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Intermediate Accounting Chapter 1 Ppt

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INTERMEDIATE ACCOUNTING I (ACC 221) 21 Aug 2013 - 15 Oct 2013 TEACHER: Dr. Joseph L. Ilk, CPA, CMA, CVA, CPCM TELEPHONE: Office: (703) 805-4473 Home: (540) 582-6008 E-mail: If you e-mail me, please put “ACC 221" and either "E40W" or "E80W" ” in the subject line. If you do not I will not recognize the e-mail and will delete the file. The student needs to put their First and Last Name in the e-mail so I know who it came from. OFFICE HOURS: Mon-Fri 8:00 p.m. - 9:00 p.m.I check my e-mail ( every day. NOVA IT Helpdesk: (703) 426-4141 CONNECT HELPDESK: (800) 331-5094 PRE-REQUISITES: ACC 212 - Principles of Accounting II I. THE COURSE: ACC 221, intermediate accounting covers accounting principles and theory, including a review of the accounting cycle and accounting for current assets, current liabilities, and investments. Introduces various accounting approaches and demonstrates the effect of these approaches on the financial statement users

II. SCOPE: The study will cover but not be limited to the following areas: Theoretical structure of financial accounting Time value of money Review of the accounting process Cash and receivables Balance sheet Inventories Income statement Plant, property, and equipment Cash flow statement Investments Income measurement and profitability analysis

III. Course Learning Objectives: * Comprehend the environment and theoretical structure of financial accounting. * Implement the accounting process. * Prepare and classify the elements of the financial statements and the Financial Disclosures. * Determine when income is measured and reported. * Understand the concepts of the time value of money. * Examine cash and receivables. * Define and measure merchandise inventories. * Comprehend operational assets, acquisitions, disposition, utilization, and impairment

IV. TEXTBOOK Spiceland, D., Sepe, J., & Nelson., (2013). Intermediate Accounting: Volume 1: Chapters 1- 12. (7th ed.). New York, NY: McGraw-Hill Irwin.
V. CONNECT The student will complete their homework assignments, as well as two (out of four) exams in McGraw-Hill Irwin. Connect. It is imperative that the student acquire a Connect access code from McGraw-Hill Irwin. Connect is a software outside of Blackboard.

Before contacting the instructor regarding Connect issues, the student must do the following: · If experiencing difficulty in Connect, please 'troubleshoot' with your Browser. · If you are still having issues (either with accessing an assignment or an error within a question) you MUST contact CARE Technical Support: or 1-800-331-5094. · After you have received a CARE number, if you still have an issue you may email your question to me (the instructor).CONTACT CARE ONLINE

Visit Connect at: GIVE CARE A CALL 1-800-331-5094 Connect live support is available (all times Central): Mon-Thurs: 0800 - 2300 (11:00 p.m.) (Central Time) Friday: 0800 - 1800 (6:00 p.m.) (Central Times) Sunday: 1800 (6:00 p.m.) - 2300 (11:00 p.m.) (Central Time) VI. ELI courses are designed for students with busy and sometimes irregular schedules. However there are several deadlines you must meet to stay in this class. I do expect each student to work the equivalent of at least 6-9 hours per week on the research and assignments for this course

Inactive Students Dropped - If you have not submitted Exam 1 and homework to chapter 4 you are not making satisfactory progress and will be withdrawn without tuition refund.

Last Withdrawal Date Without F - This is your last opportunity to withdraw yourself from this course to avoid receiving a failing grade.

1st-session 8-Week Session Section Numbers 40-49
Start: August 21
Refund: August 29
Attendance/First Assignment Due: August 29
Inactive Students Dropped: September 6
Last Withdrawal Date: September 23
END: October 15


Type Number Pts/EA Total Points Percentage Exercises 240 1 pt 240 points 24% Exam 1 - proctored 1 150 pt 150 points 15% Exam 3 - proctored 1 150 pt 150 points 15% Exam 2 - Connect 1 200 pt 200 points 20% Exam 4 - Connect 1 200 pt 200 points 20% Cases 2 25 pt 50 points 5% Introductory Letter 1 10 pt 10 points 1% Total Points 1,000 points 100% ========= ==== Note: The total points for all four exams are 700 points, which represents 70% of the total number of points

Each chapter has 20 points between the exercises and multiple point questions. There are twelve (12) chapters. Therefore, 20 points times 12 chapters equals a total of 240 points.

Grading Scale A - 900 points to 1,000 points (90%-100%) B - 800 points to 899 points (80% - 89%) C - 700 points to 799 points (70%-79%) D - 600 points to 699 points (60%-69%) F - zero (0) points to 599 points

I do not grade upwards. That is, 89.9% is a "B" not an "A". Same logic for 79.9% and 69.9%.

Homework. I recommend that you perform your homework exercises by hand first, then data enter the answers in Connect second. I do not know if Connect has an automatic timeout mechanism. That is, after a certain period of time, it automatically times you out.

Incomplete grade. The incomplete grade is used for verifiable unavoidable reasons. If you have made significant progress in your course, your end date is near, and you have reasons that can be documented as unavoidable , you may request a grade of Incomplete . To request a grade of Incomplete for this course, you must: * Have satisfactorily completed three exams and homework assignments up to chapter 10 . * Explain your extenuating circumstances to me in writing * Provide a written plan for completing the remaining assignments * Provide the following in an e-mail: * Student name * Student EMPL ID * Course number and section (e.g. ENG 112 E05L) * New deadline for completion * What grade will be changed to if no additional work is completed * What proportion of the course work has been completed (e.g. 60%) * Mitigating circumstances that justifies the need for the Incomplete grade * You then have two (2) months to finish from your end day.

Exams: There are four (4) exams in this course. Two (2) are proctored online exams in this course web site and two (2) exams on Connect. You will see links for them in the EXAMS section. However, the online exams are password protected and must be taken in one of the five NVCC campus Testing Centers. Please do not click on the links for the proctored exams until you are in the Testing Center and ready to take them; otherwise you could be locked out of the exam when you get to the Testing Center.

You are allowed to bring one page of notes to the exam The notes will be collected to if you need them make a copy before the exam

Print the ACC 221 Exam Passes Form 8-12A in the exam folder page and cut off the appropriate pass for the exam you want to take. Testing Counters will not allow you to take an exam without the proper exam pass.

Exam 01 - Chp 01 and Chp 02 - Proctored at a testing center Exam 02 - Chp 03, Chp 04, Chp 05, and Chp 06 - Taken in Connect Exam 03 - Chp 07, Chp 08, and Chp 09 - Proctored at a testing center Exam 04 - Chp 10, Chp 11, and Chp 12 - Taken in Connect


Websites: - A website developed by the AICPA for students – has financial games, information for students about the accounting profession and career options. – the website for the professional organization of Certified Public Accountants – it contains student information and additional resources. – the website for the Financial Accounting Standards Board – the organization that provides the majority of the generally accepted accounting principles. - a website of the American Accounting Association – contains links to accounting sites, including firms, regulators and student resources.

Publications (and their associated websites): Journal of Accountancy ( Forbes Magazine ( Fortune Magazine ( The Economist ( Business Ethics (


Dr. Joseph L. Ilk, CMA, CPA, CVA, CPCM has been teaching graduate and undergraduate courses in accounting, finance, economics, business, and acquisition (classroom and distance learning) during the past 20 years. Dr. Ilk served 22 years in the U.S. Navy, as a Controller (1.6 billion agency with multiple appropriations) as well as a Contracting Officer (buying ships and ship components). In addition, he was an accounting manager and procurement project manager for ITT Corporation. Currently, Dr. Ilk is a Professor of Contract Management at Defense Acquisition University (DAU), Capital Northeast Region, and was formerly the deputy department chair for contract management department. He is the course manager for Cost Accounting Standards, Part I and Part II. Dr. Ilk teaches all aspects of accounting and finance, especially cost accounting standards, cost and proposal analysis, and negotiations. Dr. Ilk’s research interests include accounting education, cost accounting standards, and naval history. He earned his Doctor of Accounting (Argosy University – Sarasota Campus), Master of Business Administration (Florida Institute of Technology), Master of Science in Management (Wilmington College), and Bachelors (Marquette University and the University of Wisconsin – Whitewater).

Weekly assignments

Assign Due
Week Date Date Chapter(s) Assignments 01 08/21 08/27 01 & 02 Chp 01 - Ex 1-6, 1-7, 1-8,1-9, 1-10, 1-11, 1-12, 1-13, 1-14, 1-15 MC 30, 38, 39, 44, 52, 62, 68, 95, 99, 101 Chp 02 - Ex 2-4, 2-5, 2-6, 2-7, 2-9, 2-11, 2-12, 2-15 MC 19, 24, 26, 29, 31, 47, 49, 55, 56, 61, 71, 74,

02 08/28 09/03 Exam 1 & Chp 03 Exam 01 - Chp 01 and Chp 02 - Proctured Chp 03 - Ex 3-2, 3-3, 3-4, 3-6, 3-10, 3-16 MC 19, 20, 22, 23, 26, 27, 29, 35, 38, 40, 45, 52, 54, 62

03 09/04 09/10 Chp 04 & 05 Chp 04 - Ex 4-1, 4-3, 4-4, 4-5, 4-6, 4-10, 4-11, 4-12, 4-13, 4-16 MC 16, 18, 22, 24, 34, 39, 43, 57, 65, 72 Case No. 1 Chp 05 - Ex 5-1, 5-3, 5-6, 5-11, 5-13, 5-15, 5-19, 5-20, 5-23, 5-25 MC 81, 82, 83, 124, 125, 126, 127, 128, 129, 130 Case No. 1

04 09/11 09/17 Chp 06 & Exam 2 Chp 06 - Ex 6-1, 6-3, 6-4, 6-5, 6-7, 6-8, 6-11, 6-12, 6-19, 6-21 MC 40, 41, 42, 43, 44, 46, 59, 66, 68, 72 Exam 2 - Chp 03, 04, 05, and 06 - Connect

05 09/18 09/24 Chp 07 & Chp 08 Chp 07 - Ex 7-1, 7-4, 7-6, 7-7, 7-10, 7-11, 7-14, 7-18, 7-21, 7-23 MC 22, 25, 30, 45, 54, 22, 25, 30, 45, 54 Chp 08 - Ex 8-1, 8-4, 8-6, 8-8, 8-9, 8-10, 8-14, 8-18, 8-22, 8-24 MC 17, 25, 27, 28, 34, 38, 62, 63, 65, 84

06 09/25 10/01 Chp 09 & Exam 3 Chp 09 - Ex 9-1, 9-2, 9-8, 9-13, 9-14, 9-17, 9-19, 9-23, 9-26, 9-29 MC 18, 20, 29, 30, 32, 34, 35, 65, 68, 70 Exam 3 - Chp 06, 07, 08, and 09 - Proctored

Assign Due
Week Date Date Chapter(s) Assignments 07 10/02 10/08 Chp 10 & Chp 11 Chp 10 - Ex 10-1, 10-2, 10-3, 10-4, 10-5, 10-6, 10-11, 10-24, 10-27, 10-29 MC 16, 17, 18, 20, 23, 26, 35, 40, 56, 74 Case No. 2 Chp 11 - Ex 11-1, 11-3, 11-7, 11-10, 11-12, 11-16, 11-19, 11-24, 11-27, 11-33 MC 24, 25, 58, 61, 69, 71, 74, 81, 84, 88 Case No. 2

08 10/09 10/14 Chp 12 & Exam 4 Chp 12 - Ex 12-1, 12-4, 12-5, 12-7, 12-11, 12-13, 12-14, 12-16, 12-21, 12-23 MC 26, 29, 30, 36, 38, 40, 41, 91, 95, 105 Exam 4 - Chp 10, 11, and 12 - Connect

Ex - Exercises
MC - Multiple Choice questions

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Intermediate Accounting Chapter 5

...PROBLEM 5-9 1. The new estimate would be used in computing depreciation expense for 2011. No adjustment of the balance in accumulated depreciation at the beginning of the year would be made. Instead, the remaining depreciable cost would be divided by the estimated remaining life. This is not a change in accounting principle, but rather a change in an estimate, which requires a prospective treatment. Disclosure in the notes to the financial statements is appropriate, if material. 2. The additional assessment should be shown on the current period's income statement. If material it should be shown separately; if immaterial it could be included with the current year's tax expense. Only if the additional assessment were from the correction of an error should it appear on the statement of retained earnings and any comparative numbers that would appear in the financial statements. If the assessment was due to an error, details should be discussed in the financial statement notes. 3. The effect of the error at December 31, 2010, should be shown as an adjustment of the beginning balance of retained earnings on the retained earnings statement (net of applicable income taxes). The current year's expense should be adjusted (if necessary) for the possible carry forward of the error into the 2011 expense computation. Any comparative figures appearing on the financial statements would also have to be retroactively adjusted, as well as details of the error should be discussed in......

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