School of Administrative Studies Faculty of Liberal & Professional Studies York University Winter 2014 Course Outline – all sections AP/ADMS 3585 3.0 Intermediate Accounting I Course Director : Section : Location : Instructor Office Hours: E-Mail Address : Patricia Farrell Douglas Kong M (Tuesday 4-7 pm) N (Tuesday 7-10pm) O ACE013 VH1152A Internet By Appointment Only adms3585@yorku.ca Calendar Description This course, in conjunction with AP/ADMS 3595 3.00, develops thorough knowledge and understanding of generally accepted accounting principles and financial statement analytical skills by examining various technical areas of financial accounting. Prerequisite: AP/ADMS 2500 3.00. Prior to Fall 2009 Prerequisite: AK/ADMS 2500 3.0. Course credit exclusion: AK/ADMS 3585 3.00. Textbook Required Intermediate Accounting, 10th Canadian Edition, Volume 1, By Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, and Bruce McConomy ISBN: 978-1-118-30084-8 ©2013 Recommended Accounting recommendations, CICA Handbook, Canadian Institute of Chartered Accountants (most recent). Optional 1. Student Study Guide to above text. 2. Publisher’s Student Companion Website: www.wiley.com/canada/kieso Course Website Section M: http://jacinth.eso.yorku.ca/LotusQuickr/2014w-apadms3585m-03/Main.nsf/ Section N: http://jacinth.eso.yorku.ca/LotusQuickr/2014w-apadms3585n-03/Main.nsf/ Section O (Internet) : http://jacinth.eso.yorku.ca/LotusQuickr/2014w-apadms3585o-03/Main.nsf/ Page 1 of 14 Grade Components Assignments (Wiley Plus) Weighting 10% Group Case Project 20% Mid Term Exam 25% Final Exam 45% Total Due Date See Course Schedule Due at 11:00 pm March 23 (Sunday) (Due at 11:59 pm) March 1 (Saturday) (7-10 pm) Exam Period See instructions below See instructions below 3 Hours – See Course Schedule (Chapter 1-7) 3 Hours – See Course Schedule (Chapter 1-12) 100% Wileyplus Assignments WileyPLUS is an innovative, research-based, on line environment for effective learning. WileyPLUS takes the guesswork out of studying by providing you with a clear roadmap. There are five on-line assignments which will account for 10% of the total marks. Each assignment should be completed before the due date specified on line. Students will not be allowed to access the assignment after the due date. Students are allowed 5 attempts before they confirm their final submission. Below are the instructions to get access to WileyPLUS on line: REGISTRATION CODE : You will need to purchase a registration code to access WileyPLUS but it’s your choice how to buy it : Option 1 – Log In and Buy WileyPLUS Online. Use WileyPLUS in place of the hard copy textbook. Go to www.wileyplys.com to purchase immediately. (WileyPLUS includes the complete interactive textbook online) Option 2 – Buy a new textbook in the bookstore packages with a WileyPLUS registration code. Once you have your WileyPLUS Registration Code, you will need to register fir WileyPLUS. You can go to the appropriate class section URL listed below or link directly to your course by looking up your school and section under the Get Started link at www.wileyplus.com. Here are the steps : Step 1 : Copy and paste the specific class section URL listed below. Verify that the section matches your schedule before you register Class Section URLs: ADMS 3585 Section M: http://edugen.wileyplus.com/edugen/class/cls370292/ ADMS 3585 Section N: http://edugen.wileyplus.com/edugen/class/cls370293/ ADMS 3585 Section O:http://edugen.wileyplus.com/edugen/class/cls370294/ Step 2 : Click on the REGISTER button to start. Need more info ? Visit www.wileyplus.com/register Page 2 of 14 WILEYPLUS HELP : LOGIN : LIVE CHAT (Technical Support) : Additional Resources : www.wileyplus.com www.wileyplus.com/support www.wileyplus.com/studentfdoc “But I was going to rent or buy a used book.” Used and rental books do NOT include valid WileyPLUS codes, making this option the most expensive. Not sure which option is best for you? Grace Period - gives you temporary access for up to 14 days Group Case Project The Group Case Project will account for 20% of the total marks The project will be assigned around week 6. The class will be divided into groups of 5-6 students based on the active enrolment at that time. Each group is expected to conduct a case analysis and write a case report Each student in the group will receive the same mark for the assignment, so it is strongly recommended that you study together with your team members, and that each student contributes to each case assignment. Discussion of the cases will contribute to your understanding of the course material and help to develop your analytical skills. Written assignments provide an opportunity to apply the skills being taught in the course and are useful for monitoring progress and for obtaining personal feedback. The group case project must be typed. Each case must be no longer than 6 letter-size pages (excluding appendices), 1 ½ spacing, 12 point font, Time New Roman, with 1” margin. The appendices should only be used to include calculations or tables and they cannot exceed 2 pages. It is critical that students follow these page limits for the case answer and any answer in excess of these page limits will not be marked. State your assumptions, where applicable. You must use judgment as to the style of response that seems appropriate. The reports are due at 11:59 pm on March 23, 2013 and all the case report must be submitted to adms3585@yorku.ca. The group case project must be submitted on the due date and no late submission will be accepted.. More detailed information regarding the case report will be provided by the course director when the groups are formed and assignments are given. Exams There is one midterm exam and one final exam. The midterm exam lasts 3 hours and contains multiple-choice questions and comprehensive problems. The final exam lasts 3 hours and contains multiple-choice questions, comprehensive problems and a case. Page 3 of 14 Course Support Tutorial schedule (Location To be announced) Saturday, Feb 22, from 12pm to 2pm Thursday, Feb 27, from 4:30pm to 6:30pm Thursday, April 3, from 4:30pm to 6:30pm Saturday, April 5, from 12pm to 2pm Page 4 of 14 COURSE SCHEDULE – ADMS 3585 – WINTER 2014 WEEK Week 1 - Jan. 7 Week 2 - Jan. 14 Jan. 19 Week 3- Jan. 21 CLASS TOPIC Canadian Reporting Environment; Accounting Information System (Brief Review); Conceptual Framework; Reporting Financial Performance READINGS Chap. 1 & 3 Chap. 2 & 4 REVIEW QUESTIONS P2-3, P2-5 Week 4 - Jan. 28 Last day to enrol without permission Reporting Financial Performance; Financial Position and Chap. 4 & 5 E4-16, P4-2, P4-6 (1-3, 6-10), P4-8 Cash Flows (a and b); P 5-11; Case IC4-1 Revenue Recognition Chap. 6 IC5-1 Week 5 - Feb. 4 Revenue Recognition; Cash and Receivables Chap. 6 & 7 DUE DATE Assign 1 Due Jan 19 – Chapter 1-3 P6-1, P6-2, P6-3, P6-7 Assign 2 Due Feb Case CA6-2 2 – Chapter 4-5 Week 6 - Feb. 11 Cash and Receivables Chap. 7 E7-10, E7-11, E7-18, E7-19, P7-2, P7-10 Feb. 17-21 READING WEEK - NO CLASSES Week 7 - Feb. 25 Investments Ch 9 E9-4, E9-6, E9-7, E9-8, E9-13; P9-3, Assign 3Due Feb P9-7, P9-9 23 – Chapter 6-7 Mar. 1 (Saturday) MID TERM TEST 1 (Chapters 1-7) : 7-10 pm – Location : TBD Week 8 - Mar. 4 Investments; Inventory Ch 9 & 8 P8-6, P8-11, Case IC7-2 Mar. 7 Last day to drop courses without receiving a grade Week 9 - Mar. 11 Inventory; Acquisition or Property, Plant and Equipment Ch 8 &10 E8-5, E8-12, E8-13, E8-17, E8-21 Assign 4 Due Mar P8-21 9 – Chapter 9 Week 10 - Mar. 18 Acquisition or Property, Plant and Equipment; Ch 10 & 11 E10-9, E10-11, E10-15, E10-19 E10- Group Project due Amortization, Impairment, and Disposition 23, E10-25 (a) and (b), Mar. 23 (Sunday) E10-27, P10-3, P10-7, P10-9, P10-11 at 11:59 pm Week 11 - Mar. 25 Amortization, Impairment, and Disposition; Goodwill and Ch 11&12 E11-12 E11-15 E11-21 E11-23 (a) Assign 5 Due Mar Other Intangibles Assets and (b) P11-5 P11-7, P11-15 23 – Chap 8 & 10 Week 12 - Apr. 1 Goodwill and Other Intangibles Assets; Final Review Ch 12 E12-9, E12-13 to E12-16, E12-19, P12-7 to P12-9 FINAL EXAMS – 3 HOURS (CHAPTERS 1-12) - Time & Location : TBD - During York University’s common exam period Please do not book travel between this period until the final exam schedule is out. All Wiley Plus Assignments are due at 11:00 pm * BE – Brief Exercise; E – Exercise; P – Problem; C - Cases Page 5 of 14 PART II: DETAILED INFORMATION The following contains answers to typical questions from students who attend this course. You should read it before submitting your personal inquiries to adms3585@yorku.ca. Your message will be returned if it has been addressed in the course syllabus. ENROLMENT Prerequisites Students are personally responsible for ensuring that they have the necessary prerequisites. The School of Administrative Studies reserves the right to de-enrol any student when it is determined that a student has requested a course without having the necessary listed prerequisites. The School will not be responsible for refunds resulting from students being dropped from a course due to a lack of a prerequisite. Students with outstanding deferred exams in the prerequisite course may not enrol in this course. Enrolment Deadline If the course is full, a waiting list will be maintained with the Receptionist at 282 Atkinson. As vacancies occur, students are contacted in order on the list. The Course Director is not involved in the registration process in any way and cannot assist you with this process. Because of the high volume of material covered, no registration under any circumstances is permitted after the “last date to enrol without permission date”. For Winter 2014, this date is Sunday Jan 19. CLASS MATERIALS Textbook Textbook to be used in this class is the 10th edition. Previous editions and lecture notes used in prior semesters are not up-to-date and should not be used. Financial accounting is an evolving subject, especially with the new adoption of International Financial Reporting Standards. Numerous changes may occur every year in this field. As a result, you are responsible for coverage of recent developments by using up-to-date textbook and lecture notes. Beyond Textbook International Financial Reporting Standards (IFRS) All Canadian public firms were required to adopt IFRS in 2011. This does not mean Canadian GAAP will disappear entirely – it continues to remain important because it set up basis for the Canadian private (nonpublicly listed) enterprises’ GAAP (ASPE). Both IFRS and ASPE will be taught in this course. CICA Handbook The CICA Handbook is an authoritative guide of Canadian GAAP. It functions as a dictionary in the course for us to look up any Canadian accounting standards not thoroughly covered in text and class lectures. It will be Page 6 of 14 very useful and handy when you do case analysis. If you are planning on being an accounting major, sitting for accounting professional designation exams, and/or pursuing accounting career, the Handbook is an invaluable resource for you to frequently refer to. Note that this course will only test the Handbook to the extent of the materials being covered in class. To put it in another way, you do not have to specially study the Handbook to be ready for the exam. York University library provides free online access to the most recent Handbook. Access from the Libraries home page www.library.yorku.ca (or, after signing into the course website click on the 'York Libraries' link). Type CICA in the Title Quick Search box. Choose 'CICA Standards and Guidance Collection' and then choose 'Accounting'. If accessing from off-campus authentication with library barcode and PIN is required. Study Guide The Study Guide is completely optional. You are neither encouraged nor discouraged to use it – it’s totally a personal preference. However, please note that this guide does contain errors. If you are not persuaded by the solution, it does not necessarily mean you were wrong. Bring the question at dispute to course tutors; they probably have seen these errors before and will be able to help you figure our correct answers. Practice Problems Solving practice problems is one of the best ways to understand class materials and prepare for exams. Selected practice problems will be assigned each week but not graded. These assigned practice problems should be considered as a minimum. The more exercises and problems you do the more comfortable you will be with questions on the exams. However, if there is a time conflict, I would rather you practice the assigned problems at least twice before the exam, than try more unassigned problems. Assignments and solutions of practice problems will be posted on the course website each week with the posting of slides (i.e. 24 hours before class). Solutions to unassigned end-of-chapter problems will not be posted. There are two ways for you to obtain these solutions. One is to view them during drop-in tutorial hours, and the other is to email adms3585@yorku.ca with your attempted solution. Due to copyright request from the publisher, no solutions should be provided through electronic sources unless attempted solutions are provided. Page 7 of 14 LECTURES Lectures and Slides There is a 3 hour in-class lecture each week. The lecture will normally have two 80-minute sessions with a 10minute break in between. The lecture slides will normally be available 24 hours before each class. Attendance I do not take class attendance. However, you are required to try your best to attend each class. Technically, if you do not attend class, it will not affect your grade. But statistics show that students who attend class regularly perform consistently and significantly better than students who never attend class or attend class on and off. Class Etiquette Just a few things I would like to point out when attending class. Please: Turn off your cell phone before class Drinking and snacks are permissible only on the condition that it is to refresh your energy and that it does not disturb your neighbors. No entrees or food with smell are permitted. Be on time to each class. If you may have to come in late, please slip in the class as quietly as possible. If you have to leave early, please try to do so only at the break time. Computer should be used for class related purpose. Absolutely no social networking or computer gaming during class. CLASS SUPPORT Tutorials Drop-in Tutorial Tutorials will be setup two weeks before each midterm exam and are not mandatory. Please note the tutorial dates listed above. These tutorials will be party structured, i.e. TAs will demonstrate problems and if time permits, there will be question and answer sessions after. With free tutoring, there is no need to spend money on expensive outside tutors. Our TAs are A plus 4th year accounting majors and are delighted to assist you. Email Tutorial If you are unable to physically visit tutor, you can do so through email, which is available 24 hours, 7 days to you. You can normally expect to receive replies within 36 hours (except during weekends and holidays). The following three types of emails will be returned: Email without your signature of full name, student number, AND section number, as no one has the time to search databases to determine the name and section of e-mail writers Email with attachments. Any attachments should be cut and pasted into the email body, given the incidence of virus and worm transmission through email attachments. Queries such as "What is Exercise XX's solution?" will be returned to you, asking you to provide your own attempted solution. Page 8 of 14 It is also essential that the following e-mail protocol be observed: E-mail from your York E-mail Account (username@yorku.ca). Do not leave the subject line empty When replying with history, keep history SHORT! COURSE WEBSITE Access The course website link is provided in Part I: Core Information of this syllabus. You can also access the website from the York Courses Web site page: https://w2prod.sis.yorku.ca/Apps/WebObjects/cdm or by going through the Faculty of LAPS website and drilling down to the Winter 2014 Courses link in ADMS. Once navigating to the course Web site, you will view a common welcome page noting the calendar description, the course outline, and the Student Links page. This is a public access page and the course outline on this page is only an excerpt of the course syllabus. The full version of course syllabus is password protected you should sign in with your Passport York account, and select from sidebar. Secured access to the Web sites is activated on the first day of term (usually later in the day). Content The website contains the following secured folders: Course Syllabus Announcements o Important class matters will also be posted here, including change in class schedule. o You should check these at least once a week before class to avoid surprises Lecture ## o This is the place you will find lecture slides, homework assignments and solutions, and supplemental materials for a given week. o The graded case assignments will also be placed here in a relevant week. Exam information o This is the place for general exam information, exam results, and extra practice problems, if any. Computing Requirements A multi-media computer with high-speed Internet connection and most recent versions of Adobe Reader is required. Adobe Reader is available by free download from www.adobe.com respectively. There are free computer labs on campus for registered students who do not possess these computing resources. Computing Help Page 9 of 14 All computing issues should be directed to the Computing and Network Services (CNS). It has an extensive site on the Internet at: http://www.cns.yorku.ca. Contact them by phone (416) 736-5800, by E-mail helpdesk@yorku.ca or you may obtain assistance in person in the William Small Center. EXAMINATIONS Important Exam Information – MUST READ!!! 1) Supplementary reading assigned by course director is deemedexaminable unless otherwise specified. 2) There are no practice exams for the midterm and final. However, assigned practice problems, class demonstration problems, and multiple-choice quiz questions used in class provide excellent sample exam questions. 3) As a multi-section course, the midterm exams in ADMS 3585 are scheduled outside of class on weekends. You should not take this course if you are unable to attend these exams. 4) Midterm Exam results and case grades normally will be returned in two weeks after exam. 5) There is no deviation from this published grading scheme. A deviation represents a “deal” and in fairness such deal would have to be offered to every student. This is simply not possible in this course. The most common request is “If I do better on the final, can I count the midterm less?” The answer is no…. so plan on doing well on the midterm. 6) Final exam is scheduled by the York Registrar in the formal exam period between April 8 - 24. You should not book travel plans in this period. 7) You cannot receive a grade in this course if you miss the midterm exam and the group project. 8) You cannot receive a grade in this course if you miss the final. 9) Final course grades are released by the Registrar and not the instructor. 10) The course director reserves the right to adjust grades either up or down such that distributions conform to York University requirements for 3000 level courses. 11) Fire alarms and bomb scares are part of the academic landscape today. There is a well defined protocol on your exam instructions as to the conditions whereby an exam will be restarted or if marks are to be prorated. Exam Conflicts Exam conflicts are defined as having two or more exams scheduled at the same time on the same day or 3 exams in 24 hours. Back-to-back exams are not considered exam conflicts. Consult the York University website for official timetable information, and if you have exam conflicts, contact the course director to make alternate arrangements. Absence from Exams Make-up examinations will not be provided. If a mid-term exam is missed (predicated on a documented and valid reason) weight of the mid-term will be added to the final exam. Please note that a new system has been implemented to facilitate the processing of Deferred Standing Page 10 of 14 Agreement Forms. In order to request a deferral of your final exam the following steps are required: 1) Download the DSA form from the Registrar's Office web site, complete it with all of your data and attach the documentation to support your request, keep these paper forms and documents with you; 2) Access the School of Administrative Studies DSA system by clicking on the link (http://www.yorku.ca/laps/sas/links.html). Look for “Status of Deferred Exam Requests” and login using your Passport York ID and password and complete the online form; 3) Once you have completed the online form, a ticket number will be issued, please copy that number in the top right corner of the paper version of the DSA form that you have already completed in step 1; 4) Bring the paper DSA form with supporting documentation to the main office of the School of Administrative Studies, room 282 Atkinson within one week from the date of your missed final examination; 5) Check the status of your request in the School of Administrative Studies DSA system, once approved make sure to take proper note of the location, date and time of the exam; 6) 48 hours before the scheduled exam check the School of Administrative Studies DSA system to confirm the location, time and date of your deferred exam. We also encourage you to check the DSA system again on the day of your exam for any last minute changes. Deferred exams are held between May 23 to May 25, 2014. One caution – if you are ill and it is affecting your performance, do not write an exam. Under no circumstances is the result of an examination changed once it is written. If you become ill during the exam then hand in your exam and go directly to a hospital emergency room to get a medical note. Once you leave the exam room, you cannot be readmitted. There are two types of absences from the examination: 1) Authorized 2) Unauthorized – you get zero on the exam Important: Submitting your documents on time is not a guarantee that your request will be approved. For medical absence, if you do not seek medical appointment within a reasonable time frame AND the APS does not clearly indicates that you are incapacitated on the exam date, your request could be denied. Authorized absences (Medical) If you are unable to attend a midterm because ofillness, you must obtain a signed Attending Physicians Statement (APS). Attending Physician’s Statements may be downloaded from http://www.registrar.yorku.ca/pdf/attend_physician_statement.pdf. Note that according to the School policy, just a doctor’s note is no longer sufficient; you must submit an APS where the doctor clearly indicates that you were incapacitated on the exam date. The APS must be submitted within one week from the missed midterm Page 11 of 14 examination date, to the course instructor or be dropped off at / mailed to: Adms3585 (please clearly mark Adms3585) Administrative Studies Office, Room 282, Atkinson Building 4700 Keele Street, Toronto, ON M3J 1P3 Phone: (416) 736-5210 Fax: (416) 736-5963 Website: www.yorku.ca/laps/sas/ Regular Hours (September-April): Summer Hours (May-August): Monday- Thursday, 9:00am - 7:30pm Friday, 9:30am - 4:30pm Monday-Thursday, 9:00am - 7:30pm Friday, 9:30am - 3:30pm Important: Submitting your document on time is not a guarantee that your request will be approved. For medical absence, if you do not seek medical appointment within a reasonable time frame AND the APS does not clearly indicates that you are incapacitated on the exam date, your request could be denied. Authorized absences (Religious) The University publishes a list of accredited religions. If you have a religious observance preventing attendance at an exam then submit appropriate documentation to get an authorized absence and a weight transfer Authorized absences (Compassionate) 1) These should be cleared with your Course Director well ahead of the scheduled exam. 2) Attendance at weddings or funerals is an excused absence only for members of the immediate family or if you are in the wedding party. 3) Note that York does not normally consider inability to get off work as reason for excused absence. Your employer will have to give you a signed letter on letterhead to make such condition an excused absence 4) In all cases, whether it be wedding, bereavement or other compassionate grounds, your course director will want to see some form of written documentation supporting the existence of the event. Final Exam Review/Reappraisal Students may request to review final exam. Contact the Administrative office (Room 282 at Atkinson Building) to set up an appointment. With sufficient academic grounds, students may, request that a final grade in a course be reappraised. Non-academic grounds are not relevant for grade reappraisals; in such cases, students are advised to petition to their home Faculty. Students need to be aware that a request for a grade reappraisal may result in the original grade being raised, lowered or confirmed. For reappraisal procedures and information, please visit the Office of the Registrar site at: http://www.registrar.yorku.ca/services/policies/grade.htm Page 12 of 14 Academic Honesty Cheating on exams and other forms of academic dishonesty are absolutely not acceptable. Any attempts of cheating will result in substantial penalties. Suspected breaches of academic honesty will be investigated and charges shall be laid if reasonable and probable grounds exist. Check the published regulations by York University regarding cheating and other forms of academic dishonesty on the University website (see academic policies on the ‘current students’ page of www.yorku.ca). It is assumed that you have read and are familiar with these regulations. WORKLOAD AND STUDY PLAN Workload This course is considered one of the most rigorous courses on campus. To receive a passing grade SUBSTANTIAL time MUST be invested. A rule of thumb guidance for this course is spending a minimum of two hours outside of class studying for every 50 minute class period. More hours outside of class is needed in order to prepare for examinations. If you have a full time job in addition to your academic pursuits, you are strongly advised not to take another course concurrently with this one. Students who have not taken the prerequisite Introductory Accounting course with York (ADMS2500) or who have not received a minimum of B in ADMS2500 may necessarily need to work harder in the first few weeks of the course to catch up. Is All This Work Justified? The course is designed to appeal individuals planning a career in accounting or finance. Most students take this course for the BAS-Honors, Accounting degree or for Accounting certificate. Some non-degree and visiting students take the course for the purpose of CPA/CGA designations. Completion of this course prepares the student to take Intermediate Financial Accounting Level II and other senior accounting courses. Accounting is a discipline with a body of knowledge that is expanding at an amazing rate and we cover an imposing amount of material in one semester. In industry it is the language of business - Regardless of whether your area is personnel, marketing, production or whatever, the common language is accounting. As future accountants and financial professionals, you are bound to master this language. ADMS 3585 counts towards the certification requirements of the Chartered Professional Accountants of Canada (CPA) and the Certified General Accountants Association of Canada (CGA). Students in foreign jurisdictions should confirm this eligibility with their professional accounting bodies. While the course is based on Canadian accounting principles and standards, Canada is a member of IFAC (the international federation of accountants) and Canadian accounting standards are mostly consistent with the international accounting standards. Study Plan Plan ahead and work on weekly basis. Obviously, you will get more benefit from the lecture if you read text before class. There are also lecture slides you can download and use as course notes. If you fall more than a week behind in an accounting course, failure is almost a certainty. Cramming is just not an option in this course It is essential to set aside time to practice problems (in addition to attending class and reading text) at least Page 13 of 14 twice, and ideally, three times before the exam to ensure a decent performance in the exam. Two hours of study for each classroom hour has been the rule of thumb forever in honours university accounting courses as the minimum work ethic to guarantee a passing grade. If you do the work you should pass. That’s how the system is supposed to work. A special note to ESL students: accounting is a language with many hundreds of technical terms. If your English skills are weak, then count on spending extra time to master the terminology of accounting. FINAL NOTE For any of your questions that are not addressed by the above description, please email to adms3585@yorku.ca. The professor will respond to your message within 48 hours (except during weekends and holidays). In case you do not receive a response in time, please email the professor through the email provided in the York University directory so the source of the communication problem may be investigated promptly. Page 14 of 14