University of Illinois at Chicago
ACTG-315: Intermediate Financial Accounting I
Dr. Vivek Raval
Fall 2023
Office: University Hall 2315
Telephone: 312.413.2854
Professor’s e-mail:
[email protected]Office Hours: Monday, 2:00 – 3:00 PM or by appointment
Course Description
Financial accounting provides a common framework by which organizations communicate financial
information to external users. As the first course in the Intermediate Accounting sequence, the
content of this course focuses on financial accounting as an information system and the accounting
for and analysis of the economic resources of a firm, the production of financial statements, and
the analysis of financial accounting information.
The prerequisite for this class is a “B” average in the fundamentals of accounting courses: Financial
(ACTG–210) and Managerial (ACTG–211), or a sufficiently high score on the APE exam as dictated
by department policy.
Course Objectives
The primary objective of this course is to develop an understanding of generally accepted accounting
principles and the methods by which economic events are recorded in the accounting system and
translated into financial reports. The course will highlight the implications of various accounting
treatments on the financial statements, including the effects on net income, assets, liabilities, equity,
and cash flows. In addition, the course will incorporate material regarding the role of accounting
and disclosure in the business environment and ethical issues related to accounting topics.
This is a demanding course. This course, along with Intermediate Accounting II and Advanced
Accounting, is structured to prepare accounting majors for the Financial and Reporting Section of
the Uniform CPA exams. Therefore, the level of rigor in this course is on par with what is expected
of professional accountants and those that work alongside them.
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Because this course is designed to meet the standards of professional accountancy, much of the
material cannot be omitted or glossed over. Often students are surprised by two aspects of upper-
division accounting courses:
1. You must invest considerable study time with the notes, videos, textbook, homework, and
quizzes. Unlike lower-division courses, we will not have time to cover all of the material in
class.
2. The exams will be a considerable step-up in difficulty from exams in lower-division courses.
Exam questions will not test your ability to memorize information, but instead will assess if
you understand the material and can apply it to new information.
The two biggest tips I can give you are: (1) do not fall behind with the material, and (2) do not
understudy for the exams. The information we cover in this course will be directly beneficial to
your career in accounting. You will find that excelling in this course will separate you from your
peers and increase your value to future employers. I acknowledge that it can be rough at times,
but it will be well worth the effort.
Course Format
Intermediate Financial Accounting I is a three-credit, one-semester course. The quantity of content
covered in this course is substantial, and accordingly the pace of the course is fast. Students
are expected to have a strong foundation in the principles of accounting prior to starting this
course.
This class will be taught using an ‘in-person flipped’ format. ‘In-person’ means that students are
expected to attend the class in person during the times that they have registered for the class.
‘Flipped’ means that a majority of the lecture material, reading, and attempted problem solving
will need to be done by the students on their own prior to attending the class. The class sessions will
primarily be used for 1) assessment, 2) discussion of the content, and 3) applications, extensions,
and current events.
The structure of the course is intended to provide students opportunities to learn on their own and
to clarify their understanding in the classroom. The rhythm of the course is as follows:
1. Students read the chapter, watch any assigned videos, and complete the homework assignment
prior to the class. A substantial amount of work will need to be completed on your own to
be ready for the class.
2. In class we have a short quiz. The intent is to prepare you for your exams. We will then
solve the quiz in class, and answer your questions related the quiz or any of the material in
the chapter. We also apply what we have learned to real-world situations. This is the best
opportunity for students to ask questions and discuss any unclear issues in the material.
The class meets for two 75-minute sessions per week. The class time is dedicated to helping students
with the most important and challenging aspect of the course: problem solving, application of the
concepts, and critical thinking exercises. Regular class meetings will primarily focus on discussion
of 1) specific problems and exercises, and 2) accounting issues in the real-world. There will be no
lecturing of the material that is presented in the book. Students are expected to come to class
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having prepared for the session by reading the material in the book and completing the homework.
Students should spend at least 10 to 15 hours outside of class each week preparing for class and
exams, and they may be cold called during class sessions regarding the material.
Students that wish to have further guidance are encouraged to attend office hours that are offered
by the teaching assistants and/or the professor. These sessions are primarily offered to assist with
homework problems or in class material. Note that because of the high demand for office hours,
these sessions may not always be able to provide 1-on-1 interaction with the TA or professor.
However, 1-on-1 appointments can be set up as needed.
Required Materials
• Intermediate Accounting [11th ed]. Spiceland, Sepe, Nelson, and Thomas, with Connect
access.
• ALEKS Accounting Cycle Software
The text is included as an e-book with the homework management software, Connect. Connect is
the tool used for homework and reading assignments and is required for this course. If you wish to
purchase the printed text, there is an option to purchase it directly from the publisher via Connect.
The printed text is optional. Be sure you are purchasing the correct edition of the textbook.
Also students will need to obtain the ALEKS Accounting Cycle Software. This is software that
allows for a self-paced review of the fundamentals of accounting.
Students will also need to meet the minimum technological requirements, including having access to
a computer with high-speed internet access. We will be relying heavily on the course management
software, Blackboard, and other technological resources in this class.
Grading
The grade is determined as follows:
ALEKS pie completion 6%
Homework 13% (Lowest 3 homework assignments are dropped)
Quizzes 13% (Lowest 3 quizzes are dropped)
Exam 1 14%
Exam 2 24%
Exam 3 30%
100%
The course will be curved as most upper-level classes are. It will generally not follow the typical
distribution (i.e., 90% ̸= A, 80% ̸= B, etc.). Instead, based on prior experience, about 15 – 20%
of students will receive an A, 25 – 30% will receive a B, and 35 – 40% will receive a C. Remaining
students will receive a D, F, or W depending on performance and/or status. The instructor reserves
the right to adjust the curve up or down at his discretion. Extra credit will not be offered to
individual students under any circumstances.
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Exams
Exams are individual exams that will focus on a student’s understanding of the course material and
his or her ability to apply the concepts to problems and cases. The exams will generally consist
of short free-answer problems. Multiple-choice format questions will only appear as part of free-
answer problems and will have a limited presence in exams. Students should prepare for exams
accordingly.
Exams must be taken during the scheduled days and times. The final exam is during the
final exam week as scheduled by the registrar. Do not schedule travel during that week. Appeals
for flexibility during that week will be declined. Absence from an exam will only be excused in
the event of university-sanctioned activities (e.g., UIC athletes competing in intercollegiate games)
or in cases of extreme personal emergency (e.g., medical crisis or death in the immediate family),
and must be cleared with the professor in advance within reason. Absences related to technological
problems or poor planning (e.g., alarm clock problems) are not excused. If a student is missing
an exam because of a university-sanctioned activity, a make-up exam must be scheduled with the
instructor at least two (2) weeks prior to the exam and documentation of the university-sanctioned
activity must be provided. If a student encounters an emergency, the exam will be excused if the
student contacts the instructor prior to the exam, and official documentation is provided to the
instructor related to the emergency (e.g., doctor’s note).
Appeals to exam grades must be made in writing within one week of receiving the exam results, and
must provide a clear and rational explanation of why a specific question was graded improperly.
Verbal appeals are not accepted.
All exams in this course are the property of UIC College of Business.
Quizzes
Most class sessions will begin with a quiz. The intention behind this is to help students prepare
for the exam. Attempting problems has been shown to be an effective way to quickly learn, and
these quizzes provide an opportunity for the class to review what has been learned previously and
address any lingering questions. Also, regular quizzing encourages students to avoid falling behind
in the material.
The quizzes will be challenging, as they are intended to be on-par with the difficulty of the exam.
Each quiz is graded on a percent of total points per quiz, and each quiz contributes equally to
the overall quiz grade. The quizzes are typically out of four points, with four points for full
mastery, one point for no knowledge demonstrated, and two and three for mastery below or above
50%, respectively. The lowest three (3) quiz scores for each student are dropped from his or her
final grade calculation. There are no make-ups offered for quizzes because solutions are provided
immediately after the quiz is taken.
Some quizzes will be taken in teams. In these cases, the team must submit only one quiz for all
members of the team, and all of the team members will earn the same grade. It is your responsibility
to discuss and decide collectively on the correct answer. This is a reflection of how work is completed
in the real world and team quizzes are an integral learning experience of the class.
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ALEKS
This is an Intermediate Accounting Course, and therefore I have an expectation that students are
facile with the fundamentals of accounting at the start of the course. In order to assess a student’s
preparedness for the course, all students must complete the ALEKS accounting cycle review. The
review is self-paced with benchmarks to be met in the first, second, and third weeks. The graded
portion of the ALEKS program is the percentage completion of the “ALEKS pie,” which is the
pie chart that indicates concept mastery. The percentage complete at the end of the third week
accounts for the ALEKS fraction of the overall course grade. Intermediate checkpoints count for
quiz grades.
Homework
Homework assignments are provided to pace and guide students’ study of the material and to
provide the opportunity for students to learn by applying their knowledge. Attempting problems
in advance of class sessions is helpful for developing a better understanding of the material and will
ensure class time is used effectively.
Assignments are graded through Connect as a percentage of total points earned per assignment,
and each assignment counts equally to the homework score. These assignments will have a set due
date and must be completed by this time. No late assignments are accepted. Personal technology
issues are not a valid excuse for missing a deadline.
Blackboard
This course will use the Blackboard technology platform to administer materials related to this class.
Course handouts, quizzes and solutions, links to homework, ALEKS, readings, news articles, and
other items will be distributed via Blackboard. Student grades will also be posted on Blackboard.
All students are expected to engage with Blackboard regularly and check there for updates and
documents pertinent to the class.
Honor Code
This course and its associated coursework are being administered under the University of Illinois
at Chicago Guidelines Regarding Academic Integrity. The accounting department expects that
all students will follow a code of honor that includes not attempting to subvert the equity of
the quizzes and exams. Specifically, students should make no attempt to avail themselves of any
materials disallowed during quizzes and exams. All students are expected to respect and uphold
these guidelines. Violations of the guidelines and honor code are just cause for discipline under the
University of Illinois at Chicago Student Disciplinary Procedure, and all allegations of violations
shall be handled pursuant to that Procedure. Violators will likely receive a failing grade for the
course and potentially more severe punishment. The accounting department and instructor will
act very harshly against academic dishonesty.
Course lectures and related materials (i.e., PowerPoint slides, exams, quizzes, worksheets, etc.) are
considered the intellectual property of the instructor and Department of Accounting and therefore
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not something that either students or third parties can legally post online or profit on without
written permission. Students who post the instructor’s materials without written permission are in
violation of federal copyright laws and subject to both University and legal sanctions. Additionally,
any student who refers to the materials posted on these types of online websites or refers others to
the sites is in violation of the academic integrity policy of the University. Appropriate sanctions
will be imposed on any students who engage in this type of illegal usage.
If a student sells, obtains, or uses materials intended for an academic evaluation or assignment
without appropriate authorization, he or she is engaging in academic dishonesty. Finally, a student
is violating the academic integrity policy if they refer to materials or sources or use devices not
authorized by the instructor during the semester.
Students are expected to act with professionalism throughout the course, including in class, in office
hours, on discussion boards, and over e-mail. Unprofessional conduct will result in excusal from
the class and/or loss of e-mail access to the instructor and teaching assistant.
Students with Disabilities
If you are in need of disability-related accommodations in this course and are already in contact
with the University’s Disability Resource Center (DRC), please share your Letter of Accommodation
with me as soon as possible so that we can work together in order to facilitate such accommodations.
If you are not yet in contact with the DRC, please call 312.413.2183 or visit http://drc.uic.edu to
arrange for an appointment to discuss your needs. All information is, of course, protected, held
strictly confidential, and is non-discriminatory.
Registration and Withdrawl
Accounting instructors are not allowed to give overrides or late adds for any reason. All course
registration for Intermediate Accounting I is handled by the Accounting Department, and students
should contact Tina Padilla (
[email protected]) with questions. Also, instructors will not withdraw
students for any reason. Specifically, non-attendance will not automatically result in withdrawal
from the course. It is the student’s responsibility to monitor the registrar’s deadlines and require-
ments for adding or dropping a course, and to adjust his or her registration status over the course
of the semester in accordance with the registrar’s policies.
Pacing
Every effort will be made to keep with the schedule. However, as needed, adjustments may be
made and will be communicated in class and through Blackboard.
• Week 1: 8/21/23 – 8/25/23
Tue 8/22 Class 1 Intro
Wed 8/23 Ch 2 Part A HW due Ch 2
Thu 8/24 Class 2 Ch 2
Fri 8/25 ALEKS: 33% of pie (11 topics mastered) Review
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• Week 2: 8/28/23 – 9/1/23
Mon 8/28 Ch 2 Part B HW due Ch 2
Tue 8/29 Class 3 Ch 2
Wed 8/30 Ch 3 HW due Ch 3
Thu 8/31 Class 4 Ch 3
Fri 9/1 ALEKS: 66% of pie (23 topics mastered) Review
• Week 3: 9/4/23 – 9/8/23
Mon 9/4 Ch 4 Part A HW due Ch 4
Tue 9/5 Class 5 Ch 4
Wed 9/6 Ch 4 Part B HW due Ch 4
Thu 9/7 Class 6 Ch 4
Fri 9/8 ALEKS: 100% of pie (36 topics mastered) Review
• Week 4: 9/11/23 – 9/15/23
Tue 9/12 Class 7 Review
Thu 9/14 Class 8 Exam 1
• Week 5: 9/18/23 – 9/22/23
Mon 9/18 Ch 5 Part A HW due Ch 5
Tue 9/19 Class 9 Ch 5
Wed 9/20 Ch 5 Part B HW due Ch 5
Thu 9/21 Class 10 Ch 5
• Week 6: 9/25/23 – 9/29/23
Mon 9/25 Ch 6 Part A HW due Ch 6
Tue 9/26 Class 11 Ch 6
Wed 9/27 Ch 6 Part B HW due Ch 6
Thu 9/28 Class 12 Ch 6
• Week 7: 10/2/23 – 10/6/23
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Mon 10/2 Ch 6 Part C HW due Ch 6
Tue 10/3 Class 13 Ch 6
Wed 10/4 Ch 6 Part D HW due Ch 6
Thu 10/5 Class 14 Ch 6
• Week 8: 10/9/23 – 10/13/23
Mon 10/9 Ch 7 Part A HW due Ch 7
Tue 10/10 Class 15 Ch 7
Wed 10/11 Ch 7 Part B HW due Ch 7
Thu 10/12 Class 16 Ch 7
• Week 9: 10/16/23 – 10/20/23
Tue 10/17 Class 17 Review
Thu 10/19 Class 18 Exam 2
• Week 10: 10/23/23 – 10/27/23
Mon 10/23 Ch 8 Part A HW due Ch 8
Tue 10/24 Class 19 Ch 8
Wed 10/25 Ch 8 Part B HW due Ch 8
Thu 10/26 Class 20 Ch 8
Fri 10/27 Last Day to Drop with ‘W’
• Week 11: 10/30/23 – 11/3/23
Mon 10/30 Ch 9 Part A HW due Ch 9
Tue 10/31 Class 21 Ch 9
Wed 11/1 Ch 9 Part B HW due Ch 9
Thu 11/2 Class 22 Ch 9
• Week 12: 11/6/23 – 11/10/23
Mon 11/6 Ch 10 Part A HW due Ch 10
Tue 11/7 Class 23 Ch 10
Wed 11/8 Ch 10 Part B HW due Ch 10
Thu 11/9 Class 24 Ch 10
• Week 13: 11/13/23 – 11/17/23
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Mon 11/13 Ch 11 Part A HW due Ch 11
Tue 11/14 Class 25 Ch 11
Wed 11/15 Ch 11 Part B HW due Ch 11
Thu 11/16 Class 26 Ch 11
• Week 14: 11/20/23 – 11/24/23
Mon 11/20 Catch up day
Tue 11/21 Class 27 Review
Thu 11/23 No Class – Thanksgiving Break
• Week 15: 11/27/23 – 12/1/23
Mon 11/27 Ch 12 HW due Ch 12
Tue 11/28 Class 28 Ch 12
Thu 11/30 Class 29 Review
• Week 16: 12/4/23 – 12/8/23
Mon 12/4 Final Exam Week Exam 3
Tue 12/5 Final Exam Week Exam 3
Wed 12/6 Final Exam Week Exam 3
Thu 12/7 Final Exam Week Exam 3
Fri 12/8 Final Exam Week Exam 3
