ACCT 1220 F19 Intro Fin Acct Lassou PDF

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AC ACCT CT 12 1220 20 Intr Introd od oduc uc uctio tio tion n to Fin Financ anc ancial ial A Acco cco ccoun un unti ti ting ng Fal Falll 2201 01 019 9 0.5 Cr Cred ed edits its General Course Information Instructor: Email Office Location Office Hours Department/School

Philippe Lassou [email protected] MacDonald Hall MAC 204 Fridays: 10.30 am – 1.30 pm

Department of Management / Lang School of Business & Economics

Seminar Tutors Taslima Nasreen Email: [email protected] Office Hours: Tuesdays: 9.30 am to 11.20 am Melanie McCaig

Email: [email protected] Office Hours: Tuesdays: 10.00 am to 11.00 am, MAC 217 Leigh Sherry

Email: [email protected] Office Hours: By appointment Minyoung Kim Email: [email protected] Office Hours: Thursdays: 10.00 am to 11.00 am Saad Hossain

Email: [email protected] Office Hours: Wednesdays: 1.00pn – 3.00 pm, MAC 217 Michael McAtamney Email: [email protected] Office Hours: Thursdays: 12.30 pm – 1.30 pm, MAC 217

Lecture Schedule:

Fridays: 8:30 am – 10:20 am / Location: ROZH (Rozanski Hall) – Room 104 1

Seminar Schedule: Seminar 1 (101)

Seminar Time Thursday 1:30 pm – 02:20 pm

Location MCKN* 224

Tutor Melanie McCaig

2 (102) 3 (103)

Tuesday 1:30 pm – 2:20 pm Wednesday 1:30 pm – 2:20 pm

MCKN* 224 MCKN* 226

Taslima Nasreen Leigh Sherry

4 (104)

Thursday 11:30 am – 12:20 pm

MCKN* 224

Michael McAtamney

5 (105)

Thursday 8:30 am – 9:20 am

MCKN* 224

Minyoung Kim

6 (106) 7 (107)

Tuesday 11:30 am – 12:20 pm Tuesday 8:30 am – 9:20 am

MCKN* 224 MCKN* 224

Taslima Nasreen Taslima Nasreen

8 (108)

Monday 9:30 am – 10:20 am

MCKN* 224

Saad Hossain

9 (109)

Monday 12:30 pm – 1:20 pm

MCKN* 224

Saad Hossain

10 (110) 11 (111)

Wednesday 10:30 am – 11:20 am Monday 11:30 am – 12:20 pm

MCKN* 224 MCKN* 224

Leigh Sherry Saad Hossain

Pre-requisites: Restrictions:

ACCT*2220, This is a Priority Access Course. Enrolment may be restricted to programs or specializations. See department for more information.

Course Description This introductory course is designed to develop a foundational understanding of current accounting principles and their implication for published financial reports of business enterprises. It builds the base of knowledge and understanding required to succeed in more advanced study of accounting. The course approaches the subject from the point of view of the user of accounting information rather than that of a person who supplies the information.

Course Learning Outcomes Upon successfully completing this course, you will: 1. Identify and describe the purpose and use of financial statements. 2. Describe the framework for the preparation and presentation of financial statements. 3. Journalize and post the following routine transactions for a simple entity: • purchases, • sales and service revenue, • expenses, • prepayments, • accruals, • inventory, • accounts receivable, • notes receivable, • property plant and equipment, and depreciation. 4. Prepare bank reconciliations, adjusting entries, closing entries, trial balance, and financial statements for a simple entity. 5. Calculate and analyse common financial ratios including liquidity, solvency and profitability 2

Summary of Course Content and Materials This course will cover the following content:

Date

Textbook Chapter

Topical Descriptions

• Sept 6-12

Chapter 1

• •

• Sept 13-19

Chapter 2

•

• Sept 20-26

Chapter 3

• • • •

Sept 27 – Oct 3

Chapter 4

Oct 4

MIDTERM 1

• • • • •

Oct 11-17

• • • •

Oct 18-24

Chapter 6 (pp 300321)

The classified statements of financial position Liquidity, solvency and profitability ratios

The accounting equation and effect of transactions Recording transactions with debits and credits Journalizing and posting transactions The trial balance Revenue and expense recognition Adjusting entries Adjusted trial balance Closing the books The accounting cycle Preparing financial statements

Seminar problems

Practice Problems (ANSWERS ARE POSTED)

BE1-1 BE1-4

E1-13 P1-9A

E1-4 E1-7 P1-7A

BE2-2 BE2-3

P2-4A BE2-7

P2-4B P2-6B E2-7

BE3-1 BE3-3

BE4-2 BE4-3

P3-7A E3-12

E4-6 P4-11A

E3-2 E3-14 P3-5A P3-9A BE3-13

E4-2 P4-1A P4-4B P4-8B P4-9B

Graded Assessment due date Courselink quiz 1 Saturday Sept 14 11:59 pm Courselink quiz 2 Saturday Sept 21 11:59 pm Courselink quiz 3 Saturday Sept 28 11:59 pm Courselink quiz 4 Saturday Oct 5 11:59 pm

Chapters 1 to 4 •

Chapter 5 (pp 240260)

Uses & users of financial statements Business organization and activities Purpose & content of financial statements

Lecture Problems

• • •

Differences between service and merchandising companies Record purchases and sales under a perpetual inventory system Single-step and multiple-step income statements Evaluate profitability Determining inventory quantities Specific identification FIFO, LIFO and Average cost determinations Effects of cost determination method and inventory errors Analyzing inventory

Courselink quiz 5 BE5-4 BE5-5

BE6-3 BE6-11

E5-7 E5-9 E5-13 E5

BE6-7 BE6-6 E6-11 New-to-You illustration (p.318)

P5-3B P5-5B P5-6B

E6-3 E6-4 E6-5 E6-6 P6-8A P6-11B

Saturday Oct 19 11:59 pm

Courselink quiz 6 Saturday Oct 26 11:59 pm

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Do It (p.319) Components and limitations of internal control systems Cash control activities and control weaknesses Bank reconciliations Reporting and managing cash

• Oct 25 31

• Chapter 7 • •

Record accounts receivable and notes receivable transactions Estimating uncollectible accounts Account write off and recovery under the allowance method Honouring and dishonouring notes Managing and analyzing receivables

• • Nov 1-7

Chapter 8

• • •

Nov 8

MIDTERM 2

Nov 15-21

Chapter 9 (pp 462– 476) & (482-492)

TBC

Chapter 10 (pp 522544)

FINAL EXAM

BE7-10 BE-7-11

E7-3 BE7-5 E7-11 E7-8

E7-1 E7-6 P7-5A

Saturday Nov 2 11:59 pm Courselink quiz 8

BE8-1 BE8-6 BE8-7

P8-2A BE8-10 P8-11B

E8-3 E8-4 P8-5A P8-6B P8-10B

Saturday Nov 9 11:59 pm

Chapters 1 to 8 Determining cost of property, plant and equipment Calculate depreciation under straight-line and diminishing balance methods Intangible Assets

• • •

Nov 22-28

Courselink quiz 7

Chapter 10: • Account for current liabilities • Classify liabilities as current vs. non-current liabilities • Analyzing liquidity and solvency

E9-1 E9-9

E9-4 BE9-6 E9-13

P9-2B P9-5B BE9-7

Courselink quiz 9 Saturday Nov 23 11:59 pm Courselink quiz 10

BE10-2 BE10-4 BE10-12

BE10-10 E10-3 BE10-11

E10-2 E10-8 E10-10

Saturday Nov 30 11:59 pm

Chapters 1 to 10

Course Assessment .

Associated Learning Outcomes

Due Date/ location

Assessment 1:

10%

Weekly Quizzes

LO 1 – 5

Saturday 11:59 pm (best 8 out of 10)

Assessment 2:

25%

Midterm 1

LO 1 - 3

Oct 4, In class

Assessment 3:

25%

Midterm 2

LO 1 - 3

Nov 8, In class 4

Assessment 4:

40%

Final exam

LO 1-5

See exam schedule

100% Total

Teaching and Learning Practices Textbook Readings, Lectures and Seminar Problems

The course is based on an active 12-week semester. In our view the most effective and efficient use of classroom time (both lecture and seminar) aims at reinforcing or clarifying what the student has tried to learn on an individual basis before entering the classroom. For this reason, it will be assumed that the student has carefully read the assigned material (selected chapter(s) for each lecture) and made a reasonable effort to prepare solutions to the assigned seminar problems prior to the seminars. When reading the textbook, take the time to do the “do it” illustrations as the time spent on these will be repaid many times over in time saved attempting the in-class problems which are listed in the indicative content section of this course outline in the order in which concepts are presented in the textbook. Lectures: The two weekly lecture hours are intended to give a structured presentation of selected textbooks chapters and additional materials where necessary. Learning activities such as questions-and-answers sessions, and brief exercises will be integrated to support students’ learning.

Practice Problems

Weekly Online Quizzes

Additional Textbook Resources

Seminars: The lectures are complemented by one-hour seminar per week (with students set in smaller groups). The seminars allow students to actively apply the concepts/techniques learned during the lectures using comprehensive exercises and mini cases under the instruction of the tutor. This enables students to develop further their computational and analytical skills. Additional practice problems are selected from the end-of-chapter problems of the textbooks. The solutions for these practice problems will be posted on Courselink. Students are strongly encouraged to complete these practice problems and check the posted solutions before taking the online quiz.

The concepts in later chapters of this course depend on mastery of concepts presented in earlier chapters. The on-line quizzes (worth 1.25% each with the best 8 of 10 counting in the grading scheme) are provided to encourage students to read the assigned chapter and complete the lecture, seminar and practice problems within the scheduled week. Quiz questions will not necessarily be representative of questions on examinations. Students will receive different questions on quizzes as the questions are selected at random from a bank of questions related to the chapter studied that week.

Wiley, the textbook publisher, provides a companion website for students with demonstration problems and check figures to other textbook problems. Visit www.wiley.com and search “financial accounting tools”, look for the image of the textbook and visit the companion site for students. Students who are unsure of the method used to solve in-class and practice problems, students scoring less than 100% on the line quizzes, and students

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wishing additional practice should visit this website. Students are also directed to the “rapid review” materials printed on the inside front and back covers of the textbook.

Course Resources Required Text: Financial Accounting: Tools for Business Decision Making. Seventh Canadian Edition, Kimmel, Weygandt, Kieso, Trenholm, Irvine and Burnley. Available at both campus bookstores. NB: Students are required to purchase WileyPlus associated with the textbook which includes access to the etextbook and companion resources. Important Note: Previous editions of the text are NOT recommended and will not be supported by your instructor. A copy of the text will be placed on reserve at the Library. This course uses a variety of materials and resources. One of your primary resources will be the Courselink website. In addition to solutions to the practice problems, all announcements and updates will be posted here. Check this site often.

Recommended Text: N/A Other Resources: N/A

Course Policies Grading Policies Two midterm exams are scheduled for this class. They are 1 hour in length and held in your regular lecture room during lecture time. The final examination is two hours in length and held during the final examination period. Each examination focuses on specific material covered, but the second midterm and final exams are CUMULATIVE. Ten online chapter quizzes are also scheduled. They are 10 multiple choice questions each (selected at random from a quiz question data bank) and may be completed at any time prior to the due date set out in the schedule contained in the Indicative Content section of this course outline (Saturdays at 11:59pm). Due dates will not be extended. The 8 quizzes on which you score highest will count (1.25% each) towards the overall grade. Requests regarding re-weighting of marks allocated due to a poor performance on an exam or quiz will not be considered. IF YOU ARE ILL AT THE TIME OF A MIDTERM EXAM YOU ARE REQUIRED TO COMMUNICATE (VIA EMAIL) ANY ILLNESS TO YOUR INSTRUCTOR BEFORE THE EXAM. The email communication should be sent to your instructor before the exam time and should include the following information: full name, student number, course code, seminar enrolled and your explanation for missing the exam. No deferred midterm exams will be held. Should you require to be excused from a midterm exam for legitimate reasons (i.e., religious holiday, medical condition, etc.) the marks of the midterm exam will be allocated to the final exam.

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Graded midterm examinations will be returned in class. Issues with marking will only be addressed within one week of the time the exams are handed back. Midterm exams must be kept until final marks have been recorded. You may be asked to resubmit your work at any time. You MUST write your midterm exams during the lecture time in the lecture room!

Course Policy regarding use of electronic devices and recording of lectures Electronic recording of classes is expressly forbidden without consent of the instructor. When recordings are permitted, they are solely for the use of the authorized student and may not be reproduced, or transmitted to others, without the express written consent of the instructor.

University Policies Academic Consideration When you find yourself unable to meet an in-course requirement because of illness or compassionate reasons, please advise the course instructor in writing, with your name, id#, and e-mail contact. See the academic calendar for information on regulations and procedures for Academic Consideration: http://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08-ac.shtml Academic Misconduct The University of Guelph is committed to upholding the highest standards of academic integrity and it is the responsibility of all members of the University community, faculty, staff, and students to be aware of what constitutes academic misconduct and to do as much as possible to prevent academic offences from occurring. University of Guelph students have the responsibility of abiding by the University's policy on academic misconduct regardless of their location of study; faculty, staff and students have the responsibility of supporting an environment that discourages misconduct. Students need to remain aware that instructors have access to and the right to use electronic and other means of detection. Please note: Whether or not a student intended to commit academic misconduct is not relevant for a finding of guilt. Hurried or careless submission of assignments does not excuse students from responsibility for verifying the academic integrity of their work before submitting it. Students who are in any doubt as to whether an action on their part could be construed as an academic offence should consult with a faculty member or faculty advisor. The Academic Misconduct Policy is detailed in the Undergraduate Calendar: https://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08-amisconduct.shtml Accessibility The University of Guelph is committed to creating a barrier-free environment. Providing services for students is a shared responsibility among students, faculty and administrators. This relationship is based on respect of individual rights, the dignity of the individual and the University community's shared commitment to an open and supportive learning environment. Students requiring service or accommodation, whether due to an identified, ongoing disability or a short-term disability should contact Student Accessibility Services as soon as possible.

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For more information, contact SAS at 519-824-4120 ext. 56208 or email [email protected] or see the website: https://wellness.uoguelph.ca/accessibility/ Course Evaluation Information Please refer to the Course and Instructor Evaluation Website Recording of Materials Presentations which are made in relation to course work—including lectures—cannot be recorded or copied without the permission of the presenter, whether the instructor, a classmate or guest lecturer. Material recorded with permission is restricted to use for that course unless further permission is granted. Drop date The last date to drop one-semester courses, without academic penalty, is Friday, November 29, 2019. For regulations and procedures for Dropping Courses, see the Academic Calendar: https://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08-drop.shtml Date Submitted to Chair: Chair Signature (Approval):

Date Approved by Chair:

Sandra Scott

26 August 2019

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