NYU Stern School of Business

Undergraduate College

C10.0001.004: PRIN OF FINANCIAL ACCTG

Fall 2010

Instructor Details

Hipscher, Aaron

ahipsche@stern.nyu.edu

(212) 998-0011

12:30pm-1:30pm, MW (or by appointment)

KMC 10-89

 

TA: Connor Foran

csf254@stern.nyu.edu

TBA

TBA

 

Course Meetings

MW, 9:30am to 10:45am

KMC 4-90


Final Exam: December 20th, 2010

Schedule exceptions
    Class will not meet on:
    Class will meet on:

 

Course Description and Learning Goals

Accounting produces much of the information used within corporations. Accounting information is used in valuation, in contracting, by investors, by creditors, by managers and by the government. A good understanding of accounting is one of the basic building blocks of 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. Throughout the semester, we will be doing problems using real financial statements.

 

The United States is moving towards adopting international accounting standards. We will be looking at U.S. GAAP and what kinds of changes you can expect to see in the future. We will see how these changes will impact you both as a student of accounting and as a future user of accounting information. We will be discussing this all during the course.

 

Text

The basic text is Horngren, Sundem and Elliot,Introduction to Financial Accounting, Custom Edition for C10.0001, Prentice-Hall, 9th Edition. You may not use the 8th Edition. All assigned readings and homework problems are from the text. We will be using the General Mills Form 10-K, 2010. This is available in PDF format on the Blackboard site for this course (http://sternclasses.nyu.edu/) and from the General Mills website (http://www.generalmills.com).

 

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.

 

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.

 

Assessment Components

Assessment is based on three exams & several short quizzes. The first two midterms will be held on October 18th, 2010, and November 15th, 2010, respectively. There are no make-up exams. All exams are cumulative. The exams will be weighted: 20%, 25% and 35% respectively. Quizzes will account for 10% to 15% of your grade. Quizzes, when given, will be during the first 10 minutes of class. There are no make-ups. Attendance is a must. If you miss an exam (for a legitimate reason) – at my discretion – the next exam will be counted as cumulative for the point value of the missing exam.

I reserve the right to lower your grade or fail an individual for unsatisfactory attendance.

 

You may not schedule your flights to go home before our Final Exam.

 

Grading

Assessment is based on three exams & several short quizzes. The first two midterms will be held on October 18th, 2010, and November 15th, 2010, respectively. There are no make-up exams. All exams are cumulative. The exams will be weighted: 20%, 25% and 35% respectively. Quizzes will account for 10% to 15% of your grade. Quizzes, when given, will be during the first 10 minutes of class. There are no make-ups. Attendance is a must. If you miss an exam (for a legitimate reason) – at my discretion – the next exam will be counted as cumulative for the point value of the missing exam.

I reserve the right to lower your grade or fail an individual for unsatisfactory attendance.

 

You may not schedule your flights to go home before our Final Exam.

 

Re-Grading

In line with Grading Guidelines for NYU Stern Undergraduate College, the process of assigning of grades is intended to be one of unbiased evaluation. This means that students are encouraged to respect the integrity and authority of the professor’s grading system and discouraged from pursuing arbitrary challenges to it.

 

If a student feels that an inadvertent error has been made in the grading of an individual assignment or in assessing the overall course grade, a request to have the grade be re-evaluated may be submitted. Students should submit such requests in writing to the professor within 7 days of receiving the grade, including a brief written statement of why he or she believes that an error in grading has been made

 

Core Enhancement

I will be handing out cases. They will be worth 5% to 10% of your grade.

 

Professional Responsibilities For This Course

Course Policies:


 

 

 

 

Students are expected to come to class prepared, having read text and/or assigned readings prior to class. Homework, case studies, and other assignments, are expected to be completed and handed in on time.

 

Laptops, cell phones, Smartphones, and other electronic devices are a disturbance to both students and professors. All electronic devices must be turned off prior to the start of each class meeting.

 

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.

 

Recording of Classes

Your class may be recorded for educational purposes

 

Course Outline

Class Schedule:

9/8

Introduction: Bring General Mills to class

9/13

Read Chapter 1

9/15

Homework: Chapter 1: 26, 31, 33, 35, 36, 38

9/20

Read Chapter 2: The Income Statement,

9/22

Homework: Chapter 2: 34, 38, 39, 45, 48, 55

9/28

Read Chapter 3 – Recording Transactions

9/30

Homework: Chapter 3: 20, 21, 26, 30, 38, 43, 49

10/4

Accounting Adjustments Read: Chapter 4 – Using Financial Statements – In Class: 22, 23, 24, 25, 27

10/6

Homework: Chapter 4: 4-29, 30, 31, 39, 43, 46, & 53.

10/13

Review

10/18

Exam 1

10/20

Read: Chapter 6: Revenue Recognition and Cash, Accounts Receivables

10/25

Homework: Chapter 6: 34, 35, 37, 54, 56, 58

10/27

Read: Chapter 7: Inventories & Cost of Goods Sold

11/1

Homework: Chapter 7: 34, 41, 47, 48, 55, 56, 66

11/3

Read: Chapter 8: Long Lived Assets & Depreciation

11/8

Homework: Chapter 8: 27, 31, 34, 35, 47, 48, 53, 60, 75

11/10

Review

11/15

Exam 2

11/17

Read: Chapter 9: Liabilities & Interest (Introduction to Present Value Concepts)

11/22

Homework: Chapter 9: 32, 33, 34, 35

11/24

Read: Chapter 9: Present Value Concepts and Long-term Bonds & Leases

11/29

Homework: Chapter 9: 25, 32, 43, 46, 54, 65

12/1

Read: Chapter 5: Statement of Cash Flows

12/6

Homework: Chapter 5: 31, 44, 54, 41, 62, 75

12/8

Read: Chapter 10: Stockholder’s Equity

12/13

Homework: Chapter 10: 34,45, 46, 48, 60, 62, 75

12/15

Review

12/20

Final Exam

 

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