School of Administrative Studies
Faculty of Liberal & Professional Studies
York University
Summer 2011 Course Outline – all sections
AP/ADMS2500 3.0 Introduction to Financial Accounting
Course website http://jacinth.eso.yorku.ca/LotusQuickr/2011su-apadms2500a03/Main.nsf/h_1EE12367BD714CE385257051006BF18E/59372f8c3722a6bb852
5705100701043/?OpenDocument
Please note: If this link is broken you can access the course website by going
through the Faculty of LAPS website and drilling down to the Summer 2011
Courses link in ADMS. Also please note that Section A is used as the course
website for all sections. All course content resides on the Section A website.
Students registered in other sections log into their own sections and then take
the sidebar link for multi-section courses to be ported to Section A. After week
one, you need to be registered and have a York Passport ID for site access.
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Internet
Internet
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Catalogue
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CSE C W84T01
Home Q31F01
Home J78Z01
IMPORTANT NOTE 1
ADMS 2500 is one of the largest enrolment classes on campus (approximately
2,000 students per year). This necessitates a very legalistic approach to course
administration. This multi-page outline contains detailed guidance on every
conceivable rule and regulation in the course. It represents a contract between
you the student and the Course Director and there will be no deviations by either
party from these rules. It is published in advance of the term and the rules are
inviolate. There will be no exceptions to submission deadlines, term work
requirements, exam dates and grade weighting. If you cannot abide by these
rules (especially with respect to exam dates and submission deadlines), take the
course somewhere else under letter of permission.
IMPORTANT NOTE 2
This course is unique at York in that there is a seamless interface between the
on-campus and internet sections. Both have access to identical learning
resources on a common website and in addition the on campus lectures are
streamed for viewing by Internet students. In sum, you will find the Internet
sections utilize state of the art technology to create a true virtual classroom
environment. This is mentioned because there is normally a long waiting list to
get into ADMS 2500 and you need not be concerned that you will get an inferior
learning experience in the Internet sections. The only important consideration is
that home study takes a much higher level of self-discipline (maturity) to stay up1
to-date. There is generally room in the lecture halls after the first few weeks for
Internet students who want to physically attend classes. All are welcome. Since
exams/assignments/coverage are identical across all sections, you can
migrate back and forth freely. A real benefit of having streamed lectures is that
if you cannot make a particular class, there is always the comfort of having it
viewable “on demand” from your website.
IMPORTANT NOTE 3
While there are mechanisms for transferring the weight of exams missed as
authorized absences, there is no possibility passing the course without
submitting the term work. It is assigned day 1 and you have the entire term to
work on these assignments. You cannot claim illness as reason for nonsubmission and late submissions are not allowed. No term work submitted….no
grade.
REGISTRATION
Enrolment Deadline
All sections for this course normally fill months in advance so early registration is
important. However, there is normally some attrition in the first week and a
waiting list is 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 (4 chapters in the first
two weeks and because of early due dates of assignments in this course, no
registration under any circumstances is permitted after the “last date to enroll
without permission date”. For Summer 2011, this date is Friday May 13th. For the
benefit of students trying to get late registration in the course, the course website
is left as public access for the first week of classes only. Starting in Week 2, only
registered students have access. Since the course text is non-returnable once
opened, it would be imprudent to purchase the text before successfully getting
into the course.
Course & Exam Conflicts
Consult the York University website for official timetable information.
Midterms
As a multi-section course, the midterm exams in ADMS 2500 are scheduled
outside of class on weekends. You should not take this course if you are unable
to attend these exams.
Midterm 1 (Sunday June 5th) 2pm to 4:30pm
Midterm 2 (Sunday July17th) 2pm to 5pm
Final exams
Scheduled by the York Registrar in the formal exam period between August 2 nd
and 12th. You should not book travel plans in this period. Exam date is published
by July 1.
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Course Director
Coordinator and Course director of all sections: Dr. Brian Gaber PhD CA,
Professor of Accounting, York University (bgaber@yorku.ca)
Calendar Course Description
An overview of the accounting discipline useful to both majors and non-majors.
Includes accounting history, the uses of accounting information in personal and
business contexts and the rudiments of financial reporting. Note: AP/ADMS 1000
3.00 is not a prerequisite for AP/ADMS 2500 3.00, but is strongly recommended.
Course credit exclusions: AP/ADMS 1500 3.00, AS/ECON 3580 3.00, GL/ECON
2710 3.00.
Expanded Course Description
The course is designed to appeal both to individuals planning a career in
accounting and to individuals who will become consumers of accounting
information. It is not necessary to have completed any high school courses in
accounting prior to taking this course, although students with no accounting or
business background at all will have to necessarily work somewhat harder in the
first month of the course than students with high school accounting. There is not
usually a measurable difference in the performance of students with accounting
backgrounds and those without by the end of the course. Students are
forewarned that introductory accounting is one of the more rigorous courses at
York University. 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. Is all this work justified? Unlike some courses you take in
university, a working knowledge of accounting will prove helpful to you
throughout life. In industry it is the language of business so regardless of whether
your area is personnel, marketing, production or whatever, the common
language is accounting.
In addition to carrying a York University credit, ADMS 2500 also counts towards
the certification requirements of the Canadian Institute of Chartered Accountants,
the Certified General Accountants Association of Canada, and the Canadian
Institute of Certified Management Accountants. Students in foreign jurisdictions
should confirm this eligibility with their professional accounting bodies. While the
course is based on Canadian accounting principles and standards, Canadian
accounting standards are mostly consistent with the international standards.
Completion of this course prepares the student to take Intermediate Financial
Accounting and other senior accounting courses.
Prerequisites
AP/ADMS 1000 3.00 is not a prerequisite for AP/ADMS 2500 3.00, but is strongly
recommended. If you do not have a background in business or business courses,
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you will find it highly beneficial to get any intro business textbook from the library
and read it before taking ADMS 2500. This will give you exposure to some of the
basic business concepts and terminology you need to take ADMS 2500.
Course credit exclusions: AP/ADMS 1500 3.00, AP/ECON 3580 3.00, GL/ECON
2710 3.00. Note that ADMS 2500 is a prerequisite for most senior accounting
courses including ADMS 2510 and ADMS 3585. ADMS 1500 is not accepted as
either a prerequisite for these courses or as credit towards the BAS degree.
ADMS 1500 is tailored specifically for the BHRM program and other nonbusiness majors and is considered a terminal course in accounting.
Required Text
Introduction to Financial Accounting in the 21st Century, Brian Gaber &
Louise Hayes, McGraw-Hill 2009
Note: The textbook is a multi-media DVD available from the York University
Bookstore. Ensure you buy a sealed copy and check that it contains a unique
PIN code to access the Lyryx Website which contains the graded labs for the
course. As long as this PIN has not been activated, you will have free access to
the Lyryx website.
Used Texts: Course content is the same since 2009 and these may be used.
However, If the PIN has been previously used, you will have to pay Lyryx
Corporation $55 for access to their website. If you buy a used text, please be
aware that you may or may not have display problems based on what versions of
ADOBE, FLASH and QUICKTIME you have on your computer. The DVD works
with versions of these players current at the date of publication and your
computer may have updated to more recent versions. Given the potential for
problems with an older version and the fact that the net cost of a new DVD is
only $10, it doesn’t make much sense to work with a used version.
Computing Requirements
This course has an extensive computer interface and you will need access to a
multi-media computer with a high speed Internet connection and a DVD player.
The most recent versions of Adobe Reader and Apple QuickTime are required to
view course materials, available by free download from www.adobe.com and
www.quicktime.com respectively. A computer with a DVD drive and speakers (or
headphones) will be required to read and listen to the text. ‘Adobe Reader’ and
‘QuickTime’ are needed to view the over two hundred short, multimedia clips that
illustrate and explain the concepts. Please note that these multimedia clips are
an integral part of the text and are deemed examinable material. The clips and
soundtracks from the clips are also provided on the DVD as separate
downloadable files to facilitate review. The Internet connection is required to
access materials on the course website. Dial up speed will not suffice. You will
need a high speed connection to view the streamed video. There are free
computer labs on campus for registered students who do not possess these
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computing resources. Campus computers do not have speakers so you will have
to supply your own headphones.
Course Materials Fee
Please note that this is a misnomer. All York Internet students are charged $30
by the University. This is not for course materials; it is for system access to York
servers. It is collected by the University and not the School of Administrative
Studies.
ORGANIZATION OF THE COURSE
Lectures
There is a 3 hour lecture each week. On-campus sections will have their lecture
in the designated lecture hall at York. Internet sections will have their lecture
streamed via the course website over the Internet. The streamed lecture is
actually a filmed version of an in-class lecture, so there is no difference in content
between on-campus and Internet sections. It is usually available on the course
website by Saturday each week. These lecture recordings synchronize the audio
and video to the slides shown in class and are random access, so you can jump
to any point in the lecture and repeat any module you wish to view again. Since
these streamed lectures are ideal for course review, they are available to all
sections on the course website. Each week the lecture slides will be available
several days before class. It is suggested you download and print these slides as
they constitute an excellent set of lecture notes. You can then add annotations as
you listen to the lecture. In the rare event of technical recording difficulties the
lecture of a previous semester will be substituted, together with a written update
of any additional comments/changes during the current semester.
Making the lectures available on the website begs the question ….. ”Why come
to class since all lectures can be viewed from home?” Viewing from home is
quite appropriate for some students. However, pedagogical research has shown
that only about one student in three has the intellectual maturity to stay up to
date in web based courses. Internet failure rates tend to be higher than campus
failure rates specifically because of this. Internet study requires far more selfdiscipline than being an on-campus student. Attending class has the very huge
benefit of forcing you to stay up to date each week. If you fall more than a week
behind in an accounting course, failure is almost a certainty. Cramming is just not
an option in 2500. The other benefit of coming to class is that you can ask
questions in real-time as opposed to putting your queries in email. Attendance is
not taken in class so pick the study mode that works best for you, but be realistic
in your self-assessment. Those students who have unwisely registered in
Internet sections are invited to start attending class. After the first week, there will
be room for all.
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Tutorials
Every student is required to register in a tutorial. Registration is on-line via a link
in the announcements section of your course website and opens 10 am on
Monday May 9th. There are multiple on-campus tutorials and virtual tutorials
(online chat rooms). On campus students should register in an on campus
tutorial and Internet students should register in an online tutorial. Only 45
students are allowed in each tutorial and it is first come first served so we
suggest you register as soon as possible to get a time that works for you.
Attendance is not mandatory at tutorials and tutorials are unstructured. There is
no prepared agenda and T/A’s are there simply to help you with any questions
you have on accounting theory, study techniques, practice problems, labs and
the term project. The best feature of these tutorials is that if you wish to get extra
help, you are invited to attend as many sessions a week as you wish. With up to
14 hours a week of free tutoring, there is no need to spend money on expensive
outside tutors (such as the company that hands out flyers at the classroom door
every night). Our 2500 T/A’s are 4th year accounting majors with A+ GPA’s and
are delighted to assist you.
Even though you are welcome to attend any and all tutorials, there are two
reasons why you must register in a specific, tutorial:
1. Each T/A is hired to mark 45 term projects and registration is how we
allocate the projects.
2. Your formal T/A becomes your email buddy in this course. The T/A in your
registered tutorial is willing to reply to all course emails within 36 hours.
Other T/A’s do not respond to your emails and your instructor only
answers email regarding course administration (but not course content).
Email Protocol
Each tutorial group has its own email account. After the second week of class,
send queries to adms2500tut##@atkinson.yorku.ca where '##' is your tutorial
number. For example, students in tutorial group 'tutorial01', should email their
queries to adms2500tut01@atkinson.yorku.ca. Course tutors will forward all
messages they can not answer to the Course Director. If you are not yet in a
tutorial, have a concern which can not be answered by a course tutor, or have
not received a reply to queries sent to tutorial email accounts within 36 hours,
email adms2500@atkinson.yorku.ca. This account is monitored by the Head T/A
for the course. Make sure to include your name, student number, tutorial
number and section number in all your emails. Messages without this
information will be returned unopened.
Who do I email for what?
T/A account………….. (all questions related to course content)
Course account ………(problems re T/A’s or tutorials)
Helpdesk@yorku.ca….(all computing issues )
Course Director……….(questions re course administration and grades)
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Practice Problems
There are practice problems and solutions on the DVD, Introduction to Financial
Accounting in the 21st Century. The course website will contain practice exams.
For students who absolutely insist on an A in the course, there are numerous
intro accounting textbooks in the Schulich business library containing a wealth of
worked examples. The formula for success in a “problems” course is always to
work as many problems as time permits.
Labs
In addition to exams, the graded components of this course contains two termwork requirements. One is submission of a term project and the other is
submission of ten accounting labs. These two components comprise 20% of your
graded feedback and no one may receive a grade in this course without
submitting term work. It is not required that you pass them, but it is required
that you attempt them.
The labs are found online at the following website (http://lyryx.com). The access
code for the Lyryx website is bundled with the DVD, Introduction to Financial
Accounting in the 21st Century and is free for purchasers of the text. An access
code may also be purchased directly Lyryx.com for $55 with a credit card. There
are 10 labs of approximately ten questions each. Lab 1 is for practice only and
Labs 2 – 11 are scored and grades recorded. Some labs can be done in an hour
while others take several hours. To receive a grade, you do not submit by
question but rather submit the entire lab. You will also get instantaneous
feedback.
These are called labs instead of quizzes because unlike quizzes you can retake
them as many times as you wish if you wish to increase your grade. You can also
stop part way through a lab and save your work. Your best grade will count.
Lyryx software generates new questions each time so this website can be used
for extra practice for exams. Since the questions change with each log-on, if you
want to discuss a particular question with your T/A, you should take a screen
capture and print the page to take to the tutorial. Note this website accepts
submissions only until the submission deadline date for each lab (see schedule
in this outline), and then the lab is permanently closed. Prudence suggests you
do not wait until the deadline before submitting your lab. Admittedly, these labs
are a lot of work. However, since time immemorial, the secret to success in
accounting courses has been to do problems, problems and more problems.
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Term Project
The term project will give you hands-on experience applying the concepts
presented in this course. When you complete the term project, you have
mastered the key learning objectives of this course. It is comprised of three major
tasks:
1. Maintaining a set of accounting records and generating financial
statements for a small business,
2. Using commercial accounting software, and
3. Reading & understanding an annual report for a real company.
Your Course DVD contains multiple term projects. The project for this semester,
additional data sets for Part 1 and explicit instructions how to complete and
submit will be found on your course website.!
Submission:
The term project is to be submitted at your midterm examination
th
on July 10 . The assignment should be inserted in a sealed 8 by 11 manila
envelope with the following information printed on the envelope (name, ID#,
Section #, and Tutorial Number that you are registered in). You will be required to
sign a sheet guaranteeing that the work is your own and as record of
submission). Exam invigilators will also sign for receipt of your project. The
grade penalty for late assignments not submitted at this exam without a
documented excuse is 20% per day. Students missing the exam must arrange to
have the term project delivered by friend or courier to 282 Atkinson by 12 pm the
next morning (i.e. July 11th) to avoid late penalties. Graded term projects with
written feedback will be returned at the final exam. Unclaimed term projects will
be kept in 282 Atkinson for 2 weeks and then discarded. Internet students will
also submit their projects at the midterm exam. Students writing in off-campus
examination centers should make advance arrangements with their T/A to get the
term project submitted by the due date.
Plagiarism: Please note that while you may discuss project requirements with
classmates, each student must submit a personalized and unique solution. Each
semester several 2500 students are convicted of plagiarism for copying
classmate’s materials or using purchased solutions from off-campus sources. Do
not jeopardize your academic program by such foolish behavior. Beware of the
off-campus company handing out notices on campus for assistance with your
term project. If you buy a solution from them you will end up with a zero in the
course and a notation of academic dishonesty on your transcript. Please read
and be familiar with York regulations on plagiarism. They are enforced
scrupulously in this course. Copied solutions will be detected. This course uses
sophisticated detection methods and you will be caught. Part 1 of the project is
required to be completed in your own handwriting.
Course Website
Although the Faculty shows a separate website for each of the five sections, all
course content is actually contained on the website for Section A. Other sections
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should log into their section and then take the “Multicourse link” on the left
sidebar to the common website. The website contains
 Announcements on all important matters in the course. You should check
these several times a week and especially before class in case there is a
class cancellation
 Streamed lectures
 Lecture slides to print as course notes
 Information on completing the term project
 Hyperlink for tutorial registration
 Exam information
 Practice exams and practice problems
 Exam results
The website will be public access the first week. After that, you will have to log in
with your York Passport account.
GRADED COMPONENTS OF THE COURSE
The grading scheme of the course is as follows:
Component
Midterm 1
Weight
15%
Midterm 2
25%
Labs
10%
Term Project
10%
Final Exam
40%
Date
Sunday June 5 (24:30 pm) covering
Modules 1 to 5
Sunday July 17 (2-5
pm) covering modules
6 to 12
3 submission dates:
1) labs 2, 3 & 4: May
27th
2) labs 5 & 6: June
17th
3) labs 7 to 11: July
29th
Due at midterm July
10th. Late penalty 20%
per day and
illness/absence from
midterm is not an
excuse. Have
someone deliver it to
the exam on your
behalf.
August 2 – 12th
scheduled by the
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Registrar. Make no
travel plans during this
period.
100%
Note 1: This is one of the largest enrolment classes at York with more than 2,000
students per year. One manifestation of such a large course is that there can be
no deviations 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. This course will hit you like a sledge hammer. There is
almost 200 pages of reading the first week (if the videos on the DVD were all
converted to text). Both the labs and the term project require you start work on
them early. It is essential that you write out a study plan that dedicates six hours
a week of study on 2500 (in addition to the 3 hours of lecture). 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. Tuition is expensive…make it count!
Note 2: No two exams can ever be of equal difficulty. York requires that second
year courses in honours professional programs be submitted with predetermined
grade distributions showing a mean in the “C” range. Accordingly, grades in this
course will be adjusted up or down to conform to York requirements. Historically
about 15% of students in this course achieve A’s. Historically, about 50 % of
students fail or drop this course. This is not as bad as it seems because most of
the students in the second category readily admit to being negligent in their study
programs. If you do the work, you should pass. 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.
Note 3: From day one you are going to be bombarded with flyers from outside
“tutoring companies” that guarantee you high grades on the term project and a
pass on the exam. Such claims are completely false and you not only wasting
your money, but risk expulsion from the course and University. They are
essentially selling the same solution to multiple individuals and since we compare
submissions for plagiarism, your submission is likely to be red flagged and you
will be called in to a disciplinary hearing. A secondary impact is that since the
principal purpose of working the term project is to give you essential skills to do
the exams, buying a term project doubles your chances of failing the exams. Be
smart and actually learn the material. If you need assistance, it is there for you.
There are many hours a week of free tutorials in 2500 with T/A’s eager to answer
each and every question you pose.
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Note 4: No student can miss the final and receive a grade in the course.
Deferred status is available for authorized absence. Also, no grade will be
granted in this course without submission of term work (Labs and term project).
Note 5: This course outline constitutes a contract between you and your
instructor. After the first class, there will be no changes by either party with
respect to computation of course grades.
EXAMINATIONS
The course has two midterms and a final exam. There are two types of absences
from the examinations:
1) Authorized – the weight of the exam is transferred to another exam. An
authorized absence from the first midterm transfers its weight to the 2 nd
midterm. An authorized absence from the second midterm transfers its
weight to the final exam. An authorized absence from the scheduled
Final Exam allows you to submit a DSA application for a deferred
exam.
2) Unauthorized absence from any exam – you get zero on the exam
Authorized absences (Medical):
1) If you are unable to attend a midterm because ofillness, a signed
medical note (Attending Physicians Statement - not just a doctor’s
note) clearly indicating that you were incapacitated on the exam date
must be submitted to your course director.
2) Students can drop off their APS form within 7 days in class or at 282
Atkinson (please clearly mark the form as adms2500 with your name,
ID and section #)
Administrative Studies Office,
Rm 282, Atkinson Building
4700 Keele Street, Toronto, ON M3J 1P3
3) Please note that if you are ill, under no circumstances write the exam.
An exam once written will be counted without exception. 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
Authorized absences (Religious)
1) 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
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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 is a wedding, bereavement or other
compassionate grounds, your course director will want to see some
form of written documentation supporting the existence of the event.
Missing the Final Exam
Deferred standing may be granted to students who are unable to write their final
examination at the scheduled time or to submit their outstanding course work on
the last day of classes. In order to apply for deferred standing, students must
complete a Deferred Standing Agreement (DSA) form and submit their request
no later than five (5) business days from the date of the exam. The request must
be properly submitted with supporting documentation directly to the main office of
the School of Administrative Studies (282 Atkinson), NOT to the Course Director.
These requests will be considered on their merit and decisions will be
communicated to the students by the main office. DSA Form:
http://www.registrar.yorku.ca/pdf/deferred_standing_agreement.pdf
Attending Physician’s Statements may be downloaded from
http://www.atkinson.yorku.ca/Council/Students/physicianStatement.pdf.
Under no circumstancesis the result of an examination changed once it is
written. If you don’t feel well, go to the doctor and not the examination site.
Other Exam Information
1) Examinations in this course are computer graded multiple choice
questions
2) If supplementary reading is assigned by your course director, it is
deemedexaminable.
3) Practice exams for the 2nd midterm and final (with solutions) are found
on your course website
4) This course outline indicates curriculum coverage for each midterm.
Final exams in this course by definition cover the entire course.
5) You cannot receive a grade in this course if you miss the final
6) You cannot receive a grade in this course if you fail to submit term
work
7) Final course grades may beadjusted to conform to Program or Faculty
grades distribution profiles (ie…. grades may be “belled”).
8) Course grades are released by the Registrar and not the instructor.
9) Fire alarms and bomb scares are part of the academic landscape
today. There is a well defined protocol on your exam instructions as to
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the conditions whereby an exam will be restarted or if marks are to be
prorated.
10) Your first midterm result will be posted on the course website prior to
the “last date to drop without academic penalty” date.
WEEKLY TIMETABLE AND DUE DATES
Note: Dates and coverage are subject to change as circumstances dictate. You
should check the announcements section of your course website several times a
week for updated information.
Week
Date
Location
Coverage
1
May 5
campus
Course Admin (note
that there is no time
to review the course
outline line by line in
class. You should
print the outline and
read in advance and
bring any specific
queries to the first
class. Admin
discussion will focus
on how to access the
course website and
Lyryx website how
the course will be
conducted)
Key dates
Registration online for
tutorials Monday May 9th
@ 10am. The link is in
the announcements
section of the course
website.
Obviously, you will get
more benefit from the
lecture if you read
Modules 1, 2 and 3
before class. There are
also lecture slides you
can download and use as
course notes.
Modules 1, 2, 3
(introduction to
accounting)
2
May 12
campus
Module 4 (Adjusting
entries and the
accounting cycle)
Reading a financial
statement (basic
terminology and
concepts)…APPLE
vs RIM
Friday May 13th is the last
date to enroll in the
course without
permission
Tutorials begin Tuesday
May 10
13
3
May 19
home
Module 5
(merchandising)
lecture streamed
online from a film
studio to your
website. You can
view anytime during
the week at your
convenience.
Registration for Lyryx
Labs online and attempt
practice lab 1
Begin term project
(download accounting
software and select public
firm for analysis from
SEDAR website).
Friday May 27…
midnight…. Deadline for
submission of Labs 2 – 4
inclusive. Lab 2, 3 and 4
are based on Modules
01–04 materials. The
Module 14, Parts 1
Lyryx lab software will not
(theory) and 2
(internal control) (time record grades after this
date.
permitting)
4
May 26
campus
Principles of case
analysis and Sam’s
BBQ, Jesse’s Farm,
Demarco Sports
5
June 2
campus
Modules 6, 7 (cash &
receivables)
6
June 9
campus
Module 9 (inventory)
7
June 16
campus
Module 8 (time value
of money) and first
part of Module 11
(Current Liabilities)
Sunday June 5 –
Midterm #1 (2:00 pm –
4:30 pm) on campus
covering modules 1- 5.
This computer graded
multiple choice exam is a
case and will cover the
bookkeeping and
merchandising modules
and be similar in style
and difficulty to Mary’s
Boutique
Friday June 17,
midnight - deadline for
submission for Lyryx
Labs 5 and 6 (based on
material in modules 5, 6,
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7 and 9). The Lyryx lab
software will not record
grades after this date.
8
June 23
campus
Module 10 (capital
assets)
9
June 30
campus
Modules 11
(liabilities) and 12
(equities)
10
July 7
home
Use this week as an
unofficial reading
week to prepare for
the second midterm,
work on your labs and
finish your term
project…no class on
Thursday July 7. York
has an official reading
week in both Fall and
Winter terms. For
symmetry, there
should also be one
during the summer
term.
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July 14
campus
Module 14 (parts 1, 2
and 3)
Tuesday July 5 – last
date to drop SU-term
course without receiving
a grade
Midterm #2 – Sunday
July 17 from 2:00 pm to
5:00 pm on campus
covering modules 6, 7, 8,
9, 10, 11 and 12. This is a
computer graded multiple
choice exam.
The term project is to be
handed in at this exam. If
you are ill, the onus is on
you to have someone
deliver the project to
ADMS Reception (Room
282 Atkinson) by 11:59
15
am Monday July 18 to
avoid late penalties of
20% per day. Ensure the
project is properly
addressed, date stamped
by the receptionist and
you get a signed receipt.
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13
July 21
campus
Module 13 (cash flow
statement)
The most difficult module
in the course….plan on
doubling your normal
study time….this is a
“killer ap”
July 28
home
Module 15 (financial
statement analysis)
Classes and tutorials end
July 29
Module 15 is
streamed from a film
studio to your website
and you can view this
lecture anytime
during the week at
your convenience
Friday July 29th
midnight: Deadline for
submission of Labs 7, 8,
9, 10 and 11 The Lyryx
lab software will not
record grades after this
date.
Final Exam
scheduled by the
Registrar in the
official exam period:
Tuesday Aug 2 to
Friday Aug 12
Exam coverage is all
inclusive (entire course),
with stress on material
not previously examined.
All content from lectures,
website and the text
(including quick-time
movies) is examinable.
August
campus
Since this date is not
announced before the
middle of summer
term, do not make
any August travel
plans before it is
announced.
Term projects are
returned at the final
exam. Unclaimed projects
are kept for 2 weeks in
ADMS 282 and then
discarded.
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DETAILED COURSE OBJECTIVES
Statement of Purpose: The purpose of this course is to assist students in
acquiring a critical overview of the accounting process and a broad
understanding of the role of accounting in modern society, the financial
statements prepared by accountants for use by those outside the statements
prepared by accountants for use by those outside the enterprise and how those
statements contribute to financial decisions and capital markets. Students will
prepare simple statements to reinforce the understanding of concepts presented,
although many details of financial statements preparation are left for ADMS
3585/3595, Intermediate Accounting. Students will be able to locate financial
statements of public companies. This is the first accounting course for BAS
students pursuing accounting certification. Students who do not want to become
accountants will benefit by becoming better consumers and managers of
accounting and assurance services and will be better prepared to handle their
personal finances and make personal investment decisions.
Specific Learning Objectives: The specific objectives of the course are that
students will be able to:
1. discuss how financial accounting is used tomeasure, evaluate and
communicate an enterprise’s performance, financial position and cash
flows to decision makers (investors, creditors, managers, regulatory
bodies, financial analysts, etc.).
2. name the four basic financial statements, identifytheir purpose and define
items that would be reported by most businesses on these statements.
3. recognize how accounting principles and standardsof financial statement
presentation and disclosure, together with accounting system design, filter
information and determine what is, and just as importantly, what is not,
reported.
4. define and provide examples of fundamentalaccounting principles and
concepts and list the attributes of useful information and identify sources
of generally accepted accounting principles
5. define accrual accounting and explain why itrequires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and why actual results could differ from those
estimates.
6. account for cash, accounts and notes receivable,inventory, other current
assets, capital assets (including goodwill), current and long-term liabilities,
and owners’ contributions/distribution transactions and prepare simple
financial statements for service and merchandising operations.
7. discuss, citing relevant criteria, the accountingpolicy choices for revenue
recognition, bad debts, inventory cost-flow assumption and amortization
8. identify the relevant information (including the time value of money)
required for receivable, inventory, capital asset and long-term liability
valuation adjustments.
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9. compute and classify the revenues, expenses, gainsand losses
associated with changes in assets and liabilities.
10. compute and classify the cash flows from operating,financing and
investing activities and prepare a simple cash flow statement using both
the direct and indirect approach.
11. name common books and records of business entities,and recognize
technology’s role in their design
12. create and maintain simple business records, usingboth manual
techniques and accounting software, for a few transactions of a simple
service business and differentiate accounting and spreadsheet software.
13. recognize the need (and for public issuers theregulatory requirement), for
maintaining controls over financial reporting
14. identify and provide examples of controls common tomost businesses and
describe the risks these controls are designed to prevent or detect
including segregation of duties and the frequent reconciliation of
accounting records to the underlying assets and liabilities.
15. recognize both the contribution of financialaccounting to resource
allocation decisions and the inherent limitations of financial statement
analysis for these same decisions
16. locate annual reports, financial statements and public securities filings
and understand the continuous disclosure requirements for public issuers
17. recognize that accounting systems are unique andaccountants jobs
interesting because, while financial reports are standard, the systems that
produce them are usually challenging to design, govern, and manage as
they are designed not only to prepare financial statements but also to (a)
meet regulatory requirements for tax, payroll, securities and other
compliance reporting, (b) safeguard assets, (c) gather information needed
for running the business and optimizing resources and (d) prevent and
detect errors and fraud in operate differently to produce different products
and services with different organizational structures, different risks and
different resources.
18. compare and contrast financial accountingtechniques of enterprises with
personal financial planning techniques
19. describe the different types of accountants withwhich an enterprise would
interact (including financial statement, tax and payroll auditors) and the
services these accountants provide.
20. recognize the role of professional judgment andethics in the
measurement, evaluation and communication of financial position and
performance.
21. recognize that accounting is evolving rapidly inresponse to globalization,
increasingly complex business transactions, the shortening of time frames
within which investors and creditors expect to receive continuously
disclosed financial information, changes in technology, capital markets,
and the shift from physical to knowledge based enterprises.
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In short, when students successfully complete the course at the very least they
will:
22. have acquired the vocabulary you need to understand other business
courses;
23. accept that good accounting, like good chocolate,is expensive and labour
intensive;
24. better appreciate what financial statements can andcannot tell you;
25. be a better consumer and manager of accounting and assurance
services;
26. know the difference between bookkeeping andaccounting;
27. realize the information pumped out by a $250accounting software
package is only as reliable and useful as the work of the accountants who
(a) helped design the accounting system of which the software is just one
small part, (b) chose the accounting policies adopted, (c) reviewed and
adjusted the financial statements before they were released (on time!), (d)
audited both the financial statements and the controls over financial
reporting and (e) worked with other accountants to improve the accounting
principles upon which the statements were based; and
28. believe the world needs more good accountants.
RELEVANT UNIVERSITY REGULATIONS
Deferred standing may be granted to students who are unable to write their final
examination at the scheduled time or to submit their outstanding course work on
the last day of classes. In order to apply for deferred standing, students must
complete a Deferred Standing Agreement (DSA) form and submit their request
no later than five (5) business days from the date of the exam. The request must
be properly submitted with supporting documentation directly to the main office of
the School of Administrative Studies (282 Atkinson), NOT to the Course Director.
These requests will be considered on their merit and decisions will be
communicated to the students by the main office. Students with approved DSA
will be able to write their deferred examination during the School's deferred
examination period which for the summer session is September 23rd, 24th and
25th. No further extensions of deferred exams shall be granted. The format and
covered content of the deferred examination may be different from that of the
originally scheduled examination. The deferred exam may be closed book,
cumulative and comprehensive and may include all subjects/topics of the
textbook whether they have been covered in class or not. Any request for
deferred standing on medical grounds must include an Attending Physician's
Statement form; a “Doctor’s Note” will not be accepted.
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DSA Form: http://www.registrar.yorku.ca/pdf/deferred_standing_agreement.pdf
Attending Physician's Statement form:
http://www.yorku.ca/laps/council/students/documents/APS.pdf
Academic Honesty: Atkinson as a Faculty considers breaches of the Senate
Policy on Academic Honesty to be serious matters. To quote the Senate Policy
on Academic Honesty. The Policy on Academic Honesty is an affirmation and
clarification for members of the University of the general obligation to maintain
the highest standards of academic honesty. As a clear sense of academic
honesty and responsibility is fundamental to good scholarship, the policy
recognizes the general responsibility of all faculty members to foster acceptable
standards of academic conduct and of the student to be mindful of and abide by
such standards. Suspected breaches of academic honesty will be investigated
and charges shall be laid if reasonable and probable grounds exist.
Students should review the York Academic Honesty policy for themselves at:
http://www.yorku.ca/secretariat/legislation/senate/acadhone.htm
Students might also wish to review the interactive on-line Tutorial for students on
academic integrity, at: http://www.yorku.ca/tutorial/academic_integrity/
Grading Scheme and Feedback Policy: The grading scheme (i.e. kinds and
weights of assignments, essays, exams, etc.) shall be announced, and be
available in writing, within the first two weeks of class, and, under normal
circumstances, graded feedback worth at least 15% of the final grade for Fall,
Winter or Summer Term, and 30% for ‘full year’ courses offered in the Fall/Winter
Term be received by students in all courses prior to the final withdrawal date from
a course without receiving a grade, with the following exceptions:
Note: Under unusual and/or unforeseeable circumstances which disrupt the
academic norm, instructors are expected to provide grading schemes and
academic feedback in the spirit of these regulations, as soon as possible. For
more information on the Grading Scheme and Feedback Policy, please visit:
http://www.yorku.ca/secretariat/legislation/senate/gradfeed.htm
In-Class Tests and Exams - the 20% Rule: For all Undergraduate courses,
except those which regularly meet on Friday evening or on a weekend, tests or
exams worth more than 20% will not be held in the two weeks prior to the
beginning of the official examination period. For further information on the 20%
Rule, please visit:
http://calendars.registrar.yorku.ca/examschedules/examinfo/twentypercent.htm
For further information on examination scheduling, please visit:
http://www.registrar.yorku.ca/enrol/dates/su11.htm#3
Reappraisals: Students may, with sufficient academic grounds, request that a
final grade in a course be reappraised (which may mean the review of specific
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pieces of tangible work). Non-academic grounds are not relevant for grade
reappraisals; in such cases, students are advised to petition to their home
Faculty. Students are normally expected to first contact the course director to
discuss the grade received and to request that their tangible work be reviewed.
Tangible work may include written, graphic, digitized, modeled, video recording
or audio recording formats, but not oral work. 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
Accommodation Procedures: Students who have experienced a misfortune or
who are too ill to attend the final examination should not attempt to do so; they
must pursue deferred standing. Other students should contact their home Faculty
for information. For further information, please visit:
http://www.registrar.yorku.ca/services/ds_faq.htm
Religious Accommodation: York University is committed to respecting the
religious beliefs and practices of all members of the community, and making
accommodations for observances of special significance to adherents. For more
information on religious accommodation, please visit:
https://w2prod.sis.yorku.ca/Apps/WebObjects/cdm.woa/wa/regobs
Academic Accommodation for Students with Disabilities ( Senate Policy )
The nature and extent of accommodations shall be consistent with and
supportive of the integrity of the curriculum and of the academic standards of
programs or courses. Provided that students have given sufficient notice about
their accommodation needs, instructors shall take reasonable steps to
accommodate these needs in a manner consistent with the guidelines
established hereunder. For more information please visit the Disabilities Services
website at http://www.yorku.ca/dshub/
York’s disabilities offices and the Registrar’s Office work in partnership to support
alternate exam and test accommodation services for students with disabilities at
the Keele campus. For more information on alternate exams and tests please
visit http://www.yorku.ca/altexams/
Please alert the Course Director as soon as possible should you require special
accommodations. For questions relating to academic accommodations, please
contact the Counselling & Disability Services Supervision Centre:
http://www.yorku.ca/cds/
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