ACCT-371: Intermediate Accounting I

Fall 2019 – Russin

Email: arussin@leeuniversity.edu
Office Hours: MWF 10 – 11; MW 12 – 1; TH 1 – 2:30

Required Text:
Wahlen, Jones & Pagach (2019). Intermediate Accounting: Reporting and Analysis (3rd ed.).
Cengage: Boston, MA.

University Mission Statement:

Lee University is a Christian institution which offers liberal arts and professional education on
both the baccalaureate and graduate levels through residential and distance programs. It seeks
to provide education that integrates biblical truth as revealed in the Holy Scriptures with truth
discovered through the study of arts and sciences and in the practice of various professions. A
personal commitment to Jesus Christ as Savior is the controlling perspective from which the
educational enterprise is carried out. The foundational purpose of all educational programs is to
develop within the students’ knowledge, appreciation, understanding, ability and skills which will
prepare them for responsible Christian living in a complex world.

Catalog Description:
This course is the first of two courses that provides a rigorous study of the theory and practice
of financial accounting with emphasis on the conceptual framework, the underlying
measurement and recognition of financial information, and the preparation and analysis of
financial reports.

Prerequisites: ACCT-242 with a grade of C- or better Credit Hours: 3

Computer-Assisted Instruction (Y/N): Y Additional Fees: No

I. Purpose:
This course will provide an intensive study of accounting theory and concepts
emphasizing the conceptual framework, revenue and expense recognition, income
determination, financial statement preparation and analysis, valuation of current assets,
current liabilities, inventory, and the time value of money concept.
II. Objectives of Course:

A. General Learning Objectives

This course seeks to:
1. Introduce intermediate financial accounting concepts, the conceptual
framework that governs financial reporting, and the accounting environment

2. Explain the decision-usefulness of results of the financial accounting process

through properly prepared financial statements

3. Outline the methodology for understanding and solving problems relating to

the time value money (TVM) concept

4. Introduce the measurement and valuation approaches in accounting for

current assets, current liabilities, and long-term assets

5. Present the role of professional judgment in financial reporting decisions

B. Specific Behavioral Objectives

As a result of the activities and study in this course, the student should be able to:
1. Summarize the key precepts of the conceptual framework and apply U.S.
GAAP to account for economic transactions, and report the results of
operations in the form of financial statements

2. Competently prepare financial statements that require application of

generally accepted principles to clearly communicate the results of operations
and financial position

3. Demonstrate proficiency in applying proper rules for present value and future
value in transactions that relate to TVM

4. Evaluate and distinguish proper classification, measurement and valuation of

current assets, current liabilities, and long-term assets for balance sheet
presentation

5. Describe how professional judgment and ethical issues may impact decisions
on accounting treatment and transparency in reporting
III. Topics to be Covered:
A. Financial Accounting Environment, Accounting Standards, and the Conceptual
Framework

B. Review of the Accounting Information System

C. Income Statement, Statement of Cash Flows and Time Value of Money

D. The Balance Sheet and Statement of Shareholders’ Equity

E. Cash and Receivables

F. Inventories: Cost Measurement and Flow Assumptions

G. Inventories: Special Valuation Issues

H. Current Liabilities and Contingent Obligations

I. Property, Plant and Equipment: Acquisition and Subsequent Investments

J. Depreciation

IV. Instructional Procedures:

A. Lecture and discussion

B. Group/teamwork problem-solving

C. PowerPoint and Excel application

D. Homework assignments, projects and quizzes

V. Responsibilities of Students:

A. Attend all classes

B. Prepare for each class session by reading text chapter and complete preview
assignments

C. Complete all required and recommended homework, quizzes, exams, and projects

D. Participate in discussions, group activities and group assignments

E. Demonstrate ability to research and analyze financial information

 VI. Evaluation:

A. Evaluation Activities
Exam 1 – chapters 1 – 3 18%
Exam 2 – chapters 4 – 7 18%
Exam 3 – chapters 8 – 11 18%
Final Exam – cumulative 22%
Presentation 7%
Attendance, participation, and homework 7%
Quizzes 10%

B. Grading Scale

Final Percentage Course Grade

93 – 100 A
90 – 92 A-
87 – 89 B+
83 – 86 B
80 – 82 B-
77 – 79 C+
73 – 76 C
70 – 72 C-
60 – 69 D
59 and below F

VII. Students with Disabilities:

Lee University in conjunction with the Academic Support Office works to ensure students
with documented disabilities have access to educational opportunities. Students who
need accommodations based on a disability should visit the Academic Support Office, call
(423) 614-8181, or email academicsupport@leeuniversity.edu. It is the student’s
responsibility to share the Accommodations Form with the instructor in order to initiate
accommodations.

VIII. Academic Integrity:

As a Christian community of scholarship, we at Lee University are committed to the
principles of truth and honesty in the academic endeavor. As faculty and students in this
Christian community, we are called to present our academic work as an honest reflection
of our abilities; we do not need to defraud members of the community by presenting
others’ work as our own. Therefore, academic dishonesty is handled with serious
consequences for two fundamental reasons: it is stealing – taking something that is not
 ours; it is also lying – pretending to be something it is not. In a Christian community, such
pretense is not only unnecessary; it is also harmful to the individual and community as a
whole. Cheating should have no place at a campus where Christ is King because God
desires us to be truthful with each other concerning our academic abilities. Only with a
truthful presentation of our knowledge can there be an honest evaluation of our abilities.
To such integrity, we as a Christian academic community are called.

IX. Reading List:

● Required Text
● Annual Reports of Select Public Companies (www.sec.gov)
● Reference Data from:
o Securities and Exchange Commission
General Accounting Office
Financial Accounting Standards Board
American Institute of Certified Public Accountants
American Accounting Association
International Accounting Standards Committee
State Boards of Accountancy

X. Other important information:

Exams: Please come to all exams on the scheduled day. Exams are required to be taken
in pencil. Students are expected to bring calculators to class for all scheduled exams. All
exams must be taken at the scheduled time, unless there is a valid exception. Please
note that although sporting events and other excused activities are valid, it is preferred
that exams be taken PRIOR to the scheduled class time and/or day if possible, to
maintain equity in the classroom.

Homework: There will be homework assignment for each chapter. Homework is critical
to understanding course material and preparing you for exam and class discussions. If
you are excused from class for a valid reason, it is your responsibility to submit your
homework to me PRIOR to the class. Late homework assignments will not be accepted.

Presentation: One group presentation based on financial statement analysis will be

required. Groups will be assigned to you. Presentations should address all questions
assigned, be professional, and include the use of PowerPoint.

Attendance and Class Participation: You are expected to attend all classes and have all
assignments completed to the best of your ability. You will be required to participate in
class discussions and present homework when requested. It is helpful to have a
calculator for use in all classes.

I Corinthians 10:31 “…whatever you do, do it all for the glory of God”
Tentative Course Schedule:

Aug 21 Course intro and chapter 1 Oct 28 Chapter 8 – outline

Aug 23 Chapter 1 - quiz Oct 30 Chapter 8
Aug 26 Chapter 2 – outline Nov 1 Chapter 8 – homework & quiz
Aug 28 Chapter 2 – homework - & quiz Nov 4 Chapter 9 – outline
Aug 30 Chapter 3 – outline Nov 6 Chapter 9
Sept 2 Chapter 3 Nov 8 Chapter 9 – homework & quiz
Sept 4 Chapter 3 – homework Nov 11 Chapter 10 – outline
Sept 6 Chapter 3 – homework & quiz Nov 13 Chapter 10
Sept 9 Exam 1: chapters 1 – 3 Nov 15 Chapter 10 – homework & quiz
Sept 11 Presentation intro & chapter 4 Nov 18 Chapter 11 – outline
Sept 13 Chapter 4 – outline Nov 20 Chapter 11
Sept 16 Chapter 4 – homework Nov 22 Chapter 11 – homework & quiz
Sept 18 Chapter 4 – homework & quiz Nov 25 Exam 3: chapters 8 – 11
Sept 20 Chapter 5 – outline Nov 27 THANKSGIVING BREAK
Sept 23 Chapter 5 Nov 29 THANKSGIVING BREAK
Sept 25 Chapter 5 – homework Dec 2 Review for final
Sept 27 Chapter 5 – homework & quiz
Sept 30 Presentations Dec 9 Final – 1:00 to 3:00
Oct 2 Presentations
Oct 4 Presentations
Oct 7 Chapter 6 – outline
Oct 9 Chapter 6
Oct 11 Chapter 6 – homework & quiz
Oct 14 Chapter 7 – outline
Oct 16 Chapter 7
Oct 18 FALL BREAK
Oct 21 Chapter 7 – homework & quiz
Oct 23 Review for exam 2
Oct 25 Exam 2: chapters 4 – 7