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Accounting 240 – Fall Semester 2017

Mon., Wed.: 8:30a – 9:45a

Owen College of Business Room 110
Instructor: Cheol Lee, Ph. D.
Office: 528 Owen
Primary e-mail:
Office Hours: M/W: 9:50a – 10:20a,
T/Th: 10:40a – 11:10a
Others by appointment


Required text:
Fundamentals of Financial Accounting, 5th Ed.
Phillips, Libby, Libby; McGraw-Hill Irwin Publishing

Required supplement:
McGraw-Hill Connect – see below for web address

Applicable Websites
Course website:

Note: the above point distribution is a projection and the actual points assigned to individual
assignments and exams, as well as total points possible in the course, may differ from this projection.

Course Objectives and Approach:

See attached "ACC 240 Principles of Financial Accounting Departmental Policies and College of Business
Mission Statement and Ethos Statement."

Two mid-terms and one non-cumulative final exam will be given. Prior to the date of each exam I will
discuss the composition and expected format of each exam. I reserve the right to assign seating both at
the start of and/or during each of the exams. I will collect all exams, and on no occasion is a student
permitted to take, copy, or keep an exam or any portion thereof. Exams will be retained by the instructor
for a minimum of two weeks into the subsequent semester, after which time they will be destroyed. If
you wish to review your exam please be sure to contact instructor for an appointment to do so prior to
the end of the second week of next semester. The granting of a make-up exam, or the allowance of an
in-advance alternate time, is solely at the instructor's discretion and will only be given if advance notice
of absence is provided to instructor at least one half hour prior to the start of the exam, and an
extremely extenuating circumstance arises which is documented and can be verified. The final exam for
this course will be administered at 7:30 am on Wednesday, December 13th, in our normal meeting room.
Calculators with more than a two-line display or with alphabetic input are not allowed for use on exams.
When the instructor is able to obtain a class set of calculators for provision on an exam day, all students
must use the provided calculator and may not use one of his/her own calculators. It is anticipated that
exams will consist of a combination of multiple choice, written problems, and exercises similar to those
assigned for homework. Please note, partial credit can only be awarded if all work is documented,
legible, and easy to understand.

Homework assignments will consist of questions, problems, and exercises assigned within the Connect
system. Other homework problem handouts may also be assigned during the semester. The specific
items assigned are detailed within the Connect system, along with clear notification of that assignment's
due date. The assigned homework will be required to be completed for submission and/or discussion on
the due date identified in the schedule attached to this syllabus, or, if revised, as stated on our course
website. Homework must be completed through the Connect system. Homework will be graded based
not only on assignment completion, but on correctness of final answer. It is anticipated that all
homework assigned will be graded, and determination of which assignments are graded will be made at
instructor's discretion. Each student will receive 10 “forgiven” homework points to account for
unforeseen circumstances such as illness, family or work problems, etc. (in other words 125 points are
available to be earned, but each student will be graded out of just 115 points; any points earned in
excess of 115 will NOT be counted as extra credit). No late homework assignments will be accepted; the
Connect system will restrict access to each assignment at the start of the class on the date the
assignment is due. Each student is expected to complete his/her own work.

In-class Exercises:
In order to be successful in this class it is imperative that each textbook chapter covered during this
course is read prior to the first class period in which that chapter will be discussed. As a means to ensure
that the text is being utilized, brief in-class exercises, incorporating text information from the chapter
being covered in class on that particular date, will be completed in a partner or group setting on select
dates during the term. Advance notice regarding which dates those exercises will take place may or may
not be provided by instructor. Only those students in class on the dates in-class exercises are completed
will have the opportunity to earn the points associated with those exercises. It is not acceptable for a
student to turn-in an exercise for both himself/herself and a student that is not in attendance; any
student caught doing so will receive a zero for that exercise.

Computer Projects:
Two computer projects will be assigned during the semester. Both a "values view" and "formula view"
are required to be submitted for project one. The computer projects will be posted to the course
website; you will be notified when they become available. Due date of each project is outlined in the
schedule attached to this syllabus. Computer projects turned in late will receive a one point (project
one) or half point (project two) penalty deduction for each day that passes between due date and date
of submission by student. Each student’s submission is to be their own unique work (work at your own
computer and complete your own unique spreadsheet). Submissions received through means other
than in class by hand will receive a one point deduction.

Attendance and Participation:

One of the key predictors of success in this course is regular attendance and participation each class
period. While I have chosen not to include a specific attendance or participation component to the
points available for the course, lack of attendance could have a significant impact on the overall grade
received, nonetheless, as a result of the homework not submitted and in-class exercises missed during
an absence.

As aspiring business professionals, you will be expected to conduct yourself in a professional manner.
Any form of class disruption will not be tolerated. Examples of class disruption include (but are not
limited to): arriving late, leaving early, talking during class, sending or receiving emails or text messages,
using a mobile/cell phone in class, and reading the newspaper. If you bring a laptop to class, it can only
be used during class time for class-related purposes. Also, video recording of class lectures is prohibited.
Furthermore, please note that you are not permitted to bring someone to class who is not registered in
this course (e.g., a friend or a child). Additionally, it is expected that professionalism will be exhibited in
all communications with the instructor, including e-mails. "Text-speak" is not an acceptable form of
expression in a professional setting, and, accordingly, is not an acceptable form of expression in the
academic setting that is preparing your for entrance into the professional ranks.

Class Announcements and Correspondence:

Announcements regarding assignments, changes in assignments, changes in due dates, etc. may be
announced in class, via e-mail, or via, and you are responsible for the content of these
announcements. Since the instructor may make periodic announcements to the class via e-mail or, each student should check his/her e-mail account and

Classroom Management:
Students are expected to abide by the Student Conduct Code (found online at: and
assist in creating an environment that is conducive to learning and protects the rights of all members of
the University Community. In addition, incivility and disruptive behavior will not be tolerated and may
result in a request to leave class and referral to the Office of Student Judicial Services (SJS) for further
University Closings:
For information related to the possible closing of the university (e.g., due to severe weather), please
contact EMU Information at 487-1849, the EMU News line at 487-2460, check the EMU web site at
‘’, or listen to WEMU 89.1 FM. If a class or classes are canceled (e.g., due to severe
weather), it may result in the total points possible for individual exams and the course being worth less
than what is projected on the first page of this syllabus. Additionally, on the day we return to school, we
will do what was scheduled on the first day we missed. (e.g., if class is cancelled on an exam day, then
the exam will be held on the day we return).

Academic Dishonesty:
Academic dishonesty, including all forms of cheating, falsification, and/or plagiarism, will not be
tolerated in this course. Penalties for an act of academic dishonesty may range from receiving a failing
grade for a particular assignment to receiving a failing grade for the entire course. In addition, you may
be referred to the Office of Student Judicial Services for discipline that can result in either a suspension
or permanent dismissal. The Student Conduct Code contains detailed definitions of what constitutes
academic dishonesty but if you are not sure about whether something you are doing would be
considered academic dishonesty, consult with the course instructor. You may access the Code online at

In addition to the articulated course specific policies and expectations, students are responsible
for understanding all applicable University guidelines, policies, and procedures. The EMU Student
Handbook is the primary resource provided to students to ensure that they have access to all University
policies, support resources, and students' rights and responsibilities. Changes may be made to the EMU
Student Handbook whenever necessary, and shall be effective immediately, and/or as of the date on
which a policy is formally adopted, and/or on the date specified in the amendment. Please note: Electing
not to access the link provided below does not absolve a student of responsibility. For questions about
any university policy, procedure, practice, or resource, please contact the Office of the Ombuds: 248
Student Center, 734.487.0074,, or visit the

Complete URL:

Day Date Class Coverage Due / (Points)

Wednesday Sept. 6 Introduction and Syllabus Review
Monday Sept. 11 Ch. 1 Lecture
Wednesday Sept. 13 Ch. 1 Lecture (Cont.) / Ch. 2 Lecture
Monday Sept. 18 Ch. 2 Lecture (Cont.) / HW 1 Review HW 1 (11)
Wednesday Sept. 20 Ch. 2 Lecture (Cont.) / Ch. 3 Lecture
Monday Sept. 25 Ch. 3 Lecture (Cont.) / HW 2 Review HW 2 (13)
Wednesday Sept. 27 Ch. 3 Lecture (Cont.) / Ch. 4 Lecture
Monday Oct. 2 Ch. 4 Lecture (Cont.) / HW 3 Review HW 3 (17)
Wednesday Oct. 4 Ch. 4 Lecture (Cont.)
Monday Oct. 9 HW 4 Review / Ch. 4 Lecture (Cont.) HW 4 (10)
Wednesday Oct. 11 Exam 1 (Ch. 1 – 4)
Monday Oct. 16 Ch. 6 Lecture Comp. Proj. 1 (10)
Wednesday Oct. 18 Ch. 6 Lecture (Cont.) / Ch. 7 Lecture
Monday Oct. 23 Ch. 7 Lecture (Cont.) / Ch. 8 Lecture
Wednesday Oct. 25 HW 5 Review / Ch. 8 Lecture (Cont.) HW 5 (17)
Monday Oct. 30 Ch. 8 Lecture (Cont.)
Wednesday Nov. 1 HW 6 Review / Ch. 8 Lecture (Cont.) HW 6 (12)
Monday Nov. 6 Exam 2 (Ch. 6 – 8)
Wednesday Nov. 8 Chapter 9 Lecture
Monday Nov. 13 Chapter 9 Lecture (Cont.) / Ch. 10 Lecture
Wednesday Nov. 15 HW 7 Review / Ch. 10 Lecture (Cont.) HW 7 (14)
Monday Nov. 20 Ch. 10 Lecture (Cont.) / Ch. 11 Lecture Comp. Proj. 2 (5)
Wednesday Nov. 22 No Class – Thanksgiving Recess
Monday Nov. 27 HW 8 Review / Ch. 11 Lecture (Cont.) HW 8 (10)
Wednesday Nov. 29 Ch. 11 Lecture (Cont.) / Ch. 12 Lecture
Monday Dec. 4 Ch. 12 Lecture (Cont.)
Wednesday Dec. 6 HW 9 Review / Ch. 12 Lecture (Cont.) HW 9 (10)
Monday Dec. 11 HW 10 Review / Ch. 12 Lecture (Cont.) HW 10 (11)
Wednesday Dec. 13 Exam 3 (Ch. 9 – 12); 7:30 – 9:00
ACC 240 – Principles of Financial Accounting Fall 2017
Departmental Policies and College of Business Mission Statement and Ethos Statement

Course Materials:
1. Textbook: Fundamentals of Financial Accounting 5th ed. by Phillips, Libby, and Libby 2016, McGraw-
Hill Irwin (Textbook Website:
2. Computer project handouts (available on the internet as described below)

Course Description/Objectives: The purpose of the basic two-semester sequence of accounting is to

acquaint business and other interested students with accounting concepts and techniques that will enable
them to function more intelligently as members of the community as well as managers in business
settings. In ACC 240 students learn how to prepare and interpret the basic financial statements used by
decision-makers external to the organization. In ACC 241, principles of managerial accounting are
introduced, and students examine and interpret information used by business managers in making

Learning Outcomes: As a result of successful completion of this course, you should be able to:
1. Explain the uses and limitations of financial statements for various users.
2. Explain the use of the journal and the ledger to record business transactions in an accounting
information system.
3. Analyze the Balance Sheet; identify assets, liabilities, and owners’ equity; and explain the impact of
various business transactions on the Balance Sheet.
4. Analyze the Income Statement; identify revenues and expenses; and explain the impact of various
business transactions on the Income Statement.
5. Analyze the Statement of Cash Flows and identify sources and uses of cash resulting from operating,
investing, and financing activities.
6. Identify and understand generally accepted accounting principles and their role in the financial
7. Recognize the effect of alternative accounting methods on the financial statements (e.g., for inventory,
depreciation, and revenue recognition).

Course Prerequisites/Class Standing: Although there are no course prerequisites for ACC 240,
proficiency in general mathematics is assumed in the course. Students are strongly advised to
satisfactorily complete the College’s mathematics requirements and attain a sophomore class standing
before taking this course.

College of Business Grade Requirements: A course grade of “C-” or better is required in both ACC 240
and ACC 241 for admission to the College of Business.

Computer Projects: The satisfactory completion of three computer projects is required for all students.
These computer projects can be found on the web at Failure to complete
all of the projects in a satisfactory manner will result in a penalty as announced by your instructor.
Students are to work on the computer projects individually. Any student found copying another student’s
work or allowing his or her own work or project to be copied will receive a severe penalty, as determined
by the instructor. Due dates for each of these projects will be announced by your instructor.

Homework and Attendance: Completion of the assigned homework on a timely basis is essential to the
successful completion of the course. Regular class attendance is an important element in the learning
process. Homework, attendance, and participation may be considered as factors in the evaluation of each
student’s performance. You are expected to display good professional habits, such as arriving on time and
not leaving early.
Make-up Examinations: In fairness to your fellow students, make-up examinations will almost always
be denied, resulting in a zero for the missed exam. It is mandatory that students contact the instructor well
in advance of the scheduled exam with respect to whether or not a make-up exam will be granted. Each
instructor decides whether to approve or deny these requests.

Academic Honesty: Cheating on an exam or any other form of academic dishonesty will result in an “E”
for the course and referral to Student Judicial Services for disciplinary action. The Student Code of
Conduct may be found at: Section V:A covers
academic honesty.

Religious Holidays: Students must provide advance notice to their instructors in order to make up work,
including examinations that they miss as a result of their absence from class due to observance of
religious holidays. If satisfactory arrangements cannot be made with the instructor, students may appeal to
the department head.

Withdrawals: The last day to withdraw from an individual class (with a grade of “W”) is December 12,
2017. Although it is not required, it would be helpful if you inform your instructor in the event that you
drop the course.

Incompletes: An incomplete grade is seldom given, and can only be assigned when in accordance with
University policy and at the instructor’s discretion. An incomplete is never assigned because of poor
performance or nonattendance of class by the student. Visit
catoid=11&navoid=1564#2c for policy.

Tutoring and Other Assistance: Tutoring is provided at the Holman Success Center in room G04 in the
Halle Library (, 487-2133). Additionally, you can visit the Writing Center in
Room 215, Halle Library for assistance in developing your written communication skills. These
resources are available at no additional fee, and you are strongly encouraged to make use of them
throughout the semester.

Accommodation for Students with Disabilities: It is my goal that this class be an accessible and
welcoming experience for all students, including those with disabilities that may impact their learning in
this class. If anyone believes they may have trouble participating or effectively demonstrating learning in
this course, please meet with me (with or without a Disability Resource Center (DRC) accommodation
letter) to discuss reasonable options or adjustments. During our discussion, I may suggest the
possibility/necessity of your contacting the DRC (240 Student Center, 734.487.2470,, to talk about academic accommodations. You are welcome to talk to me at any
point in the semester about such issues, but it is always best if we can talk at least one week prior to the
need for any modifications.

F and J Visa Students: In accordance with federal regulations, you have 10 days to report any: 1)
Changes in your name, residential address, academic status (full or part-time enrollment), program of
study or completion date, student level (undergraduate to graduate), or funding source (employment or
graduate assistant position). 2) Intent to transfer to another university. 3) Probation or disciplinary action
due to a criminal conviction. These must be reported to the EMU Office of International Students (OIS),
244 Student Center within 10 days of occurrence. Failure to do so may result in arrest and
deportation. You may not drop or withdraw from a course without OIS approval. If you have questions
or concerns, OIS at 734.487.3116, or visit
Accounting Degrees and Programs: Several accounting programs and degrees are available for your
consideration. Besides offering a BBA degree with a major in accounting, the Department of Accounting
and Finance offers a BBA-AIS (Accounting Information Systems) degree, which combines work from
both the Accounting and Information Systems departments. Accounting majors should also consider the
Department’s 150-hour program, which leads to simultaneous bachelor’s (BBA) and master’s (MSA)
degrees (and a concentration in AIS is also available for this program). For additional information on
these programs, visit the Department of Accounting and Finance office (406 Owen Building) or the
department website:

Accounting Majors: If you plan to choose Accounting as a major, it is recommended that you register for
ACC 241 (‘Principles of Managerial Accounting’) and ACC 296 (‘The Accounting Cycle and
Profession’) in the semester immediately following your completion of ACC 240. Both are required
courses for accounting majors and they are offered regularly throughout the academic year. Subsequently
and following your admission to the COB, accounting students would normally next enroll in ACC 340
and ACC 342. Although not mandatory, the Department strongly advises that accounting majors achieve
at least a “B” in both ACC 240 and ACC 241.

Additional Information and Questions: Consult your instructor’s syllabus for additional information
concerning class policies. The faculty of the Department of Accounting and Finance is committed to
making this important course meaningful to you by making the material relevant and current. Visit our
website at

The College of Business Mission Statement

EMU’s College of Business (COB) provides an academic learning environment that fosters innovative,
applied and global business programs. It supports the economic development of southeastern Michigan by
preparing graduates to perform effectively in a “knowledge and information age” business world shaped
by a global economy. EMU’s COB endeavors to develop business leaders to understand and use
innovative approaches to address the forces shaping their environment as they create and manage
businesses with the highest ethical standards. The College focuses first and foremost on teaching and
learning. Faculty conduct research primarily applied in nature which supports the overall learning
experience. The College values, supports and encourages service to and interaction with the greater

The College of Business Ethos Statement:

The College of Business students, faculty and staff comprise a professional, interdependent community
committed to perfecting responsible, ethical business professionals to serve business and the wider world.
Through a positive learning experience mirroring the business world’s best aspects, the community
respects the group’s common mission and the individuals comprising it. Community members foster the
COB ethos through behavior growing from six interrelated values:
1) Integrity—Integrity is practicing in all areas of life what we profess to believe. It is commitment to
professional standards in the whole person.
2) Honesty—Honesty requires respect for the truth; it means being truthful, sincere, and straightforward.
3) Trustworthiness—Growing out of integrity and honesty, trustworthiness is the confidence others have
that we mean what we say; we can be counted on.
4) Respect—Respect is deference or esteem for what we value. We recognize others’ worth as ends, not
means. Respect is key to our other values.
5) Learning—We value learning as an end in itself and as a practical tool for success in lifelong
professional growth. We gain up-to-date, practical and theoretical knowledge through effective, often
participative learning and research.
6) The Work Ethic—We practice self reliance and responsibility to our business profession and
community. We are industrious and often self supporting.
GOOD LUCK and ENJOY the learning experience!