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INTERMEDIATE ACCOUNTING III (ACCT323)
School of Business, Walla Walla University – Seventh-day Adventist Higher Education
http://business.wallawalla.edu; Tel 509-527-5291; Fax 509-527-2962
SPRING QUARTER, 2015
Class Time:
Instructor:
Webpage:
Class Email:
Office Hours:
10:00-10:50, MTRF; (4 quarter-hour credits)
Bruce Toews, CPA/MBA/ABD-Finance
Office 509-527-2376; Fax 509-527-2962; Email bruce.toews@wallawalla.edu
http://people.wallawalla.edu/~bruce.toews/
acct323@wallawalla.edu
Mon.-Thurs, noon-1pm (or any other time by appointment)
DESCRIPTION
In this course, the last in a three-quarter sequence, students will review Generally Accepted Accounting Principles related
to U.S. financial accounting practices and the preparation of financial statements. International accounting standards will
also be compared and contrasted. Particular emphases will be placed on dilutive securities, earnings per share,
investments, revenue recognition, deferred income taxes, pensions, leases, accounting changes, statement of cash flows,
and financial statement analysis.
OBJECTIVES
WWU is a community of faith and discovery committed to the core values of excellence in thought,
generosity in service, beauty in expression, and faith in God. The specific objectives of this course are to:
Excellence in Thought:
 gain an appreciation for the complexities and challenges facing accountants as they try to provide useful financial
information to a variety of users in a rapidly changing business environment
 understand the U.S. and international accounting and reporting for topics listed in the course description
 become proficient at analyzing and interpreting annual reports of public corporations
 be prepared to write the applicable portions of the CPA Exam
 improve analytical skills by completing problems/cases requiring analysis and decision- making
 further develop skills in Microsoft Excel through required use in problems and cases
Beauty in Expression:
 learn to write technical information in a precise, organized, and professional manner
 structure datasheets and graphs in a coherent and understandable way
 improve interpersonal communication through presentations, and class/group projects
Generosity in Service:
 encourage thoughtful Christian stewardship of business and personal resources
Faith in God:
 develop a personal awareness and philosophy about ethics in the accounting profession
 emphasize spiritual principles and applications in accounting from a Christian worldview
PREREQUISITES
Completion of two quarters of Intermediate Accounting (ACCT 321 & 322 or equivalent) with a grade of C- or better.
RESOURCES REQUIRED
 Text: Kieso D. E., Weygandt J. J., & Warfield, T. D. (2014). Intermediate Accounting (15th Ed.). New York, NY:
John Wiley & Sons, Inc.
 Recommended: Financial calculator (e.g. HP-10BII or TI-BA35 Plus) or cell financial app (e.g. 10bii).
 A brain willing to be used and stretched.
REQUIREMENTS AND EVALUATION
Your GRADE will be based on the following distribution:
80% - four tests of equal weight
20% - assignments and quizzes
ACCT323, Spr/15, Page 2 of 3
TESTS will be given only as scheduled, except in the case of a medical emergency or other exceptional event. Although
tests will not be deliberately cumulative, the material does build upon itself. Therefore, a thorough grasp of the earlier
chapters is essential.
QUIZZES covering the most recent chapter or lecture may be given. One quiz is weighted half the points of a textbook
assignment.
ASSIGNMENTS are the key to doing well in this course. Accounting is best learned “through the tip of a pencil.” In
other words, you learn accounting best by doing it yourself, not necessarily by watching the teacher work problems on the
board. All exams and quizzes are based on the assignments.
Assignments are due on the day scheduled and are due no later than midnight the next class day (e.g. Monday’s
assignments must be received by Tuesday midnight, Tuesday’s by Thursday midnight, Thursday’s by Friday midnight, and
Friday’s by Monday midnight). NO late assignments will be accepted. However, four of the lowest assignment scores (a
whole week’s worth!) will be dropped at the end of the quarter. These drop scores should cover all cases when assignments
are not turned in on time, including when you get sick, you attend Great Aunt Bertha’s funeral, you get married in Las
Vegas, you go to a job interview, you go on a mission trip, your computer crashes, your dog eats your homework, etc.
Assignments are submitted by email to acct323@wallawalla.edu. Include in the subject line of the email the
assignment reference number (e.g. “16a”).
Most assignments will be reviewed in class and graded primarily for completion, so corrections will not be marked on
assignments -- if you want to know the correct answers, you’ll need to come to class. In addition, check figures for key
problems are provided. Because the grace period allows assignments to be turned in after we review them in class, you are
welcome to update or correct them before they are submitted. Although students can work together on assignments, each
student is expected to turn in his/her own work (i.e. no two assignments should be identical).
Several READING REPORTS will be required. You may select from any business journal a recent article that deals with
accounting or the accounting profession. The following material should be included in the report: (1) reference
information (name of author, article, journal, date, URL, etc.) (2) a summary of the main points in the article, and (3) a
reaction to the article (e.g. Did you agree with it? Was it well written? How does it relate to this class? Etc.)
Each report will be weighted the same as one assignment. It must be done on a word-processor and should be
approximately one page in length, single-spaced, with one inch margins. Points will be deducted for errors in spelling,
punctuation, or grammar. The reports are due on the dates listed in the course schedule. Online articles can be found at
numerous sites, including www.newaccountantusa.com, www.journalofaccountancy.com/, accounting.smartpros.com,
accounting.alltop.com/,topics.nytimes.com/topics/reference/timestopics/subjects/a/accounting_and_accountants/index.html
, www.accountingeducation.com, www.cpa2biz.com/AST/AICPA_CPA2BiZ_Nav/Top/Browse/Newsletters.jsp,
www.topix.com/business/accounting, www.accountingtoday.com/channels/accounting_news.html.
EXTRA CREDIT will be given for completion of up to three extra reading reports. Each report will be weighted the same
as one regular assignment and applied toward the assignment portion of the grade. The requirements are the same as those
for assigned reading reports. Extra credit reading reports are due on the dates listed in the course schedule with no more
than one report to be handed in on any one of those days.
GRADE DISTRIBUTION: A grade of C- or better is needed if this is a required class for your major. Letter grades are
assigned using the following schedule:
A 93.0% - 100% B+ 87.0% - 89.9% C+ 77.0% - 79.9% D 60.0% - 69.9%
A- 90.0% - 92.9% B
83.0% - 86.9% C
73.0% - 76.9% F 00.0% - 59.9%
B- 80.0% - 82.9% C- 70.0% - 72.9%
All course materials and exams will be graded within a week of submission. Progress grades will be posted on the course
webpage and updated weekly. A random ID# will be emailed to each student.
CLASS RESOURCES: Assignments, lecture notes/overheads and study guides are available on the instructor’s webpage
(http://people.wallawalla.edu/~bruce.toews/ ).
DISABILITY ACCOMMODATIONS: For students with physical and/or learning disabilities who require
accommodations, please contact the Disability Support Services (Village Hall, phone 527-2366). This syllabus is available
in alternative print formats upon request.
ACCT323, Spr/15, Page 3 of 3
ACADEMIC INTEGRITY: The School of Business expects students to practice steadfast integrity. All acts of
dishonesty are unacceptable, including cheating, plagiarism, forgery, misrepresentation, falsification, prohibited
collaboration, and forbidden use of files. The WWU policy on academic integrity will be adhered to (see Student
Handbook www.wallawalla.edu/academics/academic-administration/academic-policies/academic-integrity-policy/ ).
Violations may result in a failing grade for the assignment or for the class or other appropriate action.
EMERGENCY PROCEDURES: An emergency procedures flip chart and evacuation routes are posted in classrooms
near the door. Additionally, emergency procedures can be found at www.wallawalla.edu/security.
TOPIC OUTLINE
(Schedule and assignment details are listed on the instructor’s website)
CHAPTER
16
TOPIC
Dilutive Securities and Earnings Per Share
17
16-17
18
19
18-19
20
Investments
TEST 1
Revenue Recognition
Accounting for Income Taxes
TEST 2
Accounting for Pensions/Postretirement Benefits
21
20-21
22
23
24
22-24
Accounting for Leases
TEST 3
Accounting Changes & Error Analysis
Statement of Cash Flows
Full Disclosure in Financial Reporting
TEST 4