MGTB05H3 F Financial Accounting I 2011 Fall Session

1. Instructors:
L06 & L30 Mr. Douglas Kong Telephone: (416) 208-2694 Office: IC362 E-Mail: [email protected] Telephone: TBD Office: IC269 E-Mail: [email protected] Telephone: TBD Office: IC269 E-Mail: [email protected] Telephone: (416) 208-4740 Office: IC354 E-Mail: [email protected]

L02

Ms. Michelle Lum

L03

Ms. Julie McDonald

L01 L04 & L05

Mr. George Quan Fun

2.

COURSE OUTLINE AND GENERAL INFORMATION

Together with MGTB06H, this course provides a rigorous introduction to accounting techniques and principles and concepts underlying these techniques. The preparation of financial statements is addressed from the point of view of both preparers and users of financial information. The course is designed to achieve the following objectives: The student should be able to: 1. Prepare a set of financial statements for various public and private entities using IFRS and Accounting Standards for Private Enterprises (GAAP); 2. Analyze financial statements and financial information, using them to make effective business decisions; and, 3. Appreciate the importance of ethics in accounting. Though the courses do satisfy the requirements of the three major accounting groups in Canada for an introduction to the subject, the courses are not intended solely for professional accountancy training. They provide a better understanding and a valuable analytical tool for anyone considering a career in management.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

3.

Prerequisite(s):

Exclusion: MGT120H, MGT220H, VPAB13H Prerequisite: MGTA02Y or [MGTA03H & MGTA04H].

4.

Textbook/Required Course Materials:

Libby, Financial Accounting with Connect, 4th Cdn edition packaged with Lyryx Assessment, 2011, ISBN 0070898715. Please note that this textbook is also used for MGTB06 so please keep your Connect and Lyryx access card and password. Lyryx Assessment is required for MGTB05 and MGTB06. Please ensure you purchase the correct package with Lyryx at the bookstore (discounted in package). Alternatively, you can purchase Lyryx Assessment for Financial Accounting Stand Alone Access Code for $49.95 at the Bookstore front cash through the UTSC Bookstore Now-Prepay System. The ISBN is 0070007403. You are expected to have completed the assigned readings before the class session for which the items are listed. Please bring your copy of the text to all class sessions. In each chapter there are Demonstration Cases and Self-Study Questions with solutions provided. It is strongly recommended that you attempt to solve these problems before tackling some of the more complex text questions. Please see the MGTBO5 intranet for comments on text errors, etc. In addition, various cases/articles may be distributed in class. These are required readings whether or not the items are formally listed on the course outline. Suggested Other Sources: Students are expected to have a general knowledge of current business and economic developments, especially as they relate to topics covered in the course. The daily Report on Business of the Globe & Mail and National Post or other papers is recommended. Other Canadian introductory financial accounting texts that you might have access to could also be helpful. For difficult topics, another explanation of material and more examples, as presented in another text, might make the issues clearer.

5.

Evaluation and Grading:

Grades in the course will be based on the following: On-line Assignments (5 in total) On-line Quizzes (4 in total) Case Assignment (2 in total) Midterm Test Final Examination Total 5% 10% 5% 35% 45% 100%

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

The midterms and final exam dates, times and location will be announced once they are determined. The format of the midterm tests and final examination may consist of multiplechoice questions, problems, cases and other forms of questions. All tests are cumulative: questions may be asked on all material from the beginning of the course.

6.

Academic Support
a. Counselling/Office Hours/Accounting Aid Centre:

Office hours for individual consultation with students who have problems or questions that cannot be discussed in the class sessions will be announced by the instructor. For those students who wish to try extra problems from the textbook, solutions may be checked during their Instructors office hours. TA office hours will be announced at the beginning of class. If you wish to have your assignments remarked or need clarification of the mark given, you will need to clearly state your question in memo format and identify which area of your answer deserves additional marks. The instructor will forward your request to the marker directly. Questions relating to administrative, registration, degree/programme requirements should be directed to [email protected]. b. UTSC Library: The Department of Management, in collaboration with the UTSC library, will be providing academic research support in the IC Building. To refine your research skills or to learn more about various scholarly resources, please contact the Librarian for Management and Economics students. Lola Rudin, Subject Librarian, Management and Economics Room IC375 Office hours: Monday & Thursday, 1:00 3:00pm or by appointment Email: [email protected] Web: http://guides.library.utoronto.ca/utsc_mgmt c. English Language Development Centre (ELDC): The English Language Development Centre (ELDC) helps students develop the critical thinking, vocabulary and academic communication skills essential for achieving academic and professional success. Personalized support includes: RWE (for academic writing); Communication Cafs (oral); Discussion Skill-Building Cafs; Vocabulary Cafs; seminars/workshops; personal ELD consultations; drop-in sessions. http://ctl.utsc.utoronto.ca/eld/ The Writing Centre (TWC) offers invaluable services to students (learn to become a better writer!) and offers many different kinds of help: drop-in sessions, individual consultations, workshops, clinics, and online writing handouts. http://ctl.utsc.utoronto.ca/twc/

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

7.

Additional Procedural Points:

i. Students who require special accommodations and arrangements for writing the test and examination should be in contact with the Accessibility Special Services Office to ensure that arrangements can be made on a timely basis. ii. According to the Academic Regulations of UTSC (please refer to http://www.utsc.utoronto.ca/courses/calendar02/Academic_Regulations_(Part_III).html), if students are scheduled to write two final examinations at the same time, they should report their conflicts to the Assistant Registrar (Scheduling) (Room S416A, 416-2877540). Arrangements will normally be made for students to write both examinations on the same day, with a supervised break. Where the conflict involves a St. George Campus course, arrangements will normally be made for both examinations to be written at University of Toronto at Scarborough. Requests for such arrangements must be made no later than two full weeks before the commencement of examinations and will not be considered after that time. iii. Students scheduled to write final examinations in three consecutive time slots (these are morning, afternoon, and evening) may request special arrangements. Requests for such arrangements must be made with the Assistant Registrar (Scheduling) no later than two full weeks before the commencement of examinations. Requests will not be considered after that time. iv. Test/Examinations answers must be written in ink. v. Students who find that, due to illness, they are unable to attend a mid-term test, should notify the instructor before the test date. Make-up tests will not be arranged; however, the student should provide the instructor with a medical note. Grading procedures for such circumstances will be 0 for midterm with the final exam worth 85% (summation of marks allocation for midterm and final). These students may be required to write a separate final exam which is a combination of a deferred midterm test and the final examination, and the exam could last for 3 hours. Students who miss the midterm and fail to contact the instructor within 24 hours of the exam date will receive 0 for the midterm portion of the mark. vi. Students are expected to arrive on time for all tests and examinations. It is not likely that any additional time can be allowed for late arrivals. vii. The use of a simple, non-programmable, quiet, non-printing calculator will be permitted in all tests and examinations. Students will not be permitted to share calculators and should take adequate precautions against calculator failure during a test. No allowance can be made for calculator failure or malfunction. The allowed calculators include: Texas Instruments TI 30 Explorer Plus, Sharp EL509 and 531, Cassio FX 65 and 280.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

8.

Studying:

The coverage of material in these courses is extensive and rigorous. Experience has shown that students who fail to keep up-to-date at all times, no matter what their previous background in the subject, will tend to have difficulty in handling the material, which is of a cumulative nature, on tests and examinations. It is generally agreed that one needs to work through a substantial number of exercises and problems in order to understand the concepts and procedures involved in accounting courses. In the class sessions a number of text questions and cases will be discussed. It is important to understand that questions on the tests and final examination may differ significantly from text exercises. Questions from the text usually reflect the material in a single chapter, are often variations of chapter illustrations, cover only selected portions of the assigned material, are usually "complete" problems (in the sense that one is expected to follow a logical procedure from start to finish) and are done on an "open-book" basis. Midterms and final exam questions, on the other hand, may combine material from a number of chapters, may require a selection of ideas or concepts from any part of the course, may focus on only one small part of a larger process, may be non-directive (openended) in nature, may require answers in the form of essays of formal reports, are "closedbook" and have strict time restrictions Questions discussed/and solved in class should be viewed as a minimum effort in order to understand the course. Students are strongly urged to attempt other problems from the text. To assist in the effort, the solution manual will be available to use to check your answer in the class. In all instances, students should attempt their own solution of problems before verifying their answers. Photocopying of solutions will not be permitted.

9.

On-line Assignments - Submission Procedures:

There are 5 weekly on-line assignments. The website for the assignment is https://login.lyryx.com/. Each assignment should be completed according to the deadlines set by your instructor. Students are encouraged to practice as many times as necessary until they satisfied with the outcome. Students will not be allowed to access the assignment after the due date. Each assignment offers you a unique opportunity to test not only your understanding of the course material but also your ability to analyze and solve problems. An important aspect of problem-solving is the necessity of selecting an answer in the face of uncertainty about the facts or requirements in the problem. Students are encouraged to practice as many times as necessary until they satisfied with the outcome. Students will not be allowed to access the assignment after the due date. To help you develop this critical ability, your professor will not discuss a homework problem or answer any questions about it prior to its submission.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

Please refer to the Lyryx Student Registration Instruction at the end of this document for the detailed logon procedure.

10.

On-line Quizzes - Procedures:

The 4 quizzes will be done online and will test students on basic understanding of the required readings. The format of the quiz consists of 3-5 short answer questions to be done in 60 minutes. Please follow the directions noted in a separate handout as you only have one attempt and there is no make-up quiz.

11. Case Analysis - Procedures

Case analysis develops your critical thinking and problem solving skills, so a given accounting situation can be logically addressed. An important aspect of problem solving is the necessity of selecting an answer in the face of uncertainty about the facts or requirements in the problem. The case analysis question are noted on page 8 of the course outline. The format of the case analysis will be discussed in class by the instructor. Each case should be typed, 1 spaced on letter-size paper using one-inch margins, maximum length is 2 pages (approximately 400 words), exclusive of tables, appendices and references and 12-point Times New Roman font or equivalent. Outside sources (articles, books, etc.) are encouraged but not required. Any reference should be listed in a bibliography at the end of the paper. Case and Assignments - Submission Format: (a) A coloured cover sheet (letter-size) must be attached at the front of each assignment, showing your name (underline last name) and student number, course code (MGTB05) and section number (your section #). The colour of the cover sheet should correspond with the first letter of your surname as follows: RED A to D BLUE E to L YELLOW M to S GREEN T to Z (b) Assignments will be handed back grouped by colour to make it easier for students to identify their assignments. i. All sheets of paper relating to a single assignment should be stapled together. Do not use paper clips, pins or other fastening devices. Please do not fold or use binders or heavy covers that can significantly increase the weight of a bundle of assignments.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt 6

ii. It is recommended that you keep the rough draft or photocopy of your assignment to minimize the problems caused by lost or missing assignments. Unclaimed assignments will be held for only a limited period of time. iii. No marks will be given for the correct answer only. You must show all calculations and state all assumptions leading to your answer. iv. Each assignment offers you a unique opportunity to test not only your understanding of the course material, but also your ability to analyze and solve problems. An important aspect of problem solving is the necessity of selecting an answer in the face of uncertainty about the facts or requirements in the problem. To help you develop this critical ability, the instructor will not discuss a homework problem prior to its submission.

12.

Examinations from Prior Sessions:

Copies of old tests and exams will not be made available. These questions will not be discussed and solutions to them will not be provided.

13.

Tutorial Sessions and Room Information:

We have provided 6 tutorial sessions (3 before the midterm and 3 before the final exam) throughout the term. You can attend any of the 3 one hour tutorial sessions on Friday 10-11 AM, 11-12 PM or 12-1 PM in IC230. The questions discussed in the tutorials are listed on the course outline.

Section TUT001 TUT002 TUT003

Time 10 11 AM 11 12 PM 12 1 PM

Room IC230 IC230 IC230

14.

Academic Misconduct:

Students should note that copying, plagiarizing, or other forms of academic misconduct will not be tolerated. Any student caught engaging in such activities will be subject to academic discipline ranging from a mark of zero on the assignment, test or examination to dismissal from the university as outlined in the academic handbook. Any student abetting or otherwise assisting in such misconduct will also be subject to academic penalties.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www.utsc.utoronto.ca/mgmt

Week of:

TEXT CHAPTER To be read before class

CLASS DISCUSSIONS

Critical Thinking Cases

ASSIGNMENT & QUIZ DUE DATE

Case Assignment

TUTORIAL DATE

TUTORIAL QUESTIONS

1 2 3

Sept 8/13/14 Sept 15/20/21 Sept 22/27/28

1. Financial Statements and Business Decision 2. Investing and Financing decisions and the Statement of Financial Position 3. Operating Decisions and the Income Statement

E1-3, E1-6, E 1-7, P1-5 E2-3, E2-5, E2-13, E2-14 E3-3, E3-6, E3-12, P3-2

CP1-5 CP2-7 CP3-6 On-line Assignment #1(Ch 1 & 2)- due Sept. 28 On-line Assignment #2 (Ch 3)- due Oct. 5 CP4-11 On-line Quiz #1 (Ch 1, 2 & 3)- due Oct. 12 CP3-5 Sept. 23 E1-8,P1-1, P2-5 E3-7, P3-8, , P4-8 E4-9, P4-10

4 5 6 7 8 9 10

Sept 29 Oct 4/5 Oct 6/11/12 Oct 13-19 Oct 20/25/26 Oct 27 Nov 1/2 Nov 3/8/9 Nov 10/15/16 Nov 16

4. Adjustments, Financial Statements, and the Quality of Earnings 4. Adjustments, Financial Statements, and the Quality of Earnings Midterm Term #1- TBD (time and location) 6. Communicating and Interpreting Accounting Information 7. Reporting and Interpreting Sales Revenue, Receivables, and Cash 7. Reporting and Interpreting Sales Revenue, Receivables, and Cash 8. Reporting and Interpreting Cost of Sales and Inventory Last day to drop F courses without academic penalty 8. Reporting and Interpreting Cost of Sales and Inventory 10. Time Value of Money (page 602-610) & Handout Study Break- No Classes Final Exam- TBD (time and location)

E4-3, E4-7, E4-8, E4-13 E4-15, P4-2, P4-6

Sept. 30 Oct. 7

P6-1, P6-3 E7-4, E7-5, E7-7, P7-1 E7-9, E7-12, E7-13, E723 E8-4, E8-6, E8-7, P8-1

CP6-6 E7-21 CP7-7

On-line Assignment #3 (Ch 4)- due Oct. 26 On-line Quiz #2 (Ch 4)due Nov. 2 On-line Quiz #3 (Ch 6)due Nov. 9 On-line Assignment #4 (Ch 6 & 7)- due Nov. 16 Nov. 11 E6-6, AP 6-1, P7-2 P7-6, P7-10, E8-9 AP8-2, E8-15, P11-6

11 12

Nov 17/ 22/23 Nov 24/29/30 Dec 2 - 6 Dec 7-20

E8-12, E8-16, E8-18, E820, P8-3 Handout Questions

CP8-7

On-line Quiz #4 (Ch 7) due Nov. 23 On-line Assignment #5 (Ch 8)- due Nov. 30 CP8-9

Nov. 18 Nov. 25

Student Registration Process for Lyryx

I.
1.

Students without an account on Lyryx

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