THE CHINESE UNIVERSITY OF HONG KONG School of Accountancy ACCT 1111 Foundations in Financial Accounting Sections D and E (Second Term, 2016-2017) INSTRUCTOR Ms. Karen Li Office: Room 1037, 10/F, Cheng Yu Tung Building (CYT); 12 Chak Cheung Street Phone: 3943 7639 E-mail: karenli@cuhk.edu.hk Blackboard: http://elearn.cuhk.edu.hk Office hours: Thursday morning by appointment TEACHING ASSISTANT Ms. Tracy Wong Office: Room 1049, 10/F, Cheng Yu Tung Building (CYT); 12 Chak Cheung Street Phone: 3943 7644 E-mail: tracy@cuhk.edu.hk Blackboard: http://elearn.cuhk.edu.hk Office hour: Monday to Friday 9:00 am 5:00 pm COURSE OBJECTIVES This course is designed to provide students with a comprehensive understanding of financial accounting principles, practices and its underlying theories. In this course, we will emphasize basic financial accounting concepts and principles, and discuss how to measure a company s net income, assets, liabilities, shareholders equity, and cash flows using International Financial Reporting Standards (IFRS). LEARNING OUTCOMES After completing this course, students should be able to: (1) Understand the accounting concepts and procedures, and to apply them to the business world. (2) Apply analytical techniques to solving problems necessary to succeed in a business environment. (3) Learn the technology that allows them access numerous online materials related to the business and accounting world. (4) Learn how to study and manage tasks that will help them acquire further knowledge on their own. LEARNING ACTIVITIES Lecture (including discussion / presentation) (hr) Lab / tutorial (hr) in / out class Project / Case discussion (hr) in / out class Expected out-of-class activities (hrs) 3 0 0 0 0 1 0 6 1
COURSE ASSESSMENT Course grade will be based on the following elements: Uniform Final Examination 50% Mid-term Examination 30% Group Assignment/Project (team work) 10% Homework (individual) 10% Total 100% Note: Grades in this course will be based on a combination of absolute achievement of each individual student and relative performance among all students. FINAL EXAMINATION The uniform closed-book comprehensive Final Examination will be given to all ACCT1111/2111 students at the location, date and time assigned by the University. No individual make-up examination will be offered. MID-TERM EXAMINATION The closed-book Mid-Term Examination is scheduled to commence at 7:00 p.m. on 17 March 2017, Friday, at CYT LT1 (Cheng Yu Tung Building). No individual make-up mid-term examination will be offered. If a student is absent from the mid-term exam for a legitimate and adequately documented reason, the weight of the missed mid-term exam (30%) will be reallocated to the final exam. GROUP ASSIGNMENT ANNUAL REPORT PROJECT The objective of the group project is to help students pull together various accounting concepts learned in this course and apply them to real-world business situations. Students will be organized in small groups of between 2 and 5 students each. Each group is required to conduct online research on specifically selected companies in Hong Kong or abroad. Students, working together as a team, need to gather the background information and the most recent annual reports from the web sites of the selected companies. Students are required to work systematically through the annual report to develop a critical analysis to assess the financial health of the selected companies. including performing comparative analysis, using horizontal and vertical analysis, and ratio analysis, etc. A group assignment represents the collective effort of every group member. If any student thinks contribution among group members is not fair to a reasonable extent, please contact either the TA or teacher immediately. Members of the group may be required to evaluate his/her and fellow group members contribution and effort in connection with the group assignment. Each group is required to submit its members names and student IDs on a hardcopy to the in-box for the class on 2/F of Cheng Yu Tung Building (CYT) on or before 10 March 2017 Friday, before 4:00 p.m. More information related to the case (case assignment instructions and annual reports of the two selected companies) will be uploaded/provided after the mid-term exam. The due date of this group assignment is 21 April 2017 Friday, before 4:00 p.m. No late group assignment will be accepted. Late or missing assignment is subjected to point deduction. It is students responsibility to ensure that the hardcopy of this case assignment is submitted on time and to the correct in-box for the class on 2/F of Cheng Yu Tung Building (CYT). 2
HOMEWORK ASSIGNMENTS Students are required to submit all assigned homework for grading into designated class in-box on 2/F of CYT. Assignments are due approximately 5 days after the lecture of each chapter. Students can have access to the solution manual only after homework assignments have been graded. Late homework will only be accepted if the graded assignments have not been returned, but will incur a penalty. Missing homework assignments will receive a zero grade. Excuses such as just adding to the class, not having the textbook yet, putting assignment in the wrong in-box, classmate/friend having forgotten to submit for me, feeling ill on the very due date, emailing softcopy instead, etc. cannot justify the fact that proper submission of homework assignment fails. It is a student s responsibility to make sure that all homework is submitted on time. REQUIRED TEXTBOOK Harrison, Horngren, Thomas, Suwardy. Financial Accounting: International Financial Reporting Standards, 9 th Edition. ISBN-13 978-0-273-77780-9 SELF-STUDY Accounting is a do-it-yourself course. Self-study is as important as lectures. The minimum required study time outside the classroom is six hours each week. The best way for self-study is to focus on the textbook and lecture notes. Careful reading and exercises are the only ways to understand the course material. Students are encouraged to work on additional exercises and problems at the end of each chapter. Students are strongly encouraged to visit our Teaching Assistant for further assistance, including access to solutions to non-homework exercise questions. FEEDBACK FOR EVALUATION Students are warmly welcomed to send their comments/ feedback to the course instructor. The channels include: (1) e-mails to the instructor; (2) appointment with the instructor; and (3) formal CTE exercise. COURSE ANNOUNCEMENTS A course website has been set up on the elearning platform: https://elearn.cuhk.edu.hk/webapps/portal/frameset.jsp. All major course announcements will be made during lectures and/or through the elearning platform and e-mails. Please check the elearning platform and your CUHK e-mail account frequently. POLICY ON SCHOLASTIC DISHONESTY The Chinese University of Hong Kong places very high importance on honesty in academic work submitted by students, and adopts a policy of zero tolerance on cheating and plagiarism. Any related offence will lead to disciplinary action including termination of studies at the University. Attention is drawn to University policy and regulations on honesty in academic work, and to the disciplinary guidelines and procedures applicable to breaches of such policy and regulations. See http://www.cuhk.edu.hk/policy/academichonesty/ for details. With each assignment, students are required to submit a statement to the effect that they are aware of these policies, regulations, guidelines and procedures, meaning please attach the signed declaration of originality to all assignments (individual and group) (section 10). 3
COURSE SCHEDULE Required Reading Homework Week Date Lecture Topic Chapter Assignment 1 Jan 9 13 Introduction and Financial Statements 1 E1-19A; E1-36B 2 Jan 16 20 Recording Business Transactions 2 P2-65A 3 Jan 23 27 Accrual Accounting 3 E3-21A; E3-35B 4 Feb 6 10 Internal Control, Cash, and Receivables 5 E5-21A; E5-29A 5 Feb 13 17 Inventory and Merchandizing Operations 6 E6-30B; E6-33B 6 Feb 20 24 PPE and Intangibles 7 7 Feb 27 Mar 3 PPE and Intangibles 7 E7-16A; E7-26A Liabilities (excluding Bonds and Leases) 9 8 Mar 6 10 Liabilities (excluding Bonds and Leases) 9 E9-16A; E9-20A Form Groups for Group Assignment (10 March 2017, Friday by 4:00 pm) 9 Mid-Term Examination (17 March 2017, Friday 7:00pm 9:00pm, CYT LT1, Chapter 1 6) 10 Mar 20 24 Shareholders Equity 10 S10-12; E10-46B 11 Mar 27 31 The Statement of Cash Flows 11 E11-25A; E11-27B 12 Apr 3 7 Go over midterm result and answer 13 Apr 10 14 Financial Statement Analysis 12 Work on Case 14 Apr 13 17 Financial Statement Analysis 12 Work on Case 14 Apr 20 24 Make-up class(es) as necessary Group Assignment Due (21 April 2017, Friday by 4:00pm) Comprehensive Final Exam (Date, Time and Venue to be Determined by the University) Second term Add/Drop (incl. special add/drop) Class make-up Course examinations 9 January 2017 (Mon) 22 April 2017 (Sat) 16 January (Mon) 3 February (Fri) 24 April (Mon) 25 April (Tue) 26 April (Wed) 13 May (Sat) Important Dates (https://rgsntl.rgs.cuhk.edu.hk/) 2 January Mon Public holiday The day following the first day of January 27 January Fri Lunar New Year Vacation 2 February Thur 4 April Tue Public holiday Ching Ming Festival 14 17 April Fri Mon Public holiday Easter 1 May Mon Public holiday Labour Day 3 May Wed Public holiday The Birthday of the Buddha 30 May Tue Public holiday Tuen Ng Festival 4
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Supplemental Information Chapter Remarks 1 2 3 Updated Revenue Recognition Principles will be discussed in class. 4 Omitted in this course. Presentation of Financial Statements will be covered in ACCT3111. 5 Omit Fraud and Internal Control (pages 271 287). 6 7 8 Omitted in this course. Investments and International Operations will be covered in ACCT3111 and ACCT3112. 9 Omit Bonds (pages 551-564 top) and Capital Leases (pages 566-568 top). Updated Lease Accounting rules will be discussed in class. 10 11 12 6
Declaration to be included in assignment(s): I/We am/are submitting the assignment for: an individual project or a group project on behalf of all members of the group. It is hereby confirmed that the submission is authorized by all members of the group, and all members of the group are required to sign this declaration. I/We declare that: (i) the assignment here submitted is original except for source material explicitly acknowledged; (ii) the piece of work, or a part of the piece of work has not been submitted for more than one purpose (e.g. to satisfy the requirements in two different courses) without declaration; and (iii) the submitted soft copy with details listed in the <Submission Details> is identical to the hard copy(ies), if any, which has(have) been / is(are) going to be submitted. I/We also acknowledge that I am/we are aware of University policy and regulations on honesty in academic work, and of the disciplinary guidelines and procedures applicable to breaches of such policy and regulations, as contained in the University website http://www.cuhk.edu.hk/policy/academichonesty/. In the case of a group project, we are aware that each student is responsible and liable to disciplinary actions should there be any plagiarized contents/undeclared multiple submissions in the group project, irrespective of whether he/she has signed the declaration and whether he/she has contributed directly or indirectly to the problematic contents. It is also understood that assignments without a properly signed declaration by the student concerned and in the case of a group project, by all members of the group concerned, will not be graded by the teacher(s). Signature(s) Date Name(s) Student ID(s) Course code Course title 7
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