University of Manitoba I. H. Asper School of Business Department of Accounting and Finance January April 2019 ACC 1100 Introductory Financial Accounting Section A01 Monday/Wednesday 10:00AM-11:15AM 105 Drake Section A02 Monday/Wednesday 11:30AM-12:45PM 105 Drake Section A03 Monday/Wednesday 1:00PM-2:15PM 105 Drake COURSE OUTLINE Instructor: Mingzhi Liu Office: 460 Drake Centre Office Hours: Monday & Wednesday, 3:00PM-4:30PM; Or by appointment Phone: 204-474-6847 Email: mingzhi.liu@umanitoba.ca To access course website 1. The UMLearn website address is: https://www.umanitoba.ca/d2l 2. Sign in using your University of Manitoba UMnetID. (If you do not have a UMnetID, go to the Iridium website at: https://iridium.umanitoba.ca/ and click on Create UMnetID.) 3. In the Winter 2019 list of courses, click on ACC-1100-A01-A02-A03- Introductory Financial Accounting. 4. All course-related materials are available on UMLearn (e.g., class notes, in-class exercises, sample exams, term project instructions, solutions for assigned homework, etc.). Prior to each class, students are expected to access the course website to obtain a copy (paper or electronic) of the relevant materials to bring to class. OBJECTIVES OF THE COURSE The overall objective of this course is to develop your knowledge of, and your ability to use, financial accounting information. At the conclusion of this course you will be expected to: 1. be able to interpret financial statements and derive information to support decision-making; 2. have an understanding of financial accounting concepts and the way concepts are applied in preparing financial statements; 3. be aware of the existence of alternative accounting treatments and the need to exercise judgment in deciding on the treatment appropriate in a specific situation; and 4. be able to prepare financial statements.
ACC 1100 (January April 2019) Course Outline / Page 2 AACSB ASSURANCE OF LEARNING GOALS AND OBJECTIVES 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 Objective in the Undergraduate Program 1 Quantitative Reasoning A. Determine which quantitative analysis technique is appropriate for solving a specific problem. B. Use the appropriate quantitative method in a technically correct way to solve a business problem. C. Analyze quantitative output and arrive at a conclusion. 2 Written Communication A. Use correct English grammar and mechanics in their written work. B. Communicate in a coherent and logical manner C. Present ideas in a clear and organized fashion. 3 Ethical Thinking A. Identify ethical issues in a problem or case situation Goals and Objectives Addressed in this Course Course Item(s) Relevant to these Goals and Objectives Entire course Entire course Entire course Term project Term project Term project Chapter 8&9 B. Identify the stakeholders in the situation. Chapter 13 C. Analyze the consequences of alternatives from an ethical standpoint. Chapter 8&9 D. Discuss the ethical implications of the decision. 4 Core Business Knowledge Entire course 2 P a g e
ACC 1100 (January April 2019) Course Outline / Page 3 REQUIRED TEXTS Rich, Jones, Mowen, Hansen, Jones and Tassone, Cornerstones of Financial Accounting with Cengage NOW Version 2, 2017, published by Nelson. The package also contains a code that you will need to register in CNOW V2 (Cengage Now Version 2), on-line portal for homework and e-book. Do not throw the code away. The ISBN of CORNERSTONES 2CE (hard copy) + CNOW V2 Access Pac of 12 MTH is 9780176827762. Alternatively, the ISBN of digital only bundle - CNOW V2 Instant Access of 12 months Homework and e-book, 9780176792695. These are available for purchase at the Bookstore on Fort-Garry campus. Note that access period to CNOW is 12 months from the date site registration. Registration site is: https://www.cengage.com/dashboard/#/course-confirmation/e- Y84EYPTEDCWJX/initial-course-confirmation 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 and after-chapter problems (see Appendix 1) have been recommended for each topic covered in the course. The readings will be most effective if completed prior to class. As a rule of thumb, we recommend that students spend three hours per every lecture hour completing readings, reviewing lecture material and completing assignments and recommended exercises and problems. The recommended problems listed in Appendix 1 are not to be handed in. Students are encouraged to attempt the recommended problems on their own and then check their work against solution sets that are available through the course website. ALLOCATION OF GRADES Midterm examination (Wednesday, February 27, 6:00 PM 8:00 PM, CST) 30% Final examination (3 Hours, To be scheduled by the Registrar s Office) 50% CNOW Assignments 10% Term Project Part 1: Ratio Calculations (due February 13, 4:00 PM, CST) 4% Term Project Part 2: Trend, Cross-Section, and Integrative Analysis (due March 27, 4:00 PM, CST) 6% Total 100% When all scores are in after the final exam, letter grades are then determined based on distribution. In the past, the weighted course average had mostly in high C or low C+ range. TERM PROJECT The project is done in assigned groups to analyze two public companies selected by instructors. Details of respective part will be released in UM Learn course site according to Appendix 1 Class Schedule. 3 P a g e
ACC 1100 (January April 2019) Course Outline / Page 4 EXAMINATIONS The midterm examination will test all material covered on days 1 through 11, inclusive (see Appendix 1 for details). The final examination will test all material covered on days 1 through 24, inclusive. Each student will be allowed to bring non-programmable calculators without text storage capability, pens other than red, and pencils to both exams. In addition, each student is allowed to bring one (1) information sheet for the midterm exam and one (1) information sheet for the final exam. The information sheet must be no larger than 8.5 inches by 11 inches and must be handwritten (no machine-printed or photocopied sheets will be permitted) on one or both sides. The information sheet must be handed in after the exams. NO OTHER MATERIALS (e.g., dictionaries) WILL BE PERMITTED WITHOUT THE EXPRESS PERMISSION OF THE INSTRUCTOR. Students who miss the midterm examination for legitimate reasons (medical, compassionate, academic conflict or university sports team travel) will have the midterm examination marks added to the final examination (i.e., will write a 80% final examination). In all cases of absence on an examination date, the instructor should be advised within seven working days of the examination date and receive suitable documentation. Students who miss the final examination must apply to the Undergraduate Program Office in their faculty for possible deferred examination privileges. ASSIGNMENTS CNOW is internet-based educational software which we have used to create assignments for ACC 1100. Eight assignments will be due at various dates throughout the semester as outlined in the table below. Each assignment is worth 1.5 points, and a maximum of ten points are available. A student can miss one assignment without penalty. Assignment 1 2 3 4 5 6 7 8 Due by 11:55 PM, Central Time, on Friday, January 25 Friday, February 1 Friday, February 8 Friday, February 15 Friday, March 8 Friday, March 15 Friday, March 22 Friday, March 29 Content Chapters 1 & 2: Accounting Information & Statements Chapter 3: Adjusting Entries Chapter 3: Accounting Cycle & Revenue Recognition Chapter 4 & 5: Cash & Receivables Chapter 6: Inventory & Cost of Goods Sold Chapter 7: Property, Plant, & Equipment, & Intangibles Chapters 12, 8, & 9: Investments & Liabilities Chapter 10: Shareholders Equity Students could earn a maximum of 1.5% (100% correction) course credit for each assignment submitted before the deadline. You can do the assignments at any time and can redo them to improve your grade up until the deadline. I encourage you to do the assignments early and as many times as you find necessary. Keep in mind that CNOW is an internet-based program. Problems with the CNOW website, your internet server or your computer are all possible and will not be considered valid reasons for missing a deadline. Late assignments will not be 4 P a g e
ACC 1100 (January April 2019) Course Outline / Page 5 accepted. OTHER LEARNING RESOURCES Friday Course Labs ACC 1100 tutorial labs are scheduled on Fridays, from January 18 to April 5 (refer to Friday Lab Outline available on UM Learn for details). According to University of Manitoba policy, attendance at all lectures and labs is mandatory. It is our experience that students who attend labs and lectures regularly receive substantial benefit and perform better on class assignments and exams. Other Learning Resources A number of other learning resources are available to students in ACC 1100, and we encourage you to use those that you find helpful. They include: Practice problems from the textbook (see appendix 1; solutions available on course website) Adaptive Study Plans and Study Tools available in CNOW Sample examinations, with solutions (on the course website) Note that while the resources above are strongly recommended, there is no course credit for using them. Other Tutorial Services As the midterm and final examinations approach, you will likely see posters and handouts advertising review sessions for ACC 1100 offered by other students or by people from outside the Asper School. You should be aware that the faculty teaching ACC 1100 does not assist in the planning of these review sessions or in the preparation of materials for them. The ACC 1100 faculty believe that regular attendance in class and in the labs, study and practice with recommended exercises are both necessary and sufficient to succeed in this course. The ACC 1100 faculty do not recommend any course review sessions offered by non-faculty personnel. GUIDELINES FOR STUDENT CONDUCT A student s conduct in class will depend on the nature of the class, the technologies available and the instructor. To avoid misunderstandings, I include here a list of guidelines that will hopefully enhance the ACC 1100 Experience for all students. The guidelines are derived from general principles of professional courtesy, contribution and service that will serve you well throughout your career. Classroom conduct Be on time. The class will start promptly at the time set by the university. Students should be seated and the instructor s presentation properly set up by this time. Occasionally, things happen that will get in the way, but these things should be rare. Address your comments in class to the instructor. Talking with your neighbour distracts students sitting around you and the instructor. Questions and comments directed to the instructor, on the other hand, almost always help to clear up confusion that other 5 P a g e
ACC 1100 (January April 2019) Course Outline / Page 6 students in the room have. Turn off cellphones, cameras or recorders. Be here now. If you come to class, come to class. Put away any materials that are not related to ACC 1100 prior to the start of the class. Asking questions/asking for help Questions are important as they help me to deal with your difficulties and help to point out problems with the textbook and my materials. I strongly encourage questions in class and during my office hours. Many students like to ask questions immediately before and after class but this can be problematic. Before class, I am usually setting up the computer, projector and class materials. After class, I have to pack up and get out before the next instructor comes in. Please be understanding and let me do the setup/takedown before asking me questions. In the interest of fairness to the other students, please do not ask for information or resources (e.g., exam study tips, my lecture notes) that are not available to all students. E-mail E-mail can be a useful way of dealing with smaller issues. I respond to all e-mails and answer questions where practical. If the question is too complicated (e.g., Can you explain accounting to me?), I will ask you to come and see me in my office. Some more specific guidelines: Use your university e-mail account to communicate with me. Effective September 1, 2013, the U of M will only use your university e-mail account for official communications, including messages from your instructors, department or faculty, academic advisors, and other administrative offices. Refer to this link for details: http://umanitoba.ca/registrar/e-mail_policy Tell me who you are. Please give your full name, section and UM ID number when you write to me. IMPORTANT DATES AND DEADLINES Dates and deadlines set by the University Administration can be found at the below link: http://umanitoba.ca/student/records/deadlines/index.html. 6 P a g e
ACC 1100 (January April 2019) Course Outline / Page 7 APPENDIX 1. CLASS SCHEDULE The assigned chapters DO NOT include the chapter appendices unless specifically noted. Assigned chapter reading is most effective when done before the lecture. Recommended problems are selected from end-of-chapter textbook questions and are for selfpractices. Solutions of end-of-chapter textbook questions are available in UM Learn course site. DQ means Discussion Questions. The rest of recommended problems are a combination of practice questions from Multiple-Choice Exercises, Cornerstone Exercises, Brief Exercises, Exercises, and Problem Set A. Day/Date Class Notes Assigned Chapter Recommended Problems 1 / Jan. 7 1.Introduction 1. Financial Statements and Decision Making DQ: 1, 2, 4, 6, 11; 1-1, 1-2, 1-4, 1-15, 1-16, 1-22, 1-23, 1-25, 1-33, 1-37 2 / Jan. 9 3 / Jan. 14 2. Transaction Analysis 2. The Accounting Information System and Financial Statements DQ: 9, 11, 12, 13, 14, 15, 16, 21; 2-6 to 2-15, 2-18, 2-20, 2-21, 2-23, 2-24, 2-27, 2-37 to 2-40, 2-42, 2-44, 2-45, 2-50, 2-52 to 2-54, 2-61A Jan. 18/21 Course Drop/Add Deadline 4 / Jan. 16 5 / Jan. 21 3A. The Accounting Cycle 3. Accrual Accounting and Financial Statement DQ: 3, 14, 15, 17, 18; 3-9 to 3-11, 3-34, 3-35, 3-37, 3-66A 6 / Jan. 23 7 / Jan. 28 3B. Adjusting Entries 3. Accrual Accounting and Financial Statement DQ: 4, 5, 6, 8, 9, 10, 11; 3-3 to 3-8, 3-17 to 3-21, 3-31 to 3-33, 3-48, 3-49, 3-52, 3-54, 3-55, 3-61A, 3-62A, 3-65A Jan. 25 Jan. 28 CNOW Assignment #1 due by 11:55 PM, CST Release Term Project Part One Files; Arrange to meet your group in class 8 / Jan. 30 3C. Revenue and Expense Recognition 3. Accrual Accounting and Financial Statement DQ: 1, 2; 3-2, 3-13, 3-14, 3-16, 3-39, 3-40, 3-42, 3-43, 3-59A, 3-67A Feb. 1 CNOW Assignment #2 due by 11:55 PM, CST 7 P a g e
ACC 1100 (January April 2019) Course Outline / Page 8 APPENDIX 1. CLASS SCHEDULE CONTINUED: Day/Date Class Notes Assigned Chapter Recommended Problems Feb. 4 Last day to inform your instructor about problem of contacting group member(s) 9 / Feb. 4 10 / Feb. 6 13. Financial Statement Analysis; CCL and Winpak Financial Statements 13. Analysis and Interpretation of Financial Statements DQ: 2, 3, 4, 7, 10; 13-1, 13-2, 13-4, 13-5, 13-6, 13-7, 13-8, 13-16, 13-32, 13-33, 13-36, 13-37, 13-39, 13-45, 13-46, 13-47, 13-64, 13-76, 13-80A Feb. 8 CNOW Assignment #3 due by 11:55 PM, CST 11 / Feb. 11 4 & 5. Cash and Accounts Receivable 4. Internal Control and Cash (only cover pp. 216 to 221); 5. Reporting and Analyzing Sales Revenue and Receivables (skip Percentage of Credit Sales Method pp. 259 to 261). 4. DQ: 17, 18; 4-10, 4-36, 4-38, 4-50 5. DQ: 1, 2, 3, 12, 13, 15; 5-1 to 5-4, 5-7, 5-11, 5-13, 5-14, 5-18, 5-25, 5-29, 5-35, 5-60, 5-65, 5-70, 5-80A, 5-87A Feb. 13 12 / Feb. 13 13 / Feb. 25 Feb. 15 Feb. 18/20 Term Project Part One due by 4:00 PM CST 6. Inventory and Cost of Goods Sold 6. Reporting and Analyzing Inventory and Cost of Goods Sold, including Appendix CNOW Assignment #4 due by 11:55 PM, CST Louis Riel Day/Winter Term Break, University Closed DQ: 4, 5, 6, 13, 15, 16, 20; 6-3 to 6-7, 6-10, 6-12 to 6-15, 6-17 to 6-21, 6-27, 6-28, 6-40, 6-48, 6-51, 6-55, 6-63A Feb. 27 Mar. 4 Midterm Exam (no class), 6:00 PM 8:00 PM, location TBA Release term Project Part Two Student Files 14 / Mar. 4 15 / Mar. 6 7. Property, Plant and Equipment, and Intangible Assets 7. Reporting and Analyzing Property, Plant, and Equipment; Intangibles; and Natural Resources DQ: 6, 7, 8, 11, 12, 14; 7-1, 7-4 to 7-7, 7-9, 7-10, 7-12, 7-18 to 7-22, 7-24, 7-47 to 7-49, 7-59, 7-60, 7-69A, 7-70A, 7-71A Mar. 8 CNOW Assignment #5 due by 11:55 PM, CST 8 P a g e
ACC 1100 (January April 2019) Course Outline / Page 9 APPENDIX 1. CLASS SCHEDULE CONTINUED: Day/Date Class Notes Assigned Chapter Recommended Problems 16 / Mar. 11 17 / Mar. 13 12. Intercorporate Investments 12. Reporting and Analyzing Investments DQ: 1, 4, 5, 8, 9, 10, 12; 12-5, 12-7, 12-8, 12-10, 12-12, 12-13 to 12-15, 12-18, 12-25, 12-32, 12-33 Mar. 15 CNOW Assignment #6 due by 11:55 PM, CST 18 / Mar. 18 8 & 9. Liabilities 8. Reporting and Analyzing Current Liabilities 9. Reporting and Analyzing Noncurrent Liabilities pp. 525 Operating and Finance Leases to 531 Other Long-Term Liabilities. DQ: 1, 4, 6, 8, 12, 14, 17; 8-3, 8-4, 8-7, 8-14, 8-20, 8-21, 8-24, 8-33, 8-34, 8-70, 8-77A, 8-81A DQ: 20, 21; 9-17, 9-18, 9-22, 9-62, 9-63, 9-96A Mar. 20 Voluntary Withdrawal (VW) Deadline 19 / Mar. 20 20 / Mar. 25 10. Shareholders Equity 10. Reporting and Analyzing Shareholders Equity DQ: 1, 6, 8, 9, 11, 18; 10-6, 10-7, 10-10, 10-14, 10-15, 10-20, 10-23, 10-26, 10-27, 10-34, 10-56, 10-57, 10-64, 10-72, 10-73A, 10-75A, 10-78A Mar. 22 Mar. 27 CNOW Assignment #7 due by 11:55 PM, CST Term Project Part Two due by 4:00 PM CST 21 / Mar. 27 22 / Apr. 1 23 / Apr. 3 11.Statement of Cash Flows 11. Reporting and Analyzing the Statement of Cash Flows Appendix 11A. The Direct Method DQ: 3, 5, 9, 12, 16, 17, 22; 11-2 to 11-5, 11-8 to 11-10, 11-12, 11-21 to 11-23, 11-36, 11-42, 11-43, 11-46, 11-49, 11-50, 11-51, 11-52, 11-55A to 11-60A Mar. 29 CNOW Assignment #8 due by 11:55 PM, CST 24 / Apr. 8 Review of Selected Topics for Final Exam 9 P a g e
ACC 1100 (January April 2019) Course Outline / Page 10 APPENDIX 2. ACADEMIC INTEGRITY POLICY It is critical to the reputation of the Asper School of Business and of our degrees that everyone associated with our faculty behave 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 General 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 test 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 Asper School of Business require group projects. Students should be aware that group projects are subject to the same rules regarding academic integrity. All group members should exercise special care to ensure 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 specific individuals. Some courses, while not requiring group projects, encourage students to work together in groups before submitting individual assignments. If it s unclear whether it is allowed, students are encouraged to seek clarification from the instructor to avoid violating the academic integrity policy. In the Asper School of Business, all suspected cases of academic dishonesty in undergraduate courses are reported to the Dean's office and follow the approved disciplinary process. 10 P a g e