UNIVERSITY OF ALBERTA SCHOOL OF BUSINESS
DEPARTMENT OF ACCOUNTING, OPERATIONS AND OIS
Accounting 414, Intermediate Financial Accounting Winter term 2012/2013
Course Outline
Instructor: Kristie Dewald, CA
Office: Bus 1-27D
Phone: 492-9504
E-mail:
Office Hours: T 2:00 – 3:30 W 10:00 – 11:30 and by appointment Required Materials:
Text - Intermediate Accounting by Kieso, Weygandt, Warfield, Young &
Wiecek, Volume 1, Ninth Canadian edition, John Wiley & Sons Canada, Ltd
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 –
including lecture slides, supplementary notes, and solutions to problems assigned.
Introduction:
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 review of the accounting cycle and financial statement preparation. 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 and concepts associated with accounting for assets and the related income elements. 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.
The Evaluation System
Midterm February 28, in class 30%
Case (complete in pairs) See below 20%
Quiz 1 January 24, in class 5%
Quiz 2 March 21 (optional) 5%
Final Exam (comprehensive) 40%
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 may be slightly different from the class discussion questions and the self study questions. All quizzes and exams are closed book. You will have 25 - 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.
Quiz 2 is optional. If you do not write the second quiz, the weight of the quiz will be added to the final exam. You do not need to provide a reason for your
absence, nor do you need to notify me of your choice. Quiz 1, however, is required and any absences must be for a valid reason (see Absences from Exams and Quizzes below).
Case
Woodlawn Engineering is an accounting cycle case. The required case may be purchased at the Bookstore or downloaded from
careful that you get the second version.
The case is to be completed either with a partner or individually. If you choose to work with a partner, you may choose your partner, and any disputes are to be resolved on your 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 20% 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.
Grades in the Course
The University average grade distribution is based on all courses across campus including courses of varying levels of difficulty. A curve is used to determine the final grade distribution for this course with natural break points used to
distinguish between various grades. As a result, the distribution of grades in this course will not necessarily coincide exactly with the University average
distribution.
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.
Absences from Exams and Quizzes
In the event that the midterm examination or Quiz 1 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 either the midterm (if Quiz 1 missed) or the final examination (if the midterm is missed). 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 2 weeks 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 Wednesday May 1, 2013 at 9:00 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
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. GF
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.
TENTATIVE CLASS SCHEDULE
Topic
Required
Readings Assignments (Bold are discussion questions) 1
Introduction to
course/Role of Financial Reporting
Chapter 1 BE 1-3, BE1-9, BE1-16, BE 1-21
2 The Accounting Process
Chapter 3, 3A and supplemental
notes
E3-1, E3-5, E3-7, E3-10, E3-12, E3-16, E3-17, E3-21, E3-23, E3-25, P3-3,P3-9, HP Moving and Storage (in supp. Notes) E3-8, E3-13, P3-16, P3-17
3
Statements of
Comprehensive Income and Retained Earnings
Chapter 4 E4-3, E4-6, E4-11, E4-15, E4-16, P4-3, P4-16 P4-8, P4-10, P4-15, E4-2, E4-5
QUIZ #1 (January 24) Chapters 1, 3 and 4
4 Statements of Financial
Position and Cash Flow Chapter 5
P5-5, E5-2, E5-4(a), E5-5, E5-8, P5-2
BE5-11, BE5-12, E5-13, E5-14, E5-15, E5-16, P5-8 parts a & b P 5-6 parts a, b, c & e.
The Cashflow Company (Supplementary notes page 1), Ostrich Company (Supplementary notes page 2)
5 Conceptual Framework Chapter 2 E2-4, E2-7, P2-8, E2-1, E2-2, E2-5, P2-2
6 Revenue and Expense Recognition
Chapter 6, and supplementary
notes
For all questions, disregard any references to the
“contract-based approach”
Wonder Waste Reduction and Make, More, & Money (Supplementary notes pp. 1- 2.), E6-2, E6-10, E6-11, P6-6, E6-24, E 6-12, E6-14, E6-23, P6-8, P6-9
Lion Corp Self study Question
MIDTERM EXAM ON CHAPTERS 1 – 6 (IN CLASS February 28)
7 Cash and Receivables Chapter 7 P7-2, P7-5, E7-2, E7-4, E7-8, E7-25, P7-3, P7-4, P7-16, P7-11, P 7-7, E 7-14, E7-15, E7-19, E7-20, P7-9, P7-11
8 Inventory Chapter 8 E8-7. P8-3, E8-1, E8-12, E8-14, E8-16, E8-17, P8-8, P8-9, E8-18, E8-19, E8-22, E8-25, P8-7, P8-11, P8-10, P 8-13
QUIZ #2 (March 21) Chapters 7 – 8
9 Investments Chapter 9 P9-10,P9-11, P9-6, BE9-2, BE9-4, E9-4, E9-7, E9-9, P9-3, P9-14, E9-21, E9-22, E9-24, P9-11,
10 Property, plant and equipment
Chapters 10 and 11
E10-3, P10-4, E10-1, E10-8, E10-9, E11-6, E11-20, E11-21, E10-17, E10-19, P10-5, P10-9, P10-11, P10-12, E 11-7, E11- 13, E11-16, P11-11, P11-13