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YEAR COURSE OFFERED: 2015

SEMESTER COURSE OFFERED: Spring

DEPARTMENT: ACCOUNTANCY AND TAXATION

COURSE NUMBER: ACCT 3366

NAME OF COURSE: FINANCIAL REPORTING FRAMEWORKS

NAME OF INSTRUCTOR: Vinita Ramaswamy, Ph.D Associate Dean, University of St.Thomas 713 525 6913 email: vram3368@yahoo.com (preferred)
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The information contained in this class syllabus is subject to change without notice. Students are expected to be aware of any additional course policies presented by the instructor during the course.
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Learning Objectives

This course will utilize a “hands on” approach for the recording and reporting of economic transactions. This course will provide students with a thorough understanding of the accounting process and its application and introduce students to audit, tax and GAAP and IFRS standard setting processes.

Prerequisites: ACCT 2231 and ACCT2232 (or concurrent enrollment in ACCT2332)

Mission of the Department of Accountancy and Taxation
Prepare accounting graduates for leadership roles in the accounting profession;
Conduct research that advances the body of accounting knowledge, and inevitably has implications on accounting practice;
Perform service that leads to the efficient and effective practice of accounting.

Objectives of the Department of Accountancy and Taxation
Prepare its undergraduate students for graduate education or productive careers by establishing the foundations for life-long learning;
Prepare its master-level students for positions of leadership in the accounting profession;
Prepare its doctoral students for successful careers in accounting education and research;
Develop innovative and effective instructional methods that stimulate accounting learning;
Provide significant intellectual contributions in basic and applied accounting scholarship; • Provide significant service and leadership to the accounting profession, the College of Business, the University, and to both professional and academic organizations.
The C.T Bauer College of Business and the Department of Accountancy & Taxation have established Learning Goals for each of our programs as part of our accreditation by The Association to Advance Collegiate Schools of Business. Additional information about the learning goals for accounting may be found at http://www.bauer.uh.edu/departments/accy/why-accounting/accounting-learning-goals.php.
This course incorporates the following BBA Accounting Program Learning Goals: (a) capacity to record, analyze, and interpret financial and other information (mechanics/journal entry) through projects and homework; (b) capacity to identify and diagnose accounting problems through exams; and (e) basic understanding of accounting and financial concepts (theoretical) through lectures.
Major Assignments/Exams
COURSE GRADING: Your grade will be determined as set forth below:

Letter grade will be a percentage of total points as follows after curve if applicable: 90 - 100 % A 80 - 89% B 70 – 79% C 60 – 69% D Below 60% F
The determination of the final grade will be as follows:
| |% of Grade | |
|Exercises/Homework | 5% | |
|Project 1 | 5% |Due 4/5/15 |
|Project 2 | 5% |Due 5/3/15 |
|Exam 1 |20% |Friday, 2/20/15 from 2-4 pm |
|Exam 2 |20% |Friday, 3/27/15 from 2-4 pm |
|Exam 3 |20% |Friday, 2/20/15 from 2-4 pm |
|FINAL |25% |Thursday, 5/7/15 from 8:00 am – 10:30 am. |
| | | | |

Some portions of the projects/exercises/homework may be worked in class. Homework will be assigned in class and will be required to be submitted within one week of the assignment. Late projects/exercises/homework/quizzes will not be accepted. No points will be awarded for copied answers.

There are TWO Course Projects as explained later herein – due April 5 and May 3.

The Final Exam is on Thursday, May 7, 2015, from 8:00 am – 10:30 am. The exam location will be announced in class and posted to blackboard.

Examinations must be taken at the scheduled time. Examinations may be missed only under extraordinary circumstances which must be approved by the instructor prior to the examination. Lack of preparation or multiple examinations on the same day are not acceptable excuses for missing an exam. If you are unable to take the exam for medical reasons – you must obtain a signed medical excuse from a Medical Doctor (MD) prior to or on the day of the exam and there will be no exceptions (the medical excuse must be signed by the MD). The signed medical excuse must contain the address and phone number of the MD so that the excuse can be verified. An alternative time for the examination will be allowed for University-Approved Conflicts (such as military duty, religious holy days, and participation in an intercollegiate sport). Students with disabilities who need special accommodations are requested to contact the Center for Students with Disabilities (Phone: 713-743-5400).

Acceptable Calculator for Exams: A simple calculator that adds, subtracts, multiplies, and divides is all that is needed for the exams. Calculators that perform ONLY addition, subtraction, multiplication, and division (as well as additional keys for %, square root, M+, and M-) will be allowed. ANY CALCULATOR WITH MORE FUNCTIONS THAN THESE WILL NOT BE ALLOWED DURING THE EXAMS. Calculators and other electronic devices (cell phones, handheld computers, etc.) capable of storing and/or transmitting text and programming formulas are strictly prohibited in examinations. In addition, your calculator must not be capable of performing financial functions (e.g., present value, future value). It is the student’s responsibility to bring an acceptable calculator to the exam. Please inquire prior to the examination date whether your calculator meets these specifications if you have any doubt.

Policy on Incomplete (I) Grades
The University of Houston regulations for assigning incomplete grades state: "The grade of I (incomplete) is a conditional and temporary grade given when students are passing a course, but for reasons beyond their control, have not completed a relatively small part of all requirements." (Emphasis added) Reasons for a student being unable to complete a course are due to: "Health, Accident, Injury, or Family Tragedy"

A student who wants to try to improve their course grade, or avoid scholastic probation, or avoid loss of scholarship grants, or a student who needs to retake the course but wants to avoid paying tuition etc., WILL NOT be given an incomplete grade.

Withdrawal and Course Enrollment Restrictions
Please refer to the university academic calendar at www.uh.edu/academics/catalog/general/academic_calendar.html for important dates for this semester. If you withdraw from the class by the drop deadline, we will assign a W (withdraw passing) regardless of your performance on the exams.

Academic Honesty:
The University of Houston Academic Honesty Policy is strictly enforced by the C. T. Bauer College of Business. No violations of this policy will be tolerated in this course. The policy is included in the University of Houston Student Handbook, http://www.uh.edu/dos/hdbk/acad/achonpol.html. Students are expected to be familiar with this policy. Students that violate the UH Academic Honesty Policy in this course will receive an “F”.

Accommodations for Students with Disabilities:
The C. T. Bauer College of Business would like to help students who have disabilities achieve their highest potential. To this end, in order to receive academic accommodations, students must register with the Center for Students with Disabilities (CSD) (telephone 713-743-5400), and present approved accommodation documentation to their instructors in a timely manner.

Attendance and Participation
This course is one of the more challenging college/university level accounting courses. To increase your success as a student you should: read the chapter and review the class power points before the chapter is covered in class; attend class; make sure your understand problems worked out in class; complete all of the exercises and problems listed in this course syllabus (at a minimum) and complete the assignment problems on WileyPlus.

Teaching Assistants (“TA”) will be available (for questions and to assist you with the activities to increase your success) in the accounting lab (Room 133 Melcher Hall). TA hours will be announced in class and posted to blackboard.

Classroom attendance & participation is expected and necessary in order to learn the accounting principles and related knowledge taught in this course. Materials will be presented in class that you are responsible for and will be included on the exams that will not be posted on Blackboard. If you do not attend class and do not complete the exercises and problems as set forth in this Course Syllabus – you will not be successful in this course!

Work Schedules: Do not enroll in this course if the class times conflict with your work schedule. We will not adapt the course in any way to fit any work schedules. Required Reading
|Textbook: |Kieso, Weygandt and Warfield, Intermediate Accounting, 15th Edition/with Wiley-plus |
|Projects |Perdisco- see information provided below |

In addition to the textbook, information and some demonstration and homework problems (as well as relevant solutions) will be provided on Blackboard which is an integral part of this course. We will also use the accompanying textbook software WileyPlus – the URL website will be provided in class.

A good study plan for this course might be to become familiar with the textbook chapters and the extensive material on Blackboard immediately before and after the first class introducing that course. Then as you continue reading and digesting the topic material start and continue working as many of the suggested homework problems and assignments as you are able to complete. There will be weekly assignments for the majority of the course time period.

Class Coverage
|CH. | Chapter Title |
|1 |Financial Accounting and accounting standards |
|2 |conceptual framework underlying financial accounting |
|3 |THE ACCOUNTING INFORMATION SYSTEM |
|4 |INCOME STATEMENT AND RELATED INFORMATION |
|5 |BALANCE SHEET AND STATEMENT OF CASH FLOWS |
|6 |ACCOUNTING AND THE TIME VALUE OF MONEY |
|SUPP |Transaction Processing Project |
|Peachtree |Automated Accounting System Project |
|SUPP |FASB Codification |
|SUPP |Special Journals and Subsidiary Journals |

Perdisco online practice sets
Students are required to purchase and complete two online practice set activities that will count towards the overall assessment grade for this unit.

Project 1: Manual Online Practice Set (Due Date: April 5, 2015)
This online practice set is designed to provide students with practical experience in manual accounting, through the completion of a one month accounting cycle for a fictional business.

Project 2: Peachtree Practice Set (Due Date: May 3, 2015)
This online practice set provides students with practical experience in accounting with the Peachtree by Sage Complete Accounting software, also through the completion of a one month accounting cycle for a fictional business.

About the practice sets
Both activities provide each student with a unique accounting scenario and therefore must be completed on an individual basis.
Each activity will take up to 19-20 study hours to complete, over many days or weeks, so you should ensure you leave yourself enough time to complete these activities before their submission deadline.
Submission is to be completed online; however it is possible to print each page of the practice set to work on it offline. Once each page has been submitted, you will be provided with immediate feedback on your performance.

How to purchase
Both practice sets (including the Peachtree software necessary for the second project) are available from within your Perdisco account. Payment can be made using a Visa or MasterCard credit card or by check.
To register a Perdisco account and purchase the practice sets, follow the instructions provided at www.perdisco.com/peachtreeLogin

Other Course Policies and Information

Important Dates:

Wednesday, February 4, 2015 -- LAST DAY TO DROP WITHOUT RECEIVING A GRADE AND WITHOUT HOURS COUNTING TOWARDS ENROLLMENT CAP.

Monday, April 6, 2015 -- LAST DAY TO DROP OR WITHDRAW WITH A “W.” PLEASE DO NOT WAIT UNTIL THE LAST MOMENT TO DROP.

Class E-Mail’s:
Students are responsible for checking their personal UH e-mail account and messages for class related communications. There have been instances where students have gone on-line and processed a change to have their UH e-mails forwarded to a personal e-mail account (Yahoo, Hotmail, etc.) and the messages are not being forwarded – particularly for Hotmail accounts. This is not a UH issue – it is an issue within the Hotmail server(s) – so you need to check your UH e-mail for messages instead of your personal e-mail accounts that you are having your UH e-mails forwarded to.

Evaluations
The CBA has a policy that requires all of its instructors to be evaluated by their students. The results of these evaluations are important to provide feedback to instructors on how their performance can be improved. In addition, these evaluations are carefully considered in promotion, salary adjustment and other important decisions. We openly encourage students to provide feedback to the instructors and to the CBA through the evaluation process.

List of Discussion/Lecture Topics

See next page.

|M/W |T/Th | TOPIC |READING AND STUDY |ASSIGNMENTS & HOMEWORK |
|Jan 21 |Jan 20 |Review Syllabus |Review Syllabus & Blackboard |Discuss Hwk Assignments (HW & WP) Read Special Journals/Subsidiary Ledgers |
| | |Wk1 & Wk1-2 PPT |Wk1 & Wk1-2 PPT |document on BB |
|Jan 26 |Jan 23 |Chapter 2 |Chapter 2 PPT’s / HW1 |HW 1 due / Reminder on Reading the S Journals & S Ledgers Document on Blackboard |
| | | |Review WileyPlus Webpage | |
|Jan 28 |Jan 27 |Introduce Lucky Exercise |Subsidiary Ledgers & Special Journals PPT / HW2|HW 2 due |
| | | |& HW2E/Lucky | |
| | | | | |
|Feb 2 |Jan 29 |Basic Acctg Process |Exercises & Lucky |WileyPlus (WP) 2-1 due 02/06- see WP Website |
|Feb 4 |Feb 3 |Chapter 3 |Chapter 3 PPT | |
|Feb 9 |Feb 5 |Chapter 3 |Chp3 Exercises & Acctg Worksheet | WP 3-1 due 02/11 |
|Feb 11 |Feb 10 |Chapter 3 |Cash to accrual excel/chp 3 exercises |WP 3-2 due 02/15 |
|Feb 16 |Feb 12 |Chapter 3 |Cash to accrual excel/chp 3 exercises | |
|Feb 18 |Feb 17 |Chapter 3 |Chapter 3 Exercises & Review |WP 3-3 due 02/19 |
| |Feb 19 | |No class for TTH sessions-study time | |
| Feb 20 | |Exam 1 |Rooms 150 & 180 MH |2:00 pm – 4:00 pm |
|Feb 23 |Feb 24 |Chapter 4 | Chapter 4 PPT | |
|Feb 25 |Feb 26 |Chapter 4 |Chapter 4 Exercises/brief exercises | WP 4-1 due 03/01 |
|Mar 2 |Mar 3 |Chapter 4 |Chapter 4 Exercises | |
|Mar 4 |Mar 5 |Chapter 4 |Chapter 4 problems |WP 4-2 due 03/08 |
|Mar 6 | |Project 1 meeting |Room to be posted to blackboard |Friday 3/6 from 10-1 |
|Mar 9 |Mar 10 |Chapter 5 |Chapter 5 PPT/brief exercises | |
|Mar 11 |Mar 12 |Chapter 5 |Chapter 5 Exercises |WP 5-1 due 03/22 |
| | | |Spring Break Mar 16-21 | |
|Mar 23 |Mar 24 |Chapter 5 |Chapter 5 Exercises | |
|Mar 25 |Mar 26 |Chapter 5 |Chapter 5 Problems |WP 5-2 due 03/26 |
|Mar 27 | |Exam 2 |Rooms 150 & 180 MH |2:00 pm – 4:00 pm |
|Mar 30 |Mar 31 |Chapter 6 |Chapter 6 PPT | |
|Apr 1 |Apr 2 |Chapter 6 |Chapter 6 Exercises/Bonds | |
|Apr 5 | |Project 1 due | | |
|Apr 6 |Apr 7 |Chapter 6 |Chapter 6 Exercises/NR & NP | |
|Apr 8 |Apr 9 |Chapter 6 |Chapter 6 Exercises/NR & NP |WP 6-1 due 04/08 |
|Apr 10 | |Project 2 meeting |Room to be posted to blackboard |Friday 04/10 from 10-1 |
|Apr 13 |Apr 14 |Chapter 6 |Chapter 6 Problems | |
|Apr 15 |Apr 16 |Chapter 6 |No class- study time |WP 6-2 Due 04/16 |
|Apr 17 | |Exam 3 |Rooms 150 & 180 MH | 2:00 pm – 4:00 pm |
|Apr 20 |Apr 21 | |Codification |Codification homework due 4/27 (MW classes) 4/28 (TTH classes) |
|Apr 22 |Apr 23 | |Unadjusted Trial Balance Worksheet |Preparation of complete set of financial statements |
|Apr 27 |Apr 28 | |Final exam review | |
|Apr 29 |Apr 30 | |No class-study time | |
|May 3 | |Project 2 Due | | |
|May 7 | |Final exam |Rooms to be posted to blackboard |8:00 am – 10:30 am |

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...established a few ventures in U.S. He is the owner of Kaplan Auto Sales and Service in Indianapolis. He is into service industry. I admire him as he achieved a lot in his young age. He possesses the capability of a successful business entrepreneur. This interview help us to understand the path that the entrepreneur picks to travel. Mr. Selim Duran the owner of Kaplan Auto Sales decided to start his business in the year 2010. He has degree of Finance for four years. He also has an International business degree from his country. He has 10 years auto sales experiences various companies in U.S. He also worked private sector for 2 to 3 years in management and selling. His father is also an entrepreneur and his mom a housewife. He has a young sister is studying for accounting in United States. His interests are reading and improve his business. Selim’s father was into business so trying hands on business was much obvious. His experiences prompted him to start business. Selim was confident enough that he will flourish. He was confident that he could come up with good approaches to help clients. He selects this business as it was a service sector which was very close to his internal ambition. I would say challenges as an entrepreneur is a part of business which never ends. There is three of challenges. First of challenge, there is an unexpected over cost. For instance, some cars need unexpected parts or service. Then car cost would be over cost which means getting less......

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...A business undertaking is an organisation which is engaged in some industrial or commercial activity. It represents an institutional arrangement for carrying on any kind of business activity. It may be owned and controlled by a single individual or by a group of individuals who have entered into a formal or informal agreement to jointly conduct the business. Every business undertaking is a separate and distinct business unit. It has its own identity and separate ownership. It can be distinguished from other undertakings on the basis of its ownership, management and control. According to Wheeler, a business undertaking is a concern, company or enterprise which buys and sells, is owned by one person or a group of persons and is managed under a specific set of operating policies". Thus, a business undertaking may be defined as an organisation operating under separate ownership, management and control and carrying on any business activity with independent risk- bearing. All business undertakings are directly or indirectly engaged in the transfer or exchange of goods and services for value. They deal in goods and services on a regular basis. Their main motive is to earn profits and they are exposed to various types of risks. Characteristics of a Business Undertaking The basic features of a business undertaking are as follows: 1. Separate identity: Every business undertaking has a separate identity. It has a distinct name and separate existence. Its assets and liabilities......

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...Hotdog Franchisee Business Growth Our business plan to create and grow a large, international hotdog restaurant chain to be offered and consumed around the world, using a Franchisor licence. We aim to follow the guidance of the food chain system of McDonald’s, due to seeing them attract many customers due to their superb business system all around the world, providing their services and products consistently with no fail as well retaining a great level of customer service. Put simply we want to franchise a worldwide business providing a special ingredient of hotdogs with the franchise business system of McDonald’s. To insure the right growth in our business, we will have to keep insuring that all company based objectives are being met, as well as improve our communication of the business as a whole, internally and externally. Internal meaning our staff grow and develop each of their skills day by day through day to day training and external meaning that they are able to gain exposure and awareness or our service to our consumers, this referring to sales and marketing of course. In ways of marketing, we will have to grow our business to appeal to young people, ranging from teenagers to young adults, by raising its awareness on social media and advertising campaigns through networks such as: Instagram, Facebook, Wongnai etc. Since we aim to start our business in Thailand then to expand it to other countries in ASEAN, it is smart that we adapt the customer demand and......

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