Accounting
305
CLASS SCHEDULE*
SPRING 2015
*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 |
| JANUARY 26 | Course Introduction and Introduction to Business Activity Model (BAM) |
FASB ACS 720-15 � K:\ACCT\Smith\Codification |
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 the FASB Re-codification videos at https://www.youtube.com/watch?v=lLNPUDUWkSg and https://www.youtube.com/watch?v=h4jbdda0cnM. Also, read Chapter 8, pp. 8-2 thru 5-11 for next class. Also complete Problems 8-1 and 8-2 for next class. |
| JANUARY 28 |
BAM Year 1 Inventories: Special Valuation Issues - Lower of Cost or Market |
Chapter 8, pp. 8-2 thru 8-11 | Student teams will query client on specifics of Year 1 financial statements. Go over Problems 8-1 and 8-2. BAM Year1 1 correcting entries due for next class. |
| FEBRUARY 2 |
BAM Year 1 Inventories: Special Valuation Issues - Lower of Cost or Market
|
Chapter 8, pp. 8-2 thru 8-11 | Each group will present correcting entries that it determines are necessary from evaluating client responses to questions posed in the previous class. Read Chapter 14 thru p. 14-16 for next class. |
| FEBRUARY 4 |
BAM Requirement 3
|
Chapter 14 thru p. 14-16. |
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. Problem 14-1 and 14-2 for next class. |
| FEBRUARY 9 |
BAM Requirements 3-4 Bonds |
BAM Requirement 3 Chapter 14 thru p. 14-16 BAM Requirements 3-4
|
We will go over the solution to BAM Requirements 3-4 and Problems 14-1 and 14-2. Problems 14-3 and 14-4 due for next class. Take-home exam 1 due February March 9th. Read Chapter 14, pp. 18-26 for next class. |
| FEBRUARY 11 | Bonds | Chapter 14 pp. 14-18 thru 14-26 | We will commence a discussion of Chapter 14, pp. 14-18 thru 14-26. Problems 14-6, 9, and 10 due next class. |
| FEBRUARY 16 |
BAM Requirement
5 Bonds |
Chapter 14 pp. 14-18 thru 14-26 BAM Requirement 5 |
Student teams will query the client on the Year 2 Aguamaint financial statements (Req. 5).We will go over Problems 14-6, 9 and 10 and continue our discussion of accounting for bonds. Correcting entries for BAM year 2 due next class. Read Chapter 14, pp. 14-35 thru 14-42 for next class. |
| FEBRUARY 18 |
BAM
Requirement 6 Troubled Debt Restructurings |
Chapter 14, pp. 14-35 thru 14-42 | Student teams will present their correcting entries to Aguamaint's Year 2 financial statements in class. We will also discuss Chapter 14, pp. 14-35 thru 14-42. Tax correcting entries for BAM year 2 due next class. Problems 14-14 and 14-15 due next class. |
| FEBRUARY 23 |
BAM
Requirement 6 Troubled Debt Restructurings |
Chapter 14, pp. 14-35 thru 14-42 | Student teams will present their tax correcting entries in class. We will also go over problems 14-14 and 14-15. Corrected 20X2 financial statements due next class and take-home 1 due next class. |
| FEBRUARY 25 |
BAM Year 2 Financial Statements Investments |
Chapter 13 thru p. 13-21. | Student teams will present corrected Year 2 financial statements for Aguamaint. Read Chapter 13 through page 21 for next class. |
| MARCH 2 |
Investments |
Chapter 13 thru p. 13-21. | We will commence our discussion of the accounting for investments as presented in Chapter 13. Problems 13-7, 13-8, and 13-11 due for next class. We will go over Problems 13-7, 13-8, and 13-11. Read Chapter 13, pp. 13-23 thru 13-34 for next class. Complete Problem 13-16 for next class. |
| MARCH 4 | Investments | Chapter 13, pp. 23-34 | We will discuss the equity method of accounting in class. Complete Problem 13-16 for next class. Problem 13-16 and take-home #1due next class. |
| MARCH 9 | Investments | Chapter 13, pp. 23-34. | We will go over take-home #1 in class. We will go over the solution to Problem 13-16 a in class. Midterm exam next class. |
| MARCH 11 | Mid-term Examination | Review all readings to date. | Mid-term exam. Read Chapter 13, pp. 13-36 thru 13-37 and 13-39 thru 13-45 for next class. Student teams will prepare a set of questions to present to the client for BAM Requirement 7 for next class. |
| MARCH 16-22 | SPRING BREAK!! | ||
| MARCH 23 |
BAM Requirement 7 Accounting for Derivatives |
Chapter 13, pp. 13-36 thru 13-37 and 13-39 thru 13-45 | Students will query client regarding the Aguamaint Year 3 financial statements. We will also discuss Chapter 13, pp. 13-36 thru 13-37 and 13-39 thru 13-45 in class. BAM teams will prepare adjusting entries for next class. |
| MARCH 25 |
BAM Requirement 8 Accounting for Derivatives |
Chapter 13, pp. 13-36 thru 13-37 and 13-39 thru 13-45 |
Student teams will
present adjusting entries for Year 3 BAM. We will go over selected
problems in class. Students prepare the adjustments for the income tax accrual journal entry for next class. Take-home test # 2 due April 1st. |
| MARCH 30 |
BAM Requirement 8 Accounting for Derivatives |
Chapter 13, pp. 13-39 thru 13-45 | Student teams will present the adjustments for the income tax accrual journal entries in class. Read Chapter 11, pp. 11-22 thru 11-27 for next class. |
| APRIL 1 |
Asset Impairment |
Chapter 11, pp. 11-22 thru 11-27 | We will go over take-home #2 and accounting for impairments in class. Please complete Problem 11-11 for next class. Please read Chapter 12, pp. 12-5 thru 12-7 and 12-17 thru 12-21 for next class. Students will present completed Year 3 Financial Statements next class. |
| APRIL 6 |
BAM Year 2
Financial Statements |
Chapter 12, pp. 12-5 thru 12-7 and 12-17 thru 12-2.1 | Students will present completed Year 3 Financial Statements in class. We will go over accounting for impairment of intangible assets in class.. Read Chapter 16, pp. 16-20 thru 16-37 for next class. |
| APRIL 8 |
Earnings Per Share |
BAM Requirement
9 Chapter 16, pp. 16-20 thru 16-37 |
We will
discuss earnings per share in class. Please complete
Problems 16-20 and 16-21 for next class. Student teams will query client
regarding Yr. 4 BAM financial statements next class.
|
| APRIL 13 |
BAM Requirement 9 Earnings Per Share
|
Chapter 16, pp. 16-20 thru 16-37
|
Student teams will query client regarding Yr. 4 BAM financial statements in class. s and we will go over the solutions to Problems 16-20 and 16-21. Read Chapter 17, pp. 17-25 thru 17-32 for next class. Student teams will present adjusting journal entries for Year 4 financial statements in next class. |
| APRIL 15 |
BAM Requirement
10 Installment and Cost Recovery Methods of Accounting |
Chapter 17, pp. 17-25 thru 17-32 | Student teams will present adjusting journal entries for Year 4 financial statements in class. We will discuss the installment and cost recovery methods of accounting in class. Please complete Problems 17-8 and 17-10 for next class. Student teams should also prepare the calculations for the accounting for income taxes adjustment for Year 4 for next class. |
| NOVEMBER 11 |
BAM Requirement 10 Installment and Cost Recovery Methods of Accounting |
Chapter 17, pp. 17-25 thru 17-32 | Student teams will present the calculations for the accounting for income taxes adjustment for Year 4 for next class. We will also go over Problems 17-8 and 17-10. Please read Chapter 17, pp. 17-2 thru 17-20 for next class. |
| APRIL 20 | Long-Term Construction Accounting | Chapter 17, pp. 17-2 thru 17-20 | We will also go over long-term construction accounting in class. Student teams will present the solution to Year 4 financial statements in next class. Prepare solutions to Problems 17-5 and 17-6 for next class. |
| APRIL 22 |
BAM Requirement 10 Installment and Cost Recovery Methods of Accounting
|
BAM Requirement 10
Chapter 17, pp. 17-2 thru 17-20
|
Student teams will present the solution to Year 4
financial statements. We will also go over solution to Problems
17-5 and 17-6. Please read Chapter 17, pp. 17-33 thru 17-35 for next
class.
|
| APRIL 27 | Accounting for Franchise Revenue | Chapter 17, pp. 17-33 thru 17-35 | We will go over accounting for franchise revenue in class. Part 1 of the final examination will be administered in the next class. |
| APRIL 29 | Final Exam Part 1 | All material covered since the mid-term examination. | Please read Chapter 15, pp. pp. 15-17 thru 15-32 and complete Problems 15-3, 5, and 6 for next class. |
| MAY 4 |
Stock-based Compensation Plans |
Chapter 15, pp. pp. 15-17 thru 15-32 | We will discuss stock-based compensation plans and go over problems 15-3, 5, and 6 in class. |
| MAY 6 |
Stock-based Compensation Plans |
Chapter 15, pp. pp. 15-17 thru 15-32 | We will discuss stock-based compensation plans and go over problems 15-3, 5, and 6 in class. |
| MAY 11 |
Stock-based Compensation Plans |
Chapter 15, pp. pp. 15-17 thru 15-32 | We will discuss stock-based compensation plans and go over problems 15-3, 5, and 6 in class. |
| MAY 14-20 |
Final Examination
|
ACCT 305.152 - TBA ACCT 305.001 - TBA |
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.