NYU Stern School of Business

Undergraduate College


Summer 2012

Instructor Details

Chen, Jing



TR 7:00-8:30 pm by appointment

KMC 10-184


Sneha Venkateswaran





Course Meetings

MW, 6:00pm to 9:00pm

Tisch T-UC24

Midterm Exam: July 23

Final Exam: August 8


Course Description and Learning Goals

Accounting produces much of the information used within corporations. It is used in valuation, in contracting, by investors, by creditors, by managers and by the government. A solid understanding of accounting is one of the basic building blocks of a business education.

This course introduces the fundamentals of accounting. We will approach the subject from a user's point of view, not the accountant, although this does require extensive work on how accounting information is prepared. By the end of this course, you should be able to read and understand financial statements.

The course begins with the simplest and most important rules of accounting. We begin by looking at the three fundamental financial statements, the balance sheet, the income statement, and the statement of cash flows. Particular attention is paid to how the three statements interact with each other. We then move on to specific topics in accounting.


Course Pre-Requisites

No prior knowledge of the material is required or even expected.


Course Outline


Topics & Assigned Reading

Submit Problems


Mon, July 2

Course Introdction and Overview



Chapter 1: Financial Statements and Business Decisions


Chapter 2: Investing and Financing Decisions and the Balance Sheet



Mon, July 9

Chapter 3: Operating Decisions and the Income Statement

CH 1:MC 1,2,4,6,8,9  E 2,3,9,12,13


CH 2:MC 2-7  E 1,3,8,9,11


Wed, July 11

Chapter 4: Adjustments, Financial Statements, and the Quality



Mon, July 16

Chapter 5: Communicating and Interpreting Accounting Information

CH 3: MC 1,2-4,7,8,10  E 1,5,7,18


Chapter 6: Reporting and Interpreting Sales Revenue

CH 4: MC1,3-7,10  E 6,8,13  P:6


Wed, July 18

Chapter 7: Reporting and Interpreting Cost of Goods Sold



Mon, July 23

Midterm Exam: Chapters 1-6

CH 5: MC 1,2,8,10  E 5,8,12,17


Chapter 8: Reporting and Interpreting Property, Plant, and Equipment

CH 6: MC 1,2-4,6-8  E 4,6,11,13,16,18,20


Wed, July 25

Chapter 9: Reporting and Interpreting Liability



Mon, August 30

Chapter 10: Reporting and Interpreting Bonds

CH 7: MC 1-7,9  E 9,12,14,18


CH 8: MC 1,2,3,5,7-9  E 2,11,13,17


CH 9: MC 1,2,4-7,10  E 1,4,15,23


Wed, August 1

Chapter 11:Reporting and Interpreting Owners' Equity



Mon, August 6

Chapter 13: Statement of Cash Flows

CH 10: MC1,2-4,6-10  E 4,8,17,23



CH 11: MC 1-7,9,10  E 3,9,15,20,26


CH 13: MC2-10  E 2,8,19


Wed, August 8

Final Exam: Chapters 1-13




Required Course Materials

1. Textbook: Custom edition of Financial Accounting, by Robert Libby, Patricia Libby, and Daniel Short, 7th ed., McGraw-Hill (abbreviated hereafter as LLS).

2. Lecture notes, including class discussion problems, practice problems, and solutions to problems posted on Blackboard. You are expected to check Blackboard regularly for new postings and announcements. You need to log in using your Stern ID and password (same used for Webmail).

3.Calculator: Please bring a nonprogrammable calculator with you for use during exams


Assessment Components

Your performance in this class will be evaluated by the following:

1. Attendance and In-class Participation
This is a fast-paced and intense course, so you are expected to attend all classes.

2. Homework
Problems from LLS based on the material covered in class will be. All homework assignments must be submitted at the beginning of the classes. I encourage you to work on assignments in groups, but you must submit your own handwritten answers individually. Each assignment will be graded on a scale of 0 to 20. Late assignments will not be accepted unless due to documented serious illness or family emergency.

3. Midterm and Final Exams
There will be a midterm and a final exam. They are both closed-book and closed-notes exams. You will be allowed to bring one 8.5x11” sheet of handwritten notes to each exam (you may use both side). The final exam will be cumulative, but emphasis will be placed on material covered after the midterm. You are expected to take all exams at the scheduled times. Make-up exams will only be given if: (1) you have a university approved excuse (e.g., severe illness or family emergency) and (2) you notify me prior to the date and time of the exam. Failure to meet either of those conditions will result in a score of 0 for the missed exam.



The weights for each component of your grade are:

                  Attendance/ Homework / Participation                                   20%

                  Midterm Exam                                                                      35%

                  Final Exam                                                                           45%

                  Total                                                                                     100%

A letter grade will be assigned to you based on your weighted average score and your performance relative to the rest of the class.


At Stern, we want to ensure fair and consistent grading across core courses. As such, grades for this course will be distributed following the Stern Grading Guidelines for Core Courses at the Undergraduate College.



The process of assigning grades is intended to be one of unbiased evaluation. Students are encouraged to respect the integrity and authority of the professor’s grading system and are discouraged from pursuing arbitrary challenges to it.

If you believe an inadvertent error has been made in the grading of an individual assignment or in assessing an overall course grade, a request to have the grade re-evaluated may be submitted. You must submit such requests in writing to me within 7 days of receiving the grade, including a brief written statement of why you believe that an error in grading has been made.


Professional Responsibilities For This Course



In-class contribution is a significant part of your grade and an important part of our shared learning experience. Your active participation helps me to evaluate your overall performance.
You can excel in this area if you come to class on time and contribute to the course by:




Classroom Norms


Stern Policies

General Behavior
The School expects that students will conduct themselves with respect and professionalism toward faculty, students, and others present in class and will follow the rules laid down by the instructor for classroom behavior.  Students who fail to do so may be asked to leave the classroom. 


Course Evaluations
Course evaluations are important to us and to students who come after you.  Please complete them thoughtfully.


Academic Integrity

Integrity is critical to the learning process and to all that we do here at NYU Stern. As members of our community, all students agree to abide by the NYU Stern Student Code of Conduct, which includes a commitment to:

The entire Stern Student Code of Conduct applies to all students enrolled in Stern courses and can be found here:

Undergraduate College: http://www.stern.nyu.edu/uc/codeofconduct
Graduate Programs: http://w4.stern.nyu.edu/studentactivities/involved.cfm?doc_id=102505

To help ensure the integrity of our learning community, prose assignments you submit to Blackboard will be submitted to Turnitin.  Turnitin will compare your submission to a database of prior submissions to Turnitin, current and archived Web pages, periodicals, journals, and publications.  Additionally, your document will become part of the Turnitin database.


Recording of Classes

Your class may be recorded for educational purposes


Students with Disabilities

If you have a qualified disability and will require academic accommodation of any kind during this course, you must notify me at the beginning of the course and provide a letter from the Moses Center for Students with Disabilities (CSD, 998-4980, www.nyu.edu/csd) verifying your registration and outlining the accommodations they recommend.  If you will need to take an exam at the CSD, you must submit a completed Exam Accommodations Form to them at least one week prior to the scheduled exam time to be guaranteed accommodation.


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