Accounting
305
CLASS SCHEDULE*
Spring 2008
*The dates outlined in the course schedule are tentative. In some cases we may complete coverage of particular subject matter ahead of schedule and at other times more difficult material might take longer to disseminate than expected. Again, should you fail to attend a particular class due to circumstances beyond your control please contact a classmate to obtain notes and missed assignments.
| DATE | TOPIC | READINGS1 | ASSIGNMENTS |
| September 2 | Course Introduction and Introduction to Business Activity Model (BAM) | AICPA Statement of Position 98-5. | Professor will demonstrate how teams should ask the client questions about specific aspects of its financial statement presentation. For example (this is a freebee), "Is an allowance for doubtful accounts needed, i.e., are all of your receivables considered collectible?" Other hints are to look at supplies, start-up and licensing costs, maintenance contracts, lease agreements, common stock information, EPS, statement of cash flows. |
| September 4 |
BAM Year 1 Inventories: Special Valuation Issues - Lower of Cost or Market |
Chapter 9, pp. 412-424. | Student teams will query client on specifics of Year 1 financial statements. Complete Problem 9-1 and Example 9-5 for next class and prepare correcting entries for Year 1 financial statements. |
| September 9 |
BAM Year 1 Inventories: Special Valuation Issues - Lower of Cost or Market
|
Chapter 9, pp. 412-424. | Each group will present correcting entries that it determines are necessary from evaluating client responses to questions posed in the previous class. Prob. 9-1, Ex. 9-5. |
| September 11 |
BAM Requirement 3
|
BAM Requirement 3 | Each group will present a complete set of corrected financial statements, supplementary disclosures, and backup documentation for Year 1. Prepare a solution (as individuals, not as a team) to BAM Requirement 3 for next class. Read Chapter 15. |
| September 16 |
BAM Requirements 3-7 Investments |
Chapter
15, FASB 115 BAM Requirement 7
|
We will go over the solution to BAM Requirements 3-7 and discuss fair value accounting for investments as presented in Chapter 15. Take-home exam 1 due February 18th. Prepare a set of questions to BAM Requirement 8 for next class. |
| September 18 |
BAM Requirement 8 Investments |
Chapter 15, BAM Requirement 8 | Student teams will query the client on the Year 2 Aguamaint financial statements (Req. 8). We will continue our discussion of the accounting for investments as presented in Chapter 15. Problem 15-2 due for next class. Prepare a solution (individually) to BAM |
| September 23 |
BAM Requirement 9 Investments |
Chapter 15, BAM Requirement 9 | Student teams will present their correcting entries to Aguamaint's Year 2 financial statements in class. We will also go over Problem 15-2 in class. Time permitting, we will also discuss the equity method of accounting in class. Problem 15-6 for next class. |
| September 25 |
Investments |
Chapter 15 | We will go over take-home exam #1 in class as well as the solution to Problem 15-6. Prepare a solution to Problem 15-14 for next class. Read Chapter 14, pp. 638-653 for next class. |
| February 25 |
BAM Year 2 Financial Statements - Requirement 9 Bonds |
Chapter 14 pp.638-653, BAM Requirement 9 | Student teams will present corrected Year 2 financial statements for Aguamaint. We will also discuss accounting for bonds in class. Read Chapter 14 pp. 654-661 for next class. Problem 14-1 for next class. |
| February 27 |
Bonds |
Chapter 14 pp. 654-661 | We will also commence a discussion of Chapter 14, pp. 654-661. We will go over the solution to Problem 14-1 . Students will individually prepare a solution to Problems 14-8, 14-9 for next class. |
| March 3 |
Bonds |
Chapter 14, pp.676-682 | We will go over the solution to Problems 14-8 and 14-9. Student teams will prepare a set of questions to present to the client for BAM Requirement 10 for next class. Read and read Chapter 14, pp.676-682 for next class. Students will individually prepare a solution to 14-14 and 14-19 for next class. |
| March 5 |
Bonds and Long-Term Notes BAM Requirement 10 |
BAM Requirement 10, Chapter 14, pp.676-682 | Students will query client regarding the Aguamaint Year 3 financial statements. We will also go over the solution to Problems 14-14 and 14-19. Students will read pp. 739-746 for next class. Students will individually complete take-home examination #2 for March 24th class. |
| March 10 |
Accounting for Derivatives |
Derivatives, Chapter 15, pp. 739-746. | We will discuss accounting for Derivatives in class. |
| March 12 |
Mid-term Examination |
Review all readings to date. | Student teams will prepare a selected set of correcting entries for the Year 3 financial statements to present in the next class. Students will also read Chapter 11, pp. 540-544. |
| March 17-21 SPRING BREAK! | |||
| March 24 |
BAM Requirement 11 Asset Impairment |
BAM Requirement 11
PP.520-524, 552-553, 564-566. |
Student teams will present a selected set of correcting entries for the Year 3 financial statements. We will also go over Take-home #2 in class. Students will prepare individual solutions to Problem 11-10, 12-11 for next class. |
| March 26 |
Asset Impairment |
PP.520-524, 552-553, 564-566. |
We will go over the solutions to Problems 11-10 and 12-11 in class. solutions to Problem 11-10. Student teams will prepare corrected Year 3 financial statements for Aguamaint. present next class. |
| March 31 |
BAM Requirement 11 Earnings Per Share |
BAM Requirement 11
Chapter 17 |
Student teams will present corrected Year 3 financial statements for Aguamaint. We will go discuss earnings per share. Problems 17-2 and 17-4 due for next class. |
| April 2 |
BAM Requirement 11 Earnings Per Share
|
Chapter 17
|
We will go over the solution to Problems 17-2 and 17-4. |
| April 7 |
BAM Requirement 12 Installment and Cost Recovery Methods of Accounting
|
BAM Requirement 12
Chapter 18, pp. 909-915.
|
Student teams will query client regarding Aguamaint's Year 4 financial statements. We will review the installment and cost recovery methods of accounting. |
| April 9 |
BAM
Requirement 13 Installment and Cost Recovery Methods of Accounting |
BAM Requirement 12 Chapter 18, pp. 909-915. | Student teams will present a selected set of correcting entries for the Year 4 financial statements. Students individually prepare solutions to Exercise 18-14 and Problem 18-8 for next class. |
| April 14 |
BAM Requirement 13 Accounting for Long-Term Construction Projects |
Chapter 18, pp. 884-905. |
We will go over the solution to Exercise 18-14 and Problem 18-8 in class. We will also discuss accounting for long-term construction projects. Completed Year 4 financial statements due for next class. |
| April 16 |
BAM Requirement 13 Accounting for Long-Term Construction Projects
|
Chapter 18, pp. 884-905. | Each team will present a complete set of corrected financial statements, supplementary disclosures, and backup documentation for Year 4. Problem 18-4 due for next class. |
| April 21 |
Accounting for Long-Term Construction Projects Accounting for Franchises, Real Estate
|
Chapter 18, pp. 884-905, 917-923 |
We will go over Problem 18-4 in class. We will also go over accounting for franchises and real estate transactions in class. Problems 18-6, 18-13 and 18-14 due for next class. |
| April 23 |
Accounting for Franchises, Real Estate |
Chapter 18, pp. 884-905, 917-923 |
We will go over the solution to Problems 18-6, 18-13 and 18-14 in class. Students will complete BAM Requirement 14 INDIVIDUALLY for next class. |
| April 28 | BAM Requirement 14 - Dividend Allocation | BAM Requirement 14 | We will go over BAM Requirement 14 in class. Student teams will query client regarding Aguamaint's Year 5 financial statements for next class. |
| April 30 | BAM Requirement 15 (Year 5) | BAM Requirement 15 | Student teams will query client regarding Aguamaint's Year 5 financial statements. Students will read Chapter 16, pp. 780-792 for next class. |
| May 5 |
BAM Requirement 16 (Year 5) Stock-based Compensation Plans |
Chapter 16, pp. 780-792 | Each group will present correcting entries for Year 5. We will also go over accounting for compensatory and non-compensatory stock option plans in class. Students will individually complete Problem 16-6 for next class. |
| May 7 |
BAM Requirement 16 Stock-based Compensation Plans |
Chapter 16, pp. 780-792 | Each group will present correcting entries for Year 5. We will go over the solution to Problem 16-6. Problem 16-8 and Year 5 financial statements due for next class. |
| May 12-16 |
Final Examination
To Be
Announced |
All Material Since Mid-Term Plus Material to be Announced | Review all material covered since the mid-term exam. |
1In addition to the assigned readings for each class listed below, please look over the topic coverage for each year of BAM that appears on the ACCT 305 home page. You may need to read text material in these areas to solve the various BAM exercises.