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ACCT1209: FINANCIAL ACCOUNTING & REPORTING ONLINE

WELCOME TO FINANCIAL ACCOUNTING ONLINE 

Course Overview:

This course was designed to be equivalent to the “on-the-ground” course. You will be covering the same

topics, meeting the same objectives, and completing the same assignments. However, elements of the

course are delivered differently to support the online environment.

Course content is organized by weekly folders on Canvas. Each week contains a number of lessons

which relate to various topics. You are expected to complete all assignments for

each week and lesson by the stated deadlines. You will apply theory and concepts with online

interactive exercises, engage in threaded online discussions with your instructor/facilitator and other

students, participate in synchronous online video chats with the lead instructor and facilitator using Zoom, and work collaboratively on a class project with your teammates. There will also be an accounting tutor/teaching assistant who will have office hours online via Zoom during the week. Information about weekly office hours will be posted in the Canvas Announcements at the beginning of the semester.  

Course Materials:

Financial Accounting, 11^th edition, Libby, Libby, & Hodge (Irwin McGraw-Hill).

A headset with a microphone (approximate cost of $30) to access online chats using Canvas or a computer with built in camera and speakers.

Textbook:

Recommended: Ebook (including CONNECT access) - $90.00 (direct to student price online – purchase from CONNECT link set up in Canvas). You will be purchasing the CONNECT PLUS access, which includes the e-book. There will be an option after purchasing the ebook to order a printed copy at an additional cost direct from the publisher.

The link to CONNECT can be found in the Course Modules when logged into Canvas. I have set that up for you so you don’t need to use the URL to log into CONNECT.

If you have questions, please contact your facilitator/section instructor for assistance and review the instructions in the Syllabus module in Canvas.

Not recommended: If you purchase a textbook package in the bookstore, or just an access code, it will be marked up and more expensive than purchasing it through the CONNECT link set up in Canvas. It will come with a 20 digit code that will be required to complete the registration process in order to access and submit homework. Registration of CONNECT into this course is required and instructions are included in Canvas Modules.  Your homework, quizzes, and exams will be submitted via the McGraw-Hill’s website. A link in Canvas has been created which will take you directly to the CONNECT site related to this course.

You will need to select a user name and password during the registration process. Please write this down in a safe place. The password will be used for course access to both CONNECT and e-book.  

Course Objectives and Policies

Identify what constitutes a business transaction in accordance with generally accepted accounting principles and explain the accrual basis of accounting as it applies to the revenue recognition and matching principles.

Apply accounting concepts and methods to create, analyze, and interpret financial statements for evaluating the financial position and performance of organizations.

Develop analytical and technical skills through finding, organizing, assessing, and analyzing data appropriate to a given situation.

Obtain an understanding of the choices enterprises make in reporting the results of their business activities and the motivating factors behind those decisions.

Accounting is often referred to as the language of business. The objective of this course is to develop an

understanding of financial accounting and reporting issues and their impact on business decisions. The overall course objectives should provide students with the language of business basics and allow them to understand how financial statements provide information to external users, such as creditors, shareholders, and investment analysts. The homework assignments, group financial project, quizzes, and exams are developed with the course learning objectives in mind.

Although students should be able to prepare basic financial statements upon successful completion of

the course, a user/decision-maker perspective will be emphasized. Further, the importance of integrity

and ethical behavior in financial reporting will be discussed throughout the course. The financial

statements and reports of publicly traded corporations will be examined in order to emphasize the

practice-oriented focus of the course.

The workload for this course is heavy since (a) several key concepts and related terminology must be

mastered in a relatively short period of time and (b) akin to the “real world,” students will be required to

engage in critical thinking and exercise judgment in dealing with practical situations (rather than relying

on memorized rules).

This course is designed to achieve the following:

Critical thinking and analytical reasoning. This course adds to a student's ability to effectively think

and reason through quantitative and qualitative problems. Critical thinking is demonstrated by one's

ability to examine issues in a probing and challenging manner, and to successfully apply a particular

analysis or accounting tool to a different, but related problem area. For example, after learning how

to value inventory using LIFO and FIFO, a student should have the opportunity to determine the impact on the financial statements when prices fluctuate, and further critically evaluate management’s incentives to choose a specific accounting method.

Effective communication. Many business executives emphasize that one of the most important skills

a student should develop is effective communication. You will have an opportunity to develop

written communication skills in the Financial Reporting Group Project. Information regarding the project can be found in the Canvas Modules.

Interpersonal and team learning skills. The online course will be structured such that there will be an

opportunity for students to work together on the financial reporting project using tools such as Google.doc.  An important aspect of the course is not only to develop the ability to think and work independently, but also to engage in skills that develop teamwork and team learning.

Importance of Professionalism, Integrity, and Ethics. Recent events relating to corporate

malfeasance and financial frauds have reminded us about the importance of professionalism,

integrity, and ethical behavior in the business world. Selected homework problems, discussion board questions, and the financial reporting project will help students understand and appreciate the importance of professional and ethical behavior in the business world and in financial reporting in particular.

Social, cultural, and global perspectives. The social and political aspects that influence the

accounting standard setting process in the international and domestic environment will be discussed

in this course. In addition, the impact of international and cultural differences on the generation and

use of accounting information will be discussed.

Across disciplines.  Accounting information and analysis is gathered and conducted to enable

investors, shareholders, and managers make the most informed business decisions. These people

work in banks, investment firms, regulatory agencies, etc. in areas such as finance, auditing,

international business, etc. Throughout the course, a user-perspective will be emphasized to provide

an appreciation of the use of accounting information by various stakeholders.

Between theory and application.  In this course, assignments and projects will help students bridge

the theory/practice divide. In order to succeed in business, it is important not only to understand the

theoretical underpinning of accounting and financial concepts and theory, but also to have the ability

to apply them in practical situations, such as in your coop assignment or financial decisions.

Integration of Technology. The Financial Reporting Project, homework assignments, and the course format integrates technology into the classroom experience.  For example, the Financial Reporting Project requires/encourages students to access such resources as the EDGAR database of the Securities & Exchange Commission, PWC Edgarscan, electronic news resources, investor websites among others.

Academic Honesty

Please note the following policy of the University:

“Northeastern University is committed to the principles of intellectual honesty and integrity. All members

of the Northeastern community are expected to maintain complete honesty in all academic work,

presenting only that which is their own work in tests and assignments. If you have any questions

regarding proper attribution of the work of others, contact your facilitator prior to submitting the work for

evaluation.” You are required to sign the Code of Honor Pledge found in the Discussion Board module in Canvas to earn a grade in the course.

Grading Scale (grades are not rounded up).

A    94% and above C   74 – 76.99

A-   90 – 93.99 C-  70 – 73.99

B+  87 – 89.99 D+ 67 – 69.99

B    84 – 86.99 D   64 – 66.99

B-   80 – 83.99 D-  60 – 63.99

C+  77 – 79.99 F   Below 60%

Grading Percent

Quizzes (4 total) 25

CONNECT Assignments    8

Financial Reporting Project 10

Discussion Board and Interactive Exercises  7

Midterm Exam 25

Final Exam 25

Total              100

Quizzes and Exams

There will be four (4) quizzes and two (2) exams, as indicated on the syllabus. All quizzes and exams

will be “timed” and available for a 24 period beginning at 12:01 am – 11:59 pm and can be accessed through CONNECT.  All quizzes and exams must be completed on the assigned dates in the syllabus. If a student misses a quiz and provides a documented and valid excuse acceptable to their section instructor/ facilitator, the other three quizzes will be reweighted accordingly. Situations where a student misses a midterm or final exam or encounters technical issues will be dealt with on a case-by-case basis. The lead instructor will have the final word on whether an excuse is deemed valid or not and a makeup is warranted. The format of the makeup exam may differ significantly from the format of the regular exam.

To prepare for the quizzes and exams, it is recommended that students complete the Self Study modules related to each chapter prior to the assessment. Most modules can be completed within 60 – 90 minutes and offer review of topics using narration and practice exercises. They can be found in CONNECT along with the related homework assignments.

Homework and Due Dates                                                                                                                    The nature of the course is such that each topic builds on previous material so that if you do not master one chapter or topic you may continue to have trouble throughout the course. Attempting to complete several chapters’ assignments right before an exam is detrimental to your learning and is not permitted given the deadlines built into the course syllabus.  Your homework assignments should be completed online through CONNECT.

Your assignments will be graded by CONNECT based on accuracy. You are allowed two attempts for each assignment and only the highest grade will be recorded.  All assignments should be submitted by the due date specified below in order to receive a grade. All homework assignments are due on either a Thursday or Saturday by 11:59 p.m. Please refer to CONNECT for specific details. Please note that all problems in an assignment should be completed before submitting for a grade. You are allowed to check your work along the way. If you earn a perfect score on an assignment, the system will not allow you another attempt. Finally, you will not be able to access the homework assignment after the deadline has passed and the solution will be released 24 hours after the due date.

All homework problems can be found at the end of the related chapter in the textbook and on CONNECT. Should you have any trouble submitting an assignment online, please contact your section instructor or the accounting tutor before the assignment is due for assistance. Homework will not be accepted late except under extraordinary circumstances. There are no penalties for doing assignments well in advance of deadlines and this is one of the benefits of an online course. The last week of the course has a normal amount of assignments so by working ahead you may complete the assignments prior to reading day on Thursday, December 8 if you desire.

Discussion Board and Interactive Exercises                                                                                                                                        You will be expected to post an introduction on the Discussion Board during the first week of class along with signing the NU Honor Code Pledge. You are also required to participate in the class discussion twice a week for weeks 1, 3, 5, 7, 9, 11, and 13.  The first DB post is due by Thursday at 11:59 pm and the second post, which responds to another student, is due by Saturday at 11:59 pm. You do not need to wait until Saturday for your second post. Please see the Discussion Board module in Canvas for the specific class discussion questions. 

There are interactive exercises embedded in weeks 2, 4, 6, 8, 10, 12, and 14. The due date to complete them is Saturday at 11:59 pm. Each exercise can be worked multiple times and is worth 2 points each.  Only the highest score is recorded.

Students are also encouraged to participate in office hours and review sessions during the semester. Section instructors and the lead faculty offer these sessions at a minimum before each quiz and exam. You will need speakers to access the audio part of the chat and a camera in your computer to access the video part of the chat.

Financial Reporting Project                                                                                                         Information related to the Financial Reporting Project can be found in the Canvas Modules. Your facilitator will set up student groups and assign companies prior to the third week of class. The first part of the project is due by Saturday, November 4, 2022 and the second part of the project is due by Wednesday, December 7, 2022. You will also be expected to submit a peer evaluation at the end of the course directly to your section instructor/facilitator. The evaluation form is in Canvas.

INSTRUCTIONS FOR PURCHASING CONNECTPLUS (E-BOOK ACCESS

We will be using CONNECT which is a required online homework management system for this course. If you bought a customized textbook in the bookstore you will have received a CONNECT PLUS Access Code with your book purchase. If you only wish to use a copy of the ebook, instructions for purchase are below.

Why is CONNECT Important?

Ø  You’ll be required to submit graded assignments through CONNECT, including homework, quizzes and exams.

Ø  CONNECT provides feedback on your scores and helps you learn to solve the assignments.

Ø  CONNECT includes study tools such as guided examples, self study modules and other materials based upon your instructor.

If you have not bought the e-book package yet and/or are not sure if you will remain in this section you can still register with CONNECT to do our first assignment by selecting the free trial option. This free trial option only allows you access to the homework assignments for two weeks but does not provide access to the full textbook.

To register and/or purchase access to CONNECT you will need to go to the specific CONNECT URL for this class. A tab has been set up for you as a direct link to CONNECT in Canvas. Click on the Register Now button. Put in your email address. If you have registered with McGraw-Hill previously they will recognize you in their system so you can use your old password that you had previously set up with them. If you have an access code you can enter this on the left hand side to redeem this. This can only be redeemed once and must be the code for the required book we are using. Direct access to CONNECT including the e-book may be purchased for $90.00 which gives you full access to the e-book and CONNECT assignments by using the link set up in your Canvas course. It is not necessary to purchase another textbook if you are comfortable using an e-book for the course.

If you have any questions regarding CONNECT please direct these to McGraw-Hill tech support, either by visiting their website at: www.mhhe.com/support for helpful FAQ’s, or by calling 800-331-5094. If you do contact McGraw-Hill with a question please write down the case number they will give you. They are open Monday-Thursday 9am- Midnight, Fridays 9am-7pm, as well as Sundays 7pm-Midnight, so if you have any questions you will be responsible for following up with them to make sure that you complete the required homework assignment on time.