Main Content
Syllabus
ACCTG 471
ACCTG 471 (3) Theory and practice issues in income concepts and value measurement; GAAP; revenues, costs, assets, liabilities, and equities
Overview | Objectives | Materials | Library Resources | Technical Requirements | Course Requirements and Grading | Course Schedule | Academic Integrity | Accomodating Disabilities | Additional Policies
Overview
Some consider accounting an unnavigable maze. This course helps you map an understanding of Accounting. Accounting is commonly referred to as the language of business. The financial statements tell you a story; an accountant is the storyteller to users of the information for proper allocation of resources. This course navigates the financial statement and its elements to help uncover the story behind the numbers.
Prerequisites: ACCTG 211 or ACCTG 311
Course Objectives
After completion of this course, you will be able to do the following:
- Describe the conceptual framework of accounting, including the ability to interpret the objectives of financial reporting, the qualitative characteristics of accounting information, and the basic assumptions of accounting, along with the ability to explain the application of the basic principles.
- Prepare, interpret, and analyze a basic set of financial statements including (a) a multiple-step income statement; (b) a statement of retained earnings; and (c) a classified balance sheet, including the ability to understand the usefulness and limitations of each of these financial statements. (Note: Detailed review and discussion of the statement of cash flows will be covered in ACCTG 472: Intermediate Accounting II.)
- Analyze, interpret, calculate, and value the various detail components of a classified balance sheet, including cash and receivables; inventory; property, plant, and equipment; and intangible assets.
- Identify, interpret, and understand how to account for the various types of accounting changes and errors that may occur in financial reporting, including changes in accounting estimates and changes in a reporting entity.
- Understand the importance of and need for the full disclosure principle in financial reporting, including the requirement for footnote disclosures, disclosure requirements for major business segments, and major disclosures in the auditor’s report.
- Analyze and interpret the revenue recognition principle, including knowing how to record revenue and losses using the percentage-of-completion and completed-contract methods for long-term contracts, installment-sales, and cost-recovery methods.
Structure
The course is structured along the following lesson plans:
- Conceptual Framework
- Accounting Standard Setting
- The Accounting Cycle
- Full Disclosures
- The Balance Sheet
- The Income Statement
- Statement of Retained Earning and Other Comprehensive Income
- Profitability Analysis
- Time Value of Money
- Cash and Accounts Receivable
- Inventory Measurement
- Additional Issues With Inventory
- Acquisition and Disposition of Property Plant and Equipment
- Utilization and Impairment of Property Plant and Equipment
- Intangible Assets and Natural Resources
Course Materials
Most World Campus courses require that students purchase materials (e.g., textbooks, specific software, etc.). To learn about how to order materials, please see the Course Materials page. You should check LionPATH approximately 3–4 weeks before the course begins for a list of required materials.Connect
Penn State World Campus ACCTG 471 courses will be using a third-party solution called Connect for some course content. This solution is produced by McGraw-Hill. In order to use Connect, you will need to create an account by either using the code provided in your purchased bundled package or by buying separate login access.
Discounted bundled packages of the loose-leaf, binder-ready version of the textbook come with a Connect code and can be purchased directly from Barnes & Noble College. OR you may purchase all-digital access to Connect through your Connect course’s website. This option includes direct access to your course’s specific Connect URL (provided by your instructor). If you are comfortable with the all-digital option, select "buy online" on the Connect site to make your purchase (credit card needed).
If you decide to purchase digital access, the e-book version of your textbook will be included.
If you are waiting for your BNC package to arrive, or if you are not sure you’ll remain in the course, courtesy access on the site provides complimentary access to Connect and the e-book for 2 consecutive weeks. This usually equates to the first 2 weeks of class. At the end of your 2-week trial, you will need to enter the 20-digit code from the BNC package or purchase access online. Any work you complete during these 2 weeks will be saved.
Register for Connect
An announcement from your instructor will be made within the first week of the semester that will include a URL to your specific Connect section of ACCTG 471.
On the Connect website, click "register now" to begin the registration process. When you enter your email address, we recommend you use your Penn State email, but DO NOT use your Penn State password. If you already signed up for Connect from a previous or concurrent course, enter that same email address, and continue with registering for the Connect section of ACCTG 471.
If you purchased the discounted package from BNC, enter the 20-digit Connect code in the "have a registration code" area, and complete the registration process.
Once you register, you will have access to Connect for 540 days. If you encounter any issues registering for Connect, contact support at 1-800-331-5094 or McGraw-Hill.
Library Resources
Many of the University Libraries resources can be utilized from a distance. Through the Libraries website, you can
- access magazine, journal, and newspaper articles online using library databases;
- borrow materials and have them delivered to your doorstep—or even your desktop;
- get research help via email, chat, or phone using the Ask a Librarian service; and
- much more.
You can view the Online Students' Library Guide for more information.
You must have an active Penn State Access Account to take full advantage of the Libraries' resources and services. Once you have a Penn State account, you will automatically be registered with the library within 24–48 hours. If you would like to determine whether your registration has been completed, visit the Libraries home page and select My Account.
Optional Course Library Resources
Talk to a business librarian if you have a specific business research question that you are unable to find via the library resources mentioned previously. Contact Diane Zabel, Benzak Business Librarian and Head of the Schreyer Business Library, during regular business hours at 814-865-1013 or via email at dxz2@psu.edu.
Technical Requirements
| Operating System | Canvas, Penn State's Learning Management System (LMS), supports most recent versions of Microsoft Windows and Apple Mac operating systems. To determine if your operating system is supported, please review Canvas' computer specifications. |
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| Browser | Canvas supports the last two versions of every major browser release. It is highly recommended that you update to the newest version of whatever browser you are using. Note: Cookies must be enabled, and pop-up blockers should be configured to permit new windows from Penn State websites. |
| Additional Canvas Requirements | For a list of software, hardware, and computer settings specifically required by the Canvas LMS, please review Canvas' computer specifications. |
| Additional Software | All Penn State students have access to Microsoft Office 365, including Microsoft Office applications such as Word, Excel, and PowerPoint. |
| Hardware | Monitor: Monitor capable of at least 1024 x 768 resolution |
| Mobile Device (optional) | The Canvas mobile app is available for versions of iOS and Android. To determine if your device is capable of using the Canvas Mobile App, please review the Canvas Mobile App Requirements. |
Student Education Experience Questionnaire (SEEQ)
During the semester you will receive information for completing the Student Education Experience Questionnaire (SEEQ). Your participation is an opportunity to provide anonymous feedback on your learning experience. Your feedback is important because it allows us to understand your experience in this course and make changes to improve the learning experiences of future students. Please monitor email and course communications for links and availability dates.
If you need technical assistance at any point during the course, please contact the Service Desk.
For registration, advising, disability services, help with materials, exams, general problem solving, visit World Campus Student Services!
Course Requirements and Grading
There are 1,000 possible total points to be earned in this course.
| Points | Description |
|---|---|
| 110 | Connect Problems |
| 110 | Quizzes |
| 156 | Discussion Forums |
| 165 | Additional Problems and Excel Exercises |
| 200 | Midterm Exam |
| 259 | Final Exam |
| 1,000 | Total Possible Points |
Connect Problems
Lesson content understanding will be assessed via Connect problems on the material covered in that lesson. You should always read the lesson commentary and assigned readings prior to attempting the Connect problems. This course includes Connect problems in 11 lessons. Each set of problems is worth 10 points for a total of 110 points in this category. All lesson problems will be completed using McGraw-Hill's Connect. You have unlimited attempts for all Connect problems. All Connect problems are due by their due date listed in the course scheudle.
Quizzes
Lesson content understanding will be assessed via a quiz on the material covered in that lesson. You should always read the lesson commentary and assigned readings prior to attempting the lesson quiz. Eleven quizzes will be administered through McGraw-Hill's Connect during the semester. The dates of the quizzes are on the Course Schedule. Each quiz will consist of 10 randomly selected questions, which can come from any of the material covered in the lesson. Each quiz is worth 10 points for a total of 110 points in this category. You will have one attempt and 20 minutes to complete the quiz. You have a week to complete the quiz for the lesson. If you elect to wait until Saturday or Sunday to begin working on the lesson, you do so at your own risk.
Additional Problems and Excel Exercises
There are 11 assignments that will be administered during the semester in this category. Each assignment is worth 15 points for a total of 165 points in this category. The due dates for the assignments are on the Course Schedule.
You will complete these assignments in Connect.
Discussion Forums
Some discussions will be with the entire class, and others will be with a small group. The discussions are meant to be an ongoing conversation, with you submitting your ideas first, then commenting on at least two other persons' comments, unless otherwise noted in the discussion board directions. You should plan to view the discussion topic early in the week, adding your comments where appropriate, and then return later to see what others in the class had to say. Students should post first by Wednesday at 11:59 p.m. ET and then return to the discussion forum for their follow-up posts due by Sunday at 11:59 p.m. ET. There are 13 total discussion forums worth 12 points each, for a total of 156 points in this category.
Midterm Exam
The Midterm Exam covers material from chapters 1–4, and you will have 150 minutes to complete the Exam. The Midterm Exam is due no later than Sunday, 11:59 p.m. (ET) of the week assigned.
Final Exam
The Final Exam covers material from chapters 5–11, and you will have 180 minutes to complete the exam. The Final Exam takes place during the final exam period.
Connect LearnSmart Extra Credit
Lesson content understanding can be aided through the use of the LearnSmart activities in McGraw-Hill's Connect during the semester. You have the opportunity to earn up to 11 extra credit points for completing all 11 Learn Smart activities. Each completed activitiy is worth 1 extra credit point. Pay close attention to the due dates for each lesson.Grading
| Numerical value | Letter grade |
|---|---|
| 93 and above | A |
| 90–92.99 | A- |
| 87–89.99 | B+ |
| 83–86.99 | B |
| 80–82.99 | B- |
| 77–79.99 | C+ |
| 70–76.99 | C |
| 60–69.99 | D |
| below 60 | F |
For additional information please refer to the Deferring a Grade page. Note: If you are planning to graduate this semester, please communicate your intent to graduate to your instructor. This will alert your instructor to the need to submit your final grade in time to meet the published graduation deadlines. For more information about graduation policies and deadlines, please go to the Graduation Information on the My Penn State Online Student Portal.
Course Schedule
Note: All due dates reflect North American eastern time (ET).
The schedule below outlines the topics you will be covering in this course, along with the associated time frames and assignments. Note that assignments are due based on North American Eastern Time (ET). This ensures that all students have the same deadlines regardless of where they live.
All assignments are due by 11:59 PM Eastern Time (ET) on Sunday of the week assigned unless otherwise stated.
Lesson 1: Conceptual Framework
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Lesson 2: Accounting Standard Setting
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Lesson 3: Accounting Cycle
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Lesson 4: Full Disclosure
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Lesson 5: The Balance Sheet
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Lesson 6: The Income Statement and Brief Statement of Cash Flows
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Lesson 7: The Statement of Retained Earnings and Other Comprehensive Income
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Lesson 8: Revenue Recognition
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Lesson 9: Time Value of Money
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Lesson 10: Cash and Accounts Receivable
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Lesson 11: Inventory Measurements
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Lesson 12: Additional Issues With Inventory
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Lesson 13: Acquisition and Disposition of Property, Plant, and Equipment
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Lesson 14: Utilization and Impairment of Property, Plant, and Equipment
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Lesson 15: Intangible Assets and Natural Resources
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Final Exam
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Note: If you are planning to graduate this semester, please communicate your intent to graduate to your instructor. This will alert your instructor to the need to submit your final grade in time to meet the published graduation deadlines. For more information about graduation policies and deadlines, please go to the Graduation Information on the My Penn State Online Student Portal.
Formal instruction will end on the last day of class. Provided that you have an active Penn State Access Account user ID and password, you will continue to be able to access the course materials for one year, starting from the end date of the academic semester in which the course was offered (with the exception of library reserves and other external resources that may have a shorter archival period). After one year, you might be able to access the course based on the policies of the program or department offering the course material, up to a maximum of three years from the end date of the academic semester in which the course was offered. For more information, please review the University Course Archival Policy.
Academic Integrity
According to Penn State policy G-9: Academic Integrity , an academic integrity violation is “an intentional, unintentional, or attempted violation of course or assessment policies to gain an academic advantage or to advantage or disadvantage another student academically.” Unless your instructor tells you otherwise, you must complete all course work entirely on your own, using only sources that have been permitted by your instructor, and you may not assist other students with papers, quizzes, exams, or other assessments. If your instructor allows you to use ideas, images, or word phrases created by another person (e.g., from Course Hero or Chegg) or by generative technology, such as ChatGPT, you must identify their source. You may not submit false or fabricated information, use the same academic work for credit in multiple courses, or share instructional content. Students with questions about academic integrity should ask their instructor before submitting work.
Students facing allegations of academic misconduct may not drop/withdraw from the affected course unless they are cleared of wrongdoing (see G-9: Academic Integrity ). Attempted drops will be prevented or reversed, and students will be expected to complete course work and meet course deadlines. Students who are found responsible for academic integrity violations face academic outcomes, which can be severe, and put themselves at jeopardy for other outcomes which may include ineligibility for Dean’s List, pass/fail elections, and grade forgiveness. Students may also face consequences from their home/major program and/or The Schreyer Honors College.
How Academic Integrity Violations Are Handled
World Campus students are expected to act with civility and
personal integrity; respect other students' dignity, rights, and
property; and help create and maintain an environment in which all
can succeed through the fruits of their own efforts. An environment
of academic integrity is requisite to respect for oneself and
others, as well as a civil community.
In cases where academic integrity is questioned, the Policy on Academic Integrity indicates that procedure requires an instructor to inform the student of the allegation. Procedures allow a student to accept or contest a charge. If a student chooses to contest a charge, the case will then be managed by the respective college or campus Academic Integrity Committee. If that committee recommends an administrative sanction (Formal Warning, Conduct Probation, Suspension, Expulsion), the claim will be referred to the Office of Student Accountability and Conflict Response.
All Penn State colleges abide by this Penn State policy, but review procedures may vary by college when academic dishonesty is suspected. Information about Penn State's academic integrity policy and college review procedures is included in the information that students receive upon enrolling in a course. To obtain that information in advance of enrolling in a course, please contact us by going to the Contacts & Help page .
Additional Academic Integrity Violations
Please note: Various tutoring websites claim to offer you the opportunity to download answers to everything from accounting problems to quiz questions for little to no cost. Full papers can also be downloaded to submit in place of your own work. Use of these materials, or “ghosting,” is considered cheating and an academic integrity violation. Similarly, uploading exams, course materials, or your work to one of these sites is considered an academic integrity violation.
Using online services that complete assignments for you is considered an academic integrity violation.
Giving your Penn State Access ID and password to someone else to do your work is against University policy AD95/AD96 and an academic integrity violation; sanctions will be given for these violations.
Student Responsibilities and Conduct
- Students are responsible for online course content, taking notes, obtaining other materials provided by the instructor, taking tests (if applicable), and completing assignments as scheduled by the instructor. As a general rule, students should plan on logging into the course at least three times per week and spending at least three hours per course credit per week on the course, e.g., if the course is three credits, the student should plan on spending at least 9-12 hours per week on the course, just as they would in a residence course.
- Students are responsible for keeping track of changes in the course syllabus made by the instructor throughout the semester.
- Students are responsible for monitoring their grades.
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Students must contact their instructor (and teammates when working on any collaborative learning assignments) as soon as possible if they anticipate missing long periods of online time due to events such as chronic illnesses, death in the family, business travel, or other appropriate events. The instructor will determine the minimal log on time and participation required in order to meet course responsibilities. In the event of other unforeseen conflicts, the instructor and student will arrive at a solution together.
- Requests for taking exams or submitting assignments after the due dates require documentation of events such as illness, family emergency, or a business-sanctioned activity.
- Conflicts with dates on which examinations or assignments are scheduled must be discussed with the instructor or TA prior to the date of the examination or assignment.
- Students are responsible for following appropriate netiquette (network etiquette) when communicating with their instructor and classmates. For reference, see the Academic Success Kit.
- Behaviors that disrupt other students’ learning are not acceptable and will be addressed by the instructor.
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For severe and chronic problems with student disruptive behavior, the following will be applied for resolution:
- Senate Committee on Student Life policy on managing classroom disruptions: Office of Student Accountability and Conflict Response.
- Penn State Principles
Accommodating Disabilities
Penn State welcomes students with disabilities into the University's educational programs. Every Penn State campus has resources for students with disabilities. The Student Disability Resources (SDR) website provides contacts for disability services at every Penn State campus. For further information, please visit the SDR website.
In order to apply for reasonable accommodations, you must contact the appropriate disability resources office at the campus where you are officially enrolled, participate in an intake interview, and provide documentation based on the documentation guidelines. If the documentation supports your request for reasonable accommodations, your campus's disability resources office will provide you with an accommodation letter. Please share this letter with your instructors and discuss the accommodations with them as early in your courses as possible. You must follow this process for every semester that you request accommodations.
Additional Policies
For information about additional policies regarding Penn State Access Accounts; credit by examination; course tuition, fees, and refund schedules; and drops and withdrawals, please see the World Campus Student Center website.
If you have a crisis or safety concern, mental health services are available to you as a Penn State student. Crisis and emergency contacts are available, no matter where you are located:
- Anywhere in the United States: Call the Penn State Crisis Line at 1-877-229-6400 or text LIONS to 741741. You can also contact your local crisis services or hospital for emergencies.
- Outside the United States: Please contact emergency services in your current location. You can also use the International Crisis and Emergency Services listings.
- At University Park: Assistance is available at Counseling & Psychological Services (CAPS) locations on campus.
- At a Penn State branch campus: You can search for counseling information at your campus.
Veterans and Military Personal
Veterans and currently serving military personnel and/or dependents with unique circumstances (e.g., upcoming deployments, drill/duty requirements, VA appointments, etc.) are welcome and encouraged to communicate these, in advance if possible, to the instructor in the case that special arrangements need to be made.
Privacy Notice
In order to protect your privacy, course access is limited to those individuals who have direct responsibility for the quality of your educational experience. In addition to the instructor, a teaching assistant or college administrator may be provided access in order to ensure optimal faculty availability and access. World Campus technical staff may also be given access in order to resolve technical support issues.
One Year Course Access
Formal instruction will end on the last day of class. Provided that you have an active Penn State Access Account user ID and password, you will continue to be able to access the course materials for one year, starting from the end date of the academic semester in which the course was offered (with the exception of library reserves and other external resources that may have a shorter archival period). After one year, you might be able to access the course based on the policies of the program or department offering the course material, up to a maximum of three years from the end date of the academic semester in which the course was offered. For more information, please review the University Course Archival Policy.
Late Policy
Late Assignments will not be accepted. It is your responsibility to contact the instructor prior to the due date of an assignment if you are aware of extenuating circumstances that will impact your ability to meet a deadline. The instructor will determine if alternative arrangements may be made.
Blank or Erroneous Assignment Submissions
It is your responsibility to ensure that you have uploaded the correct document to each assignment prior to the assignment due date. Please check your assignment submission immediately after uploading a file in Canvas to ensure that it contains content and is the correct file. If you notice an error, such as a blank or incorrect file, you must resubmit the assignment before the assignment due date. Similarly, you are responsible for ensuring that discussion forum initial posts are not blank and that any website URL submissions (such as links to documents, video recordings, etc.) have the correct sharing settings enabled so that they can be viewed by recipients. Any blank or erroneous submissions that you have not resubmitted by the assignment due date will receive a zero for the assignment.