University of Manitoba I. H. Asper School of Business Department of Accounting and Finance May - August 2018 ACC 1100 Introductory Financial Accounting Section D01 On-Line Course Outline Instructor: Jean Pai, MBA, CPA, CGA Office: 372 Drake Office Hours: Questions by email welcomed; Drop-in basis office hours and location will be announced when an exam is near. Email: Jean.pai@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 Summer 2018 list of courses, click on ACC-1100-D01-Introductory Financial Accounting. 4. All course-related materials are available on UMLearn (e.g., class notes, inclass exercises, sample exams, term project instructions, solutions for assigned homework, etc.). 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.
Summer 2018 ACC 1100 D01 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
Summer 2018 ACC 1100 D01 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. CNOW registration site is https://login.cengagebrain.com/course/e- Y84E3RTNCB4FB CONDUCT OF THE COURSE The course will be conducted principally via PowerPoint presentations, illustrated examples, and selected videos 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 going through the PowerPoint presentations. 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 On-campus midterm examination (Wednesday, June 20, 6:00 PM 8:00 PM, CST) 30% (or on-linel midterm examination (To be determined by CATL, 2 hours) managed and authorized by CATL for students living 2 hours away from Winnipeg; See details in UM Learn widget. Final examination (3 Hours, To be scheduled by the Registrar s Office) 50% CNOW Assignments 10% Term Project Part 1: Ratio Calculations (due June 18, 11:00 AM, CST) 4% Term Project Part 2: Trend, Cross-Section, and Integrative Analysis (due July 25, 11:00 AM, 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 has been in C or 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.
Summer 2018 ACC 1100 D01 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. 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. Assignment 1 2 3 4 5 6 7 8 Due by 11:55 PM, Central Time, on Monday, May 21 Monday, May 28 Monday, June 4 Tuesday, June 19 Wednesday, June 27 Tuesday, July 10 Friday, July 20 Friday, August 3 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 1.25% course credit for each error-free 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 accepted.
Summer 2018 ACC 1100 D01 Course Outline / Page 5 OTHER LEARNING RESOURCES Web Conferences Three Web Conferences will be scheduled throughout the term. Each conference is about 2 hours to demonstrate how concepts are applied to solve problems. Each conference will be recorded and posted in UM Learn for viewing later, so students with a schedule conflict will not miss out on the conference contents. 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. 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 ASKING QUESTIONS by E-MAIL 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/email_policy, Tell me who you are by providing your full name, section and UM ID number in email.
ACC 1100 D01 Course Outline / Page 6 Contact for Online Degree and Non-degree (CaPS) Courses The University of Manitoba is committed to supporting our students in their distance learning experience. A list of potential problems and related email contact information is shown below for your convenience. Please be sure to include your name, the course number, and a detailed explanation of the help that you need in any correspondence. NOTE: Send your message to the id shown in brackets if you are using your online course email. Question/Problem Grades, assignment submission extensions Technical problems when using your online course; e.g., problems opening course materials, sending email, attaching documents to email, broken links, etc. Passwords For registration related questions, please contact the Registrar's Office. (This is not applicable for non-degree courses) For advising on which courses to take, please contact your faculty's Academic Advisor. (This is not applicable for non-degree courses) Telephone inquiries Email (online course email) Contact your instructor as noted in his/her letter of introduction. IST Service Desk: servicedesk@umanitoba.ca IST Service Desk: servicedesk@umanitoba.ca Registrar's Office: 204-474-9420 Tollfree: 1-877-474-9420 Or visit them at umanitoba.ca/student/records. A list of advisors is available from Student Affairs umanitoba.ca/academicadvisors. IST Service Desk: 1-204-474-8600 Tollfree: Canada: 1-844-616-1756
Summer 2018 ACC 1100 D01 Course Outline / Page 7 APPENDIX 1. CLASS SCHEDULE The assigned chapters DO NOT include the chapter appendices unless specified. Class Notes are in PowerPoint format. 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 Assigned Chapter and Class Notes Recommended Problems 1 / May 7 2/ May 9 1 1. Financial Statements and Decision Making DQ: 2, 4, 6, 7, 11, 13, 15, 17; 1-1, 1-2, 1-4, 1-8, 1-9, 1-10, 1-11, 1-15, 1-19, 1-20, 1-21, 1-22, 1-25, 1-30, 1-33, 1-39, 1-40, 1-43, 1-44, 1-49, 1-56, 1-57A, 1-65A, 1-67A 3 / May 14 2. The Accounting Information System and Financial Statements 4 / May 16 5 / May 23 May 21 May 22 6 / May 22 7 / May 24 May 28 May 28 3. Accrual Accounting and Financial Statement: Section I: Accrual Basis -- Revenue and Expense Recognition CNOW Assignment #1 due by 11:55 PM, CST Web Conference #1 (Chapters 1 to 3), 12:30 PM to 2:30 PM, CST 3. Accrual Accounting and Financial Statement: Section II. Adjusting Entries DQ: 1, 5, 7, 10, 13, 14, 18, 20, 22; 2-5, 2-6, 2-7, 2-8, 2-14, 2-16, 2-17, 2-18, 2-20, 2-21, 2-24, 2-27, 2-32, 2-37, 2-38, 2-42, 2-45, 2-50, 2-52, 2-53, 2-55, 2-56, 2-58A, 2-62A DQ: 14, 15, 17, 18; 3-10, 3-28, 3-36, 3-37, 3-57, 3-66A DQ: 1, 5, 6, 9; 3-3, 3-5, 3-6, 3-7, 3-8, 3-13, 3-14, 3-18, 3-19, 3-21, 3-24, 3-29, 3-32, 3-33, 3-39, 3-42, 3-48, 3-49, 3-54, 3-55, 3-59A, 3-61A Release Group List and Term Project Outline after 4:00 PM, Central Time; Students should make initial contact with group members by Group Email CNOW Assignment #2 due by 11:55 PM, CST 8 / May 30 3. Accrual Accounting and Financial Statement: Section III. The Accounting Cycle May 30 June 4 June 4 Release term project part one student files; DQ: 2; 3-2, 3-15, 3-16, 3-30, 3-40, 3-41, 3-43, 3-67A Web Conference #2 (Term Project Demo), 10:00 AM to 12:00 PM, CST Last day to inform your instructor about problem of contacting group member(s)
Summer 2018 ACC 1100 D01 Course Outline / Page 8 APPENDIX 1. CLASS SCHEDULE CONTINUED: Day/Date Assigned Chapter and Class Notes Recommended Problems June 4 9 / June 4 10 / June 6 CNOW Assignment #3 due by 11:55 PM, CST 13. Analysis and Interpretation of Financial Statements; For each group member to work on term project part one and formulate a plan with group members on how to complete it. Be reminded, each student must learn the subject contents and independently finish the provided template to ensure his or her ability to contribute constructively. DQ: 1 to 9; 13-1, 13-4, 13-5, 13-6, 13-9, 13-11, 13-13, 13-14, 13-15, 13-16, 13-17, 13-18, 13-19, 13-22, 13-24, 13-26, 13-27, 13-28, 13-29, 13-31, 13-34, 13-42, 13-43, 13-44, 13-45, 13-46, 13-48, 13-49, 13-51, 13-65, 13-66, 13-72, 13-73, 13-74, 13-75, 13-85A 11 / June 11 4. Internal Control and Cash: pp. 197 to 208 and pp. 216 to 223; 5. Reporting and Analyzing Sales Revenue and Receivables: All chapter except for Percentage of Credit Sales Method pp. 259 to 261. 12 / June 13 6. Reporting and Analyzing Inventory and Cost of Goods Sold, including Appendix: Objectives #1 to #5 4. DQ: 1, 4, 5, 7, 9; 4-1, 4-2, 4-5, 4-7, 4-8, 4-12, 4-23, 4-32, 4-39, 4-41, 4-57A, 4-58A, 4-63A; 5. DQ: 1, 2, 3, 7, 8, 9, 10, 12, 14; 5-1, 5-2, 5-3, 5-7, 5-8, 5-9, 5-10, 5-11, 5-14, 5-22, 5-23, 5-24, 5-29, 5-35, 5-37, 5-44, 5-47, 5-54, 5-65, 5-66, 5-75, 5-77, 5-79A, 5-80A, 5-87A DQ:, 1, 2, 4, 5, 6, 10; 6-1, 6-3, 6-5, 6-6, 6-7, 6-10, 6-12, 6-17, 6-18, 6-20, 6-21, 6-22, 6-38, 6-39, 6-45, 6-46, 6-51, 6-52, 6-65A June 18 June 19 June 20 Term Project Part One due by 11:00 AM Central Time via UM Learn Dropbox CNOW Assignment #4 due by 11:55 PM, CST On-Campus Midterm Exam, 6:00 PM 8:00 PM, location TBA TBD Or on-line B-Virtual 2-hour Midterm when authorized by CATL, 13 / June 25 6. Reporting and Analyzing Inventory and Cost of Goods Sold, including Appendix: Objective #6 to #9 DQ: 13, 17, 20; 6-14, 6-15, 6-25, 6-27, 6-28, 6-43, 6-55, 6-58, 6-67A June 25 Release term Project Part Two Student Files
Summer 2018 ACC 1100 D01 Course Outline / Page 9 APPENDIX 1. CLASS SCHEDULE CONTINUED: Day/Date Assigned Chapter and Class Notes Recommended Problems 14/ June 27 7. Reporting and Analyzing Property, Plant, and Equipment; Intangibles; and Natural Resources: Objectives #1 to #5 June 27 June 27 DQ: 1, 2, 5, 8, 11; 7-1, 7-3, 7-4, 7-5, 7-6, 7-9, 7-17, 7-18, 7-19, 7-20, 7-21, 7-22, 7-41, 7-42, 7-47, 7-48, 7-49, 7-52, 7-54, 7-68A, 7-71A, Web Conference #3 ( Chapters 6, 7, & 12), from 3:00 PM to 5:00 PM, CST CNOW Assignment #5 due by 11:55 PM, CST June 29 Each group should finish planning how to complete term project part 2 15 / July 3 7. Reporting and Analyzing Property, Plant, and Equipment; Intangibles; and Natural Resources: Objectives #6 to #11 16 / July 5 12. Reporting and Analyzing Investments: Objectives #1 to #3; Ignore pp. 701-702 Investment in Bonds 17 / July 9 12. Reporting and Analyzing Investments: Objectives #4 & #5 July 10 CNOW Assignment #6 due by 11:55 PM, CST 18 / July 11 8. Reporting and Analyzing Current Liabilities DQ: 12, 14; 7-10, 7-12, 7-14, 7-15, 7-23, 7-24, 7-26, 7-27, 7-29, 7-57, 7-58, 7-64, 7-75A DQ: 1, 3, 4, 6; 12-1, 12-2, 12-3, 12-4, 12-6, 12-7, 12-8, 12-16, 12-18, 12-23, 12-26, 12-28, 12-29, 12-31 DQ: 10, 12, 14; 12-9, 12-10, 12-13, 12-14, 12-15, 12-32, 12-34 8. DQ: 1, 4, 6, 8, 14, 17; 8-3, 8-7, 8-11, 8-13, 8-19, 8-21, 8-23, 8-26, 8-31, 8-33, 8-39, 8-41, 8-45, 8-51, 8-53, 8-59, 8-60 8-64, 8-67, 8-68, 8-75A, 8-78A, 8-80A, 8-81A, 8-82A 19 / July 16 20 / July 18 9. Reporting and Analyzing Noncurrent Liabilities pp. 523 Pros and Cons of Debt Financing to 531 Other Long-Term Liabilities. 10. Shareholders Equity: Objectives #1 to #5; Objectives #6 to #8; 9. DQ: 20, 21, 22; 9-17, 9-18, 9-19, 9-21, 9-63 DQ: 1, 4, 5, 8, 9, 11, 18, 19, 20, 28, 34, 35; 10-3, 10-4, 10-8, 10-9, 10-13, 10-14, 10-16, 10-18, 10-20, 10-23, 10-25, 10-30, 10-32, 10-37, 10-38, 10-42, 10-45, 10-47, 10-48, 10-52, 10-56,, 10-59, 10-61, 10-62, 10-63,10-74A, 10-76A, 10-77A, 10-78A
Summer 2018 ACC 1100 D01 Course Outline / Page 10 APPENDIX 1. CLASS SCHEDULE CONTINUED: Day/Date Assigned Chapter and Class Notes Recommended Problems July 20 CNOW Assignment #7 due by 11:55 PM, CST 21 / July 23 Work on Term Project Part Two July 25 July 25 22 / July 25 23 / July 30 24 / Aug. 1 Aug. 3 Term Project Part Two due by 11:00 AM, CST via UM Learn Dropbox Web Conference #4 (Chapters 8 to 11), from 3 PM to 5 PM, CST 11.Statement of Cash Flows 11. Reporting and Analyzing the Statement of Cash Flows Appendix 11A. The Direct Method CNOW Assignment #8 due by 11:55 PM, CST DQ: 1, 3, 5, 9, 10, 12, 16, 21, 22; 11-2, 11-3, 11-4, 11-7, 11-9, 11-10, 11-12, 11-18, 11-21, 11-22, 11-23, 11-36, 11-41, 11-47, 11-49, 11-55A, 11-60A 11-25, 11-26, 11-27, 11-35, 11-50, 11-60A
Summer 2018 ACC 1100 D01 Course Outline / Page 11 APPENDIX 2. 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.