Accounting
305
CLASS SCHEDULE*
Spring 2011
*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 24 | Course Introduction and Introduction to Business Activity Model (BAM) |
AICPA Statement of Position 98-5. 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 reread Chapter 9, pp. 446-455 for next class. Also complete Exercise 9-3 and 9-4 for next class. |
| January 26 |
BAM Year 1 Inventories: Special Valuation Issues - Lower of Cost or Market |
Chapter 9, pp. 446-455. | Student teams will query client on specifics of Year 1 financial statements. Go over Exercise 9-3 and 9-4. Exercise 9-6 and BAM Year1 1 correcting entries due for next class. |
| January 31 |
BAM Year 1 Inventories: Special Valuation Issues - Lower of Cost or Market
|
Chapter 9, pp. 446-455. | Each group will present correcting entries that it determines are necessary from evaluating client responses to questions posed in the previous class. Go over Exercise 9-6. Read Chapter 12 through page 644 for next class. |
| February 2 |
BAM Requirement 3
|
BAM
Requirement 3 Chapter 12 |
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 12-1, 12-2, 12-3 for next class. |
| February 7 |
BAM Requirements 3-4 Investments |
Chapter
12 BAM Requirements 3-4
|
We will go over the solution to BAM Requirements 3-4 and Problems 12-1, 12-2, 12-3. Read Chapter 12, pp. 644-654 for next class. Problem 12-4 and 12-5 due for next class. Take-home exam 1 due February 21. |
| February 9 |
Investments |
Chapter 12, pp. 644-654 | We will go over Problem 12-4 and 12-5 and continue our discussion of the accounting for investments as presented in Chapter 12. Problem 12-12 and 12-15 due for next class. |
| February 14 |
BAM Requirement 5 Investments |
Chapter 12, BAM Requirement 5 |
Student
teams will query the client on the Year 2 Aguamaint financial
statements (Req. 5). We
will also go over Problem
12-12 and 12-15. Correcting entries for BAM year 2
due next class.
|
| February 16 |
BAM Requirement 6 Investments |
Chapter 12, BAM Requirement 6 | Student teams will present their correcting entries to Aguamaint's Year 2 financial statements in class. We will complete any unfinished C2 12 homework assignments. Take-home exam #1 due next class. |
| February 21 |
BAM Year 2 Financial Statements - Requirement 6 Bonds |
Chapter 14 pp.746-759, BAM Requirement 6 | Student teams will present corrected Year 2 financial statements for Aguamaint. We will also go over Take-home exam #1 in class. Read Chapter 14, pp. 746-759 for next class. |
| February 23 |
Bonds |
Chapter 14 pp. 746-759 | We will also commence a discussion of Chapter 14, pp. 667-673. -Problem 14-1 due next class. Also read pp. 769-780 for next class. |
| February 28 |
Bonds |
Chapter 14, pp.769-778 | We will go over Problem 14-1 and continue our discussion of accounting for bonds. Student teams will prepare a set of questions to present to the client for BAM Requirement 7 for next class. Prepare solutions to Exercise 14-22, 23,and 24 for next class. |
| March 2 |
Bonds and Long-Term Notes BAM Requirement 7 |
BAM Requirement 7, Chapter 14, pp.769-778 | Students will query client regarding the Aguamaint Year 3 financial statements. We will also go over the solution to Exercise 14-22, 23,and 24 . Students will read pp. 780-784 for next class and BAM teams will prepare adjusting entries for next class. Students will individually complete take-home examination #2 for March 28th class. |
| March 7 |
Bonds and Long-Term Notes BAM Requirement 8
|
BAM Requirement 8, Chapter 14, pp. 780-784 | Student teams will present adjusting entries for Year 3 BAM. We will also go over Troubled Debt restructurings in class. Students prepare the adjustments for the income tax accrual journal entry for next class and also complete Problem 14-23. |
| March 9 |
Bonds and Long-Term Notes BAM Requirement 8
|
BAM Requirement 8, Chapter 14, pp. 780-784 | Student teams will present adjustments for the income tax accrual journal entry for next class and we will go over Problem 14-23. |
| March 14 |
Mid-term Examination |
Review all readings to date. | Read Appendix A for next class. |
| March 16 |
BAM Requirement 8 Accounting for Derivatives |
Appendix A | We will go over selected problems in class. Student teams will present completed Yr 3 Financial Statements in next class as well as go over the solution to take-home test #2. |
|
March 21-25 SPRING BREAK! |
|||
| March 28 | Accounting for Derivatives | Appendix A | Students will present completed Yr 3 Financial Statements in class and we will go over the solution to take-home test #2. Please read Chapter 11, pp. 580-588 for next class. |
| March 30 |
Asset Impairment |
Chapter 11, pp. 580-588. | We will go over accounting for impairments in class. Please complete Exercise 11-22, 11-23, 11-27 and 11-28 for next class. Type up your solution to Ex. 11-28 to be turned in grammatically correct and complete. |
| April 4 |
Asset Impairment |
Chapter 11, pp. 580-588. | We will go over Exercise 11-22, 11-23, 11-27 and 11-28. Read Chapter 19 through page 1081 for next class. Student teams will query client regarding Yr. 4 BAM financial statements in next class. |
| April 6 |
BAM Requirement 9 Share Based Compensation Plans |
BAM Requirement 9 Chapter 19, pp. 1070-1081 |
Student teams will query
client regarding Yr. 4 BAM financial statements next class. We will also
discuss share-based compensation systems in class. Please complete
Exercise 19-4, Problems 19-2 and 19-7 for next class. Also, students
teams are to prepare adjusting entries for yr. 4 financial statements
for next class.
|
| April 11 |
BAM Requirement 10 Share Based Compensation Plans and Earnings Per Share
|
Chapter 19, 1070-1081
|
Student teams will present adjusting journal entries for Year 4 financial statements and we will go over the solutions to Exercise 19-4, Problems 19-2 and 19-7. Read Chapter 19, pp. 1082-1102 for next class. |
| April 13 | Earnings Per Share | Chapter 19, 1082-1182 | We will discuss earnings per share calculations in class. Please complete Exercise 19-10 and 19-11 for next class. Student teams are also to prepare the calculations for the accounting for income taxes adjustment for Year 4 for next class. |
| April 18 |
BAM Requirement 10 Earnings Per Share |
Chapter 19, 1082-1182 | 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 19-10 and 19-11. Please complete Exercise 19-17 and Problem 19-19 and read pp. 1108-1111 for next class. |
| April 20 | Earnings Per Share | Chapter 19, 1082-1182, 1108-1111 | We will go over the solutions to Exercise 19-17 and Problem 19-19 and discuss share appreciation rights plans. Student teams will present the solution to Year 4 financial statements in next class. Prepare solutions to Exercise 19-27 and 19-28 for next class. |
| April 25 |
BAM Requirement 10 Share Appreciation Rights Plans
|
BAM Requirement 10
Chapter 19, pp. 1108-1111.
|
Student teams will present the solution to Year 4
financial statements. We will also go over solution to Exercise
19-27 and 19-28. Part 1 of the final exam will be administered in the
next class.
|
| April 27 | Final Exam Part 1 | All material covered since the mid-term examination. | Please read Chapter 5, pp. 232-243 for next class. |
| May 2 |
Installment and Cost Recovery Methods of Accounting |
Chapter 5, pp. 232-243 | We will discuss the installment and cost recovery methods of revenue recognition. Please complete Problem 5-3 for next class and read pp. 245-258 for next class. |
| May 4 |
Accounting for Long-Term Construction Projects
|
Chapter 5 pp. 245-258 | We will go over the solution to Problem 5-3 and discuss accounting for long-term construction projects. Please complete Exercise 5-9 and Problem 5-8 for next class. |
| May 9 |
Accounting for Long-Term Construction Projects
|
We will go over the solution to Exercise 5-9 and Problem 5-8. | |
| May 12-18 |
Final Examination
To Be
Announced |
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.