Accounting 305
CLASS SCHEDULE*
Fall 2012
CHECK BACK PERIODICALLY
LAST UPDATE (August 20, 2012)
*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. ALSO, SUPPLEMENTARY READING AND PROBLEMS MAY BE ASSIGNED THROUGHOUT THE SEMESTER.
|
DATE |
TOPIC |
READINGS1 |
ASSIGNMENTS |
|
|
August 27 |
Course Introduction and Introduction to Business Activity Model (BAM)
Chapter 9: Additional Valuation Issues - Lower of Cost or Market |
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 video at K:\Accounting\Smith\Codification\player.html and read Chapter 9, pp. 494-501, 545-548 for next class. Also complete Problems 9-1and 9-3 for next class. |
|
|
August 29 |
BAM Year 1 Chapter 9: Additional Valuation Issues - Lower of Cost or Market |
Chapter 9, pp. 494-501, 545-548. |
Student teams will query client on specifics of Year 1 financial statements and solve Problems 9-1and 9-3. BAM Year1 correcting entries and (Requirements 1 and 2) and Problem IFRS 9-6 due for next class. |
|
|
September 4 |
BAM Year 1 Chapter 9: Additional Valuation Issues - Lower of Cost or Market |
Chapter 9, pp. 494-501, 545-548. |
Each group will present correcting entries that it determines are necessary from evaluating client responses to questions posed in the previous class. Prob. IFRS 9-6. Read Chapter 14, pp. 782-794 for next class. |
|
|
September 6 |
BAM Requirement 3 Chapter 14: Long-Term Liabilities
|
Chapter 14, pp. 782-794 |
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. |
|
|
September 11 |
BAM Requirements 4A-4C Investments |
Chapter 14 (pp. 782-794) BAM Requirement 3
|
We will go over the solution to BAM Requirement3 and discuss how to calculate the issuance price of bonds as discussed in Chapter 14. Take-home exam 1 due September 20th. Complete BAM Requirements 4A-4C (individually) and read Chapter 17 pp. 974-988 for next class. |
|
|
September 13 |
BAM Requirement 5 Investments |
Chapter 17
BAM Requirement 4A-4C |
We will go over the solution to BAM Requirements 4A-4C. We will commence our discussion of the accounting for investments as presented in Chapter 17. Problem 17-6 and 17-2 due for next class. Prepare a set of questions to BAM Requirement 5 for next class. |
|
|
Septemeber 18 |
BAM Requirement 6 Investments |
Chapter 17
BAM Requirement 5 |
Student teams will query the client on the Year 2 Aguamaint financial statements (Req. 5). We will also go over Problem 17-6 and 17-2 in class. Time permitting, we will also discuss the equity method of accounting in class. Exercise 17-12 for next class. Read Chapter 17, pp. 988-990 for next class. |
|
|
September 20 |
Investments |
Chapter 17, pp. 988-990
BAM Requirement 6 |
Student teams will present their correcting entries to Aguamaint's Year 2 financial statements in class. We will go over take-home exam #1 in class as well as the solution to Exercise 17-12. Prepare a solution to Exercise 17-21 for next class. Read Chapter 17, pp. 991-992, 1057-1059 for next class. |
|
|
September 252 |
BAM Year 2 Financial Statements - Requirement 6 Investments |
Chapter 17 pp., 991-992, 1057-1059
BAM Requirement 6 |
Student teams will present corrected Year 2 financial statements for Aguamaint. We will also discuss accounting for bonds in class. Read Chapter 14 pp. 794-797 and Chapter 16 pp. 906-912 and individually prepare a solution to Exercise 16-6 and 16-7 for next class. |
|
|
September 27 |
Bonds |
Chapter 14, pp. 794-797
Chapter 16, pp. 906-912 |
We will go over the solution to Exercises 16-6 and 16-7. We will also commence a discussion of Chapter 14, pp. 810-817. Students will individually prepare a solution to Exercises 14-21, 14-22, and 14-24, and read Chapter 16, pp. 965-969 for next class. |
|
|
MARCH 2 |
Bonds |
Chapter 14, pp. 810-817
Chapter 16, pp. 965-969 |
We will go over the solution to Exercises 14-21, 14-22, and 14-24. Student teams will prepare a set of questions to present to the client for BAM Requirement 7 for next class. Read Chapter 17, Appendix 17A for next class. |
|
|
MARCH 4 |
Bonds and Long-Term Notes BAM Requirement 7 |
BAM Requirement 7
Appendix 17A - Derivatives |
Students will query client regarding the Aguamaint Year 3 financial statements. Students will individually complete take-home examination #2 for MARCH 23rd class. Complete Problem 17-16 for next class and correcting entries for Yr. 3 for next class. |
|
|
MARCH 9 |
Accounting for Derivatives |
Derivatives, Appendix 17A |
We will go over the solution to Problem 17-16 and the Yr. 3 correcting entries in class. |
|
|
MARCH 11 |
Mid-term Examination |
Review all readings to date. |
Student teams will prepare a selected set of additional correcting entries for the Year 3 financial statements to present in the next class. Students will also read Chapter 11, pp. 617-620, 655-660 for next class. |
|
|
MARCH 16 |
BAM Requirement 8 Asset Impairment |
BAM Requirement 8 |
Student teams will present a selected set of correcting entries for the Year 3 financial statements. Students will prepare individual solutions to Problem 11-9, IFRS 11-11, IFRS 11-12, and Exercise 12-14 for next class. Student teams will also prepare corrected Year 3 financial statements for Aguamaint for next class. |
|
|
MARCH 18 |
Asset Impairment |
BAM Requirement 8
Chapter 11, pp. 617-620, 655-660.
Chapter 12, pp. 677-680, 713-716 |
Student teams will present corrected Year 3 financial statements for Aguamaint. We will go over the solutions to Problems 11-9, IFRS11-11, IFRS 11-12, and Exercise 12-14. Take-home 2 due next class. |
|
|
MARCH 23 |
Asset Impairment |
Chapter 11, pp. 617-620, 655-660. Chapter 12, pp. 677-680, 713-716 |
We will go over Take-home #2 in class. Problem 12-5, IFRS 12-8 and IFRS 12-9 due for next class. We will also commence a discussion of Earnings Per Share in the next class. |
|
|
MARCH 25 |
Asset Impairment Earnings Per Share
|
Chapter 12, pp. 677-680, 713-716 Chapter 16, pp. 922-926 |
We will go over Problem 12-5, IFRS 12-8 and IFRS 12-9. We will also discuss earnings per share. Exercise 16-20 due for next class. |
|
|
|
||||
|
MARCH 30 |
Earnings Per Share |
Chapter 16, pp. 926-934 |
We will go over Exercise 16-20 and commence a discussion of diluted earnings per share computations. Problem 16-7 due for next class.
|
|
|
November 1 |
Earnings Per Share |
Chapter 16, pp. 926-934 |
We will discuss the solution to Problem 16-7. Read BAM Requirement 9 and be prepared to query Jerry about the Yr. 4 financial statements in next class. Also, read Chapter 18, pp. 1092-1102 for next class.
|
|
|
November 6 |
BAM Requirement 9 Installment and Cost Recovery Methods of Accounting |
Chapter 18, pp. 1092-1102. |
Student teams will query client regarding Aguamaint's Year 4 financial statements. We will also review the installment and cost recovery methods of accounting. Problem 18-11 and Exercise 18-23 due for next class. | |
|
November 8 |
BAM Requirement 10 Installment and Cost Recovery Methods of Accounting |
Chapter 18, pp. 1092-1102. |
Each team will present Yr. 4 correcting entries in class. We will also go over the solution to Problem 18-11 and Exercise 18-23. Prepare Yr. 4 tax schedules and adjusting entries for next class and read Chapter 18, pp. 1081-1091 for next class |
|
|
November 13 |
Accounting for Long-Term Construction Projects
|
Chapter 18, pp. 1081-1091 |
Student teams will present Yr. 4 accounting for income tax corrections in class. We will also commence a discussion of accounting for long-term construction projects in class. Completed Year 4 financial statements due for next class. | |
|
November 15 |
Accounting for Long-Term Construction Projects
|
Chapter 18, pp. 1081-1091 |
Student teams will present completed Yr. 4 financial statements in class. We will also discuss accounting for long-term construction projects in class. Problems 18-4 and 18-7 due for next class. Also, read Appendix 18A and pp. 1134-1138 for next class. | |
|
November 20 |
Accounting for Long-Term Construction Projects Accounting for Franchises |
Chapter 18, pp. 1081-1091, 1105-1108, 1134-1138 |
We will go over Problems 18-4 and 18-7 in class. We will also discuss Appendix 18A and pp. 1134-1138 in class. Exercise 18-27 and IFRS18-8 due for next class. |
|
| November 22 - THANKSGIVING!! | ||||
|
November 27 |
Accounting for Franchises |
Chapter 18, pp. 1105-1108, 1134-1138 |
We will go over Exercise 18-27 and IFRS18-8 in class. |
|
|
December 4 |
Final Examination Part 1 |
Material Since Mid-Term Plus Material to Be Announced |
Review all material covered since the mid-term exam. Read Chapter 16, pp. 913-921 for next class. |
|
|
December 6 |
Stock-based Compensation Plans |
Chapter 16, pp. 913-921 |
We will discuss and illustrate accounting for stock-based compensation plans in class. |
|
|
December 10-14 |
Final Examination Part 2 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.
2 ACCT 305.152 will not meet on the evening of September 25th due to Meet the Firms Night. Instead, we will have a make-up class at 7:30PM on September 28th.