BOSTON COLLEGE
CARROLL SCHOOL OF MANAGEMENT
ACCT3302 Financial Accounting Standards and Theory (FAST) II, Fall 2015
Prof. Billy S. Soo
Office Hours: TTh 3:00- 4:00, otherwise by appointment
e-mail: billy.soo@bc.edu
Fulton Hall 552B
Phone: (617) 552-3963
Required Text:
Intermediate Accounting, Spiceland, Sepe & Nelson, 8th edition, McGraw-Hill, 2016
with access code for Connect (Homework Manager). If you bought the book
with the access code within the last year, you should be able to use the code again
this semester. Otherwise, you will have to purchase separately an access code for
Connect from McGraw-Hill.
Course Packet for ACCT3302 Fall 2015, Prof. Billy Soo, available on Canvas
Course Objectives:
This is the second of a three-course sequence that comprehensively addresses accounting
standards, practices and theory. Emphasis is placed on the application of accounting theory to the
development of financial statements and related disclosure policies. Throughout the course,
consideration is given to user needs and the forces and constraints that influence accounting policy
formulation. This second course focuses on the study of investments, liabilities and the statement of
cash flows.
While the basics of how accounting information is recorded will be covered, we will also
spend time discussing how financial accounting standards are developed and their consequent impact
on society. We consider accounting as a valuable, but imperfect, source of information and will
carefully examine the assumptions, limitations and implications of accounting information. We will
also discuss some ethical dilemmas that accounting choices create for managers. It is my hope that
the course will be enjoyable, enlightening and highly interactive, so I encourage you to ask questions
at any time.
Grading:
In-class homework/recitation
Online homework
Quizzes (2 @ 7.5% each)
Low Interim Exam
High Interim Exam
Final Exam
5
5
15
20
25
30
100%
Homework/Recitation: Assigned homework exercises will be done on-line through Connect
(see next section for instructions). These exercises are graded automatically and will
account for 5% of your final grade. To encourage timely and persistent completion of the
homework, I will download the online homework grades on every exam date for the
chapters covered in the test (e.g., I will download the online homework grades for chapters
13-15 on October 10; for chapters 12 and 16-17 on November 14, and for all the chapters
again on the final exam day). The average grade at all three points in time will determine
your online homework grade.
Another 5% of your homework grade will be based on the assigned problems. These will be
discussed in-class. Homework credit will be given to those who are present at the time the
homework is discussed or, if you expect to be absent from class, who show me the homework
before the problems are discussed in class. If you forget to do or bring the homework, 10%
of the score is deducted for every day it is delayed. Additional credit will also be provided
to students who volunteer to lead the class discussion on the assigned problems.
Online homework: In order to use Connect, the on-line homework management solution, please
follow the instructions below:
1. To access the class online homework manager, go to:
http://connect.mheducation.com/class/b_soo_fast_2_fall_2015_12-130
2. Sign in if you have previously used Connect. If you have a valid account, you should be
able to access the class account above. Otherwise, select Register Now and follow the
instructions (make sure to click on Get Connected Now at the very end).
3. Enter the access code that should have come with the textbook. If you purchased an
access code with last semester’s or last year’s same edition book, you should be able to reuse that as it has an 18-month life. If you did not buy the same edition book or do not have
an access code, you may need to purchase the access code separately through the
registration process.
4. Complete the information form to create a profile with a personal Login name and
Password.
Once you create your account, you can select the assignment from the Student Menu.
Each chapter assignment consists of “static” exercises, i.e., the data information does not
change with each iteration, and “algorithmic” exercises where the numbers change each
time you try them. I have imposed no limit on the amount of time or the number of
attempts in doing the homework. The program will automatically keep your highest
score as your final grade for each assignment. It is a good idea to periodically save your
work (particularly if you decide to take a break while working on the assignment) in case
the connection is disrupted for any reason. I have also created a separate assignment for
the problems we will be discussing in class. You are encouraged to do them online as
additional practice --- these are scored by the program but will not count towards your
homework grade. Access to the online homework will end at 12:30 pm on December 17
(Final exam date).
Tip: All of the assigned exercises and problems are also in the text, although the
numbers may vary. It will save you time and stress if you try to do these text problems
first before proceeding to the on-line version.
Quizzes: Two short quizzes will be given at different intervals throughout the course. Quizzes
will be announced beforehand and are intended to keep the student up to date on the course
work. These quizzes will usually cover two chapters and will be multiple-choice
Theory/Practice questions based on material covered in class and the assigned homework.
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If you conscientiously do your homework, you should do well in the quizzes. No makeup
will be given to missed quizzes.
Exams: There will be two interim exams in the course. The exams will cover three chapters and
consist of short/long open-ended analytical problems. Makeup exams will be given only
with prior arrangement (no last minute make-ups will be provided). Note that both
exams are scheduled out of class to allow for more time (both on Friday afternoon). The
cumulative final exam is scheduled for December 17 (Thursday) starting at 12:30 pm. Do
not book any flights leaving prior to this exam date.
Study Guidelines:
We have a lot of material to cover in very little time! It is therefore vital that you keep up to date
with the readings and homework assignments. You must do each day's reading before class
if you are to make any sense of the subject matter. The best way to understand the material
covered in class is through doing the assigned problems yourself. While group discussion
and collaborative work are beneficial, you must eventually learn to do the problems
individually. The list of exercises and problems provided here will give you a good
coverage of the material you need to know. If you understand the material and can do these
problems without difficulty (and without looking at the solutions manual), you should do
well in the course. If a particular topic gives you difficulty, try additional problems. Be
sure to do the problems each week as we cover the topic in class. Leaving them until the
end of the semester, when you will be very busy with other classes, will have adverse
consequences to your learning. I strongly discourage it.
The subject matter covered in accounting is, by nature, cumulative. As such, it is extremely
difficult to catch up on the subject matter once you fall behind (you will have difficulty
understanding the current material without having understood previous topics covered).
Most of the students who fail to do well in this class are those who, at one time or another,
lagged behind in class and simply were unable to catch up.
Feel free to drop by my office to discuss class material, assigned problems, or any other topic
you care to talk about. I am usually in every day, but to guarantee my presence in the office,
come during the set office hours or better yet, send me an email to set an appointment.
Canvas Materials:
You can access the Spiceland et al. solutions manual on-line from the Files section of Canvas. I
will also provide copies of my powerpoint slides after we cover them in class and the
updated course schedule, as necessary, on Canvas.
Disability Notice: If you are a student with a documented disability seeking reasonable
accommodations in this course, please contact Kathy Duggan, (617) 552-8093,
dugganka@bc.edu, at the Connors Family Learning Center regarding learning disabilities
and ADHD, or Paulette Durrett, paulette.durrett@bc.edu, in the Disability Services Office
regarding all other types of disabilities, including temporary disabilities. Advance notice and
appropriate documentation are required for accommodations.
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Tentative Course Schedule – ACCT3302
13
Online HW
Chapter Readings
Exercises (E)
Current Liabilities & Contingencies E5, E13, E15,
including Appendix 13 (pp. 730-763)
E16, E20
In-class HW
Problems(P)
P2, P3, P5, P6,
P9
Mass of the Holy Spirit – no class
14
Bonds & Long-term Notes including
Appendix 14-A only (pp. 788-823)
9/10
E9, E23, E26,
E28, E31
P8, P9, P10,
P16, P19, P23
QUIZ # 1 (Ch. 13-14)
15
Leases (pp. 852-893)
Skip supplement
Dates
9/1, 9/3, 9/8, 9/15
9/15, 9/17, 9/22,
9/24
9/29
E19, E21,
E26
EXAM #1 (Ch. 13 - 15)
P3, P8, P9,
P16, P20
9/29, 10/1, 10/6,
10/8
Higgins 300
10/9, 3 pm (Fri)
12
Investments skip appendices
(pp. 654-696)
E5, E9, E13,
E18, E23,E24
P1, P7, P8, P9
10/13, 10/15, 10/20
16
Accounting for Income Taxes
(pp. 932-969)
E14, E22,
E26, E28,E29
P1, P7, P8,
P10, P13
10/20, 10/22,
10/27, 10/29
QUIZ #2 (Ch. 12, 16)
17
Pensions and Other Postretirement
Benefits plus Appendix 17 (pp. 9961039)
11/3
E8,E10, E13,
E19, E25
EXAM #2 (Ch. 12, 16, 17)
P12, P16, P18
11/3, 11/5, 11/10,
11/12
Higgins 300
11/13, 3 pm (Fri)
19
Part A: Share-Based Compensation
plus Appendix 19-B (pp. 1126-1141,
1167-1169)
E2, E4, E7,
E27, E28
P1, P2, P5
11/17, 11/19, 11/24
19
Part B: Earnings per share (pp. 11411163)
E11, E17,
E19
P13, P14, P18,
P19
11/24, 12/1, 12/3
Thanksgiving – no class
21
Statement of Cash Flows (pp. 12421290)
FINAL EXAM (all chapters)
11/26
E14, E15,
E16, E21
P1, P5, P8, P15
(part A only)
12/3, 12/8
Room TBA
Dec. 17 (Thu)
12:30 pm
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