Syllabus - Summary Financial accounting PDF

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MGAB02H3 S FINANCIAL ACCOUNTING II WINTER 2016 Instructor Contact Information: L06 & L07

George Quan Fun

L02, L04, L05, L30, L31

Douglas Kong

L01 & L03

Nan Li

Telephone: Office: E-Mail: Telephone: Office: E-Mail: Telephone: Office: E-Mail:

416-208-4740 IC354 [email protected] 416-208-2694 IC362 [email protected] 416-287-7351 IC360 [email protected]

Course Description: This is the 2nd half of the introductory accounting course. Technical topics include the reporting and interpretation of debt and equity issues, owners' equity, cash flow statements and financial analysis. Through cases, choices of accounting treatment and disclosure are discussed, and the development of professional judgment is encouraged. The course is designed to achieve the following objectives: ! ! ! !

Apply various accounting rules and principles to the recording and analysis of the assets, liabilities, shareholder’s equity accounts, as well as business situations, for both users’ and preparers’ purposes; Develops critical thinking and problem solving skills in analyzing accounting situations/cases, and present the recommendations in a proper business writing format; Analyze financial statements and financial information, using them to make effective business decisions; and, Appreciate the importance of ethics in accounting.

Though the courses do satisfy the requirements of the three major accounting groups in Canada for an introduction to the subject, the courses are not intended solely for professional accountancy training. They provide a better understanding and a valuable analytical tool for anyone considering a career in management.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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Prerequisite(s): Exclusion: VPAB13H3, MGT120H, MGT201H, MGT220H, RSM219H, RSM220H Prerequisite: MGAB01H3/(MGTB05H3)

Textbook/Required Course Materials: Required Text: Libby, Libby, Short, Kanaan, and Gowing, Financial Accounting, 5th edition, with Connect Access Card. Access to Connect is required for MGAB02 to work on your on line assignments and quizzes. Use your Connect Access Card and pincode packaged with the Libby text to register at Connect Student Registration URL on page 11 of the Course Outline. If you previously activated your Connect pincode for MGAB01, you will need to re-register to at your Connect Student Registration URL for MGAB02 using your existing password and username. If you purchased a used book and do not have a Connect Access Card, you will need to purchase access to Connect in order to work on your one line assignments and quizzes. You are expected to have completed the assigned readings before the class session for which the items are listed. Please bring your copy of the text to all class sessions. In each chapter there are Demonstration Cases and Self-Study Questions with solutions provided. It is strongly recommended that you attempt to solve these problems before tackling some of the more complex text questions. Please see the MGAB02 instructor’s Blackboard for comments on text errors, etc. In addition, various cases/articles may be distributed in class. These are required readings whether or not the items are formally listed on the course outline. The key to success in this course is to attempt as many problems to increase your level of technical knowledge and gain confidence and familiarity of the type of questions you may be asked on the exams. In addition to the solutions of the class discussion and tutorial questions you will have access to, additional questions and solutions are made available to you in Connect to check your own work/progress from the Libby’s end-of-chapter questions and problems. Although these assignments are marked they are not counted as part of your overall course assessment. Nevertheless, students are encouraged to try these questions. In Connect, we have set the policies as follows: ! ! ! !

Students are allowed to check their work during and after each assignment. The system will provide “hints” if available for questions. The system will show feedback after students check their work during each assignment and the system will provide detailed feedback (with solutions) after assignment You will see your score each time you click “Score this” rather than at the end of the assignments. You will be able to see your results for each question immediately rather than at the end of the assignment

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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Connect will also allow you to have access to the following resources: ! ! ! !

Online Interactive eBook (highlighting, note-taking, hyperlinked, printable) Textbook Chapter Practice Questions with Solutions Self-Quiz and Study Questions Student Resources including Check Figures, Help Me Solve It Video Tutorials and Textbook Self-Study Quiz Solutions.

Recommended Readings: Students are expected to have a general knowledge of current business and economic developments, especially as they relate to topics covered in the course. The daily Report on Business of the Globe & Mail and National Post or other papers is recommended. Other Canadian introductory financial accounting texts that you might have access to could also be helpful. For difficult topics, another explanation of material and more examples, as presented in another text, might make the issues clearer.

Lecture Notes and Other Announcements: All the lecture notes and announcements for the course will be posted on UTSC Blackboard Portal. Students are responsible for checking the Blackboard at least once a week to ensure that no major announcements have been missed. Other Information: (a) Studying: The coverage of material in these courses is extensive and rigorous. Experience has shown that students who fail to keep up-to-date at all times, no matter what their previous background in the subject, will tend to have difficulty in handling the material, which is of a cumulative nature, on tests and examinations. It is generally agreed that one needs to work through a substantial number of exercises and problems in order to understand the concepts and procedures involved in accounting courses. In the class sessions a number of text questions and cases will be discussed. It is important to understand that questions on the tests and final examination may differ significantly from text exercises. Questions from the text usually reflect the material in a single chapter, are often variations of chapter illustrations, cover only selected portions of the assigned material, are usually "complete" problems (in the sense that one is expected to follow a logical procedure from start to finish) and are done on an "open-book" basis. Questions discussed/solved in class should be viewed as a minimum effort in order to understand the course. Students are strongly urged to attempt other problems from the text. To assist in the effort, the solution manual will be available to use to check your answer during the instructor’s office hours. In all instances, students should attempt their own solution of problems before verifying their answers. Photocopying of solutions will not be permitted.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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(b) Counseling/Office Hours/Accounting Aid Centre: Students who have problems or questions that cannot be discussed in the class sessions are encouraged to attend the instructor’s office hours. For those students who wish to try extra problems from the textbook, solutions may be checked during their instructor’s office hours. The instructor and TA office hours will be announced at the beginning of class. If you wish to have your assignments remarked or need clarification of the mark given, you will need to clearly state your question in memo format and identify which area of your answer deserves additional marks. The instructor will forward your request to the marker directly. Questions relating to administrative, registration, degree/programme requirements should be directed to [email protected]. (c) Examinations from Prior Sessions: Copies of old tests and exams will not be made available. These questions will not be discussed and solutions to them will not be provided. (d) Case Workshop, Problem Tutorial Sessions and Room Information: A case workshop is scheduled on Friday, March 4 between 3 to 5 pm. The location of the case workshop will be announced in class during the first week. The workshop is intended to introduce students to case analysis and writing techniques which are an important component of the BBA program. The workshop will emphasize on the interpretation and use of accounting information from the decision-maker’s perspective. At the end of the workshop, students will learn how to: • properly read and analyze case facts (financial and non-financial), including understanding of users and their needs; • identify relevant information; • integrate business environments with the issues at hand; and • arrive at and communicate viable alternatives and solutions. The attendance of this workshop is optional. However, we encourage all students to attend this case workshop to enhance the writing and analytical skills of cases. The contents of the case workshop may be tested in your final exam. There are 4 Problem Tutorial sessions scheduled (2 before the midterm exam and 2 before the final exam) and you may attend any one of the following sessions on the scheduled date. The questions discussed in the tutorials are listed on page 10 of the course outline. Section TUT001 TUT002 TUT003

Time Friday, 9-10 am

Room SW 143

Friday, 10-11 am Friday, 11-12 pm

SW 143 SW 143

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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Evaluation and Grading: Component On Line Assignment (4 in total) B02 On Line Quizzes (2 in total) B01 Review On Line Quiz Case Assignment (Individual Case) Mid Term Test Final Exam Total

Weight/Value 8% 4% 3% 10% 25% 50% 100%

Note: The midterm exams and the final exam date, time and location will be announced once they are determined. The Mid Term Exam is 2 hours and the Final Exam is 2.5 hours.

On-line Assignments - Submission Procedures: There are 4 weekly on-line assignments. All the on line assignments and quizzes are completed in Connect. Each assignment should be completed within approximately 7 days after the lesson is delivered. Students are encouraged to practice as many times as necessary until they are satisfied with the outcome. Students will not be allowed to access the assignment after the due date. Each assignment offers you a unique opportunity to test not only your understanding of the course material but also your ability to analyze and solve problems. An important aspect of problemsolving is the necessity of selecting an answer in the face of uncertainty about the facts or requirements in the problem. Students are encouraged to practice as many times as necessary until they satisfied with the outcome. Students will not be allowed to access the assignment after the due date. To help you develop this critical ability, your professor will not discuss a homework problem or answer any questions about it prior to its submission. Please refer to the Connect Registration Instruction at the end of this document for the detailed logon procedure. B01 Review and B02 On-line Quizzes: There is one B01 review on line quiz that is due at the end of the second week. This quiz focuses on all the materials covered in B01 and will also provide an opportunity to review all of the course materials covered in B01. The quiz will consist of 30 multiple choice questions and students have 60 minutes to complete all the questions. Students are only allowed one opportunity to complete the quiz. Please make sure that you are fully ready before attempting the quiz. There are also 2 B02 quizzes to be done online and will test students on basic understanding of the required readings. The format of the quiz consists of 30 multiple choice questions to be done in 60 minutes. You only have one attempt and there is no make-up quiz.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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Case Analysis – Procedures: There is 1 case assignment done individually. Case analysis develops your critical thinking and problem solving skills, so a given accounting situation can be logically addressed. An important aspect of problem solving is the necessity of selecting an answer in the face of uncertainty about the facts or requirements in the problem. The assignment offers you a unique opportunity to test not only your understanding of the course material, but also your ability to analyze and solve problems. To help you develop this critical ability, the instructor will not discuss a homework problem prior to its submission. The format of the case analysis will be discussed in class by the instructor. The case should be typed in a Word document, 1½ spaced on letter-size paper using one-inch margins, maximum length is 4 pages (approximately 800 words), exclusive of tables, appendices and references and 12-point Times New Roman font or equivalent. Outside sources (articles, books, etc.) are encouraged but not required. Any reference should be listed in a bibliography at the end of the paper. If applicable, you must show all calculations and state all assumptions leading to your answer. It is recommended that you keep the rough draft or photocopy of your assignment to minimize the problems caused by lost or missing assignments. No marks will be given for the correct answer only. No late assignment will be accepted and marked after the due date. Case Assignment – Submission Format: Students need to submit the case assignment in a word document to Blackboard Portal in the “Hand In Assignment” tab. The instructor will further review the procedures to submit the assignment via Blackboard in class. When you upload the file to Blackboard, please make sure that the file name consists of: Your name: Student Number: Lecture Number: Case 1 (eg: johndoe999999L01Case1) On the due date, an electronic copy also needs to be submitted to Turnitin. Normally, students will be required to submit their course essays to Turnitin.com for a review of textual similarity and detection of possible plagiarism. In doing so, students will allow their essays to be included as source documents in the Turnitin.com reference database, where they will be used solely for the purpose of detecting plagiarism. The terms that apply to the University's use of the Turnitin.com service are described on the Turnitin.com web site

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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To sign up for Turnitin, please go to www.turnitin.com and set up the account. The following information will be required for you to log onto Turnitin. Section Number L01 L02 L03 L04 L05 L06 L07 L30 L31

Class ID

Enrollment Password

11129915 11129928 11129916 11129930 11129931 11129920 11129924 11129934 11129937

16WMGAB02L01 16WMGAB02L02 16WMGAB02L03 16WMGAB02L04 16WMGAB02L05 16WMGAB02L06 16WMGAB02L07 16WMGAB02L30 16WMGAB02L31

Except for any unusual circumstances pre-approved by the instructor, no late assignment will be accepted.

Mid Term Test & Final Exam: The midterm exam consists of multiple choice questions and several short answer questions covering materials from chapters 9 to 11. The mid term exam is 2 hours. The final exam will consist of multiple-choice questions, problems, a case and other forms of questions which will test your analytical and conceptual thinking. The final exam questions, may combine material from a number of chapters, may require a selection of ideas or concepts from any part of the course, may focus on only one small part of a larger process, may be non-directive (open-ended) in nature, may require answers in the form of essays of formal reports, are "closedbook" and have strict time restrictions. All tests are cumulative: questions may be asked on all material from the beginning of the course and also from the MGAB01. The final exam is 2.5 hours.

Additional Procedural Points: (a) Students who require special accommodations and arrangements for writing the test and examination should be in contact with the Accessibility Special Services Office to ensure that arrangements can be made on a timely basis. (b) According to the Academic Regulations of UTSC (please refer to http://www.utsc.utoronto.ca/courses/calendar02/Academic_Regulations_(Part_III).html), if students are scheduled to write two final examinations at the same time, they should report their conflicts to the Assistant Registrar (Scheduling) (Room S416A, 416-287-7540). Arrangements will normally be made for students to write both examinations on the same day, with a supervised break. Where the conflict involves a St. George Campus course, Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

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arrangements will normally be made for both examinations to be written at University of Toronto at Scarborough. Requests for such arrangements must be made no later than two full weeks before the commencement of examinations and will not be considered after that time. (c) Students scheduled to write final examinations in three consecutive time slots (these are morning, afternoon, and evening) may request special arrangements. Requests for such arrangements must be made with the Assistant Registrar (Scheduling) no later than two full weeks before the commencement of examinations. Requests will not be considered after that time. (d) Test/Examinations answers must be written in ink. (e) Students are expected to arrive on time for all tests and examinations. It is not likely that any additional time can be allowed for late arrivals. (f) The use of a simple, non-programmable, quiet, non-printing calculator will be permitted in all tests and examinations. Students will not be permitted to share calculators and should take adequate precautions against calculator failure during a test. No allowance can be made for calculator failure or malfunction. The allowed calculators include: Texas Instruments TI 30 Explorer Plus, Sharp EL509 and 531, Cassio FX 65 and 280.

Policy on Missed Assignments/Examinations: Students who find that, due to illness, they are unable to attend a mid-term test should notify the instructor before the test date. Make-up tests for the midterm will not be arranged; however, the student should provide the instructor with a medical note. Grading procedures for such circumstances will be 0 for the mid term exam with the final exam worth 75% (summation of marks allocation for midterm and final). These students may be required to write a separate comprehensive final exam which is a combination of a deferred midterm exam and the final examination, and the comprehensive exam could last for 3 hours. Students who miss the midterm exam and fail to contact the instructor within 24 hours of the exam date will receive 0 for the midterm portion of the mark.

Academic Support: The Department of Management, in collaboration with the UTSC library, will be providing academic research support in the IC Building. To refine your research skills or to learn more about various scholarly resources, please contact the Librarian for Management and Economics students. Lola Rudin, Subject Librarian, Management and Economics Room IC375 Office hours: Monday & Thursday, 1:00 – 3:00pm or by appointment Email: [email protected] Web: http://guides.library.utoronto.ca/utsc_mgmt The English Language Development Centre (ELDC) helps students develop the critical thinking, vocabulary and academic comm...