UNIVERSITY OF ALBERTA

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UNIVERSITY OF ALBERTA FACULTY OF BUSINESS

DEPARTMENT OF ACCOUNTING & MIS

Accounting 414, Intermediate Financial Accounting Term I, 2010/2011

Course Outline

Instructor: Kristie Dewald, CA Class Time and Place:

414 A3: TR 1100-1220 Bus B-05

Office: Bus 1-27D

Phone: 492-9504

E-mail:

Office Hours: Tues. 9:00 – 10:30 Wed. 1:00 – 3:30 And by appointment

Course home page:

Required: Text - Intermediate Accounting by Kieso, Weygandt, Warfield, Young &

Wiecek, Volume 1, ninth Canadian edition, John Wiley & Sons Canada, Ltd, 2010

Case – Woodlawn Engineering: Intermediate Financial Accounting Simulation: Preparing Financial Statements for an Owner-Managed Business, by Fred Pries, John Wiley & Sons Canada, Ltd, 2010

Course package - includes lecture slides, supplementary notes, selected problems and solutions

Notes:

The text and case are available as a packaged set through the bookstore. For students taking ACCTG 415 next term there is a packaged set that also includes the Volume 2 textbook. This is available at a significantly reduced price.

The course package is available for sale through the accounting club.

Introduction

This is the first of a two-part series in Intermediate Financial Accounting. The course begins with an examination the conceptual framework of accounting and a review of the

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Introduction, continued

This is a demanding course. Students should expect to spend up to 10 hours per week outside 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. This is a very heavy course. You need to plan for the greater than average amount of time necessary to complete the course materials.

Your course package includes a set of slides for each topic to be covered in the course and in some cases supplementary notes. These slides contain copies of most of the examples to be discussed in class, plus a brief summary of each topic area. The notes are intended as supplemental to the text readings. In some topics, the accounting rules have changed since the publication of the text. In these situations, the slides represent the most current accounting pronouncements.

The structure of the course is a combination of lecture and problem solving. 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. The problems are broken down into two groups:

1) Those that will be discussed in class, and 2) Those that are recommended for self-study.

Students are expected to read the relevant chapter material and attempt to solve recommended problems PRIOR TO class. Most of the recommended problems will be covered in class. This will be JOINT work and I will consistently call upon members of the class to provide parts of the solution. Solution to all self-study exercises and problems will be posted on blackboard. Solutions to in class discussion problems and cases will be available ONLY in class.

The following additional materials are available at ULEARN

• Solutions to selected questions for extra practice from the textbook. These are listed in the attached class schedule.

• Sample midterm and final exams with solutions.

• Other useful materials.

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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.

Questions about exam coverage will not be answered outside of class.

I will only read email originating from Blackboard using your University email account.

And in your email tile, please indicate “Acctg 414”. Any email from non-University accounts (e.g. hotmail) will not be read.

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 an assignment is incorrect, you must notify the instructor in writing during the one-week period following the return of the assignment or exam.

Grades are assigned across all sections or the course and by all instructors. Once we have assigned final grades, we 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.

The Evaluation System

There will be a midterm examination, a final examination, and 1 case. The weighting of these components is indicated below:

Midterm Oct. 21 at 5:00 pm 25%

Case (complete in groups of 3*) see outline for due dates 20%

Quiz Nov. 16 In class 5%

Final Exam Friday Dec. 10, 1400 50%

Total 100%

Note: The midterm exam will not be held in class; rather, students in all sections of the course will write a common exam at the same time, 5:00-6:20 p.m., in various locations.

The specific location for you to write the exam will be announced in class and listed on Blackboard well in advance. It is important that you go to your assigned location.

Students who have commitments that conflict with the exam time should advise the instructor in writing at least two weeks prior to the exam date.

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The Evaluation System, continued

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

At the end of the year, after reviewing the distribution of weighted scores, I will review these cut offs together with the instructors of all other sections of Accounting 414. We may reduce one or more cut-off scores but will not increase them.

Please note that students wishing to register in Accounting 415 must obtain a minimum grade of C- in ACCTG 414.

Case

The case submission is due in class on the date stated in the outline. The due date provided allows you to complete the case well in advance of submission. Late submissions will not be graded.

Woodlawn Engineering is an accounting cycle case. The required materials for the case are included with your textbook purchase and downloadable from www.wiley.com/canada/woodlawn.

It is due in four installments as follows:

Part Due date Return date Marks

Part 1 October 12, 2010 October 19, 2010 20 Parts 2 & 3 November 4, 2010 November 16, 2010 20 Parts 4 & 5 November 23, 2010 November 30, 2010 35 Parts 6 & 7 December 2, 2010 After final examination 25 Total Marks 100

You must complete the case using Excel. Use of Excel will facilitate your completion of the case by eliminating the potential for addition errors.

The marks assigned to the case totals 20% of the marks available in the course, which can have a significant effect on your final grade. Additionally, if you invest the time in doing the case carefully, this will enhance your understanding of the course material,

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Absences from Exams

If you are absent from the midterm examination or quiz, you may apply to the instructor for an excused absence. You should contact the instructor as soon as you are able, but in any case must make the application within two weeks of the midterm examination.

Excused absences are not automatic and are at the discretion of the instructor. You may be asked to provide supporting documentation for your request. Students who miss the midterm examination and are approved for an excused absence will have the weight reallocated to the final examination.

Once you have written an exam, grades will not be reallocated due to explanations given after the fact. Therefore, if you are too ill to write an exam, please obtain a doctor’s note and do not attempt the exam.

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. Deferred final

examinations will be allowed only for students following University procedures for

obtaining deferrals. Students interested in deferred final examinations should consult the Undergraduate Office. For more information on what a deferred exam is, go to:

see section 23.5.6 of the University Regulations and Information for Students in the University Calendar. If a deferred final exam is required for this course, it will be held on Friday, January 14^th

Students’ attention is drawn to the Code of Student Behavior, which addresses plagiarism, cheating, and aiding and abetting. A copy of the Code can be obtained at

, 2011, 1000.

Code of Student Behavior

talk to the instructor or the Undergraduate Office. Ignorance is NOT a defense!

Classroom Etiquette

Courtesy to the instructor, and to other students, is an important part of every class.

Because some kinds of behavior 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. This includes computers used for those purposes, mp3 players, cell phones, Blackberries, etc.

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Schedule of Topic Coverage

Date Topic Readings* and Problems

*Read chapter appendices only if indicated

Sept. 9 01 Introduction to course /

02 Conceptual Framework of Accounting

Sept. 14 02 Conceptual Framework of Accounting

Read: Chapter 1, Chapter 2, Appendix 2A, and Topic 2 Course Package

For discussion: E2-4, E2-10, P2-8 For self-study: BE 1-3, BE1-9, BE1-16, BE 1-21, E2-1, E2-2, E2-7, P2-2

For extra practice: E2-3, P 2-1, P2-5

Sept. 16 03 The Accounting Process Read: Chapter 3 and Appendix 3A, Topic 3 Supplementary notes, Topic 3 Course Package

For discussion:E3-3, E3-11

For self-study: E3-1, E3-5, E3-7, E 3-10 For extra practice: E 3-2, E3-6, E3-14

Sept.21 03 The Accounting Process For discussion: E3-12, E3-16

For self-study: E3-17, E 3-21, E 3-23, E3-24, P3-3, P3-16, H-P Moving and Storage

Service (in supplementary notes)

For extra practice: E3-26, E3-22, P3-7, P3-13

Sept. 23 04 Statements of Income/

Comprehensive income &

Retained Earnings

Read: Chapter 4 pp. 152-173 and Topic 4 Course package pp 1 - 24.

For discussion: E4-5

For self-study:E4-3, E4-6, E4-11 For extra practice:E4-9, E4-10

Sept. 28 04 Statements of Income/

Comprehensive income & Retained Earnings

Read Chapter 4 pp. 173-end & appendix 4A, Topic 4 Course package pp 24 - end.

For discussion: P4-3 (a), P 4-11

For self-study: E 4-15, E4-16, E4-18, P4-8, P4-10, P4-15

For extra practice:E4-17, P4-4, P4-6, P4-13

Sept.30 05 Balance Sheet and Statement of Cash Flows

Read: Ch. 5 pp. 218 - 241, Topic 5 Course Package pp 1 - 16.

For discussion: P 5-5

For self-study: E5-2, E5-5, E5-4(a), E5-8, P5-2

For extra practice: E5-1, E5-3, P5-3, P5-4

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Oct. 5 05 Balance Sheet and

Statement of Cash Flows

Read: Chapter 5 pp.241 – end,

Topic 5 Course package pp.17 to end.

For discussion: E5-13

For self-study: BE5-11, BE5-12, E5-14 For extra practice: BE5-13, E5-15, E5-16

Oct.7 05 Balance Sheet and Statement of Cash Flows

For discussion: P 5-6 parts a, b, c & e.

For self-study: E5-14, E5-15,P5-8 parts a & b For extra practice: P5-7, P5-10

Oct.12 05 Cash flows

06 Cash and Receivables

Case - Part 1 due

Read: Chapter 7, pp. 376- 393 and Appendix 7A, Topic 6 Course Package pp. 1- 10

For discussion: The Cashflow Company (Topic 5 Supplementary notes page 1) Ostrich Company (Topic 5 Supplementary notes page 2), P7-2, P7-5

For self-study: E7-2, E7-4, E7-8, E7-25, P7- 3, P7-4, P7-16

For extra practice: E7-6, E7-10, E7-12, P7-14

Oct. 14 06 Cash and Receivables Read: Chapter 7, pp. 393 - end, Topic 6 Course Package pp. 11-end.

For discussion: P7-11, E7-19, P 7-7

For self-study: E 7-14, E7-15, E 7-20, P7-9, P7-11

For extra practice: P7-10, P7-13

Oct. 19 07 Revenue & Expense Recognition

Case - Part 1 returned

Read: Chapter 6, pp. 318-338, Topic 7

Course Package, “Revenue Recognition”, pp.

1-10.

For discussion: Wonder Waste Reduction and Make, More, & Money (Topic 7

Supplementary notes pp. 1- 2.)

For self-study: E6-2, E6-7, E6-10, E6-11 For extra practice: E6-1, E6-6,

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Read: Chapter 6, pp. 338-end, Topic 7 Course Package pp. 10 to 17, Topic 7 Supplementary Notes pp. 3 to 12.

For discussion: E6-19, P6-6

For self-study: E 6-12, E6-14, E6-18, P6-8, P6-9 Lion Corp Self study Question (Topic 7 Supplementary notes pp. 13.)

For extra practice: supplementary problems

#1 – 6 found in supplementary notes pp. 16- 28.

Read: Topic Course Package, “Revenue Recognition”, pp. 18 to end.

For discussion: Supp #4, 5, 6 (Topic 7 Supplementary notes) Supp # 1-3 (Topic 7 Supplementary notes), E6-23.

For extra practice: Supp #7, 8 (Topic 7 Supplementary notes).

Nov.2 08 Inventory Read: Chapter 8, Topic 8 Course package pp. 1 to 8 and Topic 8 supplementary notes pp. 1 to 4.

For discussion: E8-7. P8-3,

For self-study: E8-1, E8-12, E8-14, E8-16, E8-17, P8-8

For extra practice: E 8-2, E8-4, E8-6, E8-15

Nov.4 08 Inventory Case - Part 2 and 3 due

Read: Appendix 8A, Topic 8 Course package pp.8 to end, and Topic 8 supplementary notes pp. 5 to 7.

For discussion: P8-9,

For self-study: E8-18, E8-19, E8-22, E8-25, P8-7, P8-11

For extra practice: E8-3, E8-10, E8-21

Nov. 9 08 Inventory/09 Capital Assets Tangible & Intangible

Read: chapter 10 pp.606 to 614, Topic 9 Course package pp. 1 to18.

For discussion: P8-10, P 8-13, E10-3, P10-4 For self-study: E10-1, E10-8, E10-9.

For extra practice: E10-3, E10-6, E10-11 Nov. 11 NO CLASSES Fall term class break 

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Nov. 16 9 Capital Assets Tangible &

Intangible

Quiz on topic 6 - 8

Case - Part 2 and 3 returned

Read: chapter 10 pp.614 to end, chapter 11 pp.

678 to 688 Topic 9 Course package pp. 18 to 28

For discussion: E11-6, E11-20, E11-21

For self-study: E10-17, E10-19, P10-5, P10-9, P10-11, P10-12.

For extra practice: E 10-18, E10-24, E10-28

Intangible

Read: chapter 11 pp.689 to end, Topic 9 Course package pp. 28 to 38

For discussion: E 12-1, E12-8

For self-study: E 11-7, E11-13, E11-16, P11-11, P11-13

For extra practice: E11-4, E11-5, E11-20, P11- 5

Intangible

Case - Part 4 and 5 due

Read: chapter 12, Topic 9 Course For discussion: E12-19

For self-study: E12-1,E12-5, E12-16, E12-18, E12-20, P12-3, P12-6

For extra practice: BE12-4, BE 12-16, BE12-17

Nov. 25 10 Investments Read: chapter 9 pp. 530 to 554, Topic 10 Course package pp. 1 to 16

For discussion: P9-10,P9-11, P9-6

For self-study:, BE9-2, BE9-4, E9-4, E9-7, E9- 9, P9-3

For extra practice: E9-3, E9-8, P9-1

Nov 30 10 Investments Case - Part 4 and 5 returned

Read: Chapter 9, pp.554 to end, Topic 10 Course package pp.16 to end

For discussion: P9-14

For self-study: E9-21, E9-22, E9-24, P9-11, For extra practice: E9-20, E9-23