ACCT*1220 Financial Accounting

Sections 01 - 06

Fall 2016 Credit weight 0.5 

General Course Information

Instructors: Taslima Nasreen Office Location: MacDonald Hall MAC 217 Email: tnasreen@uoguelph.ca Office Hours: By Appointment Adeel Mahmood Office Location: MacDonald Hall MAC 217 Email: mahmood@uoguelph.ca Office Hours: By appointment William Moore Office Location: MacDonald Hall MAC 217 Email: wmoore@uoguelph.ca Office Hours: By appointment Allan Foerster CPA, CA Office Location: MacDonald Hall MAC 217 Email: afoerste@uoguelph.ca Office Hours: By appointment Alireza Talebi Office Location: MacDonald Hall MAC 217 Email: atalebi@uoguelph.ca Office Hours: By appointment Robert Murison Office Location: MacDonald Hall MAC 217 Email: rmurison@uoguelph.ca Office Hours: By appointment

Class Schedule: Section Class Time Location Instructor 1 Tues/Thurs 8:30-9:50 am LA 204 T.Nasreen 2 Tues/Thurs 11:30 am-12:50 pm MINS 300 A.Mahmood 3 Tues/Thurs 1:00-2:20 pm THRN 1307 W.Moore 4 Tues/Thurs 2:30-3:50 pm LA 204 A.Foerster 5 Mon/Wed 5:30-6:50 pm ROZH 102 A.Talebi 6 Wednesday 7:00-9:50 pm MACS 209 R.Murison

Course Description

The course will introduce students to the fundamental concepts and practices of Financial Accounting. Students are expected to become adept at performing the functions related to the accounting cycle, including the preparation of Financial Statements. Students are expected to develop the skills necessary for

financial statement analysis and using financial accounting information to assist them in future courses in decision making.

Course Learning Outcomes

The learning outcomes of this course are: 1. Perform all functions of the accounting cycle for a simple business, including:

i. Identify and measure transactions and other events ii. Prepare transactional, adjusting and closing journal entries iii. Present the financial position, income, changes in equity and changes in cash flow

2. Identify and explain the components of each of the financial statements and the accounting and business practices that these statements represent.

3. Apply financial statement analysis using common financial ratios to analyze and effectively communicate the condition of an organization’s liquidity, solvency and profitability.

4. Be aware of ethical issues and professional responsibilities in an accounting specific context.

Knowledge and Understanding:

1) Demonstrate an understanding of the processes of accounting that lead to the creation of financial statements

2) Demonstrate the ability to analyze and interpret financial accounting information

Indicative Content

This course will cover the following content:

Date Textbook Chapter Description Sept 8 thru16

Chapter 1 The purpose and use of financial statements

Week of Sept 19

Chapter 2 A further look at financial statements

Week of Sept 26

Chapter 3 The accounting information system

Oct 5/6 Exam 1 Chapters 1 to 3 Oct 12/13 & Oct 17/18

Chapter 4 and 5 Accrual accounting concepts and Merchandising Operations

Oct 19/20 Exam 2 Chapters 1 to 5 Week of Oct 24 & 31

Chapter 6 and 7 Reporting and analyzing inventory/Internal control and cash

Week of Nov 7

Chapter 8 Reporting and analysing receivables

Nov 14 & 15 Exam 3 Chapters 1 to 8 Nov 16/17 & Nov 21/22

Chapter 9 Reporting and analysing long-lived assets

Nov 23/24 & Nov 28/29

Chapter 13 Statement of cash flows

Nov 30 & Dec 1

Chapter 14 Performance measurement

 

Course Assessment

Assessment Weight Associated Learning

Outcomes Date/ location

Term Exam 1: 15% 2 Oct 6/in class

Term Exam 2: 25% 1, 2, 4 Oct 27/in class

Term Exam 3: 25% 1, 2, 3, 4 Nov 17/ in class

Final Exam: 35% 1, 2, 3, 4 Dec 9/ TBA

Total 100%

Teaching and Learning Practices (as appropriate)

Lectures The course is based on an active 12-week semester. In our view the most effective and efficient use of classroom time 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 and made a reasonable effort to prepare solutions to the assigned practice problems PRIOR to the class. In class, the lectures will consist of clarifying material and completion of in-class discussion problems. Students will also be provided with a schedule of practice problems along with solutions. These problems are selected from the end-of-chapter problems of the textbooks. The schedule and solutions will be posted on Courselink. Students are strongly encouraged to complete these problems as the course progresses.

Course Resources

Required Texts:

FINANCIAL ACCOUNTING: Tools for Business Decision Making. Sixth Canadian Edition, Kimmel, Weygandt, Kieso, Trenholm, and Irvine. Available at both campus book stores. 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. All announcements and updates will be posted here. Check this site often.

Course Policies

Grading Policies

Three term exams are scheduled for this class. They are 1 hour and 15 minutes in length and held in your regular classroom during class time. Each term exam focuses on specific material covered, but the term and final exams are CUMULATIVE. Requests regarding re-weighting of marks allocated due to a poor performance on an exam will not be considered. There is no re-weighting of exams. IF YOU ARE ILL AT THE TIME OF THE TERM 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, section enrolled and your explanation for missing the exam. All necessary documentation (medical note) supporting your absence must be delivered to your instructor within 5 business days of the exam. Also note: issues with marking will only be addressed at the time the exams are handed back (in class). You MUST write your term exams in the class you are registered in!

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:

http://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08...

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 the Student Accessibility Services as soon as possible.

For more information, contact SAS at 519-824-4120 ext. 56208 or email csd@uoguelph.ca or see the website:http://www.uoguelph.ca/csd/

Course Evaluation Information

Please refer to the Course and Instructor Evaluation Website

Drop date

The last date to drop one-semester courses, without academic penalty, is November 4, 2016. For regulations and procedures for Dropping Courses, see the Academic Calendar:

http://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08

Additional Course Information The following is a schedule of the in-class problems that will be covered in the course. The problems will be taken up in class by the instructor, but they should be reviewed and attempted by students prior to class. The schedule also lists problems that students are responsible for doing throughout the semester (practice problems). Solutions to these problems will be provided on Courselink. Both in-class and practice problems come from the end-of-chapter exercises and problems in the textbook.

Textbook Chapter In-class Problems Practice Problems

Chapter 1 E1-9; E1-11; E1-12 BE1-5; E1-3; P1-5A; P1-7A

Chapter 2 BE2-9; E2-3; E2-8; P2-4A; P2-5A E2-7; E2-9; P2-4B; P2-6B

Chapter 3 E3-8; ; P3-4B part b only; P3-6A E3-11; P3-4A; P3-5A; P3-8A

Chapter 4 E4-2; E4-6; P4-8A; P4-9A P4-1A; P4-2A; P4-4A; P4-8B; P4-9B

Chapter 5 E5-6; E5-11; P5-3A P5-3B; P5-4B; BYP5-1

Chapter 6 E6-3; E6-6; P6-6B;E6-11; P6-11A E6-4; E6-5; P6-3A; P6-11B

Chapter 7 E7-3; BE7-5; BE7-10; BE-7-11; P7-5B P7-5A; P7-7A; P7-8A;

Chapter 8 E8-3; E8-4; P8-5A; P8-6B; E8-12; P8-10B E8-13; P8-2A; P8-7A; P8-10A; P8-5B

Chapter 9 E9-3; E9-7; E9-13; P9-2A; P9-6A; P9-11A P9-12A; P9-4B;P9-6B; P9-7B; P9-11B

Chapter 13 E13-7; E13-12 (direct only); P13-6A (direct only); P13-7A (direct only); P13-9A

P13-2B (direct only); P13-6B (direct only); P13-7B (direct only); P13-9B

Chapter 14 BE14-3; E14-4; P14-3A; P14-4A; P14-5A P14-1B; P14-3B; P14-4B; P14-5B