ACC 2010 Intermediate Accounting - Assets Course Outline Winter 2016

University of Manitoba
Asper School of Business
Department of Accounting and Finance
ACC 2010 Intermediate Accounting - Assets
Course Outline
Winter 2016
A01
Instructor:
Email:
Tel.:
Office:
Office hours:
Monday/Wednesday
10:00 am – 11:15 am
105 Drake
Wenxia Ge, PhD, CPA, CGA
[email protected]
(204) 474-9331
402 Drake Centre
Monday/Wednesday, 11:30 am–12:30 pm, or by appointment.
Course Description
ACC 2010 is the first of a two-part series in Intermediate Financial Accounting. This course is
designed to help students develop a thorough understanding of (a) the environment of financial
reporting and the conceptual framework that underlies financial reporting in Canada; (b) the
accounting for assets, revenues, and expenses in greater depth than in introductory accounting
course; and (c) substantive differences between International Financial Reporting Standards (IFRS)
by publicly accountable enterprises and accounting standards for private enterprises (ASPE). It
applies some accounting theory to help explain the “why” behind accounting standards and
practices.
Learning Outcomes
Upon completion of this course, you will be expected to:
−
have a solid understanding of financial accounting concepts and IFRS, as they apply to the
topics covered in this course;
−
have developed professional judgment in analyzing accounting issues and recommending
accounting policies; and
−
have developed skills in applying accounting standards to situations and problems.
ACC 2010, Winter 2016, Course Outline / Page 2 of 7
Course Material
• Required Text: Intermediate Accounting, Vol. 1, by Lo and Fisher, 2nd edition, Pearson Canada;
either a print copy with an access code to MyAccountingLab or an e-textbook with an access code
to MyAccountingLab.
• Reference: CPA Canada Handbook – Accounting (see Appendix 1)
• Class notes, solutions to selected problems & sample exams:
− Available on course website: https://universityofmanitoba.desire2learn.com/d2l/login
− Sign in using your University of Manitoba UMnetID
− From your Winter 2016 list of courses, click on “ACC-2010-A01-Intermediate AccountingAssets”
− Click on “Resources”, then “Content”
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, as indicated in the tentative
class schedule, have been selected and assigned for each topic covered in the course. The readings
will be most effective if completed prior to class.
Course materials from Pearson sources have been used with permissions. All ACC 2010 course
materials, including but not limited to the lectures, class notes, and examinations, are the intellectual
property of the instructor. These materials are not to be reproduced in any format without permission.
Allocation of Grades
Online Assignments:
Midterm Exam:
Final Exam:
See the assignment schedule below
Monday, Feb. 22, 6:00 pm– 8:30 pm
TBA
10%
40%
50%
100%
Online Assignments
Students must complete online assignments through MyAccountingLab associated with the Lo/Fisher
textbook. Do not throw away the student access code card included with new textbooks sold in the
bookstore! You need the access code and a lab course ID to register in MyAccountingLab. Please
refer to “MyAccountingLab Instructions” available on the course webpage for registration
guidance.
There will be eight assignments and each assignment is worth 1.5 points (the maximum credit for
assignments is 10 points). You must achieve a grade of at least 70% by the due date to get full credit
(1.5 points) for a particular assignment. A grade greater than zero, but less than 70%, is worth 0.5
points. You can do the assignments at any time and can redo them to improve your grade up until the
ACC 2010, Winter 2016, Course Outline / Page 3 of 7
deadline specified below. Effectively, if you score over 70% on 7 of the 8 assignments, you will
receive the full 10% toward your final course grade.
Assignment
1
2
3
4
5
6
7
8
Due by 10:59 PM on
Sunday, January 24
Sunday, February 7
Sunday, February 14
Sunday, March 6
Sunday, March 13
Sunday, March 20
Sunday, March 27
Sunday, April 3
Textbook Covered
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Examinations
The midterm examination will test all material covered in chapters 1-5 of the textbook. The final
examination will test all material covered throughout the entire course. Examinations will test
students’ understanding of the concepts covered in lectures, readings and assigned homework.
Students will also be tested on their ability to apply these concepts to new situations.
Students are allowed to bring one 8.5 x 11 inch sheet, handwritten on one side only, into the midterm
examination. For the final examination, students are allowed to bring one 8.5 x 11 inch sheet,
handwritten on both sides. Calculators must be non-programmable and cannot have text storage
capacity. Cell phones are not permitted. You must bring your student ID card to the exam.
A grade of zero will be given to a missed midterm examination without a legitimate reason. Students
who miss a midterm examination for a legitimate reason (medical, compassionate, academic conflict
or university sports team travel) should inform the instructor with suitable documentation within 5
days of the missed examination to have the weight of the missed midterm added to the final
examination.
Students who miss the final examination must apply to the Undergraduate Program Office in their
faculty for possible deferred examination privileges.
Email Communication
Please use your university e-mail account to communicate with me. Please include the course
number in the email subject line and include your full name and student number in every email.
ACC 2010, Winter 2016, Course Outline / Page 4 of 7
Tentative Class Schedule
(Changes are possible and will be announced in class)
Date
Topic
In-Class
Suggested Questions for Practice
Jan. 6
Course Outline
Ch. 1 Fundamentals of Financial Accounting Theory
Jan. 11
Ch. 2 Conceptual Frameworks for Financial Reporting
P2-12
P2-3, P2-4, P2-11, P2-15, P2-22
Jan. 13
Ch. 3 Accrual Accounting
P3-23
Jan. 18
Appendix: Review of the Accounting Cycle
P3-2, P3-5, P3-6, P3-9, P3-13, P315, P3-16, P3-18, P3-19, P3-22, P324, P3-25, P3-26, P3-29, P3-30, P331, P3-36, Case 1
P4-12, P4-35,
P4-23, P4-33
P4-4, P4-5, P4-6, P4-7, P4-8, P4-9,
P4-10, P4-13, P4-17, P4-18, P4-20,
P4-21, P4-24, P4-26, P4-28, P4-30,
P4-31, P4-32, P4-33, P4-37, P4-40,
Case 2
P5-25, P5-26
P5-3, P5-5, P5-7, P5-11, P5-15, P517, P5-19, P5-21, P5-23, P5-27, P531, P5-32, P5-33, P5-37, P5-38
P6-27, P6-29,
P6-32
P6-2, P6-4, P6-6, P6-7, P6-9, P610, P6-11, P6-14, P6-17, P6-20, P623, P6-24, P6-26, P6-28, P6-30, P631, P6-36, P6-38
P7-25
P7-1, P7-4, P7-9, P7-11, P7-14, P715, P7-16, P7-20, P7-21, P7-23, P727, P7-29, P7-31, P7-32, P7-34, P735
P8-8, P8-9,
P8-4, P8-9 (Cases A-D), P8-11, P827, P8-31, P8-32, P8-34, P8-36, P838, P8-41, Case 2
P1-6, P1-7, P1-16, P1-18
Jan. 20
Jan. 25
Jan. 27
Ch. 4 Revenue Recognition
Feb. 1
Feb. 3
Feb. 8
Ch. 5 Cash and Receivables
Feb. 10
Feb. 15/17
No class: Mid-term Break
Feb. 22
No class - Midterm Exam (6:00 pm – 8:30 pm)
Feb. 24
Ch. 6 Inventory
Feb. 29
Mar. 2
Ch. 7 Financial Assets
Mar. 7
Mar. 9
Mar. 14
Mar. 16
Ch. 8 Property, Plant, and Equipment
Ch. 9 Intangible Assets, Goodwill, Mineral Resources,
and Government Grants
Mar. 21
Mar. 23
Ch. 10 Applications of Fair Value to Non-Current
Assets
Mar. 28
Mar. 30
Apr. 4
Apr. 6
Appendix A: Statement of Cash Flows
P8-40
P9-2, P9-12
P10-5, P10-8,
P10-28, P1035, P10-40
P9-7, P9-8, P9-11, P9-15, P9-18,
P9-25, P9-26, P9-32, Case 2
P10-6, P10-7, P10-9, P10-11, P1012, P10-14, P10-16, P10-17, P1023, P10-27, P10-29, P10-30, P1038, P10-34, P10-42, P10-44
PA-1, PA-2, PA-5, PA-16, PA-22
(omit #1), PA-28, PA-29, PA-33
ACC 2010, Winter 2016, Course Outline / Page 5 of 7
Appendix 1. The CPA Canada Handbook – Accounting
The CPA Canada Handbook – Accounting is made up of 5 parts. For this course, we will only be
studying Part I and Part II. Part I is the International Financial Reporting Standards (IFRS). Part II is
the Accounting Standards for Private Enterprises (ASPE). Though it is not absolutely necessary to
read the IFRS or ASPE themselves, motivated students may find it useful to read directly from the
accounting standards to obtain a better understanding of the application of accounting.
The CPA Canada Handbook – Accounting 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 Libraries in the
Resources widget.
2.
In the Find widget, click on Databases A – Z page
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 CPA Canada Handbook – Accounting (CPACHB).
6.
In the left-hand window, click on Accounting. This in turn gives you access to
International Financial Reporting Standards (for public accounting entities) and
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.
ACC 2010, Winter 2016, Course Outline / Page 6 of 7
Appendix 2. AACSB Assurance of Learning Goals and Objectives.
The Asper School of Business is proudly accredited by AACSB. Accreditation requires a
process of continuous improvement of the School and our students. Part of “student
improvement” is ensuring that students graduate with the knowledge and skills they need to
succeed in their careers. To do so, the Asper School has set the learning goals and objectives
listed below for the Undergraduate Program. The checked goal(s) and objective(s) will be
addressed in this course and done so by means of the items listed next to the checkmark.
Goals and
Objectives
Addressed in
this Course
Course Item(s)
Relevant to
these Goals
and Objectives
A. Determine which quantitative analysis technique is
appropriate for solving a specific problem.
ü
Chapters 2 to 12,
Appendix
B. Use the appropriate quantitative method in a
technically correct way to solve a business problem.
ü
Chapters 2 to 12,
Appendix
C. Analyze quantitative output and arrive at a
conclusion.
ü
Chapters 2 to 12,
Appendix
B. Communicate in a coherent and logical manner
ü
Written shortanswer questions
in exams
C. Present ideas in a clear and organized fashion.
ü
Written shortanswer questions
in exams
A. Identify ethical issues in a problem or case situation
ü
Chapter 1
B. Identify the stakeholders in the situation.
ü
Chapter 1
C. Analyze the consequences of alternatives from an
ethical standpoint.
ü
Chapter 1
D. Discuss the ethical implications of the decision.
ü
Chapter 1
ü
Entire course
Goals and Objective in the Undergraduate Program
1
2
Quantitative Reasoning
Written Communication
A. Use correct English grammar and mechanics in their
written work.
3
4
Ethical Thinking
Core Business Knowledge
ACC 2010, Winter 2016, Course Outline / Page 7 of 7
Appendix 3. 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.