Syllabus

Course overview

Course information

Instructor

Jillian Bommarito

Contact

Use D2L or the contact information in the official Broad syllabus

Office hours

By appointment on Zoom; contact me to arrange a time

Section 003

Tuesday and Thursday, 8:30–9:50 AM

Section 001

Tuesday and Thursday, 10:20–11:40 AM

Classroom

Room 136, Brody Hall

Enrolled students can find the official Broad-template syllabus in D2L.

Course description

ACC 300 is the first half of intermediate financial accounting. We spend the term on how assets, liabilities, revenues, and expenses come to be reported the way they are, and on using that knowledge to read a set of financial statements critically.

The course covers the financial reporting environment and the conceptual framework, the accounting information system, the income statement, revenue recognition, the balance sheet, the statement of cash flows, cash and receivables, inventory, property, plant, and equipment, and intangible assets.

ACC 201 and 202 establish the recording process. ACC 300 adds reporting questions that require judgment on incomplete facts. You must reach a supportable answer and explain the evidence behind it. The exams test that work under a time limit. The company project tests it with public-company filings.

The course carries 3 credits. Prerequisites are ACC 201 and ACC 202.

Learning objectives

By the end of the term, you should be able to complete each task below. The company project uses work from every unit. The tag identifies the type of work the objective requires. Analyze (33 of them) means deciding something from a fact pattern, like whether a disposal counts as a discontinued operation. Execute (16) means running a procedure, like rolling an allowance forward through write-offs. Explain (1) means stating what something is and why it works that way.

Unit 1 The reporting system and the accounting cycle 7 objectives

1. 1.1 Follow a transaction from the event through the journal and the ledger to the trial balance, and explain what equal trial balance totals test and which recording errors can remain hidden. Analyze , level 4 of 6
2. 1.2 Sort a period-end economic event into its adjustment type, compute the adjustment, and state how omitting the entry affects net income, assets, liabilities, and equity. Analyze , level 4 of 6
3. 1.3 Build the financial statements and the closing entries from an adjusted trial balance, and explain how net income and ending equity connect the statements and why the repeated amounts must agree. Execute , level 3 of 6
4. 1.4a Distinguish US GAAP from other standards by source and authority. Explain , level 2 of 6
5. 1.4b Determine the authoritative US GAAP that governs a reporting question. Analyze , level 4 of 6
6. 1.4c Evaluate financial information for decision usefulness. Evaluate , level 5 of 6
7. 1.5 Interpret reported financial information using relevant context from the company's public filings. Analyze , level 4 of 6

Unit 2 The income statement and revenue recognition 10 objectives

1. 2.1a Prepare a multiple-step income statement. Execute , level 3 of 6
2. 2.1b Analyze operating performance using income-statement subtotals. Analyze , level 4 of 6
3. 2.2a Classify disposals and unusual items within the income statement. Analyze , level 4 of 6
4. 2.2b Present the financial-statement effects of discontinued operations. Execute , level 3 of 6
5. 2.3a Determine whether an arrangement should be accounted for as a contract with a customer under ASC 606. Analyze , level 4 of 6
6. 2.3b Determine the performance obligations in a customer contract. Analyze , level 4 of 6
7. 2.3c Determine the transaction price for a customer contract. Analyze , level 4 of 6
8. 2.3d Allocate the transaction price to performance obligations. Execute , level 3 of 6
9. 2.3e Determine when and how much revenue to recognize for each performance obligation. Analyze , level 4 of 6
10. 2.3f Classify and account for the balances arising from a customer contract. Analyze , level 4 of 6

Unit 3 Financial position and current obligations 7 objectives

1. 3.1a Determine the balance-sheet classification of a reported item. Analyze , level 4 of 6
2. 3.1b Evaluate a claim about financial position against the balance sheet's limits. Evaluate , level 5 of 6
3. 3.1c Determine whether reported amounts support a valid comparison. Analyze , level 4 of 6
4. 3.2a Account for an ordinary current operating obligation. Execute , level 3 of 6
5. 3.2b Determine whether a debt obligation is current or noncurrent. Analyze , level 4 of 6
6. 3.2c Determine the reporting treatment for a loss contingency. Analyze , level 4 of 6
7. 3.2d Determine the accounting treatment for a customer warranty. Analyze , level 4 of 6

Unit 4 Cash flows and receivables 10 objectives

1. 4.1a Determine the proper classification and presentation of cash-related items. Analyze , level 4 of 6
2. 4.1b Prepare a complete bounded statement of cash flows. Create , level 6 of 6
3. 4.1c Reconcile accrual-basis net income to net cash from operating activities. Analyze , level 4 of 6
4. 4.2a Derive selected direct-method operating cash amounts from accrual records. Execute , level 3 of 6
5. 4.2b Analyze the relationship among revenue, receivables, and customer collections across periods. Analyze , level 4 of 6
6. 4.2c Evaluate reported earnings using operating cash flow and a defined free-cash-flow measure. Evaluate , level 5 of 6
7. 4.3a Select the applicable time-value model and calculate the present or future value of stated cash flows. Analyze , level 4 of 6
8. 4.3b Measure a note receivable using the effective-interest method. Execute , level 3 of 6
9. 4.4a Measure a trade receivable at initial recognition. Execute , level 3 of 6
10. 4.4b Develop a supportable estimate of expected credit losses. Evaluate , level 5 of 6

Unit 5 Inventory 8 objectives

1. 5.1a Analyze what periodic and perpetual inventory records can establish. Analyze , level 4 of 6
2. 5.1b Determine the inventory owned at a reporting date. Analyze , level 4 of 6
3. 5.2a Calculate and evaluate how a cost-flow assumption affects reported results and comparability. Evaluate , level 5 of 6
4. 5.2b Restate LIFO inventory information to a comparable basis. Execute , level 3 of 6
5. 5.3a Determine and record the subsequent measurement of inventory under the applicable reporting framework. Analyze , level 4 of 6
6. 5.3b Trace an inventory error through the statements and periods it affects. Analyze , level 4 of 6
7. 5.4a Calculate and evaluate an inventory estimate for a stated use. Evaluate , level 5 of 6
8. 5.4b Calculate and analyze the cash conversion cycle and its operating components. Analyze , level 4 of 6

Unit 6 Property, plant, and equipment 10 objectives

1. 6.1a Determine the initial cost of a long-lived tangible asset from the form and terms of its acquisition. Analyze , level 4 of 6
2. 6.1b Determine the treatment of spending after a tangible asset is acquired. Analyze , level 4 of 6
3. 6.1c Determine the capitalization boundary and calculate construction interest for a bounded case. Execute , level 3 of 6
4. 6.2a Select and apply a depreciation pattern that represents the asset's expected use. Evaluate , level 5 of 6
5. 6.2b Account for a change in a depreciation estimate. Execute , level 3 of 6
6. 6.2c Account for the disposal of a depreciable asset. Execute , level 3 of 6
7. 6.3a Determine the impairment of a long-lived tangible asset under the applicable reporting model. Analyze , level 4 of 6
8. 6.3b Analyze return on assets through profit margin and asset turnover. Analyze , level 4 of 6
9. 6.4a Calculate and account for the depletion of a natural resource. Execute , level 3 of 6
10. 6.4b Measure and roll forward an asset retirement obligation. Execute , level 3 of 6

Unit 7 Intangible assets 6 objectives

1. 7.1a Determine the recognition, classification, and initial measurement of an acquired intangible asset. Analyze , level 4 of 6
2. 7.1b Determine and record the subsequent accounting for an intangible asset. Execute , level 3 of 6
3. 7.1c Determine the reporting treatment of research and development costs. Analyze , level 4 of 6
4. 7.1d Determine the applicable accounting model and capitalization boundary for software costs. Analyze , level 4 of 6
5. 7.2a Measure and record goodwill or a bargain-purchase gain in a business combination. Execute , level 3 of 6
6. 7.2b Determine and record the impairment of an intangible asset or goodwill under the applicable US GAAP model. Analyze , level 4 of 6

How the course works

Class meetings

Class meetings combine short explanations, worked examples, questions, and time to solve accounting problems. The balance can change when a topic or class discussion needs more time.

Questions on earlier material help you practice recalling it without notes. New material includes a complete example before you work related problems. Some questions use exam pacing and closed materials.

Answer before the solution appears. iClicker questions close before the answer is shown. Participation credit depends on responding, not on being correct. Solutions to in-class problems appear on D2L after class.

See the full schedule of all 28 meetings.

Materials and technology

Required

• The reading on this site. There is no book to buy. The schedule links each available assigned reading. Complete it after class and before the next meeting. Later readings will be posted before they are assigned.
• iClicker, registered with your MSU email address. Join the course for your section: Section 001, code UOZC, or Section 003, code QYRC.
• Desire2Learn (D2L) for assignments, assessments, submissions, and grades.
• Respondus LockDown Browser for the syllabus and technology check, Exam 1, and the Units 3 and 4 mini-exam. Respondus Monitor and a webcam are not required.
• A laptop that holds a charge.
• A basic calculator that adds, subtracts, multiplies, and divides. It must be a separate calculator, not a phone or smart watch. You do not need a scientific, graphing, or financial calculator.

Optional

• Kieso, Weygandt, Warfield, and Wiley, Intermediate Accounting, 19th edition. Every unit lists the corresponding sections. Nothing on an exam depends on owning this book. The linked retailer lists print and digital choices. You may buy or rent it elsewhere. Check the ISBN before ordering: 978-1-394-24614-4 for the e-book or 978-1-394-25443-9 for the loose-leaf book.
• WileyPLUS practice. WileyPLUS includes an accounting-cycle simulation, adaptive review, walkthrough videos, and algorithmic problems. These activities are not assigned or graded in this course.

Strongly recommended

• A physical iClicker remote. The classroom has unreliable internet, and a phone that cannot connect is not an excused absence. The Associated Students of Michigan State University (ASMSU) rents remotes free, and used ones are cheap.

Weekly workload

Plan on 4 to 6 hours a week outside class in an ordinary week, and 8 or 9 in a week with an exam. The material builds across units. Unit 1's accrual logic supports every later unit, so keeping up early reduces the review needed later.

Coursework and grading

Points and grades

Grade scale

Your percentage is computed to two decimal places and is not rounded. Grades are assigned from this scale. The Broad College recommends a section grade point average between 2.90 and 3.20; if a curve is needed to reach that, it can only help you, never hurt you.

If you think something was scored wrong, please tell me. I am glad to recheck any grade, and mistakes do happen. Reach out within five business days of the grade posting, while the details are still fresh; after that window, grades are final.

Unit review assignments

The course offers seven 15-point review assignments, one for each unit. Your best five count for 75 points. A missing assignment can be one of the two scores that do not count.

You complete these assignments without monitoring software. Correct answers are released after each deadline so you can use the reviewed work later in the course.

AI use is optional. Each submission must say No AI used. or name the tool and state briefly what it contributed. There is no ordinary separate make-up assignment. Protected absences and approved accommodations are handled separately.

Company project

The company project uses Securities and Exchange Commission filings to compare three companies in the same industry. The 40-point midpoint analysis is due Friday, October 30 at 11:59 p.m. The 70-point final analysis is due Sunday, December 13 at 11:59 p.m. A separate 30-point written mini-exam takes place during the assigned finals period.

See the company-project page for company-selection rules, current instructions, and submission details. The assignment rubrics will be added there after they are finalized.

Exams

Exam 1 is a 100-point multiple-choice exam covering Units 1 and 2. The Units 3 and 4 mini-exam is a 60-point multiple-choice assessment. Both take place during class in D2L through Respondus LockDown Browser. Respondus Monitor and a webcam are not used.

The final company project includes a separate 30-point written mini-exam during the assigned finals period. It covers Units 5 through 7 and uses the analysis described in the company-project section.

What you may bring

• One handwritten 3x5 inch note card, both sides. The card cannot contain printed material. I check cards before the exam.
• A basic calculator that adds, subtracts, multiplies, and divides. It must be a separate calculator, not a phone or smart watch.
• Your MSU student identification card.
• Scratch paper and a pencil.
• For the final mini-exam only, a printed copy of your submitted final analysis and exhibits.

During an exam, you may use only the materials listed above and any approved accommodation. All other notes, devices, websites, and AI tools are prohibited.

If a question uses present value, the question will provide the factor, table, or opening amount you need. You will not need a scientific or financial calculator.

D2L will provide the instructions for each exam.

Attendance and engagement

The schedule includes 24 attendance-and-engagement opportunities. Each one offers five points. You earn those points by responding to at least 75% of the iClicker questions asked during that meeting. The component is capped at 100 points, so you earn full credit after qualifying in 20 marked meetings. You may miss 4 marked meetings without reducing your attendance score.

Submit your own answer before we discuss the question or show the solution. Correctness does not affect these points.

A phone that will not connect to the classroom internet is not an excused absence. A physical iClicker remote is therefore strongly recommended. You do not need to tell me about an ordinary absence.

The four extra opportunities cover ordinary absences. After four ordinary misses, you do not earn the five points offered at another ordinarily missed meeting. There is no separate make-up assignment. Religious observances, university-approved absences, and approved accommodations do not use a drop. Tell me about those absences as early as possible.

Class 1, Exam 1, the Units 3 and 4 mini-exam, and the remote class on October 29 do not have attendance checks. The schedule marks scored meetings with a filled star.

Check your iClicker scores after each class. If something looks wrong, email me while I can still verify it.

Course policies

Artificial intelligence

Use of AI is optional; disclosure is not. The policy differs by assignment type.

On exams: not permitted

No generative artificial intelligence (AI) tool may be used on Exam 1 or either mini-exam. Using one is academic misconduct under the Broad College Honor Code and will be handled as such.

On unit reviews and company analyses: AI use is optional; disclosure is required

You may use an AI tool, but you do not have to. The submission includes one required AI-use statement. Write No AI used. or name the tool and state briefly what it contributed. You do not need to submit a prompt transcript.

This rule applies to unit reviews and company analyses. The statement records how you prepared the work. Your accounting evidence and reasoning determine the grade, not whether you used an AI tool.

In ungraded activities: optional, and taught

Some class activities show how accountants can direct a tool, check its work against evidence, and take responsibility for the result. You may use the demonstrated tool or review output that I provide. Direct AI use is not required to earn full credit in this course. A paid AI account is not required.

Do not upload the Kieso e-text to an AI tool. It sits behind publisher digital rights management, and uploading it violates the license. Your own notes and the course materials I wrote are fine. Free-to-read is not the same as licensed-to-upload. At work, putting licensed or client material into an unapproved tool can violate firm policy and expose confidential information.

The detailed activity guide is still being revised. Read the current rules and the status of that work.

Deadlines, absences, and missed work

A deadline is a commitment to other people. Accounting work often supplies the next step in a close, filing, payment, lending decision, or client decision. Missing a deadline without warning can delay other people, damage trust, cost a firm a client, or, when the failure is serious or repeated, put a job at risk. This course lets you practice the response an employer or client needs before the stakes are that high.

Use this process when a deadline is at risk:

1. Identify the risk early. Review the work, its inputs, and its dependencies before the deadline. Raise a missing document, conflicting commitment, or other obstacle when it first threatens delivery.
2. Communicate before missing the commitment when possible. A supervisor or client should not discover the problem from an empty inbox. State which commitment is at risk and when the risk became clear.
3. Propose a realistic recovery plan. State what is complete, what remains, what prevents completion, and the date and time you propose for delivery.
4. Complete the work under the revised arrangement. An approved new deadline is a new commitment. Meet it, or communicate promptly if a new risk makes that impossible.

Attendance

You can earn full attendance credit from 20 of the 24 marked meetings. You do not need to explain an ordinary absence or email me about it. The four extra opportunities cover illness, appointments, transportation problems, and other ordinary conflicts.

After four ordinary misses, you do not earn the five points offered at another ordinarily missed meeting. There is no separate attendance make-up. MSU's Grief Absence Policy and Religious Observance Policy still apply, as do university-sponsored athletic and academic events and approved accommodations. Those absences do not count toward the four ordinary misses.

For an ordinary miss, skip the email. For anything with a university process behind it — a grief absence, a religious observance, a university-sponsored event, an accommodation letter — contact me right away, because those processes have their own deadlines.

For a grief absence, notify the Broad associate dean or designee no later than one week after you first learn that you need the absence. Follow the college's verification process, then contact me to arrange the missed work. For a religious observance, notify me at least two weeks before the absence. MSU does not require documentation of your religious beliefs.

Scheduled assessments

Exam 1 and both mini-exams are taken at their scheduled times. If you know about a conflict, request another arrangement in advance. After an unexpected emergency, contact me as soon as reasonably possible. An approved absence receives a make-up or alternative assessment at a time and in a format I set. It will assess the same objectives. If you miss the assessment without contacting me, you do not earn its points unless the circumstances made timely contact impossible.

Company analyses

The midpoint and final analyses are client-style deliverables. Request an extension before the deadline. State what is complete, what prevents completion, and the revised delivery date you propose. Approval is not automatic.

You can still earn credit for a late company analysis. Without an approved extension, the deduction depends on how late you submit it.

The deduction never exceeds 50%. Approved extensions and protected absences do not receive a late deduction. The midpoint analysis is due Friday, October 30 at 11:59 p.m. Unarranged late midpoint work remains eligible through Friday, November 6 at 11:59 p.m. The final analysis is due Sunday, December 13 at 11:59 p.m. Unarranged late final work remains eligible through Friday, December 18 at 11:59 p.m. The December 13 deadline also determines which source you use during the final mini-exam. If your analysis is available by the deadline, you use your submitted analysis. If it is not, you use a standard course report packet. A later submission does not change your exam source or postpone the mini-exam.

Academic integrity

The Spartan Code of Honor requires honesty in your work and support for honesty among your peers. The Broad College Undergraduate Honor Code also applies in this course.

During exams, no phones, tablets, smart watches, e-readers, translation devices, graphing calculators, scientific calculators, financial calculators, or generative artificial intelligence tools. Use only the materials listed under What you may bring and any technology named in the exam instructions.

If I assign a penalty grade for academic misconduct, I must submit an Academic Dishonesty Report. A first report requires the university's academic-integrity education program. A second report may bring further sanctions, including probation, denial of admission to Broad, or dismissal from Broad.

Laptops and tablets are welcome during instruction for taking notes. If a device is distracting the people around you, I will say so once. If it continues, I will ask you to step out for the rest of that meeting.

Support and accommodations

Technical support

If something technical breaks, contact the MSU Information Technology Service Desk at (517) 432-6200 or ithelp@msu.edu. Contact the service desk before a deadline when possible, while there is still time to fix the problem.

Accessibility and RCPD

MSU is committed to equal access. To request accommodations, register with the Resource Center for Persons with Disabilities (RCPD) or call 517-884-RCPD. After RCPD approves an accommodation, use AccessMSU to send me your Accommodation Letter.

The Broad syllabus template uses the older term “VISA form.” RCPD now calls this document an Accommodation Letter. Follow the current RCPD process described above.

Email me after you send the letter so we can meet on Zoom and make a plan. RCPD asks for at least one week's notice for most accommodations and two weeks for final exams. Send the letter as early as you can, and contact the RCPD Access Specialist named in the letter if a question comes up.

EASE reports

An Enhancing Academic Success Early (EASE) report shares evidence about grades, attendance, and engagement with your adviser. If you receive a request for a report, email me. I can submit an EASE report at any point in the term.

Meeting with me

Contact me through D2L to arrange a Zoom meeting. There is no standing office location or fixed office-hour block. Meetings are not limited to questions about the course. I am also happy to talk about questions you have about AI or how it is changing accounting work, accounting careers, my work experience, or decisions you are considering about school or work.

Letters of recommendation

I can write a stronger letter when I know your work, judgment, and reliability. If you may request a letter later, email me during the term to arrange a Zoom meeting.

University and college policies

Mandatory reporting

University employees, including instructors, cannot always keep information confidential. I must report the following information:

• Suspected child abuse or neglect.
• Information I learn through my work about possible relationship violence, sexual misconduct, sexual harassment, or stalking covered by MSU's Mandatory Reporting Policy.
• A credible threat of harm to you or someone else.

A report may lead to contact from a university official. In most cases, you decide whether to speak with that person. For confidential support, contact the MSU Center for Survivors, MSU Safe Place, or Counseling and Psychiatric Services.

Recordings and course materials

Class sessions may be recorded and posted for students enrolled in this section. Recordings supplement class; they do not replace it. Do not share class recordings, lecture notes, course materials, or screenshots with people outside the class or upload them elsewhere. Do not record class unless an approved accommodation permits it or I give you written permission. You may not sell your notes or course materials. Improper use may lead to discipline under MSU's Student Rights and Responsibilities Policy.

Course evaluations

The optional mid-semester survey on D2L can still change your experience in the course. The Student Perceptions of Learning Survey (SPLS) opens at 12:01 AM Eastern on December 2 and closes at 11:59 PM Eastern on December 11. You may complete the survey or decline to participate. Either choice has no effect on your grade or when it is released. I receive only aggregated results after the grading period closes.

Emergencies

Review the evacuation, shelter, and secure-in-place guidance posted in the building. Keep your phone on silent so you can receive MSU Alerts. Follow the alert, emergency personnel, and the building's Emergency Action Team. If you see an emergency before I do, tell me immediately.