail an exam, you will have to make up for it in future exams. | 50% |
| Test 2 | Test 2 will take place mid-way throught the course and will test your knowledge up to that point. No make-up tests will be given. A missed test will be calculated as zero. Rules of the exam: no mobile phones are allowed, no computers tools are allowed. Calculators are strongly recommended for your personal use and they cannot be shared during the exam.There are no make-up or grade improvement projects in this course. If you fail an assessment, you will have to make up for it in future exams. | 20% |
| Class participation | The maximum grade for class participation and attendance is 10% of total grade. It is strongly recommended that students attend all scheduled classes in order to successfully pass the exams. Class participation grades are determined for a 5% by the attendance to the course classes (no more than 3 absences are allowed – justified or not); 3 delays – more than 5 minutes after the beginning of the class – count as 1 absence). The other 5% by participation during classes. | 10% |
-ASSESSMENT CRITERIA:
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 course.
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.
-ATTENDANCE REQUIREMENTS:
No more than three absences are allowed. Three delays (more than 5 minutes after the beginning of the class) count as 1 absence.
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ACADEMIC HONESTY
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.
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STUDENTS WITH LEARNING OR OTHER DISABILITIES
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.
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SCHEDULE
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Tuesdays and Thursdays from 11.30am to 12.45pm
Below you can find an overview of the topics addressed in this course. You will be provided with questions to practice and build your knowledge.
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Week
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Class
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Date
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Topic FIN 201
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Practice Questions
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1
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1
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17/01
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Housekeeping. Main concepts.
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1
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2
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19/01
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Main concepts.
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2
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3
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24/01
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Main terms (income, expense, assets, liabilities). Overview of financial statements.
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PQ1, PQ2, PQ3, PQ4
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2
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4
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26/01
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Net asset approach. Use of ledgers.
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3
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5
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31/01
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Journals. Closing off t-accounts. Trial balance.
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PQ5 and PQ6
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3
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6
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02/02
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Summary exercise
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PQ7 and PQ8
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4
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7
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07/02
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Test 1
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PQ9
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4
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8
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09/02
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Sundry double entries. Accounting for VAT.
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5
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9
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14/02
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Accounting for inventory (part 1)
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PQ10
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5
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10
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16/02
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Accounting for inventory (part 2)
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PQ11 and PQ12
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5
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11
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17/02
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Non current assets. Accounting for depreciation (part 1)
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PQ13
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6
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12
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21/02
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Accounting for depreciation (part 2). Disposals of non-current assets.
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6
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13
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23/02
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Summary exercise
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PQ14 and PQ15
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SPRING BREAK (27 February to 3 March)
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7
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14
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07/03
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Accruals. Prepayments. Irrecoverable and impaired debt.
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PQ16 and PQ17
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7
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15
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09/03
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Summary exercise
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PQ18
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8
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16
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14/03
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Correction of errors
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PQ19
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8
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17
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16/03
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Summary exercise
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9
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18
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21/03
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Test 2
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PQ20 and PQ21
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9
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19
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23/03
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Company accounts_part 1
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10
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20
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28/03
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Company accounts_part 2
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PQ22
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10
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21
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30/03
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Summary exercise
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PQ23
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11
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22
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04/04
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Cash flow statement_part 1
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11
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23
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06/04
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Cash flow statement_part 2
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PQ24 and PQ25
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12
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24
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11/04
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Cash flow statement_part 3_summary exercise
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12
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25
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13/04
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Cash flow statement_part 4
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13
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26
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18/04
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Cash flow statement_part 5
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PQ26
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13
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27
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20/04
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Cash flow statement_part 6_summary exercise
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HOLIDAY 25 April
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14
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28
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27/04
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Limitations of financial statements
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