Subject to
revision (last updated: Mar 22, 2022)
- Instructor: Elizabeth Stanny, PhD
- Email: stanny@sonoma.edu
- Office hours in Zoom meeting room:
- every weekday starting at 6 PM until all questions are answered
- by appointment
Prerequisites
- BUS 230A
- Proficiency in spreadsheet software
- Course site: stanny.moodlecloud.com.
If you are enrolled in the course, I will send you login information.
- If you have any questions about the site, please ask me.
- Videos, notes, quizzes and other materials are posted on the
site.
- As you watch the videos you should work along and replicate the
spreadsheets. You will use the spreadsheets in your quizzes.
Course materials
- ASC (Accounting Standards Codification) (required).
- Logon credentials will be posted on the course site.
- Textbook (optional)
- Intermediate Accounting 9th (ISBN: 9781259722660) or 10th (ISBN:
9781260481952) edition
- Spreadsheet Software
- Google Sheets (required to use through SSU’s Google Drive)
Learning objectives
- Environment and conceptual framework
- Describe the function and primary focus of financial accounting
- Explain the difference between cash and accrual accounting
- Discuss the FASB’s conceptual framework
- Accounting cycle
- Record transactions using journal entries
- Post the effects of journal entries to general ledger accounts
- Prepare an unadjusted trial balance, adjusting journal entries,
adjusted trial balance, and closing journal entries
- Prepare basic financial statements
- Balance sheet and financial disclosures
- Describe the purpose of the balance sheet and its usefulness and
limitations
- Distinguish among current and non-current assets and
liabilities
- Explain the purpose of financial statement disclosures, the
management discussion and analysis disclosure and of an audit
- Calculate liquidity and financing ratios
- Income statement and statement of cash flows
- Discuss income from continuing operations and its components
- Define discontinued operations and its income statement
presentations
- Explain the accounting treatments of changes in estimates and
accounting principles and correction of errors
- Define earnings per share (EPS) and explain required disclosures of
EPS
- Explain the difference between net income and comprehensive
income
- Describe the purpose and classifications of the statement of cash
flows
- Income Measurement and Profitability Analysis
- Discuss the revenue recognition criteria
- Discuss the implications for revenue recognition of allowing
customers the right of return
- Calculate the common ratios used to assess profitability
- Cash and receivables
- Distinguish between the gross and net methods of accounting for cash
discounts
- Account for merchandise returns and anticipated uncollectible
accounts receivable
- Describe the two approaches to estimating bad debts
- Differentiate between the use of receivables in financing
arrangements accounted for as a secured borrowing and those accounted
for as a sale
- Inventories
- Explain the difference between perpetual and periodic inventory
systems
- Explain which physical quantities of goods should be included in
inventory
- Determine the expenditures that should be included in the cost of
inventory
- Determine the cost of ending inventory and cost of goods sold using
the specific identification, FIFO, LIFO, dollar-value LIFO, retail
inventory, gross profit and average cost methods
- Describe supplemental LIFO disclosures and the effect of LIFO
liquidations on net income
- Apply the lower of cost or net realizable value rule
- Property, plant and equipment and intangibles
- Identify costs included in the initial cost of property, plant, and
equipment, natural resources, and intangible assets
- Determine the initial cost of individual property, plant, and
equipment and intangible assets acquired as a group for a lump-sum
purchase price, in exchange for a deferred payment contract, in exchange
for equity securities or through donation
- Explain how to account for dispositions
- Identify the items included in the cost of a self-constructed asset
and determine the amount of capitalized interest
- Calculate depreciation and amortization expenses
- Account for changes in estimated service lives and residual value of
property, plant, and equipment and intangible assets
- Discuss when long-lived assets must be tested for impairment
- Analyze public companies annual reports (10-Ks)
- Relate course topics to current events
Schedule
| May 31 |
1: Environment and conceptual framework /
ASC |
due at 7 PM |
| Jun 2 |
2: Accounting cycle |
due at 7 PM |
| Jun 3 |
3: Balance sheet and financial
disclosures |
due at 7 PM |
| Jun 6 |
4: Income statement and statement of cash
flows |
due at 7 PM |
| Jun 8 |
5: Income measurement and profitability
analysis |
due at 7 PM |
| Jun 10 |
Exam (Topics 1-5) |
open from 9 AM to 7 PM (2 hour time
limit) |
| Jun 13 |
6: Cash and receivables |
due at 7 PM |
| Jun 15 |
7: Inventories I |
due at 7 PM |
| Jun 17 |
8: Inventories II |
due at 7 PM |
| Jun 20 |
9: Property, plant and equipment and
intangibles I |
due at 7 PM |
| Jun 22 |
10: Property, plant and equipment and
intangibles II |
due at 7 PM |
| Jun 23 |
Exam (Topics 6-10) |
open from 9 AM to 7 PM (2 hour time
limit) |
| Jun 24 |
ASC |
due at 7 PM |
Grading
There are 1050 possible points in the course (50 are extra credit
points). Your grade will be determined by your total points:
| A |
950 |
| A- |
900 |
| B+ |
870 |
| B |
830 |
| B- |
800 |
| C+ |
770 |
| C |
730 |
| C- |
700 |
| D+ |
670 |
| D |
600 |
Quizzes - 450 points
- Questions will be short-answer, numerical and multiple-choice.
- You can attempt each quiz twice and you will receive the highest
grade scored.
- Late quizzes will not be accepted. Please do not
ask.
- There will be multiple versions of quizzes. You can work with others
on the quizzes, but you must enter and understand the answers yourself.
When you submit your answers you are acknowledging that you can explain
them.
Assignments - 150 points
- 15 points per topic for topics 1-10 for providing the link to your
updated Google spreadsheet that has the answers in your quiz on the
spreadsheet.
- You must complete the work on your Google spreadsheet.
- You will receive the points if I can see your work history.
Exams - 400 points
- There are 2 exams each worth 200 points.
- The exams are open-book, open-note I will proxy them by monitoring
your work on your shared Google Sheet.
- On each exam day the exam will open at 9 AM and close at 7 PM. After
you open the exam you will have 2 hours to complete it.
- You will be required to do your work on your SSU Google Spreadsheet
on the Google Drive that is shared with me.
Policies
- You must adhere to SSU’s Cheating
and Plagiarism policy. Academic dishonesty (e.g., cheating,
plagiarism, etc.) will not be tolerated and will result in a zero grade
(i.e., no points) on the quiz or exam and, possibly, a failing grade in
the course.
- Please be advised that the on-line software allows me to track every
click you make on the course site. I know whether, when and where you
attempt quizzes, access notes, etc.
- There are no opportunities for points not listed above.
Please do not ask.
- Disability Services for Students (DSS)
- Academic Accommodation: If you are a student with a disability, and
think you may need academic accommodations, please contact Disability
Services for Students (DSS), located in Salazar Hall, Room 1049, Voice:
(707) 664-2677, TTY/TDD: (707) 664-2958, as early as possible in order
to avoid a delay in receiving accommodation services. Use of DSS
services, including testing accommodations, requires prior authorization
by DSS in compliance with university policies and procedures.
- Students may not record (audio or video) in this class except in
accordance with ADA accommodations. Any recordings made in connection
with a disability accommodation are for the student’s personal academic
use only and may not be distributed in any manner to any other
individual.