Accounting 414/614 (Winter 2018) Department of AOIS
Intermediate Financial Accounting I
Instructor: Jason Lee
Office: BUS 4-30B
Phone: 780-492-4839
E-mail: [email protected]
Office Hours: MW 12:00PM – 1:00PM Or by appointment
Lecture Sections: B2 MW 2:00PM – 3:20PM BUS 3-6
X50 R 6:30PM – 9:30PM BUS 1-5
Course Description and Objectives:
ACCTG 414/614 is the first part of Intermediate Financial Accounting. The course begins with an examination of the conceptual framework of accounting and a review of the accounting cycle and financial statement preparation. It then focuses on a detailed examination of revenue recognition and on the accounts on the asset side of the balance sheet.
Upon completion of the course, students should have an in-depth understanding of the procedures, principles, concepts, and judgements associated with accounting for assets and the related income elements applying both International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE). In addition, students should be able to apply this knowledge to new and unfamiliar situations within a reasonable time and without outside assistance.
This is a difficult course. For each topic covered, there will be two or three lectures that will progressively cover more difficult and technically challenging material. If you do not understand the earlier material, then you WILL NOT be able to understand the later lectures. In the past, students who failed to keep up with the course materials throughout the semester did very poorly on the exams.
Please raise questions at an early stage – either in class or during my office hours.
This course incorporates the Leaning Goals of the BCom Program; in particular, Critical Thinking, Ethical Awareness, and Quantitative Skills.
Prerequisites: ACCTG 311 and ACCTG 322. Not open to students with credit in ACCTG 412.
Additional Course Materials:
Sample exams, solutions for all recommended questions, and other materials will be in the Documents area of Blackboard.
Evaluation:
There will be 2 mid-term exams and a final exam. The weighting of these components is indicated below:
Mid-term Exam #1: 25% Section B2: Wed., Feb. 14 (2:00PM – 3:20PM, in class) Section X50: Thu., Feb. 15 (6:30PM – 7:50PM, in class) Mid-term Exam #2: 25% Section B2: Wed., Mar. 21 (2:00PM – 3:20PM, in class) Section X50: Thu., Mar. 22 (6:30PM – 7:50PM, in class) Final Exam (cumulative): 50% Sat., Apr. 21 (9:00AM – 11:00AM)
Total 100%
The final grades in the course will be based on a combination of absolute achievement and relative performance. The letter grades will be assigned to the percentage marks in accordance with University Regulations [Section 23.4(4) of the University Calendar].
Please note that students wishing to register in Accounting 415 must obtain a minimum grade of C- in ACCTG 414.
Exams:
All exams are closed book. You will have 80 minutes to write each mid-term exam and 2 hours to write the final exam. You will have to write each mid-term exam in the section you registered.
You are responsible for all assigned materials, including handouts, articles posted on Blackboard, and any additional materials introduced in class unless I explicitly exclude it. In particular, I strongly suggest that you attempt all recommended questions at the end of each chapter.
A student who wishes his/her exam to be re-evaluated must submit the request within 5 business days after the exam is returned.
Please bring your student ID card or other acceptable photo identification on the day you write an exam.
Absences from Exam:
In the event that a mid-term exam is missed for an acceptable reason, no make-up exam will be given.
Instead, the credit assigned to the missed exam will be reallocated to the final exam.
Once you have written an exam, marks will not be reallocated due to explanations given after the fact.
Therefore, if you are too ill to write an exam, please do not attempt to write it.
If a student is absent from the final exam, he/she must obtain permission from the School’s Undergraduate Office to write a deferred final exam. If a deferred final exam is required for this course, it will be held on Friday, May 18, 2018, 1:00PM – 3:00PM.
Class Attendance:
It is your responsibility to attend class. If you miss class for any reason, you are still responsible for all materials covered, announcements made, and handouts provided. I will not e-mail handouts distributed in class to students. So if you miss class, you will have to either come to my office to get the handouts or have another student pick them up for you.
For Section B2, there will be no class on February 19 (Family Day), February 21 (Reading Week), and April 2 (Easter Monday). For Section X50, there will be no class on February 22 (Reading Week).
Classroom Conduct:
Any student who is disruptive during class will be required to leave. Students are expected to arrive in class before the class begins and to stay until the class is over. Continual talking will not be tolerated as it is disruptive to both the instructor and fellow students. All personal communication or entertainment devices must be turned off during the class time.
Audio or video recording, digital or otherwise, of lectures, labs, seminars or any other teaching environment by students is allowed only with the prior written consent of the instructor or as a part of an approved accommodation plan. Student or instructor content, digital or otherwise, created and/or used within the context of the course is to be used solely for personal study, and is not to be used or distributed for any other purpose without prior written consent from the content author(s).
Code of Student Behavior:
participation in an offence. Academic dishonesty is a serious offence and can result in suspension or expulsion from the University.
Policy about course outlines can be found in Section 23.4(2) of the University Calendar.
Content of the Course (Tentative)
Topic Recommended Questions
1 Introduction and Conceptual Framework of Financial Reporting
Chapter 1
&
Chapter 2
TR1-1, TR1-3, TR1-5 TR2-4
A1-5, A1-7
A2-3, A2-5, A2-9, A2-17
2
Review of The Accounting Information Processing System
Appendix
AApp1-2, AApp1-4, AApp1-9, AApp1-13, AApp1-20
3
Statement of Income and
Comprehensive Income Chapter 3
Review Problems 3-1 & 3-2, TR3-1, TR3-3, TR3-6, TR3-7 A3-3, A3-6, A3-11, A3-12, A3-13, A3-16, A3-17
4 Statement of Financial Position & Changes in Equity
Chapter 4
Review Problems 4-1 & 4-2, TR4-1, TR4-3
A4-1, A4-2, A4-3, A4-4, A4-7, A4-11, A4-14, A4-15, A4- 16, A4-18, A4-26, A4-28, A4-29
5 Statement of Cash Flows
– Indirect Method Chapter 5
Review Problem 5-1, TR5-2, TR5-3, TR5-4, TR5-5, TR5-6 A5-1, A5-3, A5-6, A5-15, A5-16 (Requirement 1), A5-18, A5-20 (Requirement 1), A5-24, A5-28, A5-30
6 Revenue and Expense
Recognition Chapter 6
Review Problems 6-1, 6-2, &6-3, TR6-3
A6-2, A6-4, A6-7, A6-8, A6-15, A6-19, A6-20, A6-23
7 Financial Assets: Cash and
Receivables Chapter 7
Review Problem 7-1
A7-2, A7-6, A7-7, A7-8, A7-12, A7-13, A7-15, A7-17, A7- 18, A7-24
8 Cost-based Inventories and
Cost of Sales Chapter 8
Review Problems 8-1 & 8-2
A8-1, A8-2, A8-5, A8-11, A8-14, A8-16, A8-28, A8-29, A8-30
9 Long-lived Assets Chapter 9
Review Problem 9-1
A9-2, A9-3, A9-6, A9-7, A9-8, A9-12, A9-14, A9-15, A9- 19, A9-20, A9-21, A9-22, A9-24
10 Depreciation, Amortization,
and Impairment Chapter 10
Review Problem 10-1
A10-3, A10-9, A10-11, A10-17, A10-18, A10-20, A10-22, A10-23, A10-26
11 Financial Instruments:
Investments in Bonds and Equity Securities
Chapter 11
Review Problem 11-1
A11-3, A11-5, A11-6, A11-8, A11-10, A11-11, A11-14, A11-15, A11-17, A11-19, A11-21, A11-25
