NYU Stern School of Business

Undergraduate College

ACCT-UB.0001.005 (C10.0001): PRIN OF FINANCIAL ACCTG

Spring 2013

Instructor Details

Jim Resnik

jresnik@stern.nyu.edu

201-281-3950 (cell)

TR 9:30 to 10:30 and by appointment

TBD

 

Course Meetings

TR, 8:00am to 9:15am

Tisch T-LC25


Final Exam: WIll be held during the final exam period (5/15 to5/21). Date and location will be announced when available

Schedule exceptions
    Class will not meet on: Spring break (Tu 3/19 and Th 3/21)
 

 

Course Description and Learning Goals

DESCRIPTION:  In the future … you may be offered a job by a promising startup, you may consider investing some of your savings in a company’s stock, you may decide to develop or purchase your own business; you may even ponder about the financial wisdom of lending money to a relative or even a daughter or son starting a business of their own! In any of these situations, and many others, understanding accounting will be a most valuable skill. Accounting is the tool businesses use to measure and communicate their condition and results. By understanding accounting, not only will you be able to evaluate the current condition of a business but you will also be able to assess its likely future prospects.  This course focuses on: 1) Understanding the methods, rules and processes used to develop financial accounting reports; 2) Preparing financial accounting reports; and 3) interpreting financial accounting reports. 

 

GOALS:  By the end of the course, you should: (1) understand the core concepts of financial accounting including how accountants analyze and record the effects of individual transactions, and the concepts that are essential to understanding financial reports such as assets, liabilities, owners’ equity, revenues, expenses and cash flows; (2) be able to interpret annual report information and analyze a company’s performance using this information; and (3) be fluent in the language of business.

 

TEACHING PHILOSOPHY

I believe that you learn more by doing your own research and your own reasoning than you learn by hearing someone else’s narrative (e.g. I get to my destination faster when I develop my own Google map rather than when I ask for directions; even though occasionally my Google map fails and I end up asking for directions anyway). Therefore, class time will be devoted to reinforcing and clarifying material that students have made a conscientious effort to learn on their own.

 

PREPARING FOR CLASS

We have considerable amount of material to cover in the course, in a relatively short period of time. Furthermore, the material covered is very much inter-related so that if you do not understand a particular subject, it will be difficult to understand the next subject. It is your responsibility to understand the class’ syllabus and follow the class schedule. A current version of this schedule is provided below. This version will almost certainly be updated through the semester. Whenever an update occurs, this will be communicated by email (to your Stern email account only) and/or a Blackboard announcement. It is your responsibility to check your Stern email and Blackboard announcements frequently. To ensure you keep up with the class, you are required to read the material covered in each class, as listed in the class schedule, before coming to class. You are also required to complete pre-class assignments and homework assignments on time.

 

Course Outline

 

 

Day

Date

In-Class Activity

Due Before Class

Tue

29-Jan

Introduction

 

Thu

31-Jan

Discuss LLS Ch. 1

Read LLS Ch. 1, complete pre-class assignment 1

Tue

5-Feb

Discuss LLS Ch. 1

 

Thu

7-Feb

Discuss LLS Ch. 2

Read LLS Ch. 2, complete pre-class assignment 2

Tue

12-Feb

Discuss LLS Ch. 2

Complete homework assignment 1

Thu

14-Feb

Discuss LLS Ch. 3

Read LLS Ch. 3, complete pre-class assignment 3

Tue

19-Feb

Discuss LLS Ch. 3

Complete homework assignment 2

Thu

21-Feb

Discuss LLS Ch. 4

Read LLS Ch. 4, complete pre-class assignment 4

Tue

26-Feb

Discuss LLS Ch. 4

Complete homework assignment 3

Thu

28-Feb

Midterm 1

Complete homework assignment 4

Tue

5-Mar

Discuss LLS Ch. 6

Read LLS Ch. 6, complete pre-class assignment 6

Thu

7-Mar

Discuss LLS Ch. 6

 

Tue

12-Mar

Discuss LLS Ch. 7

Read LLS Ch. 7, complete pre-class assignment 7

Thu

14-Mar

Discuss LLS Ch. 7

Complete homework assignment 6

Tue

19-Mar

SPRING BREAK!

 

Thu

21-Mar

SPRING BREAK!

 

Tue

26-Mar

Discuss LLS Ch. 8

Read LLS Ch. 8, complete pre-class assignment 8

Thu

28-Mar

Discuss LLS Ch. 8

Complete homework assignment 7

Tue

2-Apr

Discuss LLS Ch. 9

Read LLS Ch. 9, complete pre-class assignment 9

Thu

4-Apr

Discuss LLS Ch. 9

Complete homework assignment 8

Tue

9-Apr

Midterm 2

Complete homework assignment 9

Thu

11-Apr

Discuss LLS Ch. 10

Read LLS Ch. 10, complete pre-class assignment 10

Tue

16-Apr

Discuss LLS Ch. 10

 

Thu

18-Apr

Discuss LLS Ch. 11

Read LLS Ch. 11, complete pre-class assignment 11

Tue

23-Apr

Discuss LLS Ch. 11

Complete homework assignment 10

Thu

25-Apr

Discuss LLS Ch. 12

Read LLS Ch. 12, complete pre-class assignment 12

Tue

30-Apr

Discuss LLS Ch. 12

Complete homework assignment 11

Thu

2-May

Discuss LLS Ch. 13

Read LLS Ch. 13, complete pre-class assignment 13

Tue

7-May

Discuss LLS Ch. 13

Complete homework assignment 12

Thu

9-May

Catch-up / Review

 

TBD

TBD

Final Exam

Complete homework assignment 13

 

This schedule is subject to change. Changes will be announced on Blackboard.

 

Assessment Components

Pre-Class Assignments:  Prior to each class topic, a pre-class assignment will be posted on blackboard. You should use these assignments to test your understanding of the material to be covered in the class. Completing these assignments should also help you identify any topics you do not understand well enough. As these are preparation assignments, they will be graded on effort rather than the correctness of your answers. What counts is showing that you have read the text and you are ready to apply the information in a coherent manner. The grading will simply be credit (1) or no credit (0). Only your ten highest grades from the 12 pre-class assignments will be counted.

 

Homework Assignments:  After we have concluded each class topic, a homework assignment will be posted on Blackboard. These assignments will give you an opportunity to show me, and yourself, that you have understood and learned the material. Consequently, these assignments will be graded on correctness on a scale of 1 to 10. Only your ten highest grades from the 12 homework assignments will be counted.

 

Exams:  There will be two midterm exams and a final exam. The midterm exams and the final exam will be closed book but you are allowed to bring into the exam one double sided 8 ½" x 11" page of your own notes (cheat sheet). Due to the cumulative nature of the course material, all exams will necessarily be cumulative unless indicated otherwise. You are allowed to bring a calculator. Laptops, cell phones and other hand-held devices with internet access are not permitted during the midterms or the final exam.

 

LATE ASSIGNMENTS

To assist students in understanding the material in a timely manner, pre-class assignments will often be reviewed in class and solutions to homework assignments will be posted on blackboard promptly after their due date. Providing timely assignment solutions prevents the possibility of accepting late assignments. As late assignments will not be accepted, only your ten highest grades on both pre-class and homework assignments will be counted. This gives you the choice of not submitting up to two each pre-class and homework assignments.

 

Grading

Your final course grade will be a weighted average, as follows:

 

At NYU Stern we seek to teach challenging courses that allow students to demonstrate their mastery of the subject matter. In general, students in undergraduate core courses can expect a grading distribution where:

Note that while the School uses these ranges as a guide, the actual distribution for this course and your own grade will depend upon how well you actually perform in this course.

 

Professional Responsibilities For This Course

You are expected to treat this class as you would treat a good job that you want to keep. You would not miss a work day without good cause and without calling in, the same applies to our class. In an important meeting you would not be disruptive but rather try to be attentive and collaborative, the same applies to our class.  Among your class professionalism duties are: attend class; arrive on time and stay until the end of the class; contribute with questions and/or comments when appropriate; avoid disrupting the class by talking to others; refrain from connecting to the internet or texting, by turning off all electronic devices except for note taking devices.

 

Required Course Materials

The required textbook for the class is Financial Accounting 7th Ed. by Libby, Libby and Short (LLS), Custom Edition for New York University, published by McGraw-Hill.

 

Re-Grading

In line with the Grading Guidelines for the NYU Stern Undergraduate College, the process of assigning grades is intended to be one of unbiased evaluation. I encourage you to respect the integrity and authority of the grading system and discourage you from pursuing arbitrary challenges to it. If you feel that an inadvertent error has been made in grading your test paper or in assessing an overall course grade, you may submit a request to have the grade reevaluated. Please submit such requests in writing to me within seven days of receiving the grade, including a brief statement of why you believe that an error in the grading has been made.

 

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. 

 

Collaboration on Graded Assignments
Students may not work together on graded assignment unless the instructor gives express permission. 

 

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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