ACCTG 512 Accounting
Financial Accounting Theory and Reporting Problems (3) Measurement and reporting of financial information for external purposes, with particular attention to current problems in asset and income measurement.
Overview | Objectives | Materials | Library Resources | Technical Requirements | Course Assignments | Grading | Course Schedule | Course Policies | Academic Integrity | Accommodating Disabilities | Additional Policies | Program Residency
Overview
The purpose of this course is to introduce students to financial accounting, which focuses on external users of accounting information. The course will focus on the basic principles underlying financial accounting and specific applications of those principles. Throughout the course, we will focus on the uses (and potential misuses) of financial accounting information. We will also discuss some common techniques used to analyze a firm's financial position. The focus is NOT to train students to produce accounting information. Rather, the focus is to train students to interpret, evaluate, and use accounting information. Specific topics include revenue recognition, recording expenses, statement of cash flows, inventory, long-term assets, income taxes, liabilities and leases, employee compensation, and intercorporate investments.
Course Objectives
After completing the course, students should be able to:
- Analyze an organization's financial statements.
- Assess the quality of an organization's earnings.
- Understand measurement concepts that underpin U.S. financial statements.
- Understand issues related to the Income Statement.
- Understand issues related to the Balance Sheet.
- Understand issues related to the Statement of Cash Flows.
- Understand accounting for inventories.
- Understand accounting for long-term assets.
- Understand accounting for income taxes.
- Understand accounting for liabilities and leases.
- Understand accounting for employee compensation (postretirement & share-based).
- Understand accounting for intercorporate investments.
Required 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.
Software: Microsoft Excel will be the software package to be used for this course.
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 must have an active Penn State Access Account to take full advantage of the Libraries' resources and service. The Off-Campus Users page has additional information about these free services.
Technical Specifications
Note: Courses that are designated as running in Canvas have different technical requirements. For those courses, please review the Canvas Technical Requirements for MFIN courses.
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| Operating System | Windows Vista, Windows 7, Windows 8* Macintosh users may have problems using the specialized software required in some courses. *Windows 8 support excludes the tablet only RT version |
| Processor | 1 GHz or higher |
| Memory | 2 GB of RAM |
| Hard Drive Space | 500 MB free disk space |
| Browser | We recommend the latest Angel-supported version of Firefox or
Internet Explorer. To determine if your browser fits this criteria and
for advice on downloading a supported version, please refer to the
following ITS knowledgebase article:http://kb.its.psu.edu/cms/article/6
Note: Cookies, Java, and JavaScript must be enabled. Pop-up blockers should be configured to permit new windows from Penn State web sites. Due to nonstandard handling of CSS, JavaScript, and caching, older versions of Internet Explorer (such as IE 6 or earlier) do not work with our courses. |
| Plug-ins | Adobe Reader [Download from Adobe]
Flash Player [Download from Adobe] |
| Additional Software | Microsoft Office 2007 or higher |
| Internet Connection | Broadband (cable or DSL) connection required |
| Printer | Access to graphics-capable printer |
| DVD-ROM | Required |
| Sound Card, Microphone, and Speakers | Required |
| Monitor | Monitor (Capable of at least 1024 x 768 resolution) |
To ensure instructional videos play correctly on your computer:
- Ensure that your javascript is enabled in your browser. Visit the Enable JavaScript in my browser webpage which will help you through the process of enabling your javascript - https://www.google.com/adsense/support/bin/answer.py?answer=12654.
- Ensure that you have at least Flash Player 11.0 installed. Visit the Install Adobe Flash Player webpage which will help you through the process of installing the flash player - http://get.adobe.com/flashplayer/.
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 Assignments
Assignment Problems
There are assignment problems for each lesson that will be completed on an individual basis. These problems come from the problems of each chapter in the textbook and will correspond to the required readings for each lesson. These problems will not be graded. However, it will be beneficial for you to complete these as they will prepare you for quizzes and course projects. Solutions for these will be provided so that you can compare your solutions with mine.
Quizzes
There will be a short graded quiz for you to complete after each of the lessons, which will cover the content of lessons, assigned textbook readings, and associated problem assignments. Solutions will be provided after the due date.
Cash Flow Statement Analysis Project
To facilitate the understanding of the statement of cash flows, students will answer a series of questions based on Wal-mart’s statement of cash flows for the latest fiscal year.
Reporting Quality Analysis Project
To facilitate the understanding of assessing earnings quality, students will use the techniques discussed in the textbook and online course content to assess Wal-mart’s earnings quality.
Final Project: Financial Analysis
There is one team-based project that is due at the end of the course (please check the course schedule for the due date). Although the project is not due until the end of the course, it would be beneficial for your team to begin working on the project as early as possible during the course. You are strongly encouraged to form a team of five, at the maximum. Please select your team members and e-mail your team membership to the instructor by the end of week 1. The purpose of this project is to help you gain further understanding of the knowledge learned in this course by analyzing real world data and making investment decisions.
Problem Description
This is a group project that requires you to analyze thoroughly the financial information disclosed by the management of an organization in order to make your investment decisions. Assume that you are a portfolio manager of a fund management firm and you need to make an investment decision of $1 million. Select a firm in any industry (the target firm) and a major competitor in the same industry (the competitor). Collect industry information, as well as that of the major competitor in the industry and finish this comparative analysis. Justify your investment decision in the end.
By the end of week 2, each team's group leader should e-mail the instructor the firm they choose to analyze. Note: This project is a comparative analysis, except for the industry analysis section. Please download the Final Project: Financial Analysis Group Project document to complete the assignment.
Team Requirements
You should work as a team to find appropriate sources of data and use the methodologies taught in this class to study the data and answer the questions asked in the problem statements. To assist you with discussions, there will be a team discussion forum set up so only the members of each team can access their team discussion forum as a means to communicate. Feel free to use them as often as you need to when completing the assignment. You can also use other means of communication with your team such as Collaborate, Skype, e-mail, phone, etc.; whichever communication tool works best for your group.
Your final product should consist of a Word document with Excel tables copied and pasted into the document. The project should be typed using 12-point font (Times New Roman), double-spaced, and should not be less than 10-pages. Proper citation or reference is required and plagiarism is not tolerated in this class. No particular manual style is required. Focus on the most recent fiscal year (U.S.-incorporated firms only). Attach original financial statements in the Word document in the appendix section, including: balance sheet, income statement, cash flow statement, and shareholders' equity statement.
After your team has completed the Final Project Assignment, one member of your team should submit your team's presentation (Word and PowerPoint files) to the drop box by the due date listed in the course syllabus. Please use the following naming convention when submitting your team files to the drop box and include your team name in the subject of the message (e.g., ACCTG512_FinalProject_Team1).
Additionally, your team will need to complete a 20-25 minute video recording of your entire presentation and upload it to YouSeeU.com. Your team will need to determine each team member's role for the presentation. Each team member will then complete their video recording of their assigned section using YouSeeU. Once the video is completed, you will then need to upload your PowerPoint slides and sync them with your video recording. Note: Each team member will be able to see each member's presentation and accompanying slides for each section of the presentation. Once all group members' videos and slides have been uploaded, any of the group members can designate the order of the videos. Note: You will have an opportunity to access the ACCTG 512 class space at YouSeeU and complete a practice assignment during the first week of the course (this activity will be completed individually).
Since you will be working in a team for this assignment, I will assume that everyone contributes equally and assign the same score to each team member, unless I receive written complaints that the teamwork has been unfairly distributed. In this event, the team has to submit a group evaluation sheet indicating each member’s contribution. This evaluation should assign a percentage of the project score that each team member deserves. Although, teams have the responsibility of resolving any conflict that may arise. In the event conflict cannot be resolved, the team can fire the non-contributing member. To be fair to the fired team member, he/she (and I) need to be notified at least a week before the project’s due date. The fired team member will then have to complete the project individually.
Note: Additionally, your work will be graded based on the criteria listed in the Financial Analysis Group Project Grading Scale which explains my expectations and the grading scheme. You can also access this by clicking on the Activities link in the left-hand menu, selecting the Week 7 Activities folder, selecting the Final Project folder, and finally selecting the file, Financial Analysis Group Project Grading Scale.
Class Participation Exercises
Class participation involves actively taking part in class discussions of current events, course material, analysis of business situations, and classroom exercises. Class Participation Exercises includes the following exercises:
Participation Exercises
There is a short participation exercise for you to complete after each of the lessons, which will cover the content of lessons, assigned textbook readings, and associated problem assignments. These exercises will not be graded but will count towards your overall participation grade. I will provide a solution to the activity for your review after the due date.
YouSeeU Exercise
This participation exercise will be completed individually at the end of Lesson 1 and will enable you to practice using YouSeeU, which will be required to be used when completing the final group project video presentation. I will provide an example video presentation for you to review located in the YouSeeU class space.
Accounting and Finance Discussion Forum
Online participation is required by contributing to the Accounting and Finance Discussion Forum. I will post a new question prompt to the discussion forum each week to get the discussion started.
During the semester, each student must post at least one original post related to an accounting or finance event. The topic should be related to financial reporting, one course topic, or corporate finance (corporate governance, insider trading, ethics, etc). A good original post should start with an accounting or corporate finance event identified in financial press, proceed with your summary, and end with a thought-provoking question.
Students are also required to post at least three valid replies in total to three different questions in this forum by the end of the semester to get the participation credit. A valid reply contributes positively and meaningfully to the discussion of the current topic.
Grading
Course grades will be determined on the following basis:
| Assignment | Nature of Work | Max Score (percentage) | Source |
|---|---|---|---|
| Quizzes | Individual | 20 | At the end of each lesson |
| Cash Flow Statement Analysis Project | Individual | 20 | End of week 3 |
| Reporting Quality Analysis Project | Individual | 20 | End of week 5 |
| Final Project: Financial Analysis | Team | 20 | End of week 7 |
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Participation Exercises |
Individual | 11.5 | At the end of each lesson |
| YouSeeU Exercise | Individual | .5 | At the end of Lesson 1 |
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Accounting and Finance Discussion Forum |
Individual | 8 | See course assignments section in the syllabus |
| Total Course Score | 100 |
| Letter Grade | Percentage |
|---|---|
| A | 96-100 |
| A- | 90-95 |
| B+ | 87-89 |
| B | 84-86 |
| B- | 80-83 |
| C+ | 77-79 |
| C | 70-76 |
| D | 60-69 |
| F | below 60 |
Please refer to the University Grading Policy for Graduate Courses for additional information about University grading policies.
ACCTG 512 Course Schedule
The schedule below outlines the associated timeframes and assignments that we will be covering in this course. Note that assignments are due based on the Eastern Time zone (ET). This ensures that all students have the same deadlines regardless of where they live.
- Course length: 7 weeks
Each assignment is identified as individual (I), team (T), graded (G), or ungraded (U).
Note: I will conduct an one-hour virtual office hour every Thursday at 8 p.m. ET using Collaborate.
Course Policies
Late Policy
The course schedule is strictly adhered to. Late assignments/discussion participation, and exams will be accepted ONLY if the instructor is notified prior to the due date of a special circumstance that cannot be avoided. Students will receive a zero for late work without an acceptable reason.
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 .
Accommodating Disabilities
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.
Program Residency
One of the most unique aspects of the Penn State online Master of Finance degree program is the on-campus residency. In this interactive residency, you will work closely with the program faculty to receive hands-on, model-building experience, using a complex simulation tool. Even though the residency will not take place until BUSAD 526, we would like to introduce you to this information so you can begin making arrangements. Please access the MFIN Online Residency Overview for more information.
Disclaimer: Please note that the specifics of this Course Syllabus are subject to change, and you will be responsible for abiding by any such changes. Your instructor will notify you of any changes.