Accounting
305
CLASS SCHEDULE*
SPRING 2019
*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.
Student teams will present corrected Year 2 financial statements for Aguamaint.
| DATE | TOPIC | READINGS1 | ASSIGNMENTS |
| JANAURY 28 |
Course
Introduction and Introduction to Business Activity Model
(BAM) Inventories: Additional Issues - Lower of Cost or Market |
FASB ACS 720-15 – Chapter 9, pp. 464-472. |
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. Please watch a FASB Codification tutorial such as: https://www.youtube.com/watch?v=lLNPUDUWkSg. Complete Problems 9-1 and 9-3, and have questions prepared for Jerry Loos, for next class. |
| JANUARY 30 |
BAM Year 1 Inventories: Additional Issues - Lower of Cost or Market |
Chapter 9, pp. 464-472. |
Student
teams will query client on
specifics of Year 1 financial statements. Read
Chapter 20, pp. 1,174-1,181 and complete
Problems 20-13 and 20-15 for nest class. Also, BAM teas please prepare a
et of question to query the client in next class. |
| FEBRUARY 4 | Accounting Changes and Error Corrections | Chapter 20, pp. 1,174-1,181 |
Student teams
will query client on specifics of Year 1 financial statements. We will
also go over the solution to Problems 20-13 and 20-15. Read Chapter 14
pp. 770-784 and prepare BAM Year 1 correcting entries for next class.
|
| FEBRUARY 6 |
BAM Year 1 Bonds
|
Chapter 14, pp. 770-784. | Each group will present correcting entries that it determines are necessary from evaluating client responses to questions posed in the previous class. We will also discuss Chapter 14, pp. 770-784. For next class, complete Problems 14-1 and 14-2, and read Chapter 14, pp. 793-798. |
| FEBRUARY 11 |
BAM Requirement 3 Bonds
|
Chapter 14, pp. 793-798. |
We will o over the solution to Problems 14-1 and 14-2 in class. Prepare a complete set of corrected financial statements, supplementary disclosures, and backup documentation for Year 1, and complete Problem 14-15 for next class. |
| FEBRUARY 13 |
BAM Requirements 3-4 Bonds |
Chapter 14, pp. 793-798.
|
Each group will present a complete set of corrected financial statements,
supplementary disclosures, and backup documentation for Year 1. We will also
go over Problem 14-15. Prepare a
solution (as individuals, not as a team) to BAM truck financing decision,
coplete Problem 14-19, and read
Chapter 14,
pp. 803-808 for next class. |
| FEBRUARY 18 | Troubled Debt Restructurings | Chapter 14, pp. 803-808. |
We will go over the
solution to BAM truck financing decision and Problem 14-19 in class. We
will also discuss troubled debt restructurings.
Take-home exam
on Connect due
September
18th.
Prepare questions for Jerry Loos related to his Year 2 financial
statements and complete Problem 14-26 for next class. |
| FEBRUARY 20 |
BAM Requirement
3 Troubled Debt Restructurings |
Chapter 14, pp. 803-808. BAM Requirement 3 |
Student
teams will query the client on the Year 2 Aguamaint financial
statements (Req. 3). We will also go over the solution to Problem
14-26 in class. Read Chapter 12, pp. 642-660 and BAM teams prepare correcting entries for BAM year 2
for next
class. |
| FEBRUARY 25 |
BAM Requirement 4 Accounting for Investments |
Chapter 12, pp. 642-660 |
Student
teams will present their correcting entries to Aguamaint's Year 2
financial statements in class.
We will also commence our discussion
of the accounting for investments as presented in Chapter 12, pp.
642-660. Tax correcting
entries for BAM year 2 due next class.
Also,
complete Problems 12-1 and 12-2 for next class. |
| FEBRUARY 27 |
BAM
Requirement 6 Investments |
Chapter 12, pp. 642-660 |
Student teams will present their tax correcting entries in class.
We will also go over the solution to Problems 12-1 and 12-2 in class.
Complete problems 12-3, 12-4, and 12-5 and read Chapter 12, pp. 661-663 for
class on MARCH 1st. BAM Teams prepare corrected
Year 2 financial statements for class on MARCH 5th. |
| MARCH 4 |
Investments |
Chapter 12, pp. 661-663 | We will go over Problems 12-3, 12-4, and 12-5. We will also discuss the fair value option and impairment of investments. BAM Teams prepare corrected Year 2 financial statements for class on MARCH 5th. Read Chapter 12, pp. 667-680 for next class. |
| MARCH 6 | Investments | Chapter 12, pp. 667-680 | Student teams will present their corrected Year 2 financial statements in class. We will also commence a discussion of Chapter 12, Part B (Accounting for Equity Investments). |
| MARCH 11 | Investments | Chapter 12, pp. 667-680 | We will continue our discussion of accounting for equity investments in class. Complete Problems 12-10 and 12-11, and and read Chapter 12, Appendix B for next class. |
| MARCH 13 | Investments | Chapter 12, Appendix B. | We will go over the solution to Problems 12-10 and 12-11, and discuss impairment of debt investments in class. Mid-term exam next class. |
| MARCH 17 - 24 | SPRING BREAK! | ||
| MARCH 25 | Mid-term Examination | Review all readings to date. | Prepare questions for Jerry Loos related to Year 3 financial statements and Read Appendix A (Derivatives) in the back of the book for next class. |
| APRIL 1 |
BAM Requirement 5 Accounting for Derivatives |
Appendix A |
Students
will query client regarding the Aguamaint Year 3 financial statements.
We will also discuss Appendix A in the back of the book. BAM teams
will prepare designated adjusting entries for next class.
Complete Problem A-1 for next class. |
| APRIL 3 |
BAM Requirement
6 Accounting for Derivatives |
Appendix A |
Student teams will
present adjusting entries for Year 3 BAM. We will go over Problem
A-1 in class. BAM teams will prepare designated adjusting entries
for next class.
Read Chapter 11, pp. 602-613 for
next class. |
|
APRIL 5 |
|||
| APRIL 8 |
Asset Impairment |
Chapter 11, pp. 602-613. |
BAM teams will present designated adjusting
entries in class.
We will also discuss accounting for
impairments in class. Exercises 11-26 and 11-29 are due next class.
BAM teams will present the adjustments for the income tax accrual
journal entry in the next class. Complete exercises 11-26 and 11-29 for
next class.
|
| APRIL 10 | Asset Impairment | Chapter 11, pp. 602-613. |
Student teams will present
the adjustments for the income tax accrual
journal entries in class. We will also go over Exercises 11-26 and 11-29
in class. Complete Problem 11-12 for next class. Read Chapter
19, pp. 1,106-1,126 for next class. |
| APRIL 15 |
BAM Year 2
Financial Statements |
Chapter 19, pp. 1,106-1,126 | We will be going over Problem 11-12 and Earnings Per Share issues in class. Read Chapter 19, pp. 1,141-1,162 for next class. Also, BAM teams will present corrected Year 3 financial statements in next class. |
| APRIL 17 |
Earnings Per Share |
Chapter 19, pp. 1,106-1,126 |
BAM
teams will present corrected Year 3 financial statements in class.
We will also
discuss earnings per share in class.
Please complete Problems 19-11,
19-14, and 19-15 for next class.
BAM teams will query Jerry Loos about the
Year 4 financial statements in the next class.
|
| APRIL 22 |
Earnings Per Share
|
Chapter 19, pp. 1,106-1,126
|
Student teams will query Jerry about the Year 4
financial statements
in class.
We
will
also
go over the solutions to Problems
19-11, 19-14, and 19-15 in class. Student
teams will present designated adjusting journal entries for Year 4 financial
statements
in next class. Also, please read Chapter 5 pp. 261-272 for next class. |
| APRIL 24 |
BAM Requirement
7 Long-Term Construction Accounting |
Chapter 5, pp. 261-272 |
Student teams will present designated adjusting journal
entries for Year 4 financial statements in class.
We will discuss accounting for long-term contracts
in class. Please complete Problem 5-10 and Problem 5-11 for next
class.
Student
teams will present designated adjusting journal entries for Year 4 financial
statements
in next class. |
| APRIL 29 |
BAM Requirement 8 Long-term Construction Accounting |
Chapter 5, pp. 261-272 | Student teams will present designated adjusting journal entries for Year 4 financial statements in class. We will also go over Problem 5-10 and Problem 5-11 in class. Student teams should also prepare the calculations for the accounting for income taxes adjustment for Year 4 for the May 6th class. Part 1 of the final examination will be administered in the next class. |
| MAY 1 | Final Exam Part 1 | All material covered since the mid-term examination. | Complete problems sent to you via email for next class. |
| MAY 6 | Accounting for Income Taxes | Chapter 16 | Student teams will present the calculations for the accounting for income taxes adjustment for Year 4. Student teams will present the solution to Year 4 financial statements in next class. Please read Chapter 19, pp. 1090-1,106 for next class. |
| MAY 8 | Stock-based Compensation Plans | Chapter 19, pp. 1,090-1,106 | Student teams will present the solution to Year 4 financial statements. Complete problems sent to you via email for next class. |
| MAY 13 |
Stock-based Compensation Plans |
Chapter 19, pp. 1,090-1,106 |
We will discuss share-based compensation plans in class. |
| MAY 16-22 | Final Exam - TBA | ||
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.