Vancouver Island University
Faculty of Management – Business – http://www.viu.ca/management
Accounting 100: Financial Accounting I
Spring 2016
Faculty
Office:
Phone:
Email:
Web:
Office Hours
Professor Gordon Holyer
Building 250, Room 426
250-753-3245, local 2539
Gordon.holyer@viu.ca
http://web.viu.ca/holyerg
T R 14:00 – 16:00
Prerequisite
Min. "C+" in Principles or Applications or Foundations of Mathematics 11 and min. “C” in
English 12
Course
Overview
This course will provide the student with an introduction, from a user perspective, to the
principles and procedures of financial accounting. Topics include the objectives and users
of accounting information, the mechanics of accounting including the accounting equation,
transactions, the accounting cycle and the preparation of financial statements.
Learning
Outcomes
General
 Understand economic and industry issues, and the role of accounting within that
environment.
 Describe key features and characteristics of financial statements.
 Describe accounting concepts, International Financial Reporting Standards (IFRS) and
Canadian Accounting Standards for Private Enterprises (ASPE), and financial reporting
processes.
Technical
 Demonstrate understanding of the accounting cycle, and apply this knowledge in
preparing basic financial statements.
Critical Thinking and Problem Solving
 Demonstrate an understanding of how the business environment and industry affect
the choice of accounting policies in an organization.
 Demonstrate and describe the effect of accounting policy choices on the users from
different stakeholder groups.
 Analyze financial information and describe the effects of different accounting methods
on financial statements.
Interpersonal Skills
 Participate in class and seminar by asking relevant questions and responding to
questions posed in class and providing solutions to pre-assigned problems.
Professional Integrity
 Use personal and ethical frameworks to respond to ethical dilemmas.
Required
Resources
Understanding Financial Accounting, Burnley. First Canadian Edition, 2015. John Wiley & Sons
Canada, Ltd.
WileyPLUS access code
Supplemental
Resources
Desire2Learn site: learn.viu.ca
Evaluation
Assessment
1. WileyPLUS Assignments (best 10 of 12)
2. Term Tests (2)
3. Comprehensive Final Exam
Value
20%
40%
40%
The term tests must be written as scheduled. The test date in this course outline is
approximate. The student is responsible for knowing the correct date. Students must
write the final exam on the date scheduled in the assigned examination room.
POLICY WITH REGARD TO MISSED OR POORLY WRITTEN TESTS. If the scheduled term
test is missed for any reason a mark of zero will be assigned. If the mark obtained
in the term test is less than that received on the final, the mark received on the
final will be assigned to the term test.
Grading Scale
Grades will be assigned according to the following scale.
A+
90 – 100%
C+
64 - 67
A
85 – 89
C
60 - 63
Last day to withdraw from this
A80 – 84
C55 – 59
course without academic penalty
B+
76 – 79
D
50 – 54
is February 26, 2016
B
72 – 75
F
< 50
B68 – 71
References
Faculty of Management (Business) requires the APA style of referencing for academic
papers. Resources for using APA are available from the VIU Writing Centre (Library,
Room 474). You can find their hours of operation and access to online student
resources (including tutorials and a printable Quick Guide) at:
http://sites.viu.ca/writingcentre/.
English
Standards
Assignments must be free of spelling, punctuation and grammatical errors. Assignments
containing such errors will be penalized (i.e. mark deductions).
Accommodation Students with documented disabilities requiring academic and/or exam accommodation
should contact Disability Services in Building 200.
Academic
Misconduct
Academic misconduct includes, but is not limited to, giving and receiving information
during any test or exam, using unauthorized sources of information during any test;
plagiarizing; fabrication, cheating, and, misrepresenting the work of another person as your
own, facilitation of academic misconduct, and under certain conditions, non-attendance.
Plagiarism will not be tolerated. You must reference your work and acknowledge sources
with in-text citations and a complete list of references. This includes direct and indirect
quotes, diagrams, charts, figures, pictures and written material.
For group projects, the responsibility for academic integrity, which can result in academic
misconduct and its resulting penalties, rests with each person in the group and sanctions
would be borne by each member.
No electronic dictionaries, cell phones or other electronic devices will be allowed in
exams/tests/quizzes. Only the following approved calculators may be used in exams/
tests/quizzes. No other materials will be allowed on the desktop apart from a pen/pencil
unless specifically approved by the faculty member.
Texas Instrument BAII Plus, BAII, BA35 / Sharp EL-733A / Hewlett Packard 10B
Pre-class
Preparation
In advance of each class, you should read, watch and attempt the pre-assigned material.
These readings, videos and problems will give you an initial exposure to the material that
will be discussed in class. This will position you to be able to clarify and deepen your
understanding of the material during classroom discussions. While working through the
pre-assigned material, be sure to note any questions you may have that remain
unanswered and ensure that these are addressed in class or in discussions with your
professor.
Assessments
WILEYPLUS ASSIGNMENTS
There are twelve assignments set up within WileyPLUS. Your assignment mark will be
determined after dropping your lowest two results (i.e. your grade is based on the best
ten out of twelve assignments). All of the assignment due dates are specified within
WileyPLUS. Your ability to complete these assigned problems will be critical to success
on the tests and examination. You must be able to complete these problems
independently. Solutions are available through WileyPLUS once you have submitted the
assignment and should be reviewed.
ADDITIONAL PRACTICE PROBLEMS – For each chapter, there are demonstration
problems and additional practice questions set up within WileyPLUS. These problems are
optional and can be used to help reinforce your understanding of the material.
TERM TESTS
Term tests have been scheduled to take place at the completion of a given set of chapters.
If a scheduled term test is missed for any reason, it will be assigned a grade of zero. You
will be able to replace the mark obtained on one of the term tests if the mark received
on your final examination is higher than that received on the term test.
COMPREHENSIVE FINAL
The comprehensive final will be three hours in length and will be held during the regularly
scheduled exam period (April 14 – 25, 2016). The final will consist of multiple choice,
short essay answer questions, and problems. The final examination is not optional and
must be written as scheduled.
NO TRAVEL PLANS SHOULD BE MADE DURING THE EXAM PERIOD.
ASSESSMENT DEADLINES/DATES
All dates in the outline are approximate and may change as a result of circumstances
including the pace of course progress, weather cancellations or illness. Any changes to
deadline/dates will be announced in class and students are responsible for knowing the
correct dates.
Assignments, assignment dates, and test dates will be announced in class. This
information is also available on the “Course Update” section on D2L and the
Professor’s website.
Course Outline:
Chapter 1: Overview of Corporate Financial Reporting
 Forms of Business Organization
 Activities of a Business
 Financial Reporting
Chapter 2: Analyzing Transactions and Their Effects on Financial Statements
 Accounting Standards
 Qualitative Characteristics of Financial Information
 Transaction Analysis and the Accounting Equation
Chapter 3: Double-Entry Accounting and the Accounting Cycle
 Understanding the Accounting Cycle
 The Chart of Accounts
 Transaction Analysis and Recording
 Adjusting Entries
 Closing Entries
 Preparing Financial Statements
Chapter 4: Revenue Recognition and the Statement of Income
 Revenue Recognition
 Measurement
 Statement of Income
 Statement of Comprehensive Income
Test # 1: Expected Date February 2 & 3, 2016
Chapter 5: The Statement of Cash Flows
 Understanding the Statement of Cash Flows
 Preparing the Statement of Cash Flows
 Interpreting Cash Flow Information
Chapter 6: Cash and Accounts Receivable
 Cash
 Internal Control
 Bank Reconciliation
 Accounts Receivable
 Bad Debts
Chapter 7: Inventory
 Types of Inventory
 Inventory Systems
 Cost Formulas and Inventory Valuation
 Gross Margin
 Internal Controls and Inventory
Chapter 8: Long-Term Assets
 Valuation of Property, Plant, and Equipment
 Depreciation
 Depreciation Methods
 Changes in Depreciation Methods
 Impairment
 Disposal of Property, Plant, and Equipment
 Depreciation and Income Taxes
 Intangible Assets
 Goodwill
Test # 2: Expected Date March 15 & 16, 2016
Chapter 9: Current Liabilities
 Transactions with Lenders
 Transactions with Suppliers
 Transactions with Customers
 Transactions with Employees
 Transactions with the Government
 Transactions with Shareholders
Chapter 10: Long-Term Liabilities
 Transactions with Lenders
 Transactions with other Creditors
 Transactions with Employees
 Income Tax Issues
 Commitments and Contingencies
Chapter 11: Shareholders’ Equity
 Types of Shares
 Dividends
 Stock Splits
Chapter 12: Financial Statement Analysis
 Context for Financial Statement Analysis
 Financial Statement Analysis Perspectives
 Financial Statement Analysis Techniques
 Ratio Analysis
Final Examination: Examination Period April 14 – 25, 2016