SYLLABUS
Introductory Financial Accounting – Management Development
Faculty of Extension, University of Alberta
September 10, 2014 to December 3, 2014
Location: TBD.
Course instructor:
Instructor contact information:
Dave Ludwick
dave_ludwick@shaw.ca
Email messages will be responded to within 24 hrs
Program office information:
See above
Date of last syllabus revision:
August 13, 2014
ABOUT THE COURSE
Course Description
This course will introduce you to the four major financial statements including how to read,
understand and prepare these statements. You will gain the ability to understand the accounting
process and how it operates. Running a business in Canada is a daunting task. Whether a big
multi-national corporation, a medium sized law firm or a 2 person software shop, managers
need to be able to keep the score, evaluate whether the business is achieving goals, and make
decisions. The aim of this course is to provide students with a solid grounding in the principles
of financial accounting. While students would need to pursue further study if they wish to
become accountants or bookkeepers, students who have completed this course will be
intelligent consumers of accounting and bookkeeping services and be left in a better position to
interpret financial reports and make business decisions.
Course Objectives
By the end of this course, you should be able to:
 Understand the key accounting equation and how it operates
 Be able to analyze business transactions in an accounting context
 Be able to read financial statements and gain decision making information from them
 Prepare financial statements from a series of business transactions
 Understand inventory valuation, accounts receivable and accounts payable
 Understand how assets such as buildings and equipment are accounted for
 Understand the impact and responsibilities of payroll liabilities


Understand the various ways in which CEOs can generate investment cash for growing
the business
Be able to illustrate how cash is used in the business
Course Materials

Fundamental Accounting Principles. 13th Canadian Edition, Kermit D. Larson, Tilly
Jensen, McGraw-Hill Ryerson, ISBN 978-0-07-096828-8, Vol. 1 and 2
Other Course Fees
Not applicable
COURSE SCHEDULE
Module Overview and Key Dates
Module
Please note: All assignment due dates are listed in the table below.
Key Dates
Module 1: Week 1
Wednesday September 10, 2014
Introduction
Chapter 1
Accounting: The Key to Success
Chapter 2
Financial Statements and Accounting Transactions
Module 2: Week 2
Wednesday September 17, 2014
Chapter 3
Analyzing and Recording Transactions
Module 3: Week 3
Wednesday September 24, 2014
Hand in Assignment 1 at beginning of class
Chapter 4
Adjusting Accounts for Financial Statements
Chapter 5
Completing the Accounting Cycle and Classifying
Accounts
Module 4: Week 4
Wednesday October 1, 2014
Chapter 6
Accounting for Merchandising Activities
Chapter 7
Merchandise Inventories and Cost of Sales
Mid-term exam review
Module 5: Week 5
Wednesday October 8, 2014
Mid Term Exam
Module 6: Week 6
Wednesday October 15, 2014
Chapter 9
Internal Control and Cash
Chapter 10
Receivables
Module 7: Week 7
Wednesday October 22, 2014
Chapter 11
Payroll Liabilities
Chapter 12
Capital Assets and Goodwill
Module 8: Week 8
Wednesday October 29, 2014
Chapter 13
Current Liabilities
Chapter 14
Partnerships
Chapter 15
Organization and Operation of Corporations
Module 9: Week 9
Wednesday November 5, 2014
Hand in Assignment 2 at beginning of class
Chapter 16
Corporate Reporting
Chapter 17
Bonds and Long Term Notes Payable
Chapter 18
Accounting
for
Investments
and
Operations
Module 10: Week 10
Wednesday November 12, 2014
No class
Module 11: Week 11
Wednesday November 19, 2014
Hand in Assignment 3 at beginning of class
Chapter 19
Reporting and Analyzing Cash flow
Module 12: Week 12
Wednesday November 26, 2014
Chapter 20
Analyzing Financial Statements
Final Exam Review
Module 13: Week 13
Wednesday December 3, 2014
Final Exam
International
Module 1: Week 1
Topics








What is accounting?
Forms of organizations
Users of accounting information
Ethics and social responsibility
Generally Accepted Accounting Principles
The Accounting Equation
Transactions and the accounting equation
Financial Statements
Learning Outcomes

See chapter
Readings
1. Larson, Jensen, 2010. Volume 1, Chapter 1. Fundamental Accounting
Principles. 13th Canadian Edition
2. Larson, Jensen, 2010. Volume 1, Chapter 2. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

None
Module 2: Week 2
Topics






The accounting cycle
Accounts
Analyzing Transactions
Accounting Equation Analysis
Recording and posting transactions
Trial Balance
Learning Outcomes

See chapter
Readings
3. Larson, Jensen, 2010. Volume 1, Chapter 3. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

None
Module 3: Week 3
Topics









Purpose of adjusting entries
GAAP and the adjusting process
Adjusting accounts
Adjustments and financial statements
Adjusted trial balance
Preparing financial statements
Closing process
Completing the accounting cycle
Classifying the balance sheet
Learning Outcomes

See chapter
Readings
4. Larson, Jensen, 2010. Volume 1, Chapter 4. Fundamental Accounting
Principles. 13th Canadian Edition
5. Larson, Jensen, 2010. Volume 1, Chapter 5. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

Hand in assignment 1 at beginning of class
Module 4: Week 4
Topics




Merchandising activities
Accounting for merchandising transactions
Inventory systems
Closing entries for merchandising companies
Learning Outcomes

See chapter
Readings
6. Larson, Jensen, 2010. Volume 1, Chapter 6. Fundamental Accounting
Principles. 13th Canadian Edition
7. Larson, Jensen, 2010. Volume 1, Chapter 7. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

None
Module 5: Week 5 – Mid-term Exam
Module 6: Week 6
Topics





Internal control systems
Cash
Banking activities
Accounts receivable
Short term notes receivable
Learning Outcomes

See chapter
Readings
8. Larson, Jensen, 2010. Volume 1, Chapter 9. Fundamental Accounting
Principles. 13th Canadian Edition
9. Larson, Jensen, 2010. Volume 1, Chapter 10. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

None
Module 7: Week 7
Topics








Items withheld from employees’ wages
The Payroll Register
Payroll Deductions required of the employer
Employee benefits
Property, plant and equipment
Costs of PPE
Depreciation
Disposal of PPE
Learning Outcomes

See chapter
Readings
10. Larson, Jensen, 2010. Volume 1, Chapter 11. Fundamental Accounting
Principles. 13th Canadian Edition
11. Larson, Jensen, 2010. Volume 2, Chapter 12. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

None
Module 8: Week 8
Topics










Characteristics of liabilities
Known liabilities
Estimated liabilities
Contingent liabilities
Partnership form of organization
Basic partnership accounting
Corporate form of organization
Corporate Financial Statements
Issuing shares
Dividends
Learning Outcomes

See chapter
Readings
12. Larson, Jensen, 2010. Volume 2, Chapter 13. Fundamental Accounting
Principles. 13th Canadian Edition
13. Larson, Jensen, 2010. Volume 2, Chapter 14. Fundamental Accounting
Principles. 13th Canadian Edition
14. Larson, Jensen, 2010. Volume 2, Chapter 15. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

Hand in assignment 2 at beginning of class
Module 9: Week 9
Topics












Additional share transactions
Earnings per share
Reporting income information
Retained earnings
Basics of bonds
Issuing bonds at par
Bond pricing
Issuing bonds at a discount
Issuing bonds at a premium
Bond retirement
Purpose of debt and share investments
Classification of investments
Learning Outcomes

See chapter
Readings
15. Larson, Jensen, 2010. Volume 2, Chapter 16. Fundamental Accounting
Principles. 13th Canadian Edition
16. Larson, Jensen, 2010. Volume 2, Chapter 17. Fundamental Accounting
Principles. 13th Canadian Edition
17. Larson, Jensen, 2010. Volume 2, Chapter 18. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

None
Module 10: Week 10 – No class
Module 11: Week 11
Topics



Basics of cash flow reporting
Preparing the statement of cash flows
{Note to student: We will use the Direct Method only in this course. See
Chapter 19 Appendix for details]
Learning Outcomes

See chapter
Readings
18. Larson, Jensen, 2010. Volume 2, Chapter 19. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

Hand in assignment 3 at beginning of class
Module 12: Week 12
Topics


Basics of analysis
Ratio analysis
Learning Outcomes

See chapter
Readings
19. Larson, Jensen, 2010. Volume 2, Chapter 20. Fundamental Accounting
Principles. 13th Canadian Edition
Activities and assignments

None
Module 13: Week 13 – Final Exam
COURSE ASSESSMENT AND GRADED ACTIVITIES
Assessments Overview and Weighting
Refer to the “Module Overview and Key Dates” section for a list of all due dates.
Assessments Weight
Assignment 1
10%
Mid-term exam 30%
Assignment 2
10%
Assignment 3
10%
Final Exam
40%
TOTAL
100%
Evaluation Criteria
Marking criteria for all assignments will be specified within the instructions for the assignment.
Please review these criteria before completing your assignments.
ASSIGNMENTS
Assignment 1 (10%)
This assignment will have students conduct the bookkeeping for a small organization for
its first month of activity.
Assignment #2 (10%)
Questions 1 of this assignment will have students complete the payroll for a small
company for one pay period. Question 2 will have students value a company’s inventory
based on the 4 inventory valuation methods.
Assignment #3 (10%)
Questions 1 of this assignment will have students value a bond. Question 2 will have
students calculate and journalize various transactions related to notes payable.
Question 3 will have students calculate a series of warranty related expenses.
EXAMS
Mid-term Exam (30%)
The mid-term exam will cover Chapters 1 to 7. The exam is a 3 hour closed book exam.
Please provide your own paper for your answers. No extra paper is provided; you must
bring your own. Ensure you put your name on your answer sheet. Write very clearly.
Please bring your own calculator. You must make sure to complete the exam and
include the financial statements.
Final Exam (30%)
The final exam will cover Chapters 9 to 20. The exam is a 3 hour closed book exam.
Please provide your own paper for your answers. No extra paper is provided; you must
bring your own. Ensure you put your name on your answer sheet. Write very clearly.
Please bring your own calculator.
COURSE-SPECIFIC POLICY STATEMENTS
Penalty for Late Assignments
In this course, the penalty for late assignments will be a loss of all marks. If you have
extenuating circumstances that will prevent you from handing in your assignments on-time,
please contact your instructor before the due date to discuss the potential options.
Understanding Your Grades
The University of Alberta uses a letter grading system with a four-point scale of numerical
equivalents for calculating grade point averages. Grades reflect judgements of student
achievement made by instructors. These judgements are based on a combination of absolute
achievement and relative performance in a class.
All final results are reported using a letter grade or grade point value.
The following table presents an approximate guide for understanding the relationship between
percentage grades and letter grades.
Letter Grade A+
A
AB+
B
BC+
C
CD
F
% range
96-100 92-95 87-91 81-86 77-80 72-76 67-69 64-66 60-63 50-54 <50
UNIVERSITY AND FACULTY OF EXTENSION GRADING POLICY
Official Grade Notification
Students can access and print their final grades only through Bear Tracks, an online service
provided to University of Alberta students. (To log into Bear Tracks, visit
www.beartracks.ualberta.ca. To learn more about Bear Tracks and your CCID please visit
www.extension.ualberta.ca/beartracks.) Any other edition or statement of a final grade should
be considered unofficial, including those released in eClass or by other means. In the rare event
access is not available, a hard copy may be requested through the Program Office. Program
Offices will not release grades over telephone under any circumstance. If you would like to
receive an email notifying you when your final grades are available, please sign on to
Bear Tracks and visit the Grades section.
The University of Alberta Grading System
The following table provides information about the meaning of letter grades:
Grading in Continuing Education Courses*
Descriptor
Letter Grade Grade Point Value
Excellent
A+
4.0
A
4.0
A3.7
Good
B+
3.3
B
3.0
B2.7
Satisfactory
C+
2.3
C
2.0
C1.7
Poor
D+
1.3
Minimal Pass
D
1.0
Failure
F
0.0
*These descriptors above to continuing education and undergraduate courses using alpha grades. Graduate courses use an alternative
descriptor set.
Failing Grades
Students will receive a failing grade under the following conditions:
 if the student has failed to meet the course requirements at the required standards
stipulated by the course instructor, e.g. the student’s aggregate grade on submitted
assignments is lower than the minimum passing grade for the course;
 if the student has failed to withdraw from the course. Non-attendance does not constitute
notice of withdrawal from a course. If the student chooses to withdraw from a course, the
student must contact the Faculty of Extension Registration Office and submit a written
withdrawal request.
Grade Appeals
The assignment of grades is the responsibility of the course instructor. Any concerns regarding
grades should first be discussed with the instructor. If the problem is not resolved, students may
wish to consult the Faculty of Extension regulations regarding grade appeals. The Grade
Appeals Policy and Procedure may be obtained from the Faculty of Extension Registration
Office or on the Faculty of Extension website (www.extension.ualberta.ca/studentservices).
Certain academic standing decisions made by the Faculty Academic Appeals Committee may
be appealed to the General Faculties Council Academic Appeals Committee. See §23.8 of the
University Calendar. Note: Deadlines exist for submission of appeals. Contact the Faculty of
Extension Registration Office for details.
UNIVERSITY AND FACULTY OF EXTENSION POLICY STATEMENTS
Course Outline Policies
Policy about course outlines can be found in Section 23.4(2) of the University Calendar. (GFC 29 SEP
2003)
Academic Integrity
The University of Alberta is committed to the highest standards of academic integrity and honesty.
Students are expected to be familiar with these standards regarding academic honesty and to uphold the
policies of the University in this respect. Students are particularly urged to familiarize themselves with the
provisions of the Code of Student Behaviour (online at www.governance.ualberta.ca) and avoid any
behaviour which could potentially result in suspicions of cheating, plagiarism, misrepresentation of facts
and/or participation in an offence. Academic dishonesty is a serious offence and can result in suspension
or expulsion from the University. (GFC 29 SEP 2003)
Recording in the Classroom
Audio or video recording of lectures, labs, seminars or any other teaching environment by students is
allowed only with the prior written consent of the instructor or as a part of an approved accommodation
plan. Recorded material is to be used solely for personal study, and is not to be used or distributed for
any other purpose without prior written consent from the instructor. (EXEC 06 JUN 2011).
Accommodating Disabilities
If you have a disability or condition that may require some modifications, please contact the Specialized
Support and Disabilities Service (2-800 Students’ Union Building; PH: (780) 492-3381; TTY: (780) 2481665) and obtain a determination as to what accommodations should be made. The SSDS office will
then provide you with a “letter of introduction” that you should bring to the Office of the Dean of the
Faculty of Extension which will ensure that all appropriate arrangements are made for you.
Withdrawal, Refunds, and Transfer Information
If you wish to drop or withdraw from this course, you must do so by the official drop or withdrawal
deadline. Please refer to www.extension.ualberta.ca/register/policies for information of official drop and
withdrawal policies and deadlines, as well as guidelines to the withdrawal process. Non-attendance does
not constitute notice of withdrawal from a course. In graded courses, please note that a failing grade can
be assigned to any student who has not officially withdrawn from the course.
Your @ualberta.ca Email Address
The University of Alberta uses email to communicate important information and notices to our students,
and you have been automatically assigned an @ualberta.ca email account. It is your responsibility to
check your @ualberta.ca email account regularly or set up email-forwarding from that account to another
email account. Visit www.extension.ualberta.ca/email for more information and a walk-through video
about setting up email forwarding.
Applying for Graduation
Continuing Education students who expect to complete the requirements of a certificate or citation
program by the end of winter term must apply for graduation by Feb. 1 using Bear Tracks under
Academics > My Academics > Graduation. See www.extension.ualberta.ca/events/graduation for more
information.
In Case of Emergency
All students attending classes at Enterprise Square and 102 St. Centre MUST be familiar with the Faculty
of Extension’s Emergency Protocols in the event of a fire or other emergency situation. To review
emergency protocols, please visit www.extension.ualberta.ca/safety.
Records in General Interest Courses
Faculty of Extension general interest courses (those with the prefix EXGEN) are non-graded and will
appear on the transcript as “non-graded.”
Records in Courses in Certificate and Citation Programs
Faculty of Extension courses offered as part of certificate or citation programs are graded. Any learner
can take a course that is part of a credentialed program. If you are not registered to take the full program
at this time, taking a graded course gives you the opportunity to participate in assessments and earn a
grade that reflects your achievement. Grades earned can later be applied to program requirements.
Grades earned in Continuing Education courses contribute to your University of Alberta Continuing
Education GPA. University of Alberta undergraduate and graduate GPAs are calculated independently. If
you do not wish to complete assessments, receive a grade, or apply course credit to a credential, please
register as an "auditor" of the course. See: www.extension.ualberta.ca/register.