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JOHN CABOT UNIVERSITY
COURSE CODE: "ACCT 201-5"
COURSE NAME: "Financial Accounting"
SEMESTER & YEAR:
Fall 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 (Statement of Financial Position, Statement of Profit or Loss, 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:
RECOMMENDED RESERVED READING:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments |
| Business Accounting | Frank Wood | Pearson | 978-1-292-20864-0 | | |
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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. Rules of the exam: no mobile phones are allowed, no computers tools are allowed. Calculators are allowed.There are no make-up or grade improvement projects in this course. A missed exam will be calculated as zero. If you fail an exam, you will have to make up for it in future exams. | 25% |
| 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. | 40% |
| Coursework | The coursework will take place mid-way through 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. | 25% |
| 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. The other 5% by participation during classes. Up to 3 not-excused absences are allowed. 3 delays for more than 5 minutes after the beginning of the class count as 1 absence. | 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:
Up to 3 not-excused 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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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.
| Week |
Class |
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Date |
Note |
Topics |
| 1 |
1 |
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05/09/2023 |
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Introduction to module. Accounting information. MA versus FA. Regulatory framework. |
| 1 |
2 |
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07/09/2023 |
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Purpose. Users needs. Types of business entities. Qualitative characteristics. Accounting concepts |
| 2 |
3 |
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12/09/2023 |
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Main terms (income, expense, assets, liabilities) and main financial statements |
| 2 |
4 |
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14/09/2023 |
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Net asset approach |
| 2 |
5 |
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15/09/2023 |
Make up Friday for Thursday, November 23 |
Revision and mock |
| 3 |
6 |
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19/09/2023 |
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Test 1 (MCQs) |
3
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7 |
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21/09/2023 |
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Use of ledgers and journals. |
| 4 |
8 |
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26/09/2023 |
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Journals. Close off t-accounts. Trial balance. |
| 4 |
9 |
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28/09/2023 |
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Summary exercise |
| 5 |
10 |
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03/10/2023 |
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Sundry double entries (delivery costs, discounts, returns). |
| 5 |
11 |
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05/10/2023 |
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Preparation of financial statements of a sole trader. Accounting for inventory (part 1) |
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Coursework question released 6/10/2023 |
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| 6 |
12 |
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10/10/2023 |
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Accounting for inventory (part 2) |
| 6 |
13 |
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12/10/2023 |
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Summary exercise |
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Coursework submission 16/10/2023 |
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| 7 |
14 |
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17/10/2023 |
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Non current assets (purchase and capitalization). Accounting for depreciation. |
| 7 |
15 |
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19/10/2023 |
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Non current assets (Disposals) |
| 8 |
16 |
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24/10/2023 |
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Summary exercise |
| 8 |
17 |
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26/10/2023 |
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Accruals. Prepayments. IID expense |
9
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18 |
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31/10/2023 |
Summary exercise |
| 9 |
19 |
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02/11/2023 |
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Summary exercise |
| 10 |
20 |
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07/11/2023 |
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Companies (part 1) |
| 10 |
21 |
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09/11/2023 |
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Companies (part 2) |
| 11 |
22 |
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14/11/2023 |
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Summary exercise |
| 11 |
23 |
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16/11/2023 |
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Cash flow statement (part 1) |
| 12 |
24 |
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21/11/2023 |
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Cash flow statement (part 2) |
| 23 November - no class (Thanksgiving holiday) |
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Cash flow statement (part 3) |
| 13 |
25 |
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28/11/2023 |
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| 13 |
26 |
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30/11/2023 |
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Cash flow statement (part 4) |
| 14 |
27 |
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05/12/2023 |
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Cash flow statement (part 5) |
| 14 |
28 |
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07/12/2023 |
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Revision |
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