ACG 3101

Financial Accounting and Reporting I

Spring 2024

Professor: Dr. Hinson SAs: Rachel Lalgie and Abbi Toth

Email: [email protected] SA Email: [email protected]
Office Hours: Tuesday 4pm-5pm SA Office Hours: Monday 11pm-noon
Friday 10am-11am Wednesday 11pm-noon
Office Location: Gerson Hall 322 SA Office Location: Gerson Hall 125
Office Telephone: 352-273-0217

Class Times: Tuesdays and Thursdays 9:35-11:30 (Section 10118), 11:45-1:40 (Section 10119), and
1:55-3:50 (Section 10120)
Credits: 4
Prerequisites: ACG2021 and ACG2071 with minimum grades of B
Textbook: Intermediate Accounting (18th Edition), Kieso, Weygandt, and Warfield.
ISBN: 978-1-119-79097-6. All formats (all access, ebook, text) are acceptable.

Course Description: This is the first of a two-course sequence that examines the generation, dissemination,
and utilization of financial accounting information in a business organization. Specifically, this course
covers the theoretical structure of financial accounting, required financial statements, revenue recognition,
current and long-lived assets and current and contingent liabilities.

Course Objectives: The objective of this course is to strengthen your understanding of how a financial
accounting system generates, organizes, and communicates information useful in economic decisions.
 Apply the conceptual framework, economic reasoning, and generally accepted accounting principles to
solve problems relating to income measurement, assets, and liabilities.
 Understand, create, and analyze financial statements based on generally accepted accounting principles.

Topical Outline:
 The Environment and Conceptual Framework of Financial Reporting
 The Accounting Information System
 Income Statement, Related Information, and Revenue Recognition
 Balance Sheet and Statement of Cash Flows
 Accounting and the Time Value of Money
 Cash and Receivables
 Intangible Assets
 Valuation of Inventory
 Inventory: Additional Valuation Issues
 Acquisition and Disposition of Property, Plant, and Equipment
 Depreciation, Impairments, and Depletion
 Current Liabilities and Contingencies
 Revenue Recognition

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Course Website: elearning.ufl.edu (Canvas). All announcements, class notes, homework solutions, grades
and other information will be posted on the course website. You are responsible for staying informed
about all important announcements for this class on Canvas.

Class Notes: Class notes for every chapter will be posted on Canvas as the relevant material is covered in
class. I recommend you print out the class notes before class.

Homework Policy: Homework assignments will not be graded. Suggested exercises and problems appear
in the course schedule. These suggestions are essential for helping you prepare for quizzes and exams. More
questions are available in the back of each chapter.

Class and Attendance: We will use in-person class time to cover concepts, work problems, and answer
questions. Regular attendance is essential for success in this course. Attendance is 5% of your final grade.
There are 26 non-exam class sessions; each of those sessions is worth 0.2%. Thus, you get one “free” miss
or you can earn 0.2% extra credit. Partial attendance of a class session will receive partial credit. Disruption
in or disrespect of the classroom will reduce your attendance grade. Students are responsible for material
covered in their absence.

Quizzes: There will be six in-class quizzes throughout the semester. The quizzes will take approximately
15 minutes. You must take the quiz in the section for which you are formally registered. The quiz dates are
noted on the course schedule in the syllabus. At the end of the semester, your lowest quiz grade will be
dropped. This drop policy is in place to cover any issues or unexcused absences that are important to you.

Exams: There will be three mandatory exams. The exams will be administered during class (1 hour and 55
minutes) and the exam dates are listed in the course schedule. The exams will be a mixture of multiple
choice questions (conceptual and computational) and problems. Learning and understanding the material
rather than mere rote memorization will help you to be successful on the exams. Exams can address material
presented in class, suggested homework problems, and topics/questions from the text.

Missed Quizzes and Exams: If a quiz or exam is missed without a valid, documented excuse, you will
receive a grade of 0 for the quiz or exam. Note: employment situations, clubs, weddings, family reunions,
travel plans, etc., are not accepted as valid conflicts. More detail on acceptable reasons for absence and UF
policies on attendance at: https://catalog.ufl.edu/ugrad/current/regulations/info/attendance.aspx.

Grade Determination:
Your final course grade will be calculated as follows:
Exam I 25%
Exam II 25%
Exam III 25%
Quizzes 20%
Attendance 5%
Total 100%

Letter Grade Distribution:

A 93% & above B 83% to 86.9% C 73% to 76.9% E 59.9% and below
A- 90% to 92.9% B- 80% to 82.9% C- 70% to 72.9%
B+ 87% to 89.9% C+ 77% to 79.9% D 60% to 69.9%

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Required percentages may be reduced, but will not be raised (i.e., if you earn 83%, your letter grade will
be a B or higher). The grade-point value per credit hour associated with each letter grade is assigned by the
Office of the University Registrar: https://catalog.ufl.edu/ugrad/current/regulations/info/grades.aspx.

Classroom and Email Etiquette: College education prepares you for a professional career. With whatever
career path you choose, professional behavior will be expected of you at all times. As such, you are required
to adhere to the classroom etiquette outlined below.
 You are expected to attend class on time.
 If you choose to come to class, you are expected to stay the entire time. Entries and departures
during the lecture are disruptive both to the instructor and to your classmates. In case you
need to leave class early on a particular date, prior approval from the instructor is required.
 Electronic devices should only be used for notes and calculations.
 Respectful behavior towards your classmates and instructor is required at all times.
 All emails should be professional. Start with a proper salutation (i.e., not “Hey”), use
professional language and proper grammar, and sign off the email (i.e., include your name).

Study Plan:
1. Read the chapter prior to lecture. You cannot expect to fully comprehend the material if it is the
first time you are listening to it.
2. Print or download the class notes for each chapter before the lecture.
3. Attend class, pay complete attention, and take notes.
4. Solve assigned end of chapter exercises and problems without looking at posted solutions until you
have completed the problems. Note that it is imperative that you practice solving problems as
you cannot learn/understand accounting without the problem-solving process.
5. STUDY. Outline the material, note differences among methods, solve problems without looking at
the text or solutions, and gain a deeper understanding of the relations among accounts.

UF Policies & Disclosures

Academic Honesty: UF students are bound by The Honor Pledge which states, “We, the members of the
University of Florida community, pledge to hold ourselves and our peers to the highest standards of honor
and integrity by abiding by the Honor Code. On all work submitted for credit by students at the University
of Florida, the following pledge is either required or implied: “On my honor, I have neither given nor
received unauthorized aid in doing this assignment.” The Conduct Code
(https://sccr.dso.ufl.edu/process/student-conduct-code/) specifies a number of behaviors that are in
violation of this code and the possible sanctions. If you have any questions or concerns, please consult with
the instructor or SAs in this class.

Disabilities: The University of Florida is committed to providing academic accommodations for students
with disabilities. Students with disabilities requesting accommodations should first register with the
Disability Resource Center (https://disability.ufl.edu/get-started/) and obtain an accommodation letter. If
your accommodation regards special testing arrangements, you must then submit an Accommodated Test
Request (ATR) online for each quiz and exam. Students with disabilities should follow this procedure as
early as possible in the semester and a minimum of seven days prior to the requested accommodation. If
you do not follow the Disability Resource Center procedures or meet the deadlines for requesting
accommodations or for submitting your ATRs, you will have to take the exam with your class without
accommodations.

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U Matter, We Care: Your well-being is important to the University of Florida. The U Matter, We Care
initiative is committed to creating a culture of care on our campus by encouraging members of our
community to look out for one another and to reach out for help if a member of our community is in need. If
you or a friend is in distress, please contact [email protected] so that the U Matter, We Care Team can reach
out to the student in distress. A nighttime and weekend crisis counselor is available by phone at 352-392-
1575. The U Matter, We Care Team can help connect students to the many other helping resources available
including, but not limited to, Victim Advocates, Housing Staff, and the Counseling and Wellness
Center. Please remember that asking for help is a sign of strength. In case of emergency, call 9-1-1.

Evaluation: Students are expected to provide feedback on the quality of instruction in this course by
completing course evaluations online via GatorEvals. Guidance on how to give feedback in a professional
and respectful manner is available at https://gatorevals.aa.ufl.edu/students/. Students will be notified when
the evaluation period opens, and can complete evaluations through the email they receive from GatorEvals,
in their Canvas course menu under GatorEvals, or via https://ufl.bluera.com/ufl/. Summaries of course
evaluation results are available to students at https://gatorevals.aa.ufl.edu/public-results/.

Recording: Students are allowed to record video or audio of class lectures. However, the purposes for
which these recordings may be used are strictly controlled. The only allowable purposes are (1) for personal
educational use, (2) in connection with a complaint to the university, or (3) as evidence in, or in preparation
for, a criminal or civil proceeding. All other purposes are prohibited. Specifically, students may not publish
recorded lectures without the written consent of the instructor.

A “class lecture” is an educational presentation intended to inform or teach enrolled students about a
particular subject, including any instructor-led discussions that form part of the presentation, and delivered
by any instructor hired or appointed by the University, or by a guest instructor, as part of a University of
Florida course. A class lecture does not include lab sessions, student presentations, clinical presentations
such as patient history, academic exercises involving solely student participation, assessments (quizzes,
tests, exams), field trips, private conversations between students in the class or between a student and the
faculty or lecturer during a class session.

Publication without permission of the instructor is prohibited. To “publish” means to share, transmit,
circulate, distribute, or provide access to a recording, regardless of format or medium, to another person (or
persons), including but not limited to another student within the same class section. Additionally, a
recording, or transcript of a recording, is considered published if it is posted on or uploaded to, in whole or
in part, any media platform, including but not limited to social media, book, magazine, newspaper, leaflet,
or third party note/tutoring services. A student who publishes a recording without written consent may be
subject to a civil cause of action instituted by a person injured by the publication and/or discipline under
UF Regulation 4.040 Student Honor Code and Student Conduct Code.

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 ACG 3101
Professor Hinson
Course Schedule Spring 2024

QUIZZES &
DATE TOPIC IN CLASS PRACTICE
EXAMS
1 Tues, Jan 9 Chapter 1 Environment and
E2, E4, E5, E9
2 Thurs, Jan 11 Conceptual Framework E6, E7, E8
3 Tues, Jan 16 Chapter 2 The Accounting E1, E6
E2, E3, E7, E14, P3, P10
4 Thurs, Jan 18 Information System (2A) E16, E18
5 Tues, Jan 23 Quiz 1 (Ch 1-2) Chapter 3 Income E9a
E2, E6, E8, P1, P6, P7
6 Thurs, Jan 25 Statement E9b, P3
7 Tues, Jan 30 Chapter 4 Balance Sheet & E2 E3, E7, E11, E12, E14, E15a,
8 Thurs, Feb 1 Statement of Cash Flows E13 E16a, P2

9 Tues, Feb 6 Quiz 2 (Ch 3-4) Chapter 5 Time Value of Money Example E4, E10, E13, E17, P1a-c, P7
10 Thurs, Feb 8 EXAM 1 (Chapters 1-5)
11 Tues, Feb 13 E9 E5, E7, E12, E14, E17, E19, P2,
Chapter 6 Cash & Receivables P6, P10
12 Thurs, Feb 15 E13, E18
E1, E4, E7, E9, E10, E11, E12,
13 Tues, Feb 20 Chapter 11 Intangible Assets E13, E14, E16, P4
14 Thurs, Feb 22 Quiz 3 (Ch 6, 11) E2, E8, E10, E11, E21, E23, E26,
Chapter 7 Valuation of Inventory P3, P6, P9
15 Tues, Feb 27 P10
16 Thurs, Feb 29 Chapter 8 Inventory: Additional E15 E2, E4, E7, E10, E12, E19, E21,
17 Tues, Mar 5 Quiz 4 (Ch 7-8)* Issues (8A) E28 E24, E26, P3, P4, P6, P9, P12

18 Thurs, Mar 7 EXAM 2 (Chapters 6-8, 11)

19 Tues, Mar 19 Chapter 9 Acquisition & P6
E5, E8, E17, E18, E24, P7, P9
20 Thurs, Mar 21 Disposition of PP&E P10
21 Tues, Mar 26 Chapter 10 Depreciation, E6
E1, E3, E11, E12, E16, E17, P11
22 Thurs, Mar 28 Impairment, Depletion P9, E22
23 Tues, Apr 2 Quiz 5 (Ch 9-10) Chapter 12 Current Liabilities & P1
E3, E5, E6, E8, E10, E12, E14, P9
24 Thurs, Apr 4 Contingencies E11, P8
25 Tues, Apr 9 E13
Chapter 17 Revenue Recognition E27 E5, E10, E12, E16, E17, E18,
26 Thurs, Apr 11 E22, E24, E25, E26, E36, E37
(17A)
27 Tues, Apr 16 P10

28 Thurs, Apr 18 Quiz 6 (Ch 12, 17) Catch-up/Review

29 Tues, Apr 23 EXAM 3 (Chapters 9, 10, 12, and 17)
*The retail inventory method will not be on Quiz 4, but it will be on Exam 2.

Note: The syllabus and accompanying course schedule are a general plan for the course; deviations may be necessary, and if made, will be announced on
Canvas and/or in class. You are responsible for keeping yourself informed of all relevant announcements regarding the course.