UNIVERSITY OF ALBERTA SCHOOL OF BUSINESS
DEPARTMENT OF ACCOUNTING AND OIS
Accounting 414/614, Intermediate Financial Accounting Winter term 2014
Course Outline
Instructor: Kristie Dewald, CA
Office: Bus 1-27D
Phone: 492-9504
E-mail: [email protected]
Office Hours: M 1:00 – 2:30 T 2:00 – 3:30 and by appointment Required Materials:
Text - Intermediate Accounting, Volume 1, Fifth edition, Beechy, Conrod &
Farrell, McGraw-Hill Ryerson, 2011
Case - Woodlawn Engineering II: Intermediate Financial Accounting Simulation: Preparing Financial Statements for an Owner- Managed Business, by Fred Pries, John Wiley & Sons Canada, Ltd.
2011.
Blackboard – https://ulearn.ualberta.ca - you will find various materials here including lecture slides, supplementary notes, and solutions to problems assigned.
Course Information:
This is the first of a two-part series in Intermediate Financial Accounting. The course begins with a review of the accounting cycle, financial statement preparation and the conceptual framework of accounting. It then focuses on a detailed examination of revenue recognition and 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 is a demanding course. You need to plan for the greater than average amount of time necessary to complete the course materials. (8 – 10 hours per week outside of class time). What you learn and how well you learn it will largely
be a matter of your own motivation, effort and self-discipline with some guidance and assistance from your instructor.
The structure of the course is a combination of lecture and problem solving.
Generally, class time is a significantly constraining resource and so it will be used to examine the major topics of the various chapters identifying basic concepts and their applications in problems. Some materials will receive little attention in class as a result. However, students are responsible for all materials covered in assigned readings, regardless of whether or not it is covered in class. If there are questions regarding this material ask your instructor.
End-of-chapter problems and additional problem material have been identified to help you learn how to apply concepts and work with the double-entry system.
Assigned problems are broken down into two groups:
1) Those that will be discussed in class, and 2) Those that are recommended for self-study.
Solution to all self-study exercises and problems will be posted on blackboard. Solutions to in class discussion problems will be available ONLY in class.
Calculator
You will need 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.
The Evaluation System
Midterm February 27, in class 30%
Case Due January 23 5%
Woodlawn case Due in installments, see below 15%
Quiz March 20 5%
Final Exam (comprehensive) Sat., April 26 2:00 pm 45%
Total 100%
(This is a combined section; therefore the Consolidated Final Exam will adhere to the Undergrad Exam Schedule)
All quizzes and exams are designed to test your understanding of the concepts you need to learn rather than your ability to memorize and regurgitate. As a result, questions in the quizzes and in the exams are likely to differ from the class discussion questions and the self study questions. All quizzes and exams are
closed book. You will have 30 minutes to write each quiz, 75 minutes to write the mid-term exam, and three hours to write the final exam. You are responsible for all assigned materials, including material posted on Blackboard, and any
additional material introduced in class unless I have explicitly excluded it.
The marks described in this syllabus represent the only marks available to students. Make-up or extra work to improve your grade is not possible.
Percentage grades will be converted to letter grades as follows:
Percentage Grade Letter Grade
95%+ A+
90%-94% A
85%-89% A-
80%-84% B+
75%-79% B
70%-74% B-
65%-69% C+
60%-64% C
56%-59% C-
53%-55% D+
50%-52% D
<50% F
Please note that students wishing to register in Accounting 415 must obtain a minimum grade of C- in ACCTG 414.
The marks described in this syllabus represent the only marks available to students. Make-up or extra work to improve your grade is not possible. If you feel that your grade on either an exam or a quiz is incorrect, you must notify the instructor in writing during the one-week period following the return of the assignment or exam.
Once I have assigned final grades, I will not change course grade except in the case of a recording error. Appeals of final grades will follow the university guidelines for marks appeals.
Cases
You will be required to complete two cases.
The first case will be posted to ULearn and is due on January 23. This case is to be completed individually. Further details will be provided on ULearn and
discussed in class.
Woodlawn Case
Woodlawn Engineering is an accounting cycle case. The required case material may be purchased at the Bookstore or downloaded
from www.wiley.com/canada/woodlawn. NOTE: there are 2 versions of the case. Be careful that you get the second version.
The case is to be completed in groups of 3 or 4. Group members may be from either section. Students are expected to form groups on their own.
The case submission is due in installments at the beginning of class on the due dates listed on ULearn under “Woodlawn”. Late submissions will not be graded.
You must complete the case using Excel.
The marks assigned to the case account for 15% of your overall grade, which can have a significant impact. However, if you invest the time to carefully complete the case, it will enhance your understanding of the material which should help your performance on all of the course evaluations.
Absences from Exams and Quizzes
In the event that the midterm examination or the quiz is missed for an acceptable reason, no make-up evaluation will be given. Instead, the credit assigned to the missed work will be reallocated to the final examination. An acceptable reason could include, but is not limited to, illness, death in the family or other family emergencies. Excused absences are not automatic and are at the discretion of the instructor.
As per University policy, no medical note is required for an absence due to illness. However, I may, at my discretion, require students to complete a statutory declaration, or provide other supporting documentation to support the absence. You must email me within 1 week of the absence and provide the reason for it.
If a student is absent from the final exam, he or she must obtain permission from the Faculty’s Undergraduate Office to write a deferred final exam. If a deferred final exam is required for this course, it will be held on Monday May 5, 2014 at 10:00 am.
Code of Student Behavior
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 www.governance.ualberta.ca) and avoid any behaviour which 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. (Calendar 23.4(2)c).
Course Protocols
Students are responsible for all information provided in class (announcements, lectures, problem analysis, etc.). If you cannot make the class, it is suggested that you arrange for someone else in the class to provide you with the information you missed.
Please do not contact your instructor to find out what you missed.
Questions about exam coverage will not be answered outside of class.
Classroom Etiquette
Courtesy to the instructor, and to other students, is an important part of every class.
Because some kinds of behaviour are distracting to both the instructor and to other students, it is expected that students:
a) will arrive in class before it begins, and will stay until it is over;
b) will not engage in sidebar conversations with other students;
c) will not read non-course materials; and
d) will not use personal communication or entertainment devices in class for other than course purposes.
If you need to arrive late or leave early on a specific day, please inform the instructor in advance. Discourteous behaviour may be reflected in a student’s overall grade and/or being asked to leave the classroom.
Respect the learning opportunities of others at all times so that lectures not only contribute to your own learning, but also to that of others.
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. This includes tape recording, filming, photographing PowerPoint slides, Blackboard materials, etc 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.
TENTATIVE CLASS SCHEDULE
Topic Required Readings Assignments (Bold are discussion questions) 1 Introduction to course/Role
of Financial Reporting Chapter 1 A1-1, A1-4, A1-7, A1-9
2 The Accounting Process
Appendix (pg. 627 – 682)
Supplemental notes
A2, A3, A4, A9, A13, A18, A20, HP Moving and Storage (in supp. Notes)
A7, A8, A12
3 Statements of Income and Comprehensive Income
Chapter 3 (pg. 78 –
86) A3-1, A3-5. A3-9, A3-6, A3-3, 4 Statements of Financial
Position and Cash Flow
Chapter 4 (pg. 129 – 147)
A4-5, A4-7, A 4-10 (Req.1 only) A3-11,
5
Framework for Financial Reporting & Accounting Judgments
Chapters 1 and 2 A2-5, A2-6, A2-23 A2-3, A2-20
6
Statements of
Comprehensive Income and Financial Position – specific topics
Chapter 3 (Pg 86 – end)
Chapter 4 (pg 147 to end)
A3-10, A3-14, A3-16, A3-18 A3-20
A4-4, A4-12,A4-17, A4-21, A4-23 A4-20, A4-14
7 The Statement of Cash
Flows Chapter 5 A5-10, A5-12, A5-21, A5-17, A5-18, A5-30
A5-9, A5-15
8 Revenue and Expense Recognition
Chapter 6, and supplementary
notes
A6-4, A6-7, A6-10, A6-16, A6-21, A6-14, A6-18, A6-23, A6- 24, A6-28, Lion Corp Self study Question (course notes) Wonder Waste Reduction and Make, More, & Money (Supplementary notes), A6-16, A6-21
A1-11
MIDTERM EXAM ON APPENDIX and CHAPTERS 1 – 6 (IN CLASS February 27)
9 Cash and Receivables Chapter 7 A7-3, A7-7, A7-10, A7-12, A7-16, A7-19, A7-23 A7-6, A7-13, A7-17, A7-22
10 Cost Based Inventory and
Cost of Sales Chapter 8 A8-2, A8-5. A8-10, A8-14, A8-18, A8-24, A8-28 A 8-1, A8-27
QUIZ (March 20) Chapters 7 – 8 11
Property Plant and Equipment; Intangibles;
and Goodwill
Chapter 9 A9-2, A9-8, A9-12, A9-15, A9-19, A9-24, A9-27 A9-3, A9-6, A9-7, A9-14, A9-25
12 Depreciation, Amortization
and Impairment Chapter 10 A10-4, A10-7, A10-15, A10-19, A10-22 A10-10, A10-26
13
Financial Instruments:
Investments in Debt and Equity Securities
Chapter 11 A11-3, A 11-6, A11-8, A11-18, A11-27, A11-28 A11-13, A11-22
End of course - review A1-6, A1-5, A3-25, A1-13
