Accounting
305
CLASS SCHEDULE*
Fall 2006
*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 | READINGS | ASSIGNMENTS |
| August 29 | Course Introduction and Introduction to Business Activity Model | Ch. 4, p. 127; Ch. 19, pp. 949-950, Ch. 20, pp. 995-997; Ch. 3, pp. 197-200. 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 (Ch. 15), common stock information, EPS, statement of cash flows. |
| August 31 |
Business Activity Model Year 1 Accounting for Inventory - LCM |
Chapter 9, pp. 413-420. | Student teams will query client on specifics of Year 1 financial statements. Complete Problem 9-1 for next class and prepare correcting entries for Year 1 financial statements. |
| September 5 |
Business Activity Model Year 1 Accounting for Inventory - LCM
|
Chapter 9, pp. 413-420. | 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 |
| September 7 |
Business Activity Model Year 1
|
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 12 |
| September 12 |
BAM Requirement 3 Accounting for Investments |
Chapter 12, FASB 115 | We will go over the solution to BAM Requirement 3 and discuss fair value accounting for investments as presented in Chapter 12. Prepare a solution (individually) to BAM Requirement 4. Problem 12-3 due for next class. Take-home exam 1 due September 14. |
| September 14 |
BAM Requirement 4 Accounting for Investments |
Chapter 12, BAM Requirement 4 | We will go over the solution to BAM Requirement 4 and Problem 12-3 in class. Prepare a solution (individually) to BAM Requirement 5 and Problem 12-4 for next class. |
| September 19 |
BAM Requirement 5 Accounting for Investments |
Chapter 12, BAM Requirement 5 | We will go over the solution to BAM Requirement 5 and Problem 12-4 in class. We will also go over take-home exam #1 in class. Time permitting, we will also discuss the equity method of accounting in class. Prepare a list of questions with your team to BAM Requirement 6 and a solution to Problem 12-6 for next class. |
| September 21 |
BAM Requirement 6 Accounting for Investments |
Chapter 12, BAM Requirement 6 | We will go over the solution to BAM Requirement 6 and Problem 12-6 in class. Prepare a solution (individually) to BAM Requirement 7 and read Chapter 14, pp. 665-677 for next class. |
| September 26 |
BAM Requirement 7 Bonds and Long-Term Notes |
Chapter 14, BAM Requirement 7 | We will go over the solution to BAM Requirement 7 and discuss accounting for bonds in class. Prepare a set of questions to BAM Requirement 8 and read Chapter 14 pp. 689-698 for next class. |
| September 28 |
BAM Requirement 8 Bonds and Long-Term Notes |
Chapter 14, BAM Requirement 8 | Student teams will query the client on the Year 2 Aguamaint financial statements (Req. 8). We will also commence a discussion of Chapter 14, pp. 689-698. For next class, teams will prepare correcting entries for the Year 2 financial statements. Students will individually prepare a solution to Problem 14-1 for next class. |
| MARCH 3 |
Bonds and Long-Term Notes |
Chapter 14 | Student teams will present their correcting entries to Aguamaint's Year 2 financial statements in class. We will also go over Problem 14-1. Students will also individually prepare a solution to Problems 14-14 and 14-19 for next class. |
| MARCH 5 |
BAM Year 2 Financial Statements - Requirement 9 Bonds and Long-Term Notes |
BAM Requirement 9, Chapter 14 | Student teams will present corrected Year 2 financial statements for Aguamaint. We will also go over the solution to Problems 14-14 and 14-19. Students will read pp. 1155-1169 for next class. Students will individually complete take-home examination #2 for MARCH 10th class. |
| MARCH 10 |
Accounting for Derivatives |
Addendum - Derivatives | We will discuss accounting for Derivatives in class. We will go over take home exam #2 in class.Mid-term examination is MARCH 12th. |
| MARCH 12 |
Mid-term Examination |
Review all readings to date. | Student teams will prepare a set of questions to present to the client for BAM Requirement 10 for next class. Students will also read Chapter 11, pp. 540-544. |
| MARCH 17 |
BAM Requirement 10 Asset Impairment |
BAM
Requirement 10
Chapter 11, pp. 540-544. |
Students will query client regarding the Aguamaint Year 3 financial statements. Student teams will prepare a selected set of correcting entries for the Year 3 financial statements to present in the next class. Students will prepare individual solutions to Problem 11-12. |
| MARCH 19 |
BAM Requirement 10 Asset Impairment |
BAM
Requirement 10
Chapter 11, pp. 540-544. |
Students will query client regarding the Aguamaint Year 3 financial statements. Student teams will prepare a selected set of correcting entries for the Year 3 financial statements to present in the next class. Students will prepare individual solutions to Problem 11-12. |
| MARCH 24 |
BAM Requirement 10 Asset Impairment |
BAM
Requirement 10
Chapter 11, pp. 540-544. |
Student teams will present a selected set of correcting entries for the Year 3 financial statements. We will go over the solution to Problem 11-12. Student teams will prepare a second set of correcting entries for the Year 3 financial statements to present in the next class. |
| MARCH 26 |
BAM Requirement 10 Asset Impairment |
BAM
Requirement 10
Chapter 11, pp. 540-544. |
Student teams will present a selected set of correcting entries for the Year 3 financial statements. We will go over the solution to Problem 11-12. Student teams will prepare a second set of correcting entries for the Year 3 financial statements to present in the next class. |
| MARCH 31 |
BAM Requirement 10
|
BAM
Requirement 10
|
Student teams will present the second set of correcting entries for the Year 3 financial statements. Student teams will prepare corrected Year 3 financial statements for presentation next class. |
| November 2 | BAM Requirement 10 | BAM Requirement 11 | Student teams will present corrected Year 3 financial statements for Aguamaint. Students will read Chapter 20 for next class. |
| November 7 |
Earnings Per Share |
Chapter 20 |
We will discuss various aspects of the earnings per share calculation for firms with simple and complex capital structures. Students will prepare individual solutions to Problems 20-9 and 20-10 for next class. |
| November 9 |
Earnings Per Share |
Chapter 20 | Problem 20-7, 20-10, Case 20-3 Student teams will prepare a list of questions for the client for BAM Requirement 12 for next class. Students will also read Chapter 5, pp. 219-228 for next class. |
| November 14 |
BAM Requirement 12 Income and Profitability Measurement |
BAM Requirement 12, Chapter 5 |
Student teams will query client regarding Aguamaint's Year 4 financial statements. We will review the installment and cost recovery methods of accounting. Students will prepare individual solutions to Problem 5-2 for next class. |
| November 16 | BAM Requirements 12 & 13: (Year 4 Correcting entries) | BAM Requirements 12 & 13, Chapter 5 |
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 go over the solution to Problem 5-2. Students will also read Chapter 5, pp. 231-243 for next class. |
| November 21 | BAM Requirements 12 & 13: (Year 4 Correcting entries) | BAM Requirements 12 & 13, Chapter 5 | Each group will continue to present correcting entries for Year 4. Work diligently to arrive at the income tax correcting entries. We will also go over long-term construction accounting. Students will individually complete Problem 5-4 for next class. |
| November 28 | BAM Requirement 12 & 13: (Year 4 Financial Statements) | BAM Requirements 12 & 13, Chapter 5 | Each group will present a complete set of corrected financial statements, supplementary disclosures, and backup documentation for Year 4. Students will read Chapter 18, pp. 898-920 for next class. |
| November 30 |
BAM Requirements 14 & 15: (Year 5) Stock-based Compensation Plans |
Chapter 18, pp. 898-920 | Student teams will query client regarding Aguamaint's Year 5 financial statements. We will also go over accounting for compensatory and non-compensatory stock option plans in class. Students will individually complete Problems 18-6, 18-9 for next class. |
| December 5 |
BAM Requirements 14 & 15: (Year 5 Correcting entries) Stock-based Compensation Plans |
Chapter
18, pp. 898-920
|
Each group will present correcting entries for Year 5. We will go over the solution to Problem 18-6. |
| December 7 | Stock-based Compensation Plans | Chapter 18, pp. 898-920 | We will go over the solution to Problem 18-9. |
| December 12 |
Final Examination
Tuesday December 12th 7:00-9:30PM
|
All Material Since Mid-Term Plus Material to be Announced | Review all material covered since the mid-term exam. |