Accounting
305
CLASS SCHEDULE*
SPRING 2016
*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 25 |
Course
Introduction and Introduction to Business Activity Model
(BAM) Inventories: Additional Issues - Lower of Cost or Market |
FASB ACS 720-15 � Chapter 9, pp. 478-483. |
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 9-2, and have questions prepared for Jerry Loos, for next class. |
| JANUARY 27 |
BAM Year 1 Inventories: Additional Issues - Lower of Cost or Market |
Chapter 9, pp. 478-483. | Student teams will query client on specifics of Year 1 financial statements. Read Chapter 14, pp. 788-802 and prepare BAM Year1 1 correcting entries for next class. |
| FEBRUARY 1 |
BAM Year 1 Bonds
|
Chapter 14, pp. 788-802. | 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. 788-802. For next class, complete Problems 14-1 and 14-2, and read Chapter 14, pp. 811-816. |
| FEBRUARY 3 |
BAM Requirement 3 Bonds
|
Chapter 14, pp. 811-816. |
Prepare a complete set of corrected financial statements, supplementary disclosures, and backup documentation for Year 1. Also, complete Problem 14-15 for next class. |
| FEBRUARY 8 |
BAM Requirements 3-4 Bonds |
Chapter 14, pp. 811-816.
|
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. We will also go over Problem 14-15. |
| FEBRUARY 10 | Bonds | BAM Requirements 3-4 | We will go over the solution to BAM Requirements 3-4. Problem 14-19 due for next class. Take-home exam 1 due September 29. Read Chapter 14, pp. 822-827 for next class. Also, prepare questions for Jerry Loos related to his Year 2 financial statements for next class. |
| FEBRUARY 15 |
BAM Requirement
5 Troubled Debt Restructurings |
Chapter 14, pp. 822-827. BAM Requirement 5 |
Student teams will query the client on the Year 2 Aguamaint financial statements (Req. 5). We will also go over the solution to Problem 14-19. Correcting entries for BAM year 2 due next class. Complete Problem 14-26 for next class. |
| FEBRUARY 17 |
BAM
Requirement 6 Troubled Debt Restructurings |
Chapter 14, pp. 822-827 | Student teams will present their correcting entries to Aguamaint's Year 2 financial statements in class. We will also go over the solution to Problem 14-26. Tax correcting entries for BAM year 2 due next class. Also, read Chapter 12, pp. 654-672 for next class. |
| FEBRUARY 22 |
BAM
Requirement 6 Investments |
Take Home Examination #1 | Student teams will present their tax correcting entries in class. We will also go over the solution to the take-home exam. Corrected Year 2 financial statements due next class. Read Chapter 12, pp. 654-672 for next class. |
| FEBRUARY 24 |
BAM Year 2 Financial Statements Investments |
Chapter 12, pp. 654-672 | Student teams will present corrected Year 2 financial statements for Aguamaint. We will commence our discussion of the accounting for investments as presented in Chapter 12, pp. 654-672.. Complete Problems 12-1 and 12-2 for next class. |
| FEBRUARY 29 |
Investments |
Chapter 12, pp. 654-672 | We will go over Problems 12-1 and 12-2. Read Chapter 12, pp. 673 thru 677 for next class. Complete Problems 12-3, 12-4, and 12-5 for next class. |
| MARCH 2 | Investments | Chapter 12, pp. 673-677 | We will review Problems 12-3, 12-4, and 12-5. We will also discuss the fair value option and impairment of investments. Read Chapter 12, pp. 681-690 for next class. |
| MARCH 7 | Investments | Chapter 12, pp. 681-690 | We will discuss the equity method of accounting in class. Complete Problem 12-9 and take-home 1 for next class. Also read Chapter 12, Appendix B for next class. |
| MARCH 9 | Investments | Chapter 12, Appendix B. | Take-home 1. Mid-term Exam next class. |
| MARCH 14-18 | SPRING BREAK! | ||
| MARCH 21 | Mid-term Examination | Review all readings to date. | Prepare questions for Jerry Loos related to Year 3 financial statements for next class. |
| MARCH 23 |
BAM Requirement 7 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 adjusting entries for next class. Read Appendix A and complete Problem A-1 for next class. |
| MARCH 28 |
BAM Requirement 8 Accounting for Derivatives |
Appendix A |
Student teams will
present adjusting entries for Year 3 BAM. We will go over problem
A-1 in class. Students prepare the adjustments for the income tax accrual journal entry for next class. Take-home test # 2 due November 3rd. Read Chapter 11, pp. 611-622 for next class. |
| MARCH 30 |
Asset Impairment |
Chapter 11, pp. 611-622. | Student teams will present the adjustments for the income tax accrual journal entries in class. We will also discuss accounting for impairments. Exercises 11-26 and 11-29 are due next class. Take-home 2 due next class. Read Chapter 11, pp. 11-22 thru 11-27 for next class. |
| APRIL 4 | Asset Impairment | Chapter 11, pp. 611-622. | We will go over Exercises 11-26 and 11-29 and Take-home 2. Complete Problem 11-12 prepare completed Year 3 financial statements for next class. and |
| APRIL 6 |
BAM Year 2
Financial Statements |
Chapter 19, pp. 1,141-1,162 | 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 prepare to query Jerry Loos about the Year 4 financial statements in the next class. |
| APRIIL 11 |
Earnings Per Share |
BAM Requirement
9 Chapter 19, pp. 1,141-1,162 |
Student teams will query client
regarding Yr. 4 BAM financial statements next class.
We will also
discuss earnings per share in class.
Please complete Problems 19-11,
19-14, and 19-18 for next class.
for next class. Student
teams will present adjusting journal entries for Year 4 financial
statements
in next class.
|
| APRIL 13 |
Earnings Per Share
|
BAM Requirement 10 Chapter 19, pp. 1,141-1,162
|
Student teams will present adjusting journal entries for Year 4 financial statements. We will also go over the solutions to Problems 19-11, 19-14, and 19-18. Student teams should also prepare the calculations for the accounting for income taxes adjustment for Year 4 for next class. Also, please read Chapter 5 pp. 302-312 for next class. |
| APRIL 18 |
BAM Requirement
10 Installment and Cost Recovery Methods of Accounting |
Chapter 5, pp. 302-312 | 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 Exercise 5-32 and Problem 5-19 for next class. Student teams should also prepare the calculations for the accounting for income taxes adjustment for Year 4 for next class. |
| APRIL 20 |
BAM Requirement 10 Installment and Cost Recovery Methods of Accounting |
Chapter 5, pp. 302-312 | Student teams will present the calculations for the accounting for income taxes adjustment for Year 4 for next class. We will also go over Exercise 5-32 and Problem 5-19. Please read Chapter 5, pp. 256-268 for next class. Also, please prepare completed Year 4 financial statements for next class. |
| APRIL 25 | Long-Term Construction Accounting | Chapter 5, pp. 256-268. | Student teams will present the solution to Year 4 financial statements. We will also go over long-term construction accounting in class. Prepare solutions to Problems 5-10 , 5-12, and 5-22 for next class. |
| APRIL 27 |
Long-Term Construction Accounting Accounting for Franchise Revenue and Multiple deliverable arrangements |
Chapter 5, pp. 256-268
|
We will go over solution to Problems 5-10, 5-12, and 5-22. Complete Exercises 5-37 and 5-39. |
| MAY 2 | Accounting for Franchise Revenue and Multiple deliverable arrangements | Chapter 5, pp. 302-312 | We will go over Exercises 5-37 and 5-39. Part 1 of the final examination will be administered in the next class. |
| MAY 4 | Final Exam Part 1 | All material covered since the mid-term examination. | Read Chapter 19, 1,126-1,141 for next class. |
| MAY 9 |
Stock-based Compensation Plans |
Chapter 19, pp. 1,126-1,141 | We will discuss stock-based compensation plans and go over problems 19-5 and 19-7 in class. |
| MAY 12-18 | 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.