UNIVERSITY OF ALBERTA SCHOOL OF BUSINESS
DEPARTMENT OF ACCOUNTING,OPERATIONS AND INFORMATION SYSTEMS
A
CCOUNTING414 – I
NTERMEDIATEF
INANCIALA
CCOUNTINGS
YLLABUS FALL 2018Instructor: Patricia (Trish) Stringer, MFin, CPA CMA, CA Office: Bus 1-27D
Section A4: TR 2:00 pm-3:20 pm (BUS 3-6) Email: [email protected] Section A5: TR 3:30 pm-4:50 pm (BUS 3-6)
Office Hours: MTWR 12:30 – 1:45 or by appointment
1. Course Description and Information
This is the first of a two-part series in 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 judgments associated with accounting for assets and the related income elements applying both IFRS and 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 course incorporates the Learning Goals of the BCom Program, in particular, Critical thinking, Written Communications, Teamwork and Quantitative Skills.
2. Academic Integrity
Absolute and complete academic honesty is expected of you in this course. It is important for you as a student to behave in an ethical manner.
The University of Alberta is committed to the highest standards of academic integrity and honesty. Students are expected to be familiar with these standards regarding academic honesty and to uphold the policies of the University in this respect. Students are particularly urged to familiarize themselves with the provisions of the Code of Student Behaviour (online
at http://www.governance.ualberta.ca/CodesofConductandResidenceCommunityStandards/Code ofStudentBehaviour.aspx ) and avoid any behaviour that could potentially result in suspicions of cheating, plagiarism, misrepresentation of facts and/or participation in an offence.
Academic dishonesty is a serious offence and can result in suspension or expulsion from the University. Ignorance is not a defense.
3. Course Materials and Activities
3.1. Textbook
REQUIRED – will be referred to as the “Keiso”:
Intermediate Accounting, Volume 1, Keiso, Conrod & Farrell
Intermediate Accounting, Volume One, Eleventh Canadian Edition by Donald E. Kieso, Jerry J.
Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy, Copyright
© 2017. ISBN 9781119547464
RECOMMENDED – will be referred to as the “Kimmel”
Financial Accounting: Tools for Business Decision-Making, Seventh Canadian Edition by Paul D.
Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm Wayne Irvine, and Christopher D, Burnley. Copyright © 2017.
The textbook is also on reserve in the Winspear Library 3.2. Calculator
You will be required to perform present value (time value of money) calculations in this course.
You are welcome to use the formulas (they will not be provided) or use a non-programmable financial calculator in this class. The Texas Instruments TI-BAII Plus or the Sharp EL738C are both good options (the sharp has a 2 line display), although any non-programmable financial calculator will work. You are only permitted to use a non-programmable calculator in the exams.
3.3. eClass
You will be able to obtain lecture notes and related materials from eClass at https://eClass.ualberta.ca/
eClass also provides a web forum (Discussion Board) for posting questions. Please post any questions in the Discussion Board instead of emailing me (so other students can also benefit from your question and the applicable answer). Discussion points can be posted as anonymous.
Other than in-class eClass will be where announcements and other information regarding the course will be made. Please plan to check this site regularly and/or make sure your settings in eClass will send you emails when there are updates.
3.4. In-class and Out of Class Activities
This is a demanding course. Students should expect to spend up to three (3) hours outside class per one (1) hour in class in order to gain an adequate understanding of the course material.
A thorough understanding of the framework, concepts, and techniques of accounting as developed in this course is necessary to enable you to proceed with upper level courses in financial accounting. Success in this course is highly correlated with success in subsequent accounting courses, so it is important that you give this course the time and attention that it requires. You need to plan for a greater than average amount of time necessary to complete the course materials. Getting behind in the recommended questions and studying immediately before the examinations is unlikely to be successful.
The structure of the course is a combination of lecture and problem solving. End-of-chapter problems and recommended material have been identified (see the tentative class schedule and materials on eClass) to help you learn how to apply concepts. The problems are broken down into two groups:
1) Kimmel text self-study questions, and 2) Keiso text self-study questions.
A good approach is to solve the Kimmel self-study questions PRIOR TO attending class. It is also recommended that ALL in class questions be attempted, or at a minimum read, PRIOR TO
4. Evaluation
Your grade in this course will be based on the marks you obtain on a quiz, three (3) cases, an eighty (80) minute midterm exam, and a (3) three-hour comprehensive final exam. The marks will be weighted as follows to determine your percentage mark in the course:
Quiz 5%
Cases 10%
Midterm Exam 35%
Final Exam 50%
Total 100 %
These grades represent the only marks available to students. No additional work or extra credit is available.
Letter grades will be assigned to the percentage marks in accordance with University
Regulations [Section 23.4(4) of the University Calendar]. Percentage grades will be converted to letter grades as follows:
Percentage Grade Letter Grade
95%+ A+
90%-94.99% A
85%-89.99% A-
80%-84.99% B+
75%-79.99% B
70%-74.99% B-
65%-69.99% C+
60%-64.99% C
56%-59.99% C-
53%-55.99% D+
50%-52.99% D
<50% F
At the end of the term, after reviewing the distribution of weighted scores, I will review these cut offs. There may be a reduction to one or more cut-off scores but they will not be increased.
Please note that students wishing to register in Accounting 415 must obtain a minimum grade of C- in ACCTG 414.
4.1. Quiz
The quiz will be held during class time on September 27th, 2018.
The quiz will focus on financial accounting topics that were covered in Introductory Financial Accounting (ACCTG 311). It is essential that you are comfortable with the material from the introductory course as Intermediate Financial Accounting (ACCTG 414 and 415) and more advanced accounting courses will build on this material. If your accounting fundamentals are weak you will find it difficult to succeed in these courses.
4.2. Cases
For the cases, students may work together in groups of up to three (3). Students are expected to form groups on their own.
Four (4) cases will be administered in this course. The marks for your best three (3) of these cases will count toward your final mark in the course.
The due dates, required materials and instructions for the cases will be posted on eClass in the Cases area. Your submission must be in softcopy (i.e., electronic submissions). It should be submitted by 12 midnight on the date it is due. You are also welcome to submit your case early.
A late submission will not be accepted and will receive a mark of zero.
If you invest the time in doing the cases carefully, this will enhance your understanding of the course material, which should also help your performance on the midterm and the final.
4.3. Exams
All exams in this course will be closed book. You will have 80 minutes to write the midterm exam and three (3) hours to write the final exam. The final exam will be comprehensive.
• Midterm–Tuesday, October 16th in our regular classroom and at our usual class-time. You MUST attend your registered section on this date.
• Final Exam – Tuesday, December 11th at 9:00 am (location TBD)
Section 23.5.1 of the Calendar provides the University Regulations for the conduct of exams. At an exam, students must be able to present their student ID cards or other acceptable photo
identification. Cell phones, iPods, and other electronic devices must be turned off and put away prior to the exam.
As noted in the University Calendar “Only those items specifically authorized by the instructor may be brought into the exam facility.” For exams you will need to leave any personal electronic devices, backpacks, coats, course material, etc. at the front of the exam
location. None of these materials are allowed at your seat. Also, you are only permitted to use a non-programmable calculator in the exams.
The midterm examinations will be returned in class and you will be allowed to keep it. The final examination will not be returned.
4.4. Remarking Policy for Cases and Midterm Exam
After marked cases, and midterm exam papers have been returned in class, the marking key will be posted on eClass. Students should review the marking carefully and bring to my attention any questions about their marks as soon as possible. No remarking requests will be accepted more than one week after the results have been made available.
All appeals must be in writing and the original copy (unless available on-line) must be attached.
Items submitted for appeal may be subject to an entire review. This may result in your grade being lower.
4.5. Absence from Term Work or Term Examinations
Occasionally life events occur that require a student to miss term work, term examinations, or final examinations. However, excused absences are not granted automatically and will be considered only for acceptable reasons such as incapacitating illness, severe domestic affliction, or religious convictions.
Unacceptable reasons include, but are not limited to personal events such as vacations, weddings, or travel arrangements. When a student is absent without acceptable excuse, a final grade will be computed using a raw score of zero for the work missed. Any student who applies for or obtains an excused absence by making false statements will be liable under the Code of Student
Behaviour.
4.5.1. Absence from Midterm examination
If you are absent from a midterm exam for a legitimate reason, please email me within two (2) days (or as soon as possible). If a midterm is missed for an acceptable reason, the weight of the midterm will be reallocated to the final exam and your final exam will be an additional hour. The additional hour will be a separate paper focusing on material covered on the midterm missed. There will be no deferred midterm exam in this course.
4.5.2. Absence from Final examination
Section 23.3(2) and 23.5.6 (1) of the Calendar provides the University Regulations
regarding procedures in the case of a missed final examination. If a deferred final exam is required for this course, it will tentatively be held on Friday, January 11th, 2019 at
10:00 am.
4.6. Final Exam Viewing and Reappraisals
If you wish to view your final exam, a time will be set (an announcement will be posted on eClass) after final grade distributions have been made. Please note that no answer key will be provided. This is not a time to ask questions about how a question should have been answered but to review for any addition errors and any marking issues.
Once final grades have been assigned, I will not change the course grade except in the case of a recording or calculation error.
For information regarding applying for a reappraisal of your final exam please see Section 23.5.4 (2) of the Calendar.
5. Other
Audio or video recording 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. Recorded material 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 instructor.
Policy about course outlines can be found in Section 23.4(2) of the University Calendar.
ACCTG414TENTATIVE CLASS SCHEDULE
Cl# Dates Topics Chapters Keiso Recommended Questions
1 T Sep 4 Intro & Cdn Financial Reporting
Environment Chapter 1 BE 1-1, BE 1-8, BE 1-15, BE 1-20, RA1-18 2 R Sep 6 Conceptual Framework Underlying
Financial Reporting Chapter 2 E2-2, E2-4, E2-7, E2-10, E2-13, P2-2, P2-5 Add’l: E2-6, P2-1, P2-3 3 T Sep 11
Accounting Information System and
Measurement Chapter 3 BE3-27, BE3-28, BE3-29, BE3-32, E3-1, E3-3, E3-6, E3-7, E3-12, E3-17, P3-3, P3-10, P3-11 Add’l: E3-4, E3-10, E3-16, P3-4(a), P3-8
4 R Sep 13 5 T Sep 18
6 R Sep 20 Reporting Financial Performance Ch 4 - partial E4-7, E4-8, E4-14, E4-19 Add’l: P4-8
7 T Sep 25 Statement of Financial Position Ch 5 - partial E5-2, E5-4(a), E5-5, E5-7, P5-2, P5-9 Add’l: E5-1, E5-3, P5-3, P5-4 8 R Sep 27 Quiz – in lab
9 T Oct 2
Revenue Recognition Chapter 6 E6-6, E6-8, E6-13, E6-15, E6-20, E6-23, E6-27, E6-29, P6-1, P6-6, P6-9 Add’l: E6-7, E6-10, E6-11, E6-16, E6-24, E6-30
10 R Oct 4
Thanksgiving weekend 11 T Oct 9
Cash and Receivables Chapter 7 E7-2, E7-4, E7-6, E7-8, E7-13, E7-15, E7-19, E7-20, P7-2, P7-3, P7-5, P7-7, P7-9, P7-11 Add’l: E7-9, E7-11, P7-10, P7-13
12 R Oct 11
T Oct 16 Midterm exam – during regular class time
13 R Oct 18 Inventory Chapter 8 E8-1, E8-3, E8-9, E8-12, E8-13, E8-18, E8-19, E8-20, E8-27, P8-3, P8-7, P8-8, P8-9, P8-11 Add’l: E8-4, E8-5, E8-10, E8-16, E8-17, E8-24
14 T Oct 23
Investments Chapter 9 BE9-7, BE9-8, E9-4, E9-7, E9-10, E9-17, E9-21, E9-24, E9-25, P9-3, P9-5, P9-9, P9-11, P9-14 Add’l: E9-2, E9-11, E9-22, P9-1
15 R Oct 25 16 T Oct 30
17 R Nov 1 Discontinued Operations Chapter 4 E4-1, E4-3, E4-15, P4-2, P4-12, P4-14 Add’l: P4-6, P4-10 (sit 1) 18 T Nov 6
Statement of Cash Flows Chapter 5 BE 5-15, BE5-16, E5-14, E5-15, P5-7, P5-8 Add’l: BE5-17(a), E5-16, P5-5, P5-10 19 R Nov 8
Nov 12-16 No Classes – Fall Reading Week
20 T Nov 20 Property, Plant, and Equipment Chapter 10 E10-1, E10-4, E10-7, E10-10, E10-15, E10-17, E10-19, E10-27, P10-7, P10-9 Add’l: E10-11, E10-18, E10-24, E10-29
21 R Nov 22 Depreciation, Impairment, and
Disposition Chapter 11 E11-3, E11-7, E11-10, E11-15, E11-22, E11-26, P11-14, P11-16 Add’l: E11-9, E11-20, E11-23, E11-27, P11-6
22 T Nov 27 23 R Nov 29
Intangible Assets and Goodwill Chapter 12 E12-1, E12-4, E12-5, E12-7, E12-17, E12-19, E12-21, P12-2, P12-11 Add’l: BE12-6, BE12-19, BE12-20, E12-20
24 T Dec 4
25 R Dec 6 Review of key concepts