Acc 2010 outline spring 2013 d2l PDF

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University of Manitoba I. H. Asper School of Business

Department of Accounting and Finance May - June 2013

ACC 2010 INTERMEDIATE ACCOUNTING - ASSETS Section A01: Mon/Wed 7:00 – 9:30 PM COURSE OUTLINE Cameron Morrill Instructor: 488 Drake Centre Office: Office hours: Monday/Wednesday, 9:30 – 10:00 PM (204) 474-8435 Phone: (204) 474-7545 Fax: [email protected] Email: To access course website (D2L) 1. From the University of Manitoba’s home page (www.umanitoba.ca), click on “Current Students” and then “Desire2Learn (D2L)”. Log into D2L using your UMnetID. 2. If you do not have a UMnetID, go to the Iridium website at: https://iridium.umanitoba.ca/ and click on Create UMnetID. 3. On your D2L "My Home" page, click on the ACC-2010-A01 course title in your list of Summer 2013 courses. OBJECTIVES OF THE COURSE This course is the first of a two-part series in Intermediate Financial Accounting. The course focuses predominantly on the asset side of the balance sheet, and also covers the conceptual framework of accounting and a review of the accounting cycle and financial statement preparation. This is a demanding course, designed to give you a thorough understanding of the framework, concepts and techniques of accounting that you will need to proceed with upper level courses in financial accounting. At the conclusion of this course you will be expected to: 1. 2. 3.

have an understanding of financial accounting concepts and generally accepted accounting principles (GAAP), as they apply to the topics covered in this course; have developed professional judgement in analyzing accounting issues and recommending accounting policies; and have developed skill in applying accounting standards to situations and problems.

The course will incorporate AACSB elements ethics, internationalization, quantitative methods and critical thinking as they apply to intermediate financial accounting topics.

ACC 2010 (May - June 2013) Course Outline / Page 2 of 6 REQUIRED TEXTS Spiceland, Sepe, Tomassini, Morrill and Mortimer, Intermediate Accounting (2nd Canadian ed.), vol. 1, 2010, McGraw-Hill-Ryerson. Canadian Institute of Chartered Accountants, CICA Handbook (see appendix 2) CONDUCT OF THE COURSE The course will be conducted principally as a lecture-style class, with some in-class discussion and activities involving the application of accounting principles. Readings (see Appendix 1) have been selected and assigned for each topic covered in the course. The readings will be most effective if completed prior to class. Problems and cases, some for class discussion and some for self-study, are also identified in Appendix 1. Solutions for questions and exercise problems from the Spiceland textbook will be available in class or through the course website. ALLOCATION OF GRADES Assignments Midterm examination (Friday, May 31, 7:00 PM – 9:00 PM, 122 Drake Centre) Final examination (Friday, June 21, 6:00 PM – 9:00 PM, 115/117 Drake Centre)

8% 36% 56% 100%

Examinations The midterm examination will test all material covered in chapters 1 through 6A (plus Appendix 6) of the textbook, including the assigned appendices (May 6 to May 27 classes; see appendix 1 for more details). The final examination will test all material covered throughout the entire course. For the midterm examination, each student will be allowed to bring calculators (non-programmable and without text storage capacity), one (1) handwritten 8.5” x 11” information sheet, pens and pencils. No other materials will be permitted. For the final examination, each student will be allowed to bring two (2) handwritten 8.5” x 11” information sheets. Other restrictions are the same as those for the midterm examination. Students who miss the midterm examination for legitimate reasons (medical, compassionate, academic conflict or university sports team travel) will have the marks assigned to that examination added to the final examination. In all cases of absence on the midterm examination date, I should be advised within seven working days of the examination date and receive suitable documentation. Students who miss the final examination must apply to the Undergraduate Program Office in their faculty for possible deferred examination privileges. Successful applicants will write a deferred final examination on Friday, August 9, 2013, 6:00 PM – 9:00 PM.

ACC 2010 (May - June 2013) Course Outline / Page 3 of 6 Assignments Students will complete and hand in a series of four written assignments, mostly from the Spiceland textbook, as outlined below: Assignment

Due Date

1

May 15

2

May 27

3

June 5

4

June 17

Questions Question 1. Access the Accounting Standards Board (AcSB) homepage on the internet (from http://www.frascanada.ca/). How does the AcSB participate in the international accounting standardsetting process? (Hint: Look at the links under “What We Do”.) E1-11, P2-6 E3-6, E4-20, P4-5, E6-28 P7-7, Case 7-4 (note error in third paragraph: “the selling price in 2007” should read “the selling price in 2010”), P10-1, P10-7 P6-3, P8-1, P8-12, P9-2

Each assignment is due at the beginning of class on the due date. LATE ASSIGNMENTS WILL NOT BE ACCEPTED. Assignments must be neat, legible and professional in appearance. Please follow the guidelines below in preparing your assignments:      

STAPLE THE PAGES TOGETHER (no paper clips or collections of loose pages, please). Use 8.5 × 11 inch (i. e., letter size) paper. This document is printed on 8.5 × 11 inch paper. Computer-printed assignments are nice, but not necessary. Handwritten is fine as long as it is legible. If you are going to do handwritten assignments, use lined paper. It is much easier to read. Do the assignments in pencil. It is much easier to correct mistakes neatly. Present the assignment problems in the order that they are listed in this outline.

Each assignment is worth 2 marks. If, in the view of the grader, you have made a reasonable effort to solve all parts of each of the assigned questions and have complied with all of the guidelines above; and the assignment appears neat and professional; you will receive full (2) marks. Grades of 1 or 0 will be given for assignments for which reasonable effort and/or professionalism are lacking. Note that the grader will not evaluate whether you have the right answer. It is possible to receive full marks for an assignment and still make many mistakes. The solutions to the assigned questions will be posted on the course website after the assignment due date. It is your responsibility to check your work against these solutions. Assignments may be handed in before the deadline, directly to me in my office or submitted to Ms. Tracy Elder in 455 Drake (during regular office hours only). Please do not slip assignments under my office door as they are easily torn or mangled when someone opens the door and walks in.

ACC 2010 (May - June 2013) Course Outline / Page 4 of 6 GUIDELINES FOR STUDENT CONDUCT A student’s conduct in class will depend on the nature of the class, the technologies available and the professor. To avoid misunderstandings, I include here a list of guidelines that will hopefully enhance the “Assets Experience” for all students. The guidelines are derived from general principles of professional courtesy, contribution and service that will serve you well throughout your career. Classroom conduct  

 

Be on time. The class will start promptly at the time set by the university. Students should be seated and the professor’s presentation properly set up by this time. Occasionally, things happen that will get in the way, but these things should be rare. Address your comments in class to the professor. Talking with your neighbour distracts students sitting around you and the professor. Questions directed to the professor, on the other hand, almost always help to clear up confusion that other students in the room have. Turn off cellphones and other communication devices. “Be here now.” If you come to class, come to class. Put away newspapers, mp3 players and Ipods, and other materials that are not related to the class.

Asking questions/Asking for help Questions are important as they help me to deal with your difficulties and help to point out problems with the textbook and my materials. I encourage questions in class and during my office hours. Many students like to ask questions immediately before and after class but this can be problematic. Before class, I am usually setting up the computer, projector and class materials. After class, I have to pack up and get out before the next instructor comes in. It is okay to ask me questions during this time, but please be understanding and let me do the setup/takedown first. In the interest of fairness to the other students, please do not ask for information or resources (e. g., exam study tips, my lecture notes) that are not available to all students. E-mail E-mail can be a useful way of dealing with smaller issues. I respond to all e-mails during normal working hours and answer questions where practical. If the question is too complicated (e. g., Can you explain revenue recognition to me?), I will ask you to come and see me in my office. Some more specific guidelines:  Use your university e-mail account (cc account) to communicate with me. The university’s spam program frequently filters out messages from hotmail and gmail accounts.  Tell me who you are. Please give your full name and your class when you write to me.  Use a brief but descriptive subject line to help me get back to your e-mail if I need to do some research first. Please avoid unhelpful subject lines like “Question.”

ACC 2010 (May - June 2013) Course Outline / Page 5 of 6 APPENDIX 1. TENTATIVE CLASS SCHEDULE The assigned chapters DO NOT include the appendices unless specifically noted. Day

Topic

May 6

Introduction and Theoretical Structure of Financial Accounting

May 8

Review of the Accounting Process Balance Sheet

May 13 May 15 May 22

Income Statement and Comprehensive Income Statement of Cash Flows Cash

Readings1 1, Financial Reporting and Assurance Standards Canada website 2

In-Class E1-9, E1-13 P2-1, P2-3, P2-4

3A + 3B

P3-5

4A (omit Extraordinary Items, pp. 175-176)

P4-2

4B 6A + Appendix 6

E4-16, E4-17, Linacre Ruby

Suggested Q1- Q10, Q12, Q15-Q17, Q19, Q20, Q22-Q25, E1-10, Case 1-1, Case 1-2, Case 1-8, Case 1-9 Q2-1 – Q2-19, E2-19, P2-5, P2-10, P2-11, P213, Case 2-3 Q3-1 – Q3-16, E3-1, P3-1, P3-3, Case 3-4, Case 3-8, Case 3-11 Q4-1 – Q4-9, Q4-12 – Q4-16, E4-2, E4-6 – E49, E4-21, P4-1, P4-3, P4-6, P4-7, Cases: 4-1, 42, 4-5, 4-9, 4-11, 4-12 Q4-17 – Q4-20, BE4-13 – BE4-15, E4-13 – E415, P4-9, Schultz, Inc. (in D2L)

Q6-17, E6-27, P6-9, P6-10 Q5-1 – Q5-13, BE5-10, E5-4 - E5-6, E5-11 May Income Measurement and 5A, Chapter 5 IFRS E5-2, E5-15, E5-17, E5-22, P5-2, P5-4 – P5-6, Case 27 Profitability Analysis Supplement (D2L) Cornet 5-1, Case 5-7 Q7-1 – Q7-28, BE7-21, BE7-22, E7-1, E7-2, P7-5, P7-8, E7-8, E7-9, E7-11, E7-15, E7-31, E7-34 – E7May E7-22, Inventories 7 + Appendix 7 36, P7-1 – P7-3, P7-6, P7-9 – P7-11, P7-13, P729 P7-14 16, P7-17, Case 7-13 MAY 31: MIDTERM EXAM (covers May 6 – May 27, inclusive), 7:00 – 9:00 PM, 122 Drake Centre Q10-1 – Q10-18, E10-1, E10-4, E10-6, E10-8 – E10-11, E10-15, P10-2 – P10-6, P10-8, P10-9, June 3 Investments 10, 11 (D2L) Case 10-1, Case 10-6 Q11-1 – Q11-10, E11-2, E11-6, E11-15, P11-3 Q8-1 – Q8-21, E8-3, E8-10, E8-14, E8-15, E8Operational Assets: E8-1, E8-9, 17, E8-28, E8-29, P8-2 – P8-4, P8-6, P8-9 – June 5 Acquisition and 8 + Appendix 8 E8-5 P8-11, Case 8-4, Case 8-6, Case 8-8 Disposition E9-2, E9-8, Q9-1 – Q9-18, E9-1, E9-10, E9-16, E9-19, E9Operational Assets: 9, Chapter 9 IFRS E9-11 20, P9-1, P9-4 – P9-8, P9-10, Case 9-1, Case 9June Amortization and Supplement (D2L) 7, Case 9-9, Case 9-12; Ch. 9 supplement: 10 Impairment E9S-17, E9S-18, P9S-12 Q6-1 – Q6-16, BE6-8, BE6-9, BE6-15, E6-1 – Receivables E6-7, E6-8, E6-3, E6-9 – E6-11, E6-15 – E6-19, E6-24, June Statement of cash flows 6B P6-5, P6-2, P6-6, P6-7, Case 6-1, Case 6-3, Case 6-6, 12 revisited LetsGo Case 6-7 June Comprehensive case Appendix A A-2 Review session 17 June Unallocated 19 JUNE 21: FINAL EXAM (covers entire course), 6:00 – 9:00 PM, 115/117 Drake Centre

Notes 1. The readings refer to chapters in the Spiceland book. Unless noted otherwise, all parts of the indicated chapter are required reading except for the appendices.

ACC 2010 (May - June 2013) Course Outline / Page 6 of 6 APPENDIX 2. THE CICA HANDBOOK ON THE UNIVERSITY OF MANITOBA LIBRARIES WEBSITE The CICA Handbook is available in electronic format on the University of Manitoba Libraries website. To access the Handbook: 1. From the University of Manitoba homepage (umanitoba.ca), click on Librairies in the Resources widget. 2. In the Find widget, click on Databases A – Z. 3. Click on C and then scroll down to, and click on, CICA Standards & Guidance Collection. 4. You will then have to enter your Library ID and PIN (if you do not know your Library ID and/or PIN, there is a link on this page that will help you) and click on Login. 5. On the Knotia.ca page, click on CICA Standards & Guidance Collection (CICAHB). 6. In the left-hand window, click on Accounting. This in turn gives you access to Part 1 International Financial Reporting Standards (for public accounting entities) and Part 2 Accounting Standards for Private Enterprises. 7. The most efficient way to access a particular section in the Handbook is to enter the section number in the “Fetch” box on the left-hand side of the screen and click on Go. The Handbook is accessible on campus or from off-campus with an internet connection. The CICA Handbook subscription is provided by the Institute of Chartered Accountants of Manitoba.

Academic Integrity It is critical to the reputation of the I. H. Asper School of Business and of our degrees, that everyone associated with our faculty behaves with the highest academic integrity. As the faculty that helps create business and government leaders, we have a special obligation to ensure that our ethical standards are beyond reproach. Any dishonesty in our academic transactions violates this trust. The University of Manitoba Undergraduate Calendar addresses the issue of academic dishonesty under the heading “Plagiarism and Cheating.” Specifically, acts of academic dishonesty include, but are not limited to: using the exact words of a published or unpublished author without quotation marks and without referencing the source of these words duplicating a table, graph or diagram, in whole or in part, without referencing the source paraphrasing the conceptual framework, research design, interpretation, or any other ideas of another person, whether written or verbal (e.g., personal communications, ideas from a verbal presentation) without referencing the source copying the answers of another student in any test, examination, or take-home assignment providing answers to another student in any test, examination, or take-home assignment taking any unauthorized materials into an examination or term test (crib notes) impersonating another student or allowing another person to impersonate oneself for the purpose of submitting academic work or writing any test or examination stealing or mutilating library materials accessing tests prior to the time and date of the sitting changing name or answer(s) on a test after that test has been graded and returned submitting the same paper or portions thereof for more than one assignment, without discussions with the instructors involved. Group Projects and Group Work Many courses in the I. H. Asper School of Business require group projects. Students should be aware that group projects are subject to the same rules regarding academic dishonesty. Because of the unique nature of group projects, all group members should exercise special care to insure that the group project does not violate the policy on Academic Integrity. Should a violation occur, group members are jointly accountable unless the violation can be attributed to a specific individual(s). Some courses, while not requiring group projects, encourage students to work together in groups (or at least do not prohibit it) before submitting individual assignments. Students are encouraged to discuss this issue as it relates to academic integrity with their instructor to avoid violating this policy. In the I. H. Asper School of Business, all suspected cases of academic dishonesty are passed to the Dean’s office in order to ensure consistency of treatment.

UNIVERSITY OF MANITOBA I. H. Asper School of Business Medical Absenteeism Form Student Identification: (please print clearly) ______________________________ ___________________ ___________ _________________________ Last Name First Name Middle Initial U of M Student Identification Number

I hereby authorize ________________________________ to verify with the attending physician or his/he (Name of Instructor/Administrator)

staff or colleagues that the contents of this form are true. ________________________________________

___________________________________

Student’s Signature

Date

To be completed by the attending physician: (after the above section is completed) ________________________________________ Physician’s Last Name (please print clearly)

______________________________ ___________

Physician’s First Name

Middle Initial

___________________________________________ ________________________________ ____________ Street Address City, Province Postal Code ___________________________________________ _________________________________ Telephone Number Fax Number

To the attention of the physician: Your evaluation of the student’s condition is being used for the purpose of determining whether or not the student has a valid reason to miss an important exam or assignment. Your professional evaluation is necessary to ensure that only valid cases are excused. I certify that the nature of the student’s condition is severe enough to prevent the student from taking an exam or completing an assignment. If requested, my associates or I will verify for the above-named instructor/administrator that this information is accurate. The student’s condition will likely span the following dates:

____________________________ (indicate start date)

until ____________________________ (indicate end date)

___________________________________ Physician’s Signature

________________________________ Date

Notes to physician: Please make a note in the student/patient’s file indicating that the student has given the above-named instructor/administrator permission to verify with you, your staff, or your colleagues, that the information contained on this form is correct. Thank you for your professional evaluation of this student’s condition. PLEASE ATTACH THIS FORM TO YOUR REGULAR OFFICE STATIONERY THAT INDICATES THE STUDENT VISITED YOUR OFFICE. Note to student: The use of this form is at the option of the student. However, in order to obtain an excused absence for an assignment or exam, the student must obtain a doctor’s certification that the student’s condition is severe enough to prevent the student from taking the exam or completing the assignment. It is NOT SUFFICIENT to provide a note that only indicates the student visited the doctor’s office....