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Michael Mosebach Stranahan Hall South - 3032 Department of Accounting University of Toledo

Michael Mosebach

Stranahan Hall South - 3032

Department of Accounting University of Toledo


Accounting 3110 ~ External Financial Reporting I

Monday and Wednesday

Section 001 ~ 2:00 - 3:15 pm Section 002 ~ 5:45 - 7:00 pm

Stranahan Hall North - 4140 Stranahan Hall North - 3160

Office Hours:

Office Hours: 1:20 – 1:40 pm 3:18 – 5:28 pm Monday and Wednesday other times by

1:20 – 1:40 pm 3:18 – 5:28 pm Monday and Wednesday other times by advance appointment (but one missed appointment = no second chances!)

Mailbox Location:

Stranahan Hall South - 3041


PREREQUISITES: A grade of not less than "C" in Accounting 3100 and an overall GPA of 2.50 or better. If you do not meet these prerequisites be aware that you will be dropped. Also be aware of the fact that the last day to drop a class with 100% refund is August 22 .


WITHDRAWALS: Students who withdraw from this class must do so officially; otherwise, they will receive an "F" for the course.

TEXT: Intermediate Accounting Seventh Edition by Spiceland, Sepe and Nelson, (ISBN 978-0-07- 761404-1) The Study Guide and other book related material are optional.

SUPPLEMENTAL MATERIAL: Class materials (syllabus, PowerPoint slides etc.) are available on Blackboard. An excellent resource such as the authors powerpoint presentation, check figures and work papers is provided by McGraw-Hill on their web page

COURSE OBJECTIVE: The course provides a rigorous exposure to the theory and application of generally accepted accounting principles, particularly in the areas of how to provide the accounting information economic decision makers require about a company's: economic resources, obligations, owners’ equity, income, and cash flows. Topics include the application of basic assumptions, principles and constraints underlying financial statements, the preparation of financial statements, the use of information derived from financial statements, and the limitations and basic use of accounting information to evaluate a company.

COVERAGE OF ETHICS: Ethical behavior in business is critical to the proper functioning of financial markets. Accounting and accountants play a particularly large roll in this process because accounting information is used in decision-making that affects the allocation of resources throughout the economy. The discussion of ethical conduct will be integrated throughout the course through classroom discussion and other materials.

COURSE STRUCTURE: The course is a combination of lecture, in-class problem-solving and homework discussion. Please bring your textbook and a calculator to class. Accounting is a profession, as such I will treat you as professionals, you should treat the classroom as you would a board meeting.

ACADEMIC INTEGRITY: Academic integrity is expected. Your integrity is far more important than your GPA. As a professional, your integrity is your prime asset and in our highly mobile professional atmosphere it is becoming even more critical. I assume you have the highest standards of personal integrity. You should assume I am the only person who may help you with graded assignments unless otherwise specified beforehand. The most difficult ethical issue any student can face is their responsibility to take action when they know another student is violating ethical standards. Such violations contribute to deception of potential employers and are injurious to the ethical climate of the entire University. The University and the business community take integrity very seriously. Violations of academic integrity will lead to the following sanctions. Students who violate academic integrity will receive an “F” in this course, and the violation will be reported to Judicial Affairs. Integrity is very important in accounting and the world of business, non-profit and government organizations as we have recently seen in the business press (think Bernie Madoff).

Any general questions you may have about academic dishonesty or plagiarism we can discuss in class, for the benefit of all. On the other hand, there are times when specific questions arise and we can discuss these during my office hours if you would rather.


A 93-100%





B 83-86





C 70-74

D+ <70


In exceptional cases

It should be noted that I round up. For instance if you receive a 79.1% that is an 80%.

ATTENDANCE: Regular punctual attendance is expected. Missing class can be detrimental to your grade. On the other hand, I understand that things come up and you have to miss class. If this happens, it is your responsibility to get notes, etc., from someone that was in class that day. Too many missed classes almost always results in a poor grade and potentially could cause you to be an exceptional case.


1. Homework

2. Broaden Your Perspective (BYP)

3. Midterms

4. Final

Number of



Chapter Problems Listed Below Four Cases @ 25 points each Two Midterms @ 100 points each Cumulative Final







Homework: In the schedule below there are Exercises and Problems assigned for each chapter. You are to turn in the Problems and all the CPA Review questions (Not CMA questions). You may also turn in the Exercises for corrections, but they will not be part of your grade. Each homework assignment will be graded on a scale from 1 to 10 and at the end of the semester I will throw out your lowest grade and average the remaining, get a percentage and multiply this times 100 and that will be your homework points. Although the assignments are displayed in a specific date that is not the date to hand them in. I will tell you when each homework is due at least one class period before they are due.

BYP Research Cases: You are to submit four BYP cases. If SEC filings are required you need to get the most recent form filed with the SEC on its Edgar data base. For the case from Chapter 3 Case 3-10 add: Part 3c Do you agree with the type of opinion? Why? For Chapter 6 Case 6-3 add: Players of Mr. Alexander’s level usually live in million dollar houses so don’t forget property taxes and state income taxes. For the case from Chapter 8 Case 8-9 add: Part 3d Calculate days inventory held. For Chapter 10 Case 10-14. Note: I have put writing guidelines on Blackboard, it is important that you follow these guidelines. Be sure to include copies of the pages from the SEC filings to back-up your answers. These assignments must be typed

Exams: There are two midterm exams plus a comprehensive final exam as listed in the course schedule below. If an exam is canceled due to the closing of the university, it will be given at the next regularly scheduled class meeting. All exams, including the final, will be in the room used for the class.

You may only use a simple, four-function calculator for the exam and not your cell phone (Be sure to see “Cell Phone Usage” below).

Midterm exams are given during a class period and the final exam is given during "finals week." All

exams are closed book and no notes are allowed.

midterms. An UNEXCUSED ABSENCE from any test results in a ZERO. An EXCUSED ABSENCE from a midterm, either arranged before the examination, a documented emergency, or an extremely original excuse will be treated as follows: the points from the missed examination will be added to the final. You can miss no more than one midterm.

THERE ARE NO Make-up Examinations for

If you do not pick up your exams the day I hand them back I will deduct 5 points from your grade. On the other hand, if I do not return exams on the next class day I will add 5 points to everyone’s exam grade.

The final exam is cumulative. You may not miss the final. If a true emergency occurs we will follow university policy regarding making up a final exam.

STUDENTS WHO NEED ACCOMMODATION: Any student who feels they need an accommodation based on a challenge that impacts learning must contact the Office of Accessibility at 419-530-4981. The office is located in Rocket Hall room 1820. They are the only source of course accommodations, not physician’s or parent’s notes, and their approval of accommodations is in written form and very specific. If you do need an accommodation that requires prior planning, such as scheduling a room, please let me know prior to the exam. A schedule of exams is below and if there is a change I will mention it in class.

INCOMPLETES: At the discretion of the instructor, a student may receive an "I" (incomplete) grade if they have completed substantially all of the course and are unable, for an extraordinary (see accounting definition of extraordinary) reason supported by appropriate written evidence, to complete some of the course requirements. A student who receives an "I" grade in this course must complete the remaining requirements by the end of the next semester. I will not accept any material relating to this course after that date. This means that an "I" grade that is not changed by the end of the next semester becomes a permanent "F".

CELL PHONE USAGE: As much as we all love cell phones and can’t live without them, in a classroom setting or in a business meeting they are rude and disruptive. If you must have access to a phone during class, put it on vibrate and let me know you are expecting a call of great import such as a sick child or the earth is colliding with another planet. Please note that cell phones may not be used during any exams. I am aware that cell phones have calculators but if phones are on your desk or in sight I will consider this a breach of academic integrity. If during an exam your cell phone rings I will consider this a signal that you have completed your exam and I will collect it in at that point.


Chapter 6: It is my understanding you have all been exposed to present value calculations in other classes. Therefore, we will not be going over Chapter 6 in class. But, just to knock off some of the cobwebs, you should read the chapter and notice that I have assigned a BYP case from this chapter worth 25 points.

Discussion Board Participation: While I strongly encourage you to ask questions in class

especially if they arise during class discussion, I also realize you may have questions about material

at times other than class time.

involved in these discussions. I consider this Discussion Board to be something for your use, I do not check it and do not get involved in any discussions. Naturally, if you want to ask me directly feel free to email me.

I have a Discussion Board in Blackboard. I encourage you to be

Official Registration In Class: Students whose names do not appear on the university’s official class list by the third week of class will not be permitted to participate (attend class, take exams, or receive credit).

Biographical Sketch and Picture: If by the beginning of the fifth day of class you have not handed me (note I did not say emailed) your biographical sketch, found in blackboard, I will deduct 5

points per class meeting, including the fifth day of class, for each class day I don’t have the bio. As for pictures, I will have a camera with me the first two class periods. If by the third class period I

have not taken your picture, I will deduct 5 points for each class day

you get the idea.

How You Learn: In meetings with students having trouble in classes I have found one of the reasons for their trouble is they are working hard instead of working smart. One way to help you work smarter is to discover how you learn. To help with that, go to Richard Felder’s web page: and find out how you learn. On this web page go into “index of learning styles” then go to “ILS questionnaire.” Take the survey. Be sure to get the descriptions of each style of learner and how to best study for each style. This is a fun and informative exercise. Understanding how you learn will help you study and, if not, at least you know what kind of learner you are.

PRIVACY: Your performance in this class is something between you and the university. I will not discuss your performance in this class with anyone but you. This means parents, bosses, spouses, etc., the only exception is if you are a scholarship athlete and I receive, in writing, a request for your performance. Because I find it relatively difficult to identify you either through the phone or email, I am unwilling to discuss anything pertaining to your performance over the phone or through emails. DO


Everyone seems to forget this at the end of the semester, please try not to.

CLASS SCHEDULE: The schedule that follows contains days and dates in addition to the class number. We will try to stick to this schedule but the purpose of the class is not to learn how to stick to a schedule, therefore there is a good chance that the dates on the schedule are not precise. Additionally, if interesting or important circumstances arise we may spend some time on them.

Any changes in course content or scheduling made as the class progresses will be announced in class. The homework “Problems” and CPA Review Questions for each chapter are to be turned in at the beginning of class on the dates announced in class. The homework “Examples” are for your benefit only and are not part of your grade but you will be amazed and dazzled at how helpful they can be during the semester, say on a mid-term or final. If at some point in your life you plan to take the CPA Exam in Ohio, here is the web page that should answer any questions you may have:

Note: On the schedule below there are exercises (problems), the format is E2-5 (P2-5). This does not mean for you to do exercises (problem) 2 to 5, it means the exercise (problem) is from chapter 2 and the exercise (problem) is number 5.

Class Schedule



Class #



Chapter and Topic


Exercises (E)


Problems (P)

Module 1: Accounting As An Information System


1 Mo Aug 20

Introduction to Class, Syllabus, Etc.


2 We Aug 22

Chapter 1: Structure of Financial Accounting


3 Mo Aug 27

Chapter 1 Continued


4 We Aug 29

Chapter 2: The Accounting Process


5 Mo Sep 03

Chapter 2 Continued


E2-3, E2-5, E2-15 P2-6, P2-10


6 We Sep 05

Chapter 3: Balance Sheet and Disclosures


7 Mo Sep 10

Chapter 3 Continued


E3-1, E3-4, E3-17 E3-18, P3-6, P3-8, P3-10


8 We Sep 12

Chapter 4: Income Statement and Statement of Cash Flows


9 Mo Sep 17

Chapter 4 Continued


E4-3, E4-18, E4-21, P4-1, P4-7, P4-10,P4-11


10 We Sep 19

Catch-up Day

Hand in BYP Ch 3


11 Mo Sep 24

Free Day Discuss the Exam


12 We Sep 26


First Midterm Exam


Module 2: Analysis and Specific Accounts


Mo Oct 01

No Class for Some Strange Reason


13 We Oct 03

Chapter 5: Income Measurement and Profitability Analysis

E5-4, E5-6, E5-10, E5-14, E5-25, E5-26, P5-4, P5-9,P5-113


14 Mo Oct 08

Chapter 5: Continued


15 We Oct 10

Chapter 7: Cash and Receivables


Hand in BYP Ch 6 and CPA Exam Questions and P6-12, P6-14, P6-15


16 Mo Oct 15

Chapter 7 Continued


E7-5, E7-10, E7-11, E7-19, P7-2, P7-4, P7-5


17 We Oct 17

Chapter 8: Inventory


18 Mo Oct 22

Chapter 8: Inventory


E8-14, E8-15, E8-23, P8-11, P8-12, P8-15


19 We Oct 24

Chapter 9 Inventory


20 Mo Oct 29

Chapter 9 Continued


E9-3, E9-11, E9-19, P9-3, P9-9


21 We Oct 31

Catch-up Day

Hand in BYP Ch 8


22 Mo Nov 05

Free Day to Discuss the Exam


We Nov 07


Second Midterm Exam


23 Mo Nov 12

Again No Class for Some Strange Reason


24 We Nov 14

Chapter 10


E10-3, E10-13, E10-20, E10-22, E10-25, P10-3, P10-8, P10-10, P10-12


25 Mo Nov 19

Chapter 11: More PP&E


Thanksgiving Break: Have a Good Time and Don’t Eat Too Much


See You Next Week


26 Mo Nov 26

Chapter 11 Continued


E11-2, E11-3, E11-10, E11-14, E11- 22, P11-2, P11-7, P11-12, P11-13


27 We Nov 28

Chapter 12: Investments


Hand in BYP Ch 10


28 Mo Dec 03

Chapter 12 Continued


29 We Dec 05

Wrap-up and Discuss the Final



Section 001 ~ Thursday December 13, 12:30 to 2:30 pm

Section 002 ~


December 10,

5:00 to 7:00 pm