Keller Graduate School

AC 593 Financial Accounting and Reporting

MAY 2011 Syllabus

Computer/Web Site Help & Deadlines

Anytime You Have Any Computer Issues -
Call the help Line 866 866 7053
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Web Site Login Address: http://beckercpaonline.com

Important Dates
Class Start Date: May 2, 2011
Course Completion Date: SUNDAY JUNE 19, 2011
Portal End Access Date: 08/31/11
CD Access: Until 18 Months After You Activate Software

Please Contact Me Anytime for Urgent Assistance

Email Address: nmeonske@beckerreview.com
Include your full name and AC 594C In Each Email
Norm’s Home Phone: 330 296 6264
Norm’s Sprint Cell: 330 554 7211
Dr. Norman Meonske (Please Call Me Norm)
Class is Grade on S and U Basis
--------------------------------------------------------------------------------------------
Required Textbooks:

The text for this course is the BECKER CPA REVIEW – Financial (2011 Edition). Reading the text is
essential for developing an understanding of each topic. Lectures are very helpful in focusing the student’s
efforts on the most important and most likely tested areas. However, while they complement the textbooks,
lectures don’t replace them. Class materials also include the Course DVD that includes software to work
the multiple-choice questions offline as well as the simulations. Students should view the Introductory
Video included on this software before beginning the program of study.

Course Objective:

The goal of this course is to prepare students to pass the Financial Accounting and Reporting section of
Uniform Certified Public Accountants examination. The topics covered in this course include the topics
listed in the content specification outline as published by the American Institute of Certified Public
Accountants (AICPA).

Class Methodology:
Students will cover materials in the textbook in conjunction with the national instructors’ presentation of
the materials in the lectures. In addition to covering content, students will work both case-based
simulations and multiple-choice questions. Every problem-oriented question worked in class is taken from
a prior CPA exam or created to assist in the student’s understanding of the course content. “Distracters”
and “blind alleys” are identified as students read and answer questions. Finally, students receive solutions
to the problems so they can compare their answers with the correct answers and receive immediate
feedback on how they are doing. More importantly students will learn a problem-solving approach for
them to efficiently get the correct answer to each question and the best method of setting up answers using
various formats. All of these exam techniques are designed to help students maximize their points on the
CPA exam.

Course Structure:

The course consists of lectures that will be covered on the following dates:

Financial Only

Week of Courses

MAY 2 F1
MAY 9 F2 F3
MAY 16 F4 F5
MAY 23 F6 F7
MAY 30 F8 F9
Each lesson consists of reading assignments, a lecture, homework problems, and quizzes.

Grading:

The course is administered on a pass/fail (Satisfactory/Unsatisfactory) basis. Grades will be calculated

based on the following criteria:

Lectures (All required)

Homework (90% correct on a per class basis)
Discussions (All required)
Weekly Quizzes (All Required)

• Lectures must be viewed online via www.beckercpaonline.com or via the Lecture Disk
software.
o If viewed offline using the software, it must be uploaded onto
www.beckercpaonline.com by the syllabus deadline listed below.
• Homework must be reworked until you get at least 90% correct before credit will be
given on a lesson-by-lesson basis. The homework is only accessible via
www.beckercpaonline.com or the Lecture Disk software.
o If viewed offline using the software, it must be uploaded onto
www.beckercpaonline.com no later than your syllabus deadline listed below.
• By its nature, the evaluation of participation in the threaded discussions will be
subjective based both on quantity and quality of contributions. Not all threads will
require a response, but all should be read and comments provided as appropriate.
 Students are required to respond to at least one thread per lesson to get any discussion
credit for that lesson.
• In lieu of a final exam, students will be graded based on quiz scores only accessible via
www.beckercpaonline.com and not your software or eCollege. Quizzes can only be
taken once, so they should be completed only after reading, viewing the lecture, and
completing the homework. Quiz scores must average 50% or higher in the aggregate to
receive credit.

 Example
• Quiz 1 – 40%
• Quiz 2 – 80%
• Quiz 3 – 50%
• Quiz 4 – 90%
• Quiz 5 – 20%
• Quiz 6 - 70%
• Quiz 7 - 40%
• Quiz 8 - 80%
• Quiz 9 - 30%
 Total of all quizzes added together is 900. Divide 500 by 9 quizzes equals an
average quiz grade of 55.5%
 A minimum of 50% is a passing grade for the quiz assessment.
• The quizzes are due 2 weeks after the last day of lectures.

Failure to complete and or post all lectures, homework, quizzes, and threaded discussion
responses by SUNDAY JUNE 19, 2011 will result in a U for the course.

Course Withdrawal
Students must contact the graduate center director and follow the standard Keller Graduate School policy
to withdraw from a class (see academic catalog). In addition, students who withdraw from a course must
return the Becker course materials, including textbooks and software, within 10 days from the date of
withdrawal. The purchase price of optional Becker Flashcards is not refundable. Students who do not
return course materials within 10 days will be charged the standard price of the Becker CPA Review
course. The student is responsible for shipping costs and advised to ship materials by certified mail or
another traceable method. Returned materials must include a copy of the student's withdrawal form or a
letter indicating the student's name, ID number and date of withdrawal and be shipped to the following
address:

Becker Professional Education

15 Piedmont Center
Suite P100
Atlanta, GA 30305
Attn: Kim Jones

Course Content:
The Financial Accounting and Reporting section tests knowledge of accounting principles generally
accepted in the United States of America (GAAP) for business enterprises, not-for-profit organizations, and
governmental entities, and the skills needed to apply that knowledge. Content covered in this section
includes financial accounting concepts and standards, and their application. To demonstrate such
knowledge and skills, candidates will be required to

1• Obtain and document information for use in financial statement presentations

 2• Evaluate, analyze, and process entity information for reporting in financial statements

3• Communicate entity information and conclusions

4• Analyze information and identify data relevant to financial accounting and reporting

5• Identify financial accounting and reporting methods and select those that are suitable

6• Perform calculations

7• Formulate conclusions

8• Present results in writing in a financial statement format or other appropriate format

Financial Accounting & Reporting Content Specification Outline

I. Conceptual framework, standards, standard setting, and presentation of financial statements (17%–23%)
A. Process by which accounting standards are set and roles of accounting standard-setting bodies
1. U.S. Securities and Exchange Commission (SEC)
2. Financial Accounting Standards Board (FASB)
3. International Accounting Standards Board (IASB)
4. Governmental Accounting Standards Board (GASB)
B. Conceptual framework
1. Financial reporting by business entities
2. Financial reporting by not-for-profit (nongovernmental) entities
3. Financial reporting by state and local governmental entities
C. Financial reporting, presentation and disclosure in general-purpose financial statements
1. Balance Sheet
2. Income statement
3. Statement of comprehensive income
4. Statement of changes in equity
5. Statement of cash flows
6. Notes to financial statements
7. Consolidated and combined financial statements
8. First-time adoption of IFRS
D. SEC reporting requiremtns (e.g., Form 10-Q, 10-K)
E. Other financial statement presentations, including other comprehensive bases of accounting
(OCBOA)
1. Cash basis
2. Modified cash basis
3. Income tax basis
4. Personal financial statements
5. Financial statements of employee benefit plans/trusts
II. Financial statement accounts: recognition, measurement, valuation, calculation, presentation, and
disclosures (27% - 33%)
A. Cash, cash equivalents
B. Receivables
C. Inventories
D. Property, plant, and equipment
E. Investments
1. Financial assets at fair value through profit or loss
2. Available for sale financial assets
3. Held-to-maturity investments
4. Joint ventures
5. Equity method investments (investments in associates)
6. Investment property
F. Intangibles Assets – goodwill and other
G. Payables and accrued liabilities
H. Deferred revenues
I. Long-term debt (financial liabilities)
1. Notes payable
2. Bonds payable
3. Debt with conversion features and other options
4. Modifications and extinguishments
5. Troubled debt restructurings by debtors
6. Debt covenant compliance
J. Equity
K. Revenue recognition
L. Cost, and expenses
M. Compensation and benefits
1. Compensated absences
2. Deferred compensation arrangements
3. Nonretirement postemployment benefits
4. Retirement benefits
5. Stock compensation (share-based payments)
N. Income taxes
III. Specific transactions, events and disclosures: recognition, measurement, valuation, calculation,
presentation, and disclosures
A. Accounting changes and error corrections
B. Asset retirement and environmental obligations
 C. Business combinations
D. Consolidation (including off-balance sheet transaction, variable-interest entities and noncontrolling
interest)
E. Contingencies, commitments, and guarantees (provisions)
F. Earnings per share
G. Exit or disposal activities and discontinued operations
H. Extraordinary and unusual items
I. Fair value measurements, disclosures, and reporting
J. Derivatives and hedge accounting
K. Foreign currency transactions and translation
L. Impairment
M. Interim financial reporting
N. Leases
O. Distinguishing liabilities from equity
P. Nonmonetary transactions (barter transactions)
1Q. Related parties and related party transactions
2R. Research and development costs
3S. Risks and uncertainties
4T. Segment reporting
5U. Software costs
6V. Subsequent events
7W. Transfers and servicing of financial assets and derecognition

IV. Governmental accounting and reporting (8% - 12%)

A. Governmental accounting concepts
1. Measurement focus and basis of accounting
2. Fund accounting concepts and application
3. Budgetary process
B. Format and content of comprehensive annual financial report (CAFR)
1. Government-wide financial statements
2. Governmental funds financial statements
3. Proprietary funds financial statements
4. Fiduciary funds financial statements
5. Notes to financial statements
6. Management’s discussion and analysis
7. Required supplementary information (RSI), other than management’s discussion and analysis
8. Combining statements and individual fund statements and schedules
 9. Deriving government-wide financial statements and reconciliation requirements
C. Financial reporting entity including blended and discrete component units
D. Typical items and specific types of transactions and events: recognition, measurement, valuation,
calculation, and presentation in governmental entity financial statements
1. Net assets and components thereof
2. Fund balances and components thereof
3. Capital assets and infrastructure assets
4. General long-term liabilites
5. Interfund activity, including transfers
6. Non-exchange revenues transactions
7. Expenditures
8. Special items
9. Encumbrances
E. Accounting and financial reporting for governmental not-for-profit organizations
V. Accounting and reporting for nongovernmental not-for-profit organizations (8%–12%)
A. Financial statements
1. Statement of financial position
2. Statement of activities
3. Statement of cash flows
4. Statement of functional expenses
B. Typical items and specific types of transactions and events: recognition, measurement, valuation,
calculation, and presentation in the financial statements of not-for-profit organizations
1. Support, revenues, and contributions
2. Types of restrictions on resources
3. Types of net assets
4. Expenses, including depreciation and functional expenses
5. Investments

Questions on the syllabus should be directed to keller@becker.com.

Revised December 14, 2010