"Intermediate Accounting 13E by Kieso Test Bank"
LOYOL UNIVERSITY MARYLAND SELLINGER SCHOOL OF BUSINESS AND MANAGEMENT DEPARTMENT OF ACCOUNTING AC 301, INTERMEDIATE ACCOUNTING I FALL, 2010 Instructor: Dr. Jalal Soroosh Office Hours: TTH., 1:00 - 3:00 p.m. Sellinger Hall 303 other times by appointment Phone: (410) 617-2543 E-mail: firstname.lastname@example.org I. Course Objectives and Content An intensive study of the methodologies employed in the preparation of the basic financial statements and the theory underlying these methodologies are the overall objective of this course. The primary focus of the course is on the development and understanding of financial information that is reported in the basic financial statements and the related disclosures. Pronouncements of the AICPA, FASB, and SEC are an integral part of this course. This course covers the following educational objectives: a. Develop a mastery of financial accounting knowledge (text, class discussions, homework assignments, and authoritative pronouncements). b. Develop problem solving and analytical skills (homework assignments, internet projects, and class discussions). c. Develop the ability to work with others (teamwork projects). d. Ability to search on line for information related to topics covered in this course and effectively present them in written format. e. Develop an understanding of IFRS Intermediate accounting I, AC 301, is the first course in a two course sequence. This course is designed to expand the students' understanding of the following accounting subject areas: 1. Foundations of accounting theory and the institutional setting in which this foundation is cast. 2. Fundamentals of financial accounting and the basic financial statements-income statements, statement of retained earnings, and balance sheet 3. Concepts of future and present value of money 4. Asset accounts, cash, receivable, and inventories 5. Property, Plant, and equipment 7. Intangible Assets 8. Contemporary Issues/ IFRS developments/Financial Accounting Standards Codification 9. Ethical issues II. Required Materials 1. Intermediate Accounting, (13th ed.), by Kieso and Weygandt, (J. Wiley, 2009). Kieso INTERMEDIATE ACCOUNTING 13th ed. BINDER-READY with WILEYPLUS -- 978-0-470-42125-3 1 III. Optional Materials 1. Financial Accounting by Gleim and Collins 2. Student Study Guide and problem solving guide, by Kieso and Weygandt, Kieso INTERMEDIATE ACCOUNTING (V1:Study Guide) 13e 2009 978-0-470-38059-8 Kieso INTERMEDIATE ACCOUNTING (V1:prob solving guide) 13e 2009 978-0-470-38057-4 5. Working Paper (J. Wiley, 2008) IV. Assignments: a. Students are expected to thoroughly read each chapter before the chapter is discussed in the class. b. Students are expected to be prepared to discuss all written assignments for each chapter in class. c. All assigned exercises and problems are expected to be prepared in proper form and on appropriate accounting paper and in good format. d. There is a writing assignments (Ethics in Accounting), which is identified by two asterisks (**). This assignment should also be typed and in good format. Students should be prepared to present and discuss it in class. e. There are eight required internet assignments and FASB Codification exercises assigned for this course. Additional projects may be assigned during the semester. Students should be prepared discuss their findings in class. The Department of Accounting has already subscribed to access the Codification site. You need to login at http://aaahq.org/ascLogin.cfm. Use the following user ID and password: User ID: AAA51670 Password: slmu570 Also there are several articles dealing with codification, XBRL and IFRS under the course document tab of the blackboard for the course. I strongly encourage you to read them. f. In addition to the assignments collected in class, there will be several exercises and problems assigned for the course that you need to complete them through the WILEY PLUS. All exercises are set up for you to work on them through the WILEY PLUS. These exercises count for 15 points. You are still responsible for those exercises and problems which have not been selected for WILEY PLUS. The due date of each assignment is posted online when assigned to your class, but in general you should expect that each chapter assignment will be due one week from the date assigned. These assignments will be automatically graded, based on the criteria set forth under each assignment. MAKE SURE YOU ARE PREPARED TO GET THESE ASSIGNMENTS DONE ON TIME. Assignments which are completed after the due date and time will be subject to a 50% penalty (NO EXCEPTIONS). Every time a new assignment is posted to WILEY PLUS, I will post an announcement on BLACKBOARD and also announce it in class. The URL address for WILEY PLUS for AC 301.01 (9:25-10:40) is: http://edugen.wiley.com/edugen/class/cls182343/ The URL address for WILEY PLUS for AC 301.02 (10:50-12:05) is: http://edugen.wiley.com/edugen/class/cls182344/ 2 For each exercise assigned, you have 5 attempts in order to answer the question correctly. There is no penalty if it takes you 5 times to get it right. It is your responsibility for getting your own computer issues resolved and any technical issues resolved to be able to complete the WILEY PLUS assignments. NO ADJUSTMENTS WILL BE MADE TO YOUR WILEY PLUS GRADE FOR COMPUTER-RELATED GLITCHES THAT RESULT IN YOUR INABILITY TO COMPLETE AN ASSIGNMENT ON TIME. Plan ahead and do them in plenty of time so you have an opportunity to re-enter the system to complete the assignment should you have some technical issue, which kicks you out of the system before submitting your answer. At the end of this course syllabus are some helpful hints for navigating the Wiley Plus online system. V. Honor Code The Honor Code states that all students of the Loyola Community have been equally entrusted by their peers to conduct themselves honestly on all academic assignments. The students of this College understand that having collective and individual responsibility for the ethical welfare of their peers exemplifies a commitment to the Council. VI. Cheating Cheating in any way, shape or form (e.g., looking over another student's examination papers) will result in a grade of "F" for the student copying and a reduction of a full grade for the student letting another student copy from his/her papers. Examination and the Grading Policy Students’ learning of the course content will be evaluated thorough class discussions, writing assignments, case analysis and presentation, and exams. There will be three exams for this course. The final exam will cover Chapters 10 - 12. In addition to these chapters, the final exam will also include other chapters covered in previous exams that the class did not do well on. In case a student cannot take an exam on the date scheduled, due to unanticipated events such as illness, a written evidence should be presented, otherwise no make-up test will be given to the student who misses a test. All other absences from an exam must be approved at least one week prior to the date of the test. A mark of zero will be given to a student who misses an exam without a good reason. Your final grade will be determined as follows: 2 tests (140 points each) 280 points Final exam 165 points Internet and on-line Research Assignments (8) 15 points Class participation, homework (including 15 points Wiley Plus) 30 points Ethics in Accounting writing assignment (1) 10 points 500 points 465-500 = A 415-434 = B 365-384 = C 300-324 = D 450-464 = A- 400-414 = B- 350-364 = C- >300 = F 435-449 = B+ 385-399 = C+ 325-349 = D+ 3 VII. Homework Assignments Date Chapters Questions Exercises Problems and Cases Tuesday Introduction Q1.2,3,5,6,7 Sept.7, 2010 Chapter 1 (Financial Accounting And Accounting Standards) C1.2,10,13 Introduction to IFRS Thurs. Sept. 9 Chapter 2 (Conceptual Framework) Q2.1,3,4,6 Tu. Sept. 14 Chapter 2 (cont.) E2.2,6,7 Chapter 3 (A Review of the Accounting Process) Ethics in Accounting Project Due** (see instruction at the end of this syllabus) Th. Set. 16 Chapter 3 (cont.) Q3.1,2,7 E 3.1,2,5,16,19,22 Internet Assignment 1 Th. Sept. 16 XBRL/FASB Codification presentation, Ryan McQueeney, CPA, Manager, SEC Reporting 4:30-6:00 p.m. Constellation Energy Group, Knott Hall # B01 Tu. Chapter 3 (cont.) P 3.3,4,11; Sept. 21 Ch. 3,Coca-Cola vs. PepsiCo Case Chapter 4 (Statement of Income and Retained Earnings) Th. Chapter 4 (cont.) Q 4.3,9,17 E 4.1,3,5,15 CE 4-2 Sept. 23 Reading # 5 Th. Sept 23 IFRS Presentation 4:30-6:00 p.m. Knott Hall # B01 Tu. Chapter 4 (cont.) P4.4; Sept. 28 Ch. 4, Coca-Cola vs. PepsiCo Case Chapter 5 (Balance Sheet) Q 5.1,2,6 E5.1,4,7,12 Th. Chapter 5 (cont.) P5.1,3 Sept. 30 Ch. 5, Coca Cola vs. Pepsi Cola Case Introduction to Financial Statement Analysis Internet Assignment 2 Tu. Chapter 6 (Accounting And The Time Value of Money) CE 5-2 Oct. 5 Th. Oct. 7 Review of Chapters 1-5 Thurs. Oct. 7 TEST I (CHAPTERS 1-5), Knott Hall # B01 4:30-6:00 p.m. Tues. Oct. 12 Review of Test I CE 6-1 Chapter 6 (cont.) Q6.1,2,3 Thurs. Oct. 14 Chapter 6 (cont.) E 6.3,5,7,10,13,14,21 Tues. Oct. 19 Chapter 6 (cont.) P6-1,7,15 Chapter 7 (Cash & Receivable) Q7.2,3 Thurs. Oct. 21 Chapter 7 (cont.) E 7-4,5,9,15,17,19,23,24,26 Th. Oct. 21 Orientation for accounting majors. 150 hour requirement, MBA degree, A meeting with an 4:30-6:00 p.m. advisor from the MBA office. 4 Date Chapters Questions Exercises Problems and Cases Tues. Oct. 26 Chapter 7 (cont.) P7.4,7,13,15 Ch. 7, Coca-Cola vs. Pepsi Cola Case Chapter 8 (Valuation of Inventories) Thurs. Oct. 28 Chapter 8 (cont.) Q8.3,6 E8.1,3,4,6,26 Tues. Nov. 2 Chapter 8 (cont.) P 8.5,10; Ch. 8, T.J International case Thurs. Nov. 4 Chapter 9 (Inventories) Q9.2,3 Tues. Nov. 9 Chapter 9 (cont.) E 9-3,4,12,19,21 Thurs. Nov. 11 Chapter 9 (cont.) P 9-2,7,11 Chapter 10 (Properties, Plant, Equipment) Friday, 12 November, Last day to withdraw from a course with a grade of "W" Tues. Nov.16 Chapter 10 (cont.) E 10.1,4,6,7,8,18,24 CE 10-4 Thur. Nov. 18 Review of chapters 6-9 Thurs. Nov. 18 TEST II (CHAPTERS 6-9), 4:30-6:15 p.m., Knott Hall room B01 Tues. Nov. 23 Review of Test II Chapter 10 (cont.) P10.3,7 Thurs. Nov. 25 NO CLASS -- THANKSGIVING HOLIDAY Ch. 10, Johnson & Johnson Tues. Nov. 29 Chapter 11 (Depreciation And Depletion) Q11.1,2,3 Th. Dec. 2 Chapter 11 (cont.) E11.1,2,6,11,16,17,19 P11.6,12 Ch. 11, Coca-Cola vs. PepsiCo Case Internet Assignment 3 Tues. Dec. 7 Chapter 12 (Intangible Assets) Q12.21 E12.1,3,9,13,17,19 Thurs. Dec. 9 12 (cont.) P12.1,5 Ch. 12, Coca-Cola vs. PepsiCo Case CE 12.4 Tuesday, 14 December, FINAL EXAM (Chapters 10-12, AND …..), 9:00 a.m. For AC 301.02 Monday, 20 December, FINAL EXAM (Chapters 10-12, AND……), 9:00 a.m. For AC 301.01 Note: This schedule is tentative and subject to change. It is the students' responsibility to attend class for announcements of all changes. Students should also check the Blackboard for this course for announcements and messages from the instructor for the course. NOTE: FASB pronouncements are available at the FASB web site at www.FASB.org 5 INTERNET ASSGINMETS 1. Go to the web site of FASB at www.fasb.org . Answer the following questions: a. What are the names of the Board members? b. What is the mission statement of the Board? c. List the items that the Board is currently considering. 2. For a publicly held company of your choice, answer the following questions. You can either use the company’s web site, if it is available and has detailed financial information, or you can use EDGAR database to find the information you need. The Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) contains corporate information filed with the U.S. Securities and Exchange Commission (SEC). Then, select the company’s most recent form 10K (an annual financial report filed with the SEC). You can access EDGAR by opening the following Internet location: www.sec.gov/edgarhp.htm Hint: From EDGAR Database, select Search the EDGAR database. Then select Search the EDGAR Archives. Then type in your selected company’s name in the box. EDGAR database includes a lot of financial and non-financial information. For beginners, it may be a bit cumbersome, but informative to scroll through the database. REQUIRED: a. Name of the Company b. Address c. Names of the company’s directors d. Name of the Independent Auditor e. Is the balance sheet included in the company’s 10K classified or unclassified? f. Is the income statement included in the company’s 10K single-step or multiple- step? g. What is the company’s total assets for the last fiscal year? h. What is the company’s total current assets for the last fiscal year? i. What is the company’s total liability for the last fiscal year? j. What is the company’s total current liabilities for the last fiscal year? k. How many classes of stock does the company have? What is the par/stated value (if any) for each class of stock? l. What is the company’s total revenue for the last fiscal year? m. What is the company’s net income for the last fiscal year? n. Identify at least one account title or item on the balance sheet or income statement which you are not familiar with so that we can discuss it in class. o. Identify one important or interesting point discussed in the footnotes to the company’s financial statements. For questions 2g-2m, you may turn in a copy of the company’s latest balance sheet and income statement. Caution: If you want to use EDGAR to print the statement, save the data to a file first and then reduce it to what you need to print. 10k form is a very long form and you do not really need to print it in its entirely. 1 3. Choose a company in the financial industry (such as a bank, savings and loan association, or a brokerage firm) and a manufacturing or merchandising company. Compare their balance sheets and income statements. Then, identify at least five differences between these companies’ income statements and balance sheets. Ethics in Accounting Project. In a short paper (about two pages long), cover the following points: Briefly, discuss ethics and ethical issues as they relate to the accounting profession and the financial reporting environment. List the AICPA Principles of Professional Conduct and the IMA Code of Ethics. For a company of your choice, refer to their web site and identify its procedures and initiatives to promote ethical behavior. Report your findings in a short paragraph (about five lines). WILEY-PLUS HELPFUL HINTS: (1) Register in the WILEY PLUS system for the correct class. The classes are designated by the days and times the class meets. Thus, section .01 students should be registering on-line for the “SOROOSH TTH 9:25 a.m. class” and section .02 students should be registering for “SOROOSH TTH 10:50 a.m. class”. (2) Copy and paste the links into the address bar if going from the course syllabus links or go through BLACKBOARD. (3) Resolve technical issues regarding your registration early – as soon as class begins. Get in touch with the WILEY PLUS technical staff to ensure resolution before it is time for you to complete an assignment. (3) Plan to complete the assignment before the last day deadline, in the event you have some technical issue at that time that might require you to stop before being able to submit your work. (4) READ CAREFULLY through the assignment criteria before you start so you know the rules, timetable and the specific instructions for each exercise you must complete. For example, many times an exercise requires you to place a zero (“0”) in blank columns or put the answers in a particular order, such as "in order of magnitude", which means that you must enter the numbers from the highest to the lowest. To get such a problem correct, you must follow the exact form. (5) The assigned problems follow the chapter exercises that are in your book. You can read through these ahead of time or you can print them out from the WILEY PLUS system. Take advantage of this to make it easier to complete each problem. (6) Some problems in the WILEY PLUS system have an “A” in the front, e.g. AE 9-2. This means that exercise 9-2 is an algorithm – each student's exercise will contain a different set of numbers. 2 About Your Instructor: JALAL SOROOSH, Ph.D., CMA Jalal Soroosh is a professor of accounting at Loyola University Maryland. He received his Ph.D. in accounting from The University of Mississippi and holds a Certificate in Management Accounting (CMA). He served as KPMG Faculty Fellow at Loyola College for two years. He was recognized as the 2007 Most Valued Professor by his MBA Executive Fellows class of 2007 students. His teaching and research interests are primarily in financial and managerial accounting. He has published numerous articles in practitioners and academic journals such as the CPA Journal, Management Accounting, Corporate Controller and the Journal of Business and Economic Perspectives. His article in the July 2004 issue of the CPA Journal received the 2004 MAX Black Outstanding Article Award by the New York State Society of CPAs. Jalal brings a good mix of teaching and work experience to the accounting program at Loyola College. In addition to over twenty years of teaching accounting, he has a variety of practical experiences with Arthur Andersen & Co., Coopers & Lybrand, C.W. Amos & Company (RSM McGladrey), McCormick, Reznick Fedder & Silverman, and NeighborCare. 3