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ACCOUNTING 500

ACCOUNTING 500. FINANCIAL ACCOUNTING PROFESSOR RONALD D. PICUR Spring 2003. WELCOME TO ACTG 500. This course is taught in a multi-media presentation format. All Lecture slides have been incorporated onto the Actg 500 homepage Download, print and bring to class .

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ACCOUNTING 500

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  1. ACCOUNTING 500 FINANCIAL ACCOUNTING PROFESSOR RONALD D. PICUR Spring 2003

  2. WELCOME TO ACTG 500 • This course is taught in a multi-media presentation format. • All Lecture slides have been incorporated onto the Actg 500 homepage • Download, print and bring to class. • Internet will be used for background research and On-Line Quizzes are featured. • My office hours are after class and by appointment. • Easiest to contact by E-mail at picur.uic.eduor rpicur@fptw.com(See Homepage link)

  3. TODAY’S SESSION • ADMINISTRATIVE OVERVIEW: • Course, Instructor, Materials, Policies, Requirements & Grading, Structure & Format, Keys to Success & “Groundrules” • ENVIRONMENT OF ACCOUNTING: • Chapter 1: “Accounting as a Form of Communication” • PERSPECTIVE & MODEL: • Accounting as an Information System (I/S). • Accounting’s roles in market based economic systems.

  4. THE COURSE • TITLE: “Financial Accounting” • Accounting is the Language of Business • PREREQUISITE: Admission to the MBA or MSA programsin theCollege of Business Administration. • CATALOG DESCRIPTION: Concepts & standards underlying the preparation & analysis of external reports; Alternative effects and role of accounting in the business environment.

  5. THE INSTRUCTOR • PROFESSOR RONALD D. PICUR • EDUCATION: Northwestern University: BSBA, MS and Ph.D. • CERTIFICATION: CPA and CGFM. • ACADEMIC EXPERIENCE: • TEACHING: N.U., UIUC and UIC • ADMINISTRATIVE: Former Head of Departments of Accounting & Finance, Director of CGARE and previously Director of MSA Program.

  6. THE INSTRUCTOR • PROFESSIONAL EXPERIENCE: • FPT&W, Ltd. –Chicago Public Schools, Chicago Park District, City of Chicago, CTA, Metra, Pace, MWRD, Cook County, DuPage County and many other local governments. • City of Chicago - Comptroller & CFO: 1985-1989. • American Hospital Association - Research Director. • Arthur Andersen & Co. - Management Consultant.

  7. COURSE MATERIALS • TEXTBOOK: “Financial Accounting” AlternateEdition, by Porter & Norton, (Dryden, Alternate 2002, 3rd ed.) • STUDENT STUDY GUIDE – to Porter & Norton text: Recommended • SYLLABUS: Specific course “contract”. • ANNUAL REPORTS: Uno’s and Compaq in Porter (bring copy of Financial Statements including notes to class) • HANDOUTS: I’ll distribute from time to time • YOUR NOTEBOOK: Summary of key points I’ll highlight during class.

  8. COURSE POLICIES • NATURE: Formal policies adopted by the Department of Accounting. • CONTRACT: This is a part of our contract. • DOWNLOAD: Actg Homepage: http://accounting-net.actg.uic.edu/Department/policy.pdf • TOPICS: • Prerequisite, Drop Deadline, Attendance, Make-Up Examinations, Homework, Academic Integrity, Test Material and GPA Requirement. • THESE ARE YOUR RESPONSIBILITIES!

  9. COURSE REQUIREMENTS • COMPONENTPOINTSPERCENTMidterm Exam 125 31.2 % Final Exam 125 31.2 % Homework 50 12.6% Online Quizzes 10025.0% TOTALS = 400100.0 % • EXAMS: • DATES: Midterm -- Monday, February 10th Final Exam -- Monday, March 17th • TIME: 6:00 to 8:30 p.m. • NATURE: Multiple Choice • BONUS POINTS: Opportunities will occur.

  10. HOMEWORK • RANDOMLY COLLECTED - (6 times) during the semester. • NO LATE SUBMISSIONS • MAXIMUM = 50 Points (lowest Homework score will be dropped) • GRADED on basis of effort and completeness, not just accuracy. • IDENTIFY: On each assignment print – course number, your name and ID #.

  11. ONLINE QUIZZES • NATURE: Multiple choice questions drawn from an individual Chapter. • HOW? See Actg 500 Blackboard link. • WHEN? One per Chapter (1-10); Will be announced via Blackboard and in class. • DEADLINES? Listed on Syllabus though may be extended (see Blackboard). Quiz is immediately graded and recorded. • INDIVIDUALIZED: Each student will have their “own” version, randomly generated from Test Bank. • MORE INFO: Before 1st quiz’s deadline.

  12. LETTER GRADES • BASELINE: (before Curving) • A = 90% of total course points (ie, 400 points) • B = 80% • C = 70% • D = 60% • E = Below 60 % • INC = offered only under rare circumstances. • CURVE: Actual final grades will be relative and based upon overall class performance. Our goal is only A’s and B’s

  13. STRUCTURE & FORMATLECTURE PORTION • NATURE: Explanation, clarification or discussion of key concepts from Chapter. • FOCUS: • Underlying theory and fundamental concepts. • Techniques and methodologies. • Interpretation of financial statements (F/S). • MEDIA: Slides, Internet, “TV” and Transparencies • STUDENT QUESTIONS: Are encouraged both during and after Lecture. ASK them!

  14. STRUCTURE & FORMAT DISCUSSION PORTION • REVIEW: Homework-- • PORTER: Exercises (E), Problems (P) and Cases (C). • SCHOENEBECK: Activities (A) • SELF-REVIEW MATERIALS: Select Porter E, P or C; Duplicate/extend Lecture illustrations. Review if you need extra examples and problems. • DISCUSS: Answer questions on textbook, lecture, newspaper stories, internet sources (e.g., YAHOO) etc.

  15. KEYS TO SUCCESS • WORK HARD!Follow the 3:1 rule -- i.e., 3 hours outside class for 1 hour in class. (12 hours per week!) • TEXTBOOK:Read assignment BEFORE the Lecture. • ATTENDANCE:Attend ALL Lectures; missing 1 or 2 classes in Actg. is the same as missing several weeks in a non-analytical course. • HOMEWORK:Make a legitimate attempt BEFORE coming to class. • POINT “MANAGEMENT”: Homework, Quizzes and Bonus Points!

  16. EXPECTATIONS AND “GROUNDRULES” • CLASS SCHEDULE: We begin on time! Please be here promptly by 3:45 p.m. • COLLEGIAL COURTESY: Please respect those here to learn - i.e., no “side-bars” or other conversations/disruptions. • ELECTRONICS: Turn off phones, beepers • STAY AWAKE -- or at least . . . • DON’T SNORE!!

  17. ACCOUNTING 500 End of Introductory Session

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