ACCOUNTING 220 – INTRODUCTION TO FINANCIAL ACCOUNTING

Spring 2022

“Three key things to carry on a business activity:

Capital, A good accountant, Proper internal control”
“He who does nothing makes no mistakes; he who makes no mistakes learns nothing”
- Fra Luca Pacioli considered the “father” of accounting

About the course…

We are going on an exploration of the language of business, financial accounting. Along the
way we discuss the basic financial statements, how the information is collected and organized
to produce those financial statements and what the story is that they are telling. The topics
covered include recording transactions, making adjusting entries to meet the standards for
financial reporting to stakeholders and who sets those standards. We will look at how you
will use the concepts of internal control, time value of money and financial statements to
make decisions in your life whether your career is the accounting profession or not.

Our class section number is 4432

We will meet online for the first three weeks on Zoom using this login link and ID:
https://csun.zoom.us/j/82908974071?pwd=dG9SK091Ryt3Z0NLYnZETzJ0cWRFZz09
Meeting ID: 829 0897 4071
Passcode: 372201

We will meet in Bookstein Hall room 2206 starting February 14th

The date and time of the final will be determined

Prerequisites: Math 102 or 103 and sophomore standing

About me…
Professor David M. Primes, MSA, CPA.CITP
I attended CSUN (it was SFVSC when I started) and earned my Bachelor’s and Master’s
degrees here. The best way to reach me is email: [email protected], you can leave a
message on my CSUN office phone: 818 677-3948. You will find me online:
https://csun.zoom.us/j/88028757847
Meeting ID: 880 2875 7847
every Monday from 5:30pm to 6:30pm or by appointment. I am a CPA in public practice and
a principal in the firm Sobul, Primes & Schenkel, CPAs, APC. This means that I am off campus
working at my accounting firm the rest of the work week, so I may not be immediately
available outside of class and office hours.

Some things you will need…

You will need access to the textbook:
Warren/Jones' Corporate Financial Accounting, 15th Edition
and a registration key to access CNOW2, the Cengage digital homework assignments

The most cost-effective and recommended way to get both, together with textbooks for
many other DNCBE classes, is with a Cengage Unlimited subscription available from the
bookstore here:
https://www.bkstr.com/csunorthridgestore/follett-discover-
view/booklook?shopBy=discoverViewCourse&bookstoreId=150&termId
=2223&divisionDisplayName=&departmentDisplayName=ACCT&courseDi
splayName=220&sectionDisplayName=4432

A basic four function (+,-,*,/) calculator

An inquisitive mind, a desire to learn

About the homework…

You will need to create an Account for CengageNow2. IMPORTANT – the reading and
homework will be accessed from the Canvas site, not directly on Cengage. There will be NO
Cengage course code for this class.

Academic Honesty…
Academic dishonesty including cheating, fabrication, facilitation of academic dishonesty, and
plagiarism will not be tolerated. All incidents will be handled in accordance with guidelines
set forth in academic policies of California State University, Northridge. (also refer to
Academic Dishonesty Policy adopted by the Department of Accounting & Information
Systems)

Course Objectives…
Introduces the role of accounting in business and society, a summary of the accounting
process, accounting measurement issues, analyzing and recording financial transactions,
accounting valuation and allocation issues, conceptual foundation for understanding financial
reporting, the usefulness of financial statements for decision making and financial statement
analysis and interpretation. This course is designed to expose students to an introduction to
financial accounting concepts, its applications and reporting. Topics include financial
statements, accounting cycle, analyzing cash, receivable, liabilities, fixed assets and
shareholders’ equity.

At completion of this course, the student should:

1. Be familiar with financial reporting
2. Be able to analyze, summarize and record the results of business activities
3. Be able to prepare & interpret financial statements for various organizational
structures
4. Be able to analyze all the components of the financial statements (the balance sheet,
the income statement, and the statement of cash flows).

How to Do Well…
Accounting 220 is a difficult, fast paced course which requires a lot of work and a structured
and disciplined approach to studying. The BEST way to perform satisfactorily in this class is
to:
1. Read the required chapter BEFORE the related class meeting.
2. Post to the chapter discussion BY 10pm the night before the lecture.
3. Attend class (mandatory).
4. You should have the textbook available during class.
5. You must have a basic financial calculator to class for quizzes, midterms and the final.
6. Actively listen during class and ASK questions.
7. Do ALL the assigned work BEFORE the class meeting when it is due.
8. Periodically review past chapters and homework assignments.
9. Spend a minimum of THREE HOURS of independent study for each hour spent in class.
That’s EIGHT hours a week!

Homework…
Homework must be submitted using CengageNow in order to earn homework points.

Homework is due 11:00pm of the class session following the completion of the class
discussion for a particular chapter. LATE HOMEWORK WILL BE ACCEPTED WITH A PENALTY.
Questions about homework assignments can be discussed during office hours or at the
beginning of the class session the day the assignment is due.

In order to do well in class, it is imperative that you do the assigned work timely

Quizzes, Mid-terms and Final Exam…

We may have quizzes this semester. The quiz dates will be announced by the professor in
advance. There are no make-up quizzes. If you are not in class on the day of a quiz, you will
receive a zero. The problems and questions on the quizzes will be similar to the assigned
homework problems, text reading and course material discussed in class.

There are two mid-term exams in this course and a final exam. You are required to take all
exams. Exams will be given online during the time the class regularly meets. The date of
these exams is detailed in the course syllabus and will be announced in class. Each student is
responsible for managing his/her own personal schedule to be present at these exams. No
make-up exams will be given.
Grade disputes, or any concerns or questions about grading on a quiz or any exam must be
resolved by the week after the graded quiz or exam is returned in class. Please keep in mind
that this time frame applies whether you were present in class to receive your graded quiz or
exam.

There may be multiple versions of quizzes and exams. If your answer to a problem contains
data from another version of the quiz or exam you will receive a score of ZERO on that quiz
or exam.

GRADING…
A rigorous academic environment will be maintained with respect to the quality of the course
and grading. Grades will be weighted based on your performance using the following
percentage point schedule:
Points
1st Mid-term exam 75
nd
2 Mid-term exam 75
Final exam 100
Response to readings (Canvas discussions) 90
Homework 45
Quizzes 20
Attendance and active class participation 40

Total 450

The following grades will be assigned in ACCOUNTING 220 as a starting point:

A 90% - 100%
B 80% - 89%
C 70% - 79%
D 60% - 69%
F 59% and Below

The minimum score required to achieve a particular grade may be adjusted down; it will not
be adjusted up.

Attendance…
While you may occasionally be tempted to miss class, please remember that success in this
course is highly correlated with attendance and active participation. Attendance will be
captured from the Zoom during the class session. If you miss class, it is still your responsibility
to turn in assignments on time, obtain accurate notes from a classmate, and have someone
forward any handouts, papers, or other class materials.

Do not plan on arriving to class late and do not plan on leaving class early unless it is a true
emergency. If you arrive late to class or leave early your attendance points for that day will
be reduced at my discretion. If you need to arrive late or leave early for any reason, you
should let me know in advance and sit near an exit.

Your active participation will make a difference on how I evaluate your performance for
attendance and active participation points. Thus, in each class meeting, I may call on students
(randomly) to answer questions related to the material we are discussing.

If you do your homework and are prepared to talk about what you know and things that you
are unsure about, class will be interesting. If you show up late, leave early, can’t complete
the homework, or are quiet, shy, and not inquisitive; you won’t succeed in this class,
subsequent classes, or in the business world.

Dropping the Course…

If you decide to drop this course, you must officially drop the course; a student who stops
attending class and fails to officially drop will receive a grade of “F” or “WU”. The last day to
formally change your schedule (withdraw) is September 24, 2021 (it is your responsibility
to verify and comply with this deadline). A withdrawal after this date requires a serious and
compelling reason and the approval of the course instructor as well as the Department Chair
and the Director of Undergraduate Studies. Normally, this will not be approved. Additionally,
a request to withdraw after this date will not be approved if the student is failing the class.

Students with Disabilities…

Students with disabilities must register with the Center on Disabilities and complete a services
agreement each semester. Staff within the Center will verify the existence of a disability
based on the documentation provided and approve accommodations. Students who are
approved for testing must provide a proctor form to their faculty member signed by a
counselor in the Center on Disabilities prior to making testing arrangements. The Center on
Disabilities is located in Bayramaian Hall, room 110. Staff can be reached at (818) 677-2684.

Other Remarks: LECTURERS MAY NOT BE RECORDED OR VIDEOED without the prior
consent of the professor.
 TENTATIVE SCHEDULE

When reading the chapter, carefully review the Decision Toolkit and the “Do it!” problems and
solutions. Also, do the Self-Test Questions at the end of the chapter (multiple choice - answers are
near the last page of each chapter). Exam questions may be similar or the same as these questions.

At the end of each chapter you should: (1) read the Summary of Study Objectives; (2) review the
Decision Toolkit-A Summary; (3) study the Comprehensive “Do it!” problem and solution; and (4)
complete your assigned homework shortly after reading the chapter and after class discussion of
applicable topics.

Date Theme Chapter to read before class Homework

1/24 What types of business? Ch 1 – Introduction to
What types of accountants? Accounting and Business
What are the rules? How are
they used?
1/31 Where do the numbers come Ch 2- Analyzing Transactions Chapter 2 assigned
from? Debits and Credits?
Where do they go?
2/7 When should something be Ch 3 – The Adjusting Process Chapter 2 due by
reported on the financials? 11:00pm
Accruals and deferrals Chapter 3 assigned
2/14 Does it belong on the Balance Ch 4 – The Accounting Cycle Chapter 3 due by
Sheet or the Income 11:00pm
Statement?
How are the financial Chapter 4 assigned
statements prepared?
2/21 How do we account for Ch 5 – Accounting for Retail Chapter 4 due by
purchases of goods? Businesses 11:00pm
How do we account for sales Chapter 5 assigned
adjustments?
2/28 What will be on the mid- Review chapters 1-5 Chapter 5 due by
term? 11:00pm
Mid-term #1
3/7 You just sold something, how Ch 6 – Inventories
much did it cost you?
What, there is more than one Chapter 6 assigned
way to calculate that?
3/14 How do we protect what is Ch 7 – Internal control and Chapter 6 due by
ours? Cash 11:00pm
How do I know that number Chapter 7 assigned
is correct?
3/21 Spring Break
3/28 Who owes us and why? Ch 8 – Receivables Chapter 7 due by
11:00pm
Chapter 8 assigned
4/4 What are we using to Ch 9 – Long-term assets: Chapter 8 due by
produce income? Fixed and Intangible 11:00pm
How do we spread that cost? Chapter 9 assigned
4/11 What will be on the mid- Review chapters 6-9 Chapter 9 due by
term? 11:00pm
Mid-term #2
4/18 How much do we owe? Ch 10 – Liabilities: Current,
Installment Notes and
Contingencies
What types of liabilities do Appendix 11 assigned
we have?
4/25 What are tomorrow’s dollars Ch 11 – Appendix 1 – Time Appendix G due by
worth today? Value of Money 11:00pm
How do bonds use the time Ch 11 – Liabilities: Bonds Chapter 10 assigned
value of money? Payable
5/2 What about the owners? Ch 12 – Corporations: Chapter 11 due by
Organizations, Stock 11:00pm
Transactions, and Dividends Chapter 12 assigned
5/9 Can we pay our bills? Ch 13 – Statement of Cash Chapter 12 due by
Flows 11:00pm
Where is the cash coming Chapter 13 assigned
from?
tbd Final Chapter 13 due by
11:00pm