UNIVERSITY OF DELAWARE

Lerner College of Business & EconomicsDepartment of Accounting & MIS

COURSE SYLLABUSACCT 316 -- INTERMEDIATE II—FALL 2008

1. GENERAL INFORMATION

INSTRUCTOR: Araya Debessay, Professor, PhD, CPA, CMA, CIA E-Mail: debessay@udel.edu. The best way to reach me any time is through

email. I check my email messages several times a day, seven days a week.

In your email messages, be sure to include your name and phone number. URL: Instructor’s home page for background information on your instructor:

http://udel.edu/~debessay Your textbooks home page: http :/ /www.wiley.com/college/kieso

WileyPlus home page: http:// www.wileyplus.com –. WileyPlus Technical Support http://hesupport.wiley.com/wileyplus For introduction to WileyPlus:

http://www.wiley.com/college/sc/first/video.html FASB Home page http://www.fasb.org – -

Class Time: T&R 5:30 p.m. to 6:45 p..m. Classroom: Memorial 110 – state-of-the-art classroom with wireless laptop computers for

students’ in-class use.2. REQUIRED TEXT:

Kieso, Weygandt, and Warfield, INTERMEDIATE ACCOUNTING, 12th Edition, John Wiley & Sons, 2007. (2007 FASB UPDATE. Also vailable on-line through WileyPlus (the standard version). ISBN Volume II with WileyPlus is: 978-0-470-12874-9

Students who have a used book can buy the WilesPlus Code from htt://www.wileyplus.com

WileyPlus – Students are required to read the handout on WileyPlus which is assigned for the first day of class in WileyPlus. This document will be emailed to students before the first day of class.

3. STRONGLY RECOMMENDED: Student Companion Site for the 12th Edition of KW&W

http://bcs.wiley.com/he-bcs/Books?action=index&itemId=0471749559&bcsId=2995 Gleim, CPA REVIEW - Financial, 2006 edition, Gleim Publications Inc. This book

contains great MC questions and solutions, including answer explanations and review notes.

4. COURSE CATALOGUE DESCRIPTION: ACCT 316 is continuation of ACCT 315. Provides n-depth coverage of the following topics: recognition and measurement of

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investments, long-term liabilities and stockholders’ equity; dilutive securities and earnings per share calculations; revenue recognition; accounting for income taxes, pensions and leases; accounting changes and error analysis; preparation of the statement of cash flows; and disclosure requirements in financial reporting.

5. COURSE OBJECTIVES:

(a). Primary Objective: To provide students an in-depth understanding of the topics enumerated above. The goal is to enable students to develop a solid understanding of the conceptual basis of the accounting standards, principles, and procedures pertaining to valuation and reporting practices applied by practitioners and by public accountants. The emphasis is on helping students develop analytical and conceptual thinking, not on memorization

(b). Secondary Objectives: The course also has the following secondary objectives.i. To encourage students to assume a major responsibility in the learning process. The aim is

to teach students how to learn on their own so that they will have the foundation on which life-long learning can be built.

ii. Introducing international financial reporting standards (IFRS). There are over 100 countries that are already using IFRS and by 2012 it is expected there will be 150 countries using IFRS. The US is expected to adopt IFRS in the coming few years, possibly as early as 2013. Hence it is important for students to be aware of IFRS. To this end, the course provides some insights of IFRS, and will continue to point out the similarities and differences between US GAAP and IFRS. I intend to include some questions dealing with international accounting issues on exams.

iii. Integrating ethical behavior and professionalism. Accounting professionals are expected to have high ethical and professional standards of behavior. To help students learn to identify when ethical issues are involved in professional life and how to approach ethical decisions-making, cases that involve ethical issues are assigned.

iv. Developing students' ability to perform assigned tasks on a timely basis, and the experience of working under pressure. Accountants are expected to be efficient in their use of time and to deliver assigned tasks on timely bases. To help students develop their efficient use of their time, I will be expecting students to perform their assignments on timely bases, and to complete quizzes and tests within the allotted time. Due date and time for homework and quizzes is given in WileyPlus

6. INSTRUCTIONAL METHODS Class format will be a combination of lectures, and discussion of the assigned homework and the assigned end-of-chapter questions, cases, and the financial reporting problems. Active class participation by all students is expected and rewarded.

7. HOMEWORK QUIZZES & CLASS PARTICIPATIONThe keys to the success of this course are the assignments and class discussions. Students, who regularly attend classes, make an earnest effort to completing their homework assignment and quizzes on time, and who actively participate in class discussions have much greater chance of

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succeeding in this course.

Please refer to the Assignment Sheet posted in WebCT, and available on WileyPlus. Students are encouraged to do additional ungraded assignments that are available on WileyPlus.

Students are expected to complete homework assignment before the due date. Homework assignment not completed before the due date will not be given credit. In determining your homework and quiz grades, I will drop the lowest two quizzes scores and the three lowest homework scores. This averaging scheme will help those students who might miss a quiz due to sickness, or other valid reasons, and when they do poorly on some of the quizzes and homework.

Students will earn points for class participation. This will require regular attendance, with homework assignments and quizzes completed. Participation is asking questions related to homework and quiz that students had difficulties with; answering questions posed by the instructor or other students; volunteering to answer assigned discussion questions, and remaining alert in class, etc. Active class participation is expected of all students. Your instructor will make every effort to engage you in class discussions by asking questions on the assignment. The fear of being wrong in answering a question should not deter you from actively participating in class discussions. There is so much you can learn from your mistakes. As the following ancient Chinese proverb illustrates, class participation is an excellent vehicle towards effective learning.

Tell me, I’ll forgetShow me, I may rememberInvolve me, I’ll understand.

In doing your homework and quizzes, your goal should be to learn the material well. If you do your homework and quizzes seriously, you will learn a great deal that will help you to do better on the exams. To this end, if you have any questions on the homework or quizzes, be sure to ask your instructor to discuss those questions in class or outside class. To the extent that you are learning from your mistakes and do well on the exam, I can assure you that your grade will not suffer if your homework and quiz grades are low. I will base your course grade solely on your exam performance, if that is to your advantage.

Here is a word of caution. Some may be tempted to earn homework and quiz points dishonestly by copying homework and quiz answers from classmates or other sources. Those who do so or cheat by any other means are not only hurting themselves by missing the opportunity to use the homework and quizzes as learning devices, but they are also violating the University’s code of academic honesty. Those who cheat will suffer in three ways. First, when they are discovered they will be penalized. Second, even if they are not discovered, they deprive themselves of the feedback value of learning from their mistakes. Third, they will end up performing poorly on exams, and exam results are the key determinants of grades. Hence, those who attempt to cheat on their homework or quizzes will end up losers and sacrificing their honor for nothing.

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10. EXAMS There will be four 90-minute exams during the semester. Exams will consist of a combination of the following types of questions:

(1) Multiple choice conceptual questions.(2) Multiple choice problems.(3) Problems (short and long).(4) Short answer questions, similar to the end-of-chapter questions.

The exam dates and times are shown on the assignment sheet.

All students are expected to take all scheduled exams. Early exams will be scheduled for those participating in University-sponsored activities at the request of authorized officials. Early exams will not be given because of heavy course loads, conflicts with work schedules, inadequate preparation, conflicts with an interview, etc. Because the exam time is already printed in the registration booklet, you are not expected to have any conflict with other course related activities during the scheduled exam dates and times.

To miss an exam without penalty, two conditions must be met: A student must have an acceptable and verifiable reason. Acceptable reasons for

missing an exam include serious illness (i.e. illness requiring medical attention), death in the immediate family, or other bona fide reasons.

Valid and acceptable documentation supporting the bona fide excuse should accompany the student's request for a makeup exam, preferably before the scheduled exam.

If both conditions are met, the student will be given a make-up exam. If the two conditions are not met the student will receive a zero grade for the missed exam.

11. GRADING The final course grade will be determined as follows:Exam I Ch. 14- 16.................................................................. 225 pointsExam II Ch. 17 - 19................................................................. 225 points Exam III Ch. 20 - 21............................................................. 225 pointsExam IV Ch. 22-24.................................................................. 225 pointsHomework………………………………………………………. 40 points.Quizzes – best ten………………………………………………. 40 pointsClass Participation……………………………………………… 20 points

Total Course Points.........................................................................1,000 points 11. Grading ScaleA 90%+ A C 70%-75%A- 88% - 89% A- C- 68% - 69%B+ 86%-87% B+ D 60%-67%B 80%-85% B D- 59% - 50%B- 78% - 79% B- F Below 50%C+ 76% - 77% C+

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Curved Grades

Individual exam grades are not curved. The decision to curve and the amount of the curve will be determined after evaluating the weighted average of all the grades in all the sections. If grades are curved, a uniform curve will be applied to the weighted average grade of all students in all sections.

12. OTHER IMPORTANT MATTERS

Academic DishonestyThe cornerstone of the accounting profession is personal integrity. It is what the public is entitled to expect from accountants, from business executives responsible for the content of published financial statements, and from the board members responsible for corporate governance. Recent passage of the Sarbanes-Oxley Act, changes in SEC regulations and stock exchange rules makes this abundantly clear. Newspaper headlines since the fall of Enron, Andersen, WorldCom, Tyco and others are full of stories of litigation, indictments, guilty pleas, and prison sentences of those who fail to live up to society’s expectations. Everyone suffers from the dishonesty of others, and thus we have a shared responsibility to confront it. Anyone who witnesses an act of academic dishonesty should bring it to my attention. I will take prompt and appropriate action.

You are expected to be familiar with the University’s Policy on Academic Dishonesty found in the Official Student Handbook. If you have not read it, you will find it using the following link: http://www.udel.edu/poscir/jjmagee/UDRules.html. The content of the Handbook applies to this course. Additionally, the following specific behaviors will be deemed acts of academic dishonesty in this class:

Getting answers for quizzes from others. Copying answers to homework assignments from other students or other sources. Possessing a copy of exams or exam solutions in any form. Exams are the property of

the Department of Accounting & MIS.

Course IntegrityThe grading process is not subject to negotiation. Your course grade will be determined by the policies and requirements listed in this syllabus. If any changes are made, they will be properly disclosed in class during the semester to all students.

I will go over the exam in class when I return the graded exam papers. Those who would like to review the grading of their exams or the calculation of their grade should be present in class. Any errors in grading will be promptly addressed and corrected. But once your course grade has been sent to the registrar’s office and verified for accuracy, the course is officially over.

Questions concerning grades must be raised (1) within 1 week after the corrected exam is returned to the class, (2) for final grades, within 2 weeks after the semester ends.

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There will be no extra credit projects offered to allow someone to improve their grade. Such a practice violates the integrity of the course by deviating from established grading procedures.  For a professor to do so would be both unfair and improper.

Dropping the CourseStudents who are having difficulty with the course must recognize this early. Tutors can help but they can’t work miracles. The key to improving your exam performance is in changing your study habits. Your textbook authors and your professor are the most time-efficient and cost-effective tutors available.

Within the first few weeks of the course those scoring poorly on homework assignments and quizzes are encouraged to consult me, modify their study habits, focus on their professional objectives, and recommit themselves to the course and their future.

Students who have demonstrated poor understanding of the material (as evidenced by their performance on quizzes, graded homework and the first exam) must exercise good judgment about whether to drop the course or not. Responsibility for this decision is yours. Students who are doing poorly should schedule an appointment with me to assess their standing in the course and discuss their options well before the academic penalty deadline.

Those Auditing the Class (Attending The Class as Listeners) Students auditing the course (changed their status in the course to listeners) may attend lectures but will not be allowed to take exams. They are not required to do anything more than come to class and listen. If they attend more than half the scheduled classes their transcript will reflect a grade of L (listener), if not the grade will be LW (listener withdrew). In either case it has no effect on their cumulative indexes.

Help/Review Sessions: I will be conducting Help/Review Sessions on Fridays from 5:00 p.m. to 6:00 p.m. These dates are shown on the Assignment Sheet. I encourage you to take advantage of these sessions.

Name Cards: Students are expected to have name cards during every class session.

Classroom EtiquetteThe importance of maintaining a distraction-free learning environment in class cannot be over-estimated. For the good of all, please:

Arrive early to class.  Every effort will be made to start all classes on time to maximize student/professor interaction. Those who arrive late waste valuable class time and distract everyone while they find a seat and get settled.

Turn off cell phones and beepers in class. Cell phones and beepers going off in class are also distracting. Sending or receiving text messages is disturbing to your classmates and show a lack of respect for them and the subject matter of our profession. Also be sure to turn off your cell phones during exams.

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Don’t talk to others during lectures.  When the professor signals the beginning of class, be silent and attentive unless called upon. Talking during lectures is another avoidable distraction.

Don’t wear hats, caps or other headgear in class. Except for medical or religious reasons, it is considered bad manners to wear these things indoors. Also, they obscure the view of those sitting behind you.

Don’t forget to display your name card in every class. Not having your name card displayed implies that you are not willing or prepared to participate in class discussions, something which will have a negative effect on your participation points.

Gadgets not allowed during exams.Don’t bring any of the following electronic devices into exams or quizzes:

Beepers and pagers Cell phones and camera phones Digital cameras, video cameras, other recording devices PDAs (like Palm Pilots) Computers Programmable calculators (only calculators that perform simple calculation functions are

permitted).If you are in doubt regarding the requirements, please consult with me.

SOME TIPS ON LEARNING ACCOUNTING: Learning in Stages 1

There are three stages of learning accounting: Knowledge and comprehension – You obtain knowledge from class lectures and

reading the text. Comprehension comes from independent study of what was discussed in class and read in the text. This is critical first step. The rules and principles provide you with a technical compass that always points to the correct answer. It is not enough to have just a casual acquaintance with the rules, or a basic understanding of the rules, or a conceptual framework of how the rules work. You must have a command of the rules.

Application and analysis – You reach this level by doing homework problems on your own and reviewing your mistakes in class under your professor’s guidance. Analytical skills help you obtain an understanding of the facts of a problem and guide you in determining which rules and principles apply. A command of the rules helps you distinguish facts in the problem that are relevant from those that are not; and how the relevant facts must be logically and mathematically manipulated to arrive at the solution. At this stage you will be building experience on how to analyze the facts, determine which rules and principles apply, and apply them correctly.

Synthesis and evaluation – You reach this level by the cumulative experience of solving numerous problems and seeing how the rules and principles fit into an overall framework.

1 This material has been borrowed from Professor Paretta’s course syllabus with permission.

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As much as 80% of the learning will happen outside of class, but the 20% that happens in class under the guidance of your professor is crucial at each of the three stages:

In the knowledge and comprehension stage, your professor can offer class lectures, supported by notes and examples that introduce you to the rules and principles in the first stage of the learning. Your level of comprehension is directly proportional to your study effort.

In the application and analysis stage, how much you learn depends chiefly on how much effort you put into solving the problems on your own. Your professor can help you by validating the things you did correctly, by pointing out your errors, and re-emphasizing the rules and principles being tested in the assigned problems. It is up to you to review your conceptual mistakes and correct your understanding of the rules and principles so the same errors are not repeated.

In the synthesis and evaluation stage, what you learn is determined by how much effort you put into the first two stages. Your professor can help by pointing out in class how the rules are interrelated and where they fit in the overall theory. Understanding the overall framework of what you know and integrating it with what you just learned, makes it easier to move to the next topic with confidence.

Some friendly advice: Keep in mind that your primary goal is long-run (to prepare yourself for a successful career). Do not approach the course material as if your only goal is short-run success (grades on exams).

Cutting class to prepare for an examination in another course is ill advised. If you fall into this habit you will find yourself in a perpetual state of disequilibrium - falling behind in all your courses. It is not worth it. The best thing to do is to plan ahead and budget your time properly.

As you are already aware, Intermediate Accounting II (ACCT 316) is a very demanding course, more so than ACCT 315. The teaching approach that I am following is meant to encourage you to come well prepared for each class session. My goal is to create a learning environment that will encourage you to realize your fullest potential.

My expectations from my Students: I expect each of my students to:

Read the syllabus, attend class regularly, and come to class on time and prepared. Participate in class discussions, and pay attention to class discussions. Do the assignments, work hard, and have high expectations of themselves. Contact me if they need help with the work. Respect the class and me by not talking while I or someone else is talking. Have high standards of conduct, professionalism, and work ethic. Adhere to University of Delaware Academic Honesty rules. Refrain from asking questions that could be answered by referring to the syllabus. PLEASE DO NOT WARE A HAT IN CLASS.

What should my students expect of me?

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Treat each student fairly and with respect. Create an atmosphere that motivates students to realize their maximum potential. Come to class on time, organized and well prepared. Encourage students in class discussions. Challenge students to think critically. Enhance student’s ability to learn on their own and develop life long learning skills. Work hard and have high expectations of myself. Answer questions in and out of class, and explain the material clearly. Have tests graded and returned quickly. Reply to students’ email messages promptly. Respect meeting appointments made with students. Challenge my students intellectually and academically. Have a sense of humor, and create a healthy (not intimidating) learning environment. Find out the answers to questions that I do not know.

Note: Please read this syllabus carefully. If there are aspects of the course that are not clear or about which you have some concerns or apprehensions, be sure to raise them on your e-mail message to me. I may change classroom procedures and grading policies if circumstances dictate. Any changes will be announced in class and it is your responsibility to be aware of them.

Some points to ponder: "The difference between Average people and Top people can be explained in three words: The top people do what is expected of them -- AND THEN SOME." "Plan ahead: It wasn't raining when Noah built the ark."SOURCE: Deloitte Haskins & Sells Review

I have learned much from my teachers,More from my peers,But I have learned most from my students.

Anonymous.

Assignment Schedule:

The Assignment Schedule has day-to-day assignment, quiz, and exam dates and hours. It is available in WileyPlus and WebCT. A copy will also be emailed to every student. Please note however, that I may change the information contained on the Assignment Schedule or Course Syllabus if the need to do so arises.

I wish you an enjoyable and successful semester.

If you have any question related to the contents of this course syllabus, please do not

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hesitate to contact me.

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ACCT 316-050 Fall 2008 A. Debessay, Assignment SchedulePlease have the assignments completed on the dates indicated using WileyPlus. Be sure to follow the WileyPlus instructions on how to present your answers.

DATE CHAPTER ASSIGNMENT On WileyPlusR 9/04 Introduction and Lecture on

Ch. 14 LT LiabilitiesDo Assignment Zero in WileyPlusRead Ch. 14,

T 9/09 Ch. 14 – Long-term Liabilities BE14-5 E14-1, E14-7, E14-8, E14-9, E14-16

R 9/11 Ch. 14 Accounting for Troubled Debt

E14-20, E14-27, E14-23, E14-24, P14-1 Quiz on Ch. 14

F 9/12 Help/Review Session – MEM 110T 9/16 Ch. 15 + Appendix A

Stockholders’ Equity

E15-2, E15-5, E15-6, E15-8, BE15-8,

T 9/16 Last day to drop a course with tuition refund.R 9/18 Ch. 15 + Appendix A

Stockholders’ Equity

E15-22, E15-14, E15-15 P15-1, P15-9Quiz on Ch. 15

F 9/19 Review/Help ClassT 9/23 Ch. 16 Dilutive Securities &

EPS

E16-1, E16-2, E16-7, E16-11,

R 9/25 Ch. 16 + Appendix A E16-18, E16-20, E16-22, E16-25, P16-1, P16-6, E16-27, E16-28Quiz on Ch. 16

R 9/25 Review/Help Session – Extended Class

F 9/26 Exam 1 Ch. 14, 15, 16 5:00 to 7:00 p.m. KBR 006

T 9/30 Ch. 17 Investments E17-3, E17-4, E17-7, E17-12,

R 10/02

Ch. 17 - Appendix B Derivatives

E17-14, E17-18, E17-19, E17-21, E17-22, E17-23.P17-3, P17-8 Quiz on Ch. 17

F 10/03 Review/Help Session

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T 10/07

Ch. 18 + Appendix ARevenue Recognition

E18-8, E18-12, E18-13,

R 10/09

Ch. 18 + Appendix ARevenue Recognition

E18-20, E18-21 E18-16, P18-2, P18-6Quiz on Ch. 18

F 10/10

Help/Review Session – MEM 110

T 10/14

Ch. 19 Accounting for Income Taxes

E19-3, E19-8, E19-14,

R 10/16

Ch. 19 + Appendix A&B E19-18, E19-23, P19-1Quiz on Ch. 19

R 10/16

Review/Help Session – Extended Class

F 10/17 Exam 2 Ch. 17-19 – KBR 006T 10/21

Ch. 20 + Appendix Pensions & Post-Retirement Benefits

E20-2, E20-8, E20-10, E20-11

R 10/23

Ch. 20 + Appendix A E20-19, P20-2, P20-3Quiz on Ch. 20

F 10/24

Review/Help Session

T 10/28

Ch. 21 Leases + E21-14, E21-2, E21-8, E21-9

T 10/28

Last day to withdraw without academic penalty

R 10/3024

Ch 21 - Leases E21-5, E21-7, E21-16P21-2, P21-5Quiz on Ch. 21

F 10/31 Exam 3 Ch. 20 and 21 - 5:00 to 7:00 p.m. KBR 006

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Date CHAPTER Group Class Discussion

ASSIGNMENT

T 11/04

No class – Election Day

R 11/06

Ch. 22 – Acctg Changes & Error Analysis

E22-1, E22-2, E22-7, E22-5, E22-8

F 11/07

Review/Help Session

T 11/11

Ch. 22 – Acctg Changes & Error Analysis

E22-6, E22-22, E22-23P22-2, P22-6Quiz on Ch. 22

R 11/13

Ch. 23– Cash Flows Statement E23-3, E23-5, E23-8

T 11/18

Ch. 23 Cash Flows Statement E23-13, E23-14, E23-17, E23-21, P23-1, P23-6Quiz on Ch. 23

R 11/20

Ch 24 – Full Disclosure in Financial ReportingAppendix 24 B International Accounting Standards

E24-1, E2-2, E24-3, BE24-6P24-2, CA24-8, CA24-10, C24-3Quiz on Ch. 24

F 11/21

Review/Help Session

T 11/25

Catch up and Review Class -

R 11/27

Thanksgiving – No Class

T 12/02

Discussion on International Financial Reporting Standards (IFRS) and the recent SEC position on IFRS

R 12/04

Discussion on Ethical Challenges to Accountants

F 12/05

EXAM 4 Ch. 22-24 KBR 006

T 12/09 No Class