ACCT 2206 - Syllabus Fall 2020 A01 - Update PDF

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ACCT2206 Syllabus: Intermediate Financial Accounting I Fall 2020 – Section OA01 Course Information Course Name

Intermediate Financial Accounting I (ACCT2206) Course Description – After exploring the general structure of financial statements, Intermediate Accounting I builds on the student’s basic accounting knowledge and provides them with the skills to prepare the asset portion of a balance sheet and account for revenue streams on the income statement. Topics are explored in the context of current generally accepted accounting principles and IFRS practices.

Course Details

Course Start/End Dates Delivery Method

Learning Outcomes – Upon successful completion of this course you will be able to: 1. Examine the conceptual framework underlying financial reporting. 2. Evaluate financial statements. 3. Differentiate between revenue recognition methods. 4. Account for current assets (including cash, temporary investments, accounts receivable, and inventory). 5. Account for non-current assets (including long-term investments, property plant & equipment, and intangible assets). September 8 – December 17, 2020 Online Synchronous Instruction We will be meeting virtually through Microsoft Teams during our regularly scheduled class times:

Day, Time, Locations

Section OA01: Mondays & Wednesdays - 8:00 am - 9:50 am - access virtually with a link available in our Moodle site.

Instructor Information Name Contact Information

Availability for Student Support

Erin Duffee, CPA-CA, CGA, MBA [email protected] Virtual office hours can be accessed through Microsoft Teams Fridays from 9am-11am. These office hours are by appointment only. Please email me to set up a time. There will also be plenty of time for questions during our regularly scheduled class time and if the office hours do not work for you, we will work around it.

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Assessments Team Discussion Assignments (Weighting: 10%) Date: See Planning Calendar. Details: Each student will be assigned to a team near the start of the semester. Team activities will be provided throughout the course. Each student must contribute significantly to each team activity. Team activities will be released during class time but can be worked on by team members at any time that works for the team prior to submission dates outlined in the planning calendar to allow for flexibility. Each member of the team must have at least one turn as the recorder of the team activity who is responsible for the finalized document and the submission of that document to the appropriate moodle dropbox.

Quiz (Weighting: 20%) Date: September 28, 2020, During scheduled class time. Details: The quiz will be done in a Moodle Quiz format with access to an individual Excel Workbook using Respondus Lockdown Browser and Monitor. It will be 60 minutes in length and must be done during our regularly scheduled class time. The quiz will cover concepts from textbook Chapters 2, 3 and 6 and will consist of a mix of multiple-choice questions and long answer/written response questions, completed in MS Excel. Materials permitted in the quiz are limited to a non-programmable calculator (Recommended brand: Texas Instrument BAII).

Term Exam (Weighting: 30%) Date: November 4, 2020, During scheduled class time. Details: The exam will be done in a Moodle Quiz format with access to an individual Excel Workbook using Respondus Lockdown Browser and Monitor. It will be 90 minutes in length and must be done during our regularly scheduled class time. The quiz will cover concepts from textbook Chapters 2, 3, 6, 7, 8, 10 and 11 will consist of a mix of multiple-choice questions and long answer/written response questions, completed in MS Excel. Materials permitted in the exam are limited to a non-programmable calculator (Recommended brand: Texas Instrument BAII).

Final Exam (Weighting: 40%) Date: Thursday, December 10 from 8am-10am MST Details: The exam will be done in a Moodle Quiz format with access to an individual Excel Workbook using Respondus Lockdown Browser and Monitor. It will be 120 minutes in length. The exam is cumulative. It will consist of a mix of multiple-choice questions and long answer/written response questions, completed in MS Excel. Materials permitted in the exam are limited to a non-programmable calculator (Recommended brand: Texas Instrument BAII).

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Other Details Textbook Kieso, Weygandt, Warfield, Young, Wiecek, McConomy. (2019). Intermediate Accounting. (Twelfth Canadian Edition, Volume 1). John Wiley & Sons (ISBN:978-1-119-49651-9) Calculator Texas Instruments BA II Plus Technology Requirements All JR Shaw School of Business students are required to possess a computing device, either a desktop or laptop, that will meet the minimum technology requirements. This will enable you to engage in our digital learning environment and to participate in online assessments. In addition to the minimum technology requirements, your computing device must also support both audio and video streaming technologies and, as a result, must include hardware (either internal or external) such as a microphone and webcam. A broadband (high speed) internet connection is also required. Your computing device must meet the following minimum technology requirements:

Required Learning Resources

Windows: • Windows 10 • Processor: Intel i Series 4th Gen or Better or AMD Ryzen Series • Memory: 4 GB RAM minimum, 8 GB RAM recommended • Solid State Drive recommended or Hard Drive (minimum free space 15 GB) • Display resolution: 1366 x 768 minimum, 1920 x 1080 recommended • Wi-Fi connection: Wireless N, AC or better • Antivirus Protection: Windows Defender and Windows Firewall are recommended to protect your device and are pre-installed on your Windows computer Apple: •

• • • •

Mac Hardware Requirements: MacBook (Late 2009 or newer) MacBook Pro (Mid 2010 or newer) MacBook Air (Late 2010 or newer) MacOS High Sierra (10.13) or later Memory: 4 GB RAM minimum, 8 GB recommended Solid State Drive recommended or Hard Drive (minimum free space 15 GB) Antivirus Protection: No additional software is needed. Built-in firewall and security software available in System Preferences

Note: while tablets can support your learning, they are not recommended as a main device.

Optional Learning Resources

Wiley Plus • Access to Wiley Plus is included with text purchase, and offers access to an eText as well as additional practice questions • Registration can be completed through a link on the ACCT 2206 NAIT Moodle site

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Attendance

Academic Integrity

Attendance during the scheduled classes is recommended as this time will be used by the instructor to highlight areas that historically have provided the greatest challenge to students. Students may also ask questions during this time.

Students must use their own thoughts, ideas, and words when writing a quiz, exam, assignment, report, or anything else that receives a grade. When submitting an assignment, the student is guaranteeing that the document is his/her own original words and ideas. Where research in the form of direct quotes, paraphrases, summaries, data, or ideas created by others are part of the submission, research sources must be clearly and accurately cited following APA documentation guidelines. Assignments and reports must not include inappropriate or excessive levels of collaboration, assistance from other individuals, tutors, or excessive use of translation software. Please familiarize yourself with the full academic integrity regulations (section 4.5) at http://www.nait.ca/docs/Academic_Regulations(1).pdf The “Academic Regulations And Procedures” document is accessible in Moodle under the “Student Support” Block. Extra marks related to additional assignments will not be provided. Dates included in the course calendar have been finalized and will not be extended. All exams and cases will be retained by the instructor. Students who wish to review their exam or case results may book an appointment with their instructor.

Online Synchronous Learning Please note that this synchronous learning session, including any questions or comments submitted by students during the session, may be recorded and made available to students following completion of the session. This collection of personal information is carried out pursuant to section 33(c) of the Alberta Freedom of Information and Protection of Privacy Act, for the purpose of providing reference materials for students while studying, or for the purpose of assisting students who require medical or other accommodations.

Other Information Exams without Live Monitoring Please note that this exam will be monitored using online proctoring software that uses your webcam to record you and your immediate surroundings while you complete the exam. These recordings may be saved and reviewed by NAIT at a later date. This collection of personal information is carried out pursuant to section 33(c) of the Alberta Freedom of Information and Protection of Privacy Act, for the purpose of ensuring academic integrity during the examination. Please note that the recording will not be monitored by a live NAIT representative, and NAIT therefore will not be able to provide assistance remotely in the event of a medical or other emergency.

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If you have any questions regarding the collection and use of this personal information, please contact: Student Resolution Officer NAIT Main Campus 11762-106 Street NW Edmonton, AB T5G 2R1 Tel: 780-378-6136 Email: [email protected]

Student Support Academic Support Services For further Academic Support Services (Academic Success Centre, tutoring, library, facility information), please visit http://www.nait.ca/97226.htm

The Business Information Centre (BIC) The Business Information Centre is a centralized unit providing Student Support for all JR Shaw School of Business students. The Centre can assist in providing general administrative information, student advising, and can connect you to your Program Support. Phone: E-mail: Location:

780.471.8998 [email protected] CAT 301 A

Please Note: If you wish to meet with your instructor, outside of the classroom, it is your responsibility to directly contact your instructor to arrange. Please see the above section “Instructor Information” as to the best method to contact your instructor. Thank you.

Exam Conflicts and Deferrals You are responsible to initiate the process of rescheduling your final exams (which are also called “coordinated assessments”). This link will provide the information you need in order to begin one or both of these processes. As soon as you know that you have an exam conflict or that you will need to defer an exam ensure that you follow these processes immediately.

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Acct 2206: Course Timeline/Planning Calendar: Fall 2020 (Semester 1201) – Section OA01 Week

Monday

1

September 7

2

14 Chapter 2

Tuesday

Wednesday

Thursday

Friday

8

9 Introduction, Appendix C

10

11

15

16 Chapter 3

17

18 Team Discussion

Labour Day

Assignment #1 Due 11:59pm MST

3

21 Chapter 6

22

23 Chapter 6

24

25 Team Discussion Assignment #2 Due 11:59pm MST

4

28 Quiz (20%)

29

30 Chapter 7

October 1

2

5

5 Chapter 7

6

7 Chapter 7/8

8

9 Team Discussion Assignment #3 Due 11:59pm MST

6

12 Thanksgiving Day

13

14 Chapter 8

15

16

7

19 Chapter 8

20

21 Chapter 10

22

23 Team Discussion Assignment #4 Due 11:59pm MST

8

26 Chapter 10

27

28 Chapter 11

29

30 Team Discussion Assignment #5 Due 11:59pm MST

9

November 2

3

Chapter 11/Review

10

9 Chapter 12

4

5

6

12

13

19

20 Team Discussion

Term Exam (30%)

10

11 Remembrance Day

11

16 Chapter 12/9

17

18 Chapter 9

Assignment #6 Due 11:59pm MST

12

23 Chapter 4

24

25 Chapter 4

26

27

13

30 Chapter 5

December 1

2 Chapter 5

3

4 Team Discussion Assignment #7 Due 11:59pm MST

14

7 Review

8

15

14

15 16 Coordinated Assessment Period

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10 Final Exam 11 Coordinated Assessment Period 17

18 Final deferred and conflict exams.

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ACCT 2206: Problem Inventory As class time is limited, we will not be able to complete all questions listed during class time. Any questions not completed in class should be attempted as homework. Solutions are posted on Moodle. CHAPTER Appendix C 2 3 4 5 6 7 8 9 10

11

12

BRIEF EXERCISES 1, 2, 3, 7, 12, 13

9 9 (omit d), 12

EXERCISES C.6, C.7 3, 4, 6, 7, 11, 13 1, 2, 10 1, 10 (a, b), 13, 15, 16 1, 2, 4, 6, 11, 14 1, 2, 3, 7, 10, 13, 29, 32, 34, 37, 38 6, 7, 8, 9, 22, 23 3, 4, 7, 8, 9, 14, 15, 23 21, 22 (omit c & d), 23, 24 1, 2, 3, 4, 5 (Assets 1, 2, 4, 5), 8, 9, 11 (omit 2), 14, 17, 18, 21, 23, 25 (a, b), 27 4 (omit e, f, g), 7, 9, 10, 16, 17, 18, 22, 24, 30 (omit d) 4, 6, 19

ACCT 2206: Intermediate Financial Accounting I

PROBLEMS C.7 3, 5 3 4, 7, 16 1, 2, 3, 4, 8, 10 4 (b, c)

CASES

1

3, 5, 15, 16 3(a), 10

3, 4

6

1, 2, 4

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ACCT 2206: Readings Omissions List Intermediate Accounting, Kieso, 12th Canadian Edition Chapter No omissions 2 3

4 5 6

7

8

9

10

11

12

Omission

Pages -

Present Value Concepts (This is a review of present value calculations that were covered in previous courses. If you need to refresh your knowledge, this section is a good resource.) Appendix 4A – Application of the Cash and Accrual Bases of Accounting No omissions

3-13 to 3-27

Warranties Time Value of Money Repurchase Agreements, Bill & Hold Arrangements, Principal-Agent Relationships Costs to Obtain and/or Fulfill a Contract Appendix 6A – Losses on Long-Term Contracts Recognition/Measurement of ST Notes/Loans Receivables Recognition/Measurement of LT Notes/Loans Receivables Derecognition of Receivables Presentation, Disclosure, and Analysis of Receivables Repurchase Agreements Purchase Commitments Analysis (of Inventory) Appendix 8A – Retail Method of Estimating Inventory Appendix 8B – Accounting Guidance for Specific Inventory Amortized Cost Model (Investments in Debt Instruments of Other Entities) Sale of FV-OCI Investments (Shares & Debt Instruments) Equity Method – Expanded Example Strategic Investments - Investment in Subsidiaries Deferred Payment Terms Appendix 10A – Capitalization of Borrowing Costs Appendix 10B – Revaluation: Proportionate Method Depletion of Mineral Resources Held for Sale and Derecognition Analysis Appendix 11A – Depreciation and Income Tax Impairment and Derecognition Goodwill - Impairment Appendix 12A – Valuing Goodwill

6-18 to 6-19 6-25 to 6-26

ACCT 2206: Intermediate Financial Accounting I

4-39 to 4-44 -

6-38 to 6-40 6-44 to 6-45 6-57 to 6-59 7-21 to 7-22 7-22 to 7-30 7-30 to 7-37 7-39 to 7-40 8-9 to 8-10 8-10 to 8-11 8-44 to 8-45 8-47 to 8-51 8-51 to 8-52 9-11 to 9-15 9-22 to 9-26 9-35 to 9-37 9-38 to 9-39 10-11 to 10-12 10-37 to 10-42 10-42 to 10-44 11-13 to 11-15 11-27 to 11-30 11-32 to 11-35 11-37 to 11-41 12-21 to 12-24 12-27 to 12-30 12-37 to 12-42

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