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Please take a look of the material before and ensure the answer can get 90\% or above. busi_3325_ss1_2020_course_outline.docx busi_3325_ss1_exam_review.docx Unformatted Attachment Preview Mount Saint Vincent University Department of Business Administration and Tourism and Hospitality Management Busi 3325 16 18 Intermediate Accounting: Assets Summer Session 1 (Spring) Instructor: Seminars: Room: Office Hours: My Office: Telephone: E-mail: Shawn West MBA CPA, CA Tues and Thurs 6:00 – 8:30 PM Online - Blackboard Collaborate By appointment N/A 902-221-8203 shawn.west@msvu.ca Calendar Description: An examination of the accounting framework and review of the accounting process and basic financial statements. International Financial Reporting Standards (IFRS) and Accounting Standards for Private Entities (ASPE) will be applied to accounting for the asset section of the Balance Sheet. Prerequisites: Introductory accounting 2 (BUSI 2222). Course Description: Busi 3325 is the first of the two-part Intermediate Financial Accounting sequence. It is required of all accounting majors and all students who wish to pursue a CPA Chartered Professional Accountant designation, and will be of interest to any business student who wants to know more about financial statements and how to interpret them. The CPA program exemption requirements are a minimum grade of C-, with an average of C on core courses. This course reviews and expands on the students’ knowledge of introductory accounting. Topics include an examination of the Canadian Financial Reporting Environment and the conceptual Framework underlying financial reporting. Students are expected to understand the accounting process and basic financial statements. A focus is placed on the asset side of the balance sheet from cash, the most liquid asset, through to long term assets - property, plant and equipment as well as intangible capital assets with special emphasis on accounting for assets in accordance with CPA requirements. GAAP for publicly accountable and private enterprises is presented. Course Objectives: • To extend the student’s knowledge of the meaning of GAAP / IFRS and professional judgement • To highlight the constantly changing accounting environment of GAAP, IFRS and PE GAAP • To expand upon the concepts taught in Introductory Accounting • To integrate modern accounting practices with accounting theory • To develop the student’s knowledge of Handbook requirements for the financial accounting and reporting of assets • To develop the student’s ability to apply technical details of the CPA Handbook and to apply logic and accounting theory to areas not covered by professional pronouncements __________________________________________________________________________________________________ Course Text: Kieso, D., Weygandt, J., Warfield,T., & Wiecek, I., McConomy, B. Intermediate Accounting, Volume 1,Twelfth Canadian Edition, John Wiley & Sons Canada, Ltd., 2019 Students should access the current textbook. Using old textbooks can negatively impact your grade and ability to complete assignments and tests. SS1 2010 Suggested Reading: Not all the information discussed in class will be taken directly from the textbook so it is essential to attend class and take notes. Please check Moodle on a regular basis for assignments and final due dates. Other Readings: Access to the CPA Canada Handbook Parts I and II. The CPA Canada Handbook includes both IFRS (Part I) and ASPE (Part II) and can be accessed from any computer on campus or from home through the Library site on the Mount Saint Vincent University home page. You will be asked for your user-id and password if accessing from home. - On the MSVU homepage, select Library - Select Subject Guides – menu option in middle of page just above large icons - Select Business – Business Administration - Select Books, standards, Theses and More - on left hand side of page - Select Standards -Select CICA Standards and Guidance Collection - Select Accounting and Assurance – CPA Canada Standards and guidance collection (CPACHB) The Assurance section includes all of the Canadian auditing standards. The Accounting section includes –a handbook for private enterprise standards, International Financial Reporting Standards, Pensions and Not-For-Profit. Expand using the + signs. Assessment/Evaluation: Topic Percentage of grade Due Date Midterm 30\% ** May 28 Final Exam 40\% ** June 18 Assignments (assigned in class) 20\% *** 1 week following completion of each applicable chapter – Check Moodle Quizzes 5\% Posted in Moodle - Due Start of Each Chapter Participation / Attendance 5\% * Students will need a medical note if they are unable to write an exam at the scheduled time. **In order for students to pass this course, they must have a 50\% average (i.e., 35 out of 70) on the midterm and the final examination. In addition, a minimum grade of 40\% on the final exam is required. *** An assignment schedule follows. Assignments and due dates will be posted in Moodle at least one week prior to the due date. All papers in this course must use the APA format for citing sources of information unless your instructor indicates otherwise. This is a fast moving and interactive course that requires class discussion. Attendance is expected of students at all classes and nonattendance will adversely affect your participation grade. Students should be aware that mere attendance is not participation. Participation can include classroom discussions, in-class work and/or work in Moodle. Course material and information is posted on the Moodle website. Students should be aware that the Moodle system has the capability to track student visits to the course website. This capability provides the professor with some indication of how active students are in the course, and the instructor may periodically use this information to assess students engagement with course material. The Undergraduate Level Grading Scheme 2.2.20 can be found through this link: http://www.msvu.ca/en/home/programsdepartments/academiccalendars/undergradprograms/regulations/gradingexaminations.as px Exams: All final exams must be held during class time in the last class of the Summer term. The Examination Policy 2.2.21 can be found through this link: http://www.msvu.ca/en/home/programsdepartments/academiccalendars/undergradprograms/regulations/examinationpolicy.a spx SS1 2010 Penalties: Deadlines for assignments will not be adjusted unless you have a valid reason, and in cases of illness, a note from a doctor will be required. If you have a personal emergency, you will need to notify me as soon as possible and each situation will be assessed by me on a case-by-case basis in consultation with the Department Chair as to whether or not deadlines will be extended. Missed deadlines may result in a daily 5\% penalty. Assignments The instructor may choose to mark only certain assignment questions. Assignment questions will be posted in Moodle one week prior to due date. Below are estimates of assignment due dates. Firm assignment dates will be posted in Moodle. This allows for spending more time on certain topics if needed. Some assignments may be through Wiley Plus. See Moodle for assigned questions and final due dates. Assignment #1 #2 #3 #4 #5 Chapter Chapters 1 or 2 Chapter 3 or 4 Chapter 5 or 6 Chapter 7 or 8 Chapter 9 or 10 Due Dates May 14 May 21 May 28 June 4 June 11 Quizzes Quizzes will be assigned in Moodle on each chapter before the chapter is covered in class. See detailed course outline below. Seminar Schedule/Weekly Outline Dates Topic and Text Reference May 5 WEEK ONE Quizzes BE 2-1, BE 2-2, BE 2-6 Quiz chapter 2 due before start of class on the 5th. Introduction, Discuss Course outline, Course Requirements, Expectations Structure of Classes, Feedback and Student responsibility Appendix Review Read Chapters 1 & 2 Chapter 1 - Financial Statements and Financial Reporting - Standard setting - Generally Accepted Accounting Principles - Introduction to the CICA Handbook Part 1(IFRS) - CICA Handbook Part II (Private Enterprises Chapter 2 - Conceptual Framework: qualitative characteristics, elements, and foundational principles - Objective of financial reporting - Financial reporting issues IFRS/ASPE SS1 2010 Problems for class These may be revised throughout the term Ex 2-1, Ex 2-2, Ex 2-4, Ex 2-6, Ex 2-7 P 2-3 May 7 WEEK ONE Read Chapter 3 - Measuring Financial Statement Elements Ex. 3-6, Ex. 3-7, Ex. 38, Ex. 3-9 - Measuring Fair Value using IFRS P 3-2 Quiz chapter 3 due before start of class on the 7th. - Present Value Concepts May 12 WEEK TWO Read Chapter 4 Reporting Financial Performance - Chapter 4 - Statement of Income and Comprehensive Income - Statement of Retained Earnings - Statement of Changes in Equity - Disclosure and Analysis May 14 WEEK TWO Ex 4-2, Ex 4-4, Ex. 4-10, Ex 4.19 P 4-1, P 4-5, P 4-8 Quiz chapter 4 due before start of class on the 12th. Read Chapter 5 Financial position and cash flows: Chapter 5 Ex 5-3, Ex 5-4, Ex 5-8, Ex 5-17, Ex 5-19, Ex 5-20, Ex 5-21 Quiz chapter 5 due before start of class on the 14th - Use and limitations of statement of financial position (SFP) - SFP classifications and statement preparation, including current vs. non-current/long-term assets and liabilities and shareholders’ equity - Statement of Cash Flows - Financial Ratios May 19 WEEK THREE Read Chapter 6 Revenue recognition: Chapter 6 - Nature of a sales transactions - Recognition and Measurement Ex 6-1, Es 6-3, Ex 6-5, Ex 6-6, Ex 6-10, Ex 615, Ex. 6-24, Ex 6-27, Ex 6-29, Ex 6-36 Quiz chapter 6 due before start of class on the 19th. CA 6-2 - Other Revenue Recognition Issues - Presentation and Disclosure - Long Term Contracts May 21 WEEK THREE Read Chapter 7 Cash and receivables: Chapter 7 (including Appendix 7A) - Reporting cash and cash equivalents - Cash recognition and Measurement - Accounts receivable: recognition, measurement, impairment - Presentation, Disclosure, And Analysis of Receivables - Cash controls: petty cash and bank reconciliations – Appendix 7A SS1 2010 Ex 7-1, Ex 7-4, Ex 75, Ex 7-7, Ex 7-14, Ex 7-21, Ex 7-22 CA 7-1 Quiz chapter 7 due before start of class on the 21st. May 26 Wrap up and Review May 28 June 2 WEEK FOUR Midterm Read Chapter 8 Inventories Ex 8-2, Ex 8-3, Ex 8-7, Ex 8-10, Ex 8-11, Ex 8-12, Quiz chapter 8 due before start of class on the 2nd. - Recognition, items included, inventory errors P 8-5, P 8-6, CA 8-3 - Measurement , costs included, inventory systems, cost formulas, LCNRV, estimating inventory – gross profit and retail method - Presentation and Disclosure June 4 WEEK FOUR Read Chapter 9 Investments - June 9 WEEK FIVE Measurement – cost / Amortized cost, Fair value through net income, Fair value Other comprehensive income, impairment model - Strategic investments Presentation and disclosure Read Chapter 10 & Chapter 11 Property Plant and Equipment - Recognition Measurement of cost Measurement after acquisition – cost, revaluation, fair value Capitalization of borrowing costs Depreciation, Impairment, and Disposition - June 11 WEEK FIVE Method of allocation Depreciation methods Impairment methods Asset groups and cash generating units Held for sale Presentation and Disclosure Finish Chapter 11 Ex 10-2 & 10-4,Ex 105, Ex 10-8, Ex. 10-12, Ex. 10-15, Ex. 10-18, Ex 10-23 IC 10-2 IC 12-1 Review Final Exam Quiz chapter 10 due before start of class on the 9th. Quiz chapter 11 due before start of class on the 9th. IC 11.1 Intangible Assets and Goodwill Characteristics of Goodwill Characteristics of Intangible Assets Recognition and measurement Impairment and De-recognition Goodwill Presentation and Disclosure Quiz chapter 9 due before start of class on the 4th. Ex 11-4, Ex 11-9, Ex 11-15, Ex 11-20, Ex 11-21, Ex 11-25, Ex 11-28 Ex 12-1, Ex. 12-5, Ex 12.9, Ex 12-13, Ex 1219 Learning Passport: N/A SS1 2010 CA 9-1 Read Chapter 12 June 16 June 18 Ex 9-3, Ex 9-6, Ex 911, Ex 9-14, Ex 9-19, Ex 9-22 Quiz chapter 12 due before start of class on the 11th. Use of Course Material: As a student in this course you should observe the following: • Course material to which you are granted access in this course is only to be used for this course. • Material that you submit as part of the requirements of this course cannot be used to complete the requirements of another course, without the expressed permission of the instructor of the second course. This constitutes cheating as stated in the Academic Calendar. • Students do not have permission to upload course material to any external websites or share with others, unless expressly permitted to do so by the instructor. If you require further clarification about using materials from this course in other contexts, please contact the instructor. • Under no circumstances are students permitted to provide anyone not registered in this course with access to the Mount Online course site established for the course. • Only students registered in this Mount Online course site are permitted to view, download, upload, comment or otherwise participate in this course site. Notes: • Regular attendance is expected of students at all classes. • Students requesting special consideration as a result of a conflict with a deadline for an assignment or an examination must do so in advance of the relevant deadline. • Students who have a disability and who require academic accommodations must register with Accessibility Services as early as possible in order to receive accommodations. http://www.msvu.ca/Accessibilityservices • Requests for accommodation of specific religious or spiritual observance must be presented in writing to the instructor within the first two weeks of class. • University regulations on plagiarism and cheating and other academic offenses will be strictly enforced. These regulations including applicable procedures and penalties are detailed in the University Calendar and are posted on department notice boards and on the website at www.msvu.ca on the Current Students page under Academic Offenses. • Correct use of language is one of the criteria included in the evaluation of all written assignments. • Students who conduct research involving human participants must have their research reviewed in accordance with the MSVU Policies and Procedures for Ethics Review of Research Involving humans before starting the research. Check with your course professor or Chair of the department about proper procedure. • If a faculty member wishes to change a course outline after the start of classes, this can only be done with reasonable notice to the class. After the deadline to register/add a course, changes to the timing, number, and weighting of assignments and examinations need the approval of the Dean. • All students, including those in labs and pass/fail courses, must receive written feedback from instructors before the deadline for withdrawing without academic penalty. This requirement does not apply to practica, co-ops and internships. • No tests or examinations worth more than 20\% of the course grade shall be held in the last two weeks of classes in the Fall/Winter semesters HELPFUL MSVU ONLINE RESOURCES FOR YOU: • Mount website: http://www.msvu.ca • IT Services: o Website: http://www.msvu.ca/en/home/studentservices/itservices/default.aspx o helpdesk@msvu.ca o 902-457-6538 during normal business hours o 902-457-6788 during evenings and weekends o 902-457-6601 from the computer lab phones o Monday to Thursday, 8:30am - 8:00pm, EMF Lower Level o Friday, 9:00am - 5:00pm, EMF Lower Level SS1 2010 • Teaching and Learning Platform: o o o Moodle: https://www.msvu.ca/en/home/programsdepartments/tlcol/MoodleCollaborate/default.aspx Moodle login: http://moodlelive.msvu.ca Moodle Student Guide: http://moodlelive.msvu.ca/mod/resource/view.php?id=34234 • Online Learning support o General Inquiries onlinelearning@msvu.ca o Mount Online Support online@msvu.ca o Phone 902-457-6511 o Toll-Free 1-800-665-3838 • • • • • Student email: https://www.msvu.ca/en/home/studentservices/itservices/outlookwebaccess.aspx Assisi Information Centre: (902) 457-6788 Parking/Security: https://www.msvu.ca/en/home/aboutus/safety-security/parking/default.aspx Undergraduate Academic Calendar: http://www.msvu.ca/calendar/undergraduate.asp Library: http://www.msvu.ca/library/ • Writing Resource Centre: http://www.msvu.ca/en/home/studentservices/academicadvisingsupport/writingresourcecentre/default.aspx • Student Services: http://www.msvu.ca/en/home/studentservices/default.aspx • Class Cancellation Line: (902) 457-6566 and website: http://www2.msvu.ca/classcancellation/Pages/index.aspx Mount students registered in the Business or Tourism Programs are considered members of the Halifax Chamber of Commerce and have access to information and great offers, including but not limited to: • Join one (or many!) of our 100+ events and make connections to the business community. These businesses are the companies that will be looking to hire students, like yourself, in the future! • Discounts from our many Benefit Providers including Home & Auto insurance with TD Insurance. • Access to our Member Directory, a great way to connect with local businesses. • M2M Marketplace offers. SS1 2010 Busi 3325.16.18 SS1 Midterm Review Date: May 28, 2020 Time: 6:00 – 9:00 p.m. Room: Online through Moodle (available from 6 – 9 pm) Please study: Chapters 1 through 6 in the textbook and also suggest the accompanying power points and self-study/in class questions Exam Makeup: 20 multiple choice questions from all six chapters (random questions from a question bank) 1 short question from chapter 1 1 short question from chapter 2 1 question from chapter 3 1 question from chapter 4 1 question from chapter 5 1 short question from chapter 6 Please remember: Please answer questions fully and show all work. Exam should be submitted in Word or Excel through Moodle submission. If I can’t read it, I can’t mark it. This is designed as a three-hour exam. The exam is not very difficult, but if you simply look for every answer in your book (the affect of having an online test with no proctor), you will quickly run out of time. I suggest knowing the work and be prepared. All work MUST be your own. No working together. All answers should be in good form and presented properly. What you should know: You are responsible for all material noted in course outline, but I would suggest paying extra attention to the following: • • • • • You should know how to read and identify and complete the financial statements we reviewed Know your journal entries and how they affect your various accounts (as a debit vs credit or increase vs. decrease) Know how to analyze and complete a cash flow statement. Cash also has a discounted value. Know the steps to determine revenue recognition and how to journalize You should also be comfortable with foundational accounting principles and qualitative characteristics Note: As discussed in class, I will make the exam accessible on Moodle from 6-9 p.m. You will (please) submit through Moodle on or before 9 pm on the exam day (May 28). If this is a problem, please advise BEFORE the exam day. This is important…exams are due at 9 p.m. Suggested Exercises: the chapter materials, the power points and self-sutdy questions discussed each class should prepare you well for the similar questions on the test. I am sorry for the strict rules but they are necessary for an online exam like this. I know you will all do well. Please note, I do not answer questions the day of the exam. I truly hope it goes well!!! ... Purchase answer to see full attachment