University of Massachusetts Lowell s3

University of Massachusetts Lowell College of Management Department of Accounting

Advanced Accounting Dr.C.P.(Monty)Carter 60.401, Spring 2009 Office: PA 204 Class: TR 1:00 - 2:15 Office Hours: TR 2:30-3:30 Phone: 978-934-2826 E-mail: [email protected]

Course Description: Advanced Accounting examines several accounting topics with which professional accountants should be familiar. Specifically, this course examines (1) the accounting for corporate investments in other corporations, (2) foreign currency transactions, and (3) partnership accounting. If time permits, other topics may be examined, such as accounting for state and local governments. The instructor reserves the right to make significant changes to this syllabus.

Place in BSBA Curriculum: Advanced Accounting is required of all students concentrating in Accounting. The prerequisite for this course is 60.301 Intermediate Accounting I, with an earned grade of C or better.

Requirement for Graduation: The minimum grade point average required for graduation is 2.20 for all College of Management courses (6x.xxx) and an overall grade point average of 2.00 for all UMass Lowell courses.

Teaching Method: You will be provided with detailed outlines of material to be covered in class. You should complete specific portions of the outlines by reviewing the text. The outlines will be relatively quickly examined in class. Many homework assignments will be reviewed in class, while other assignments will be graded and returned to you.

Required Materials: Advanced Accounting, Ninth Edition, Hoyle, Schaefer, and Doupnik. McGraw- Hill/Irwin, 2009, ISBN-13:978-0-07-337945-6.

Evaluations: You are responsible for completing comprehensive examinations, homework problems, and a research project. In addition, there may be several unannounced quizzes. The grade you earn will be based strictly on your performance. For example, to earn a C grade in this course you must average 73% on the examinations, homework problems, and quizzes.

Extra credit assignments are not available in this course. You must earn points based on the same assignments available to all students. 2

Grading Policies:

Item Possible Points Examinations 800 Homework 90 Total possible points 890

Course Topics and Assignments:

Chapter Topic Assignment 1 The equity method of accounting for P1-7, 11, 12, 14, 17, 24 investments 2 Consolidation of financial information P1-11, 13, 18, 19 (Excel), 25 (Excel), 28 3 Consolidations - subsequent to the date of P1-13, 20, 22, 25 (Excel), 28, 32 (a-e) acquisition 4 Consolidated financial statements and outside P1-12, 14-19, 21, 24, 30, 35 (Excel) ownership 5 Consolidated financial statements – P1-15, 25, 28, 31 intercompany asset transactions 9 Foreign currency transactions and hedging P1-7, 11, 12, 23, 24, 28, 29, 33(b), 34(b), 36 foreign exchange risk 10 Translation of foreign currency financial P1-21, 25, 31, 32 statements 14 Partnerships: formation and operation P1-14, 16, 21, 22, 25 15 Partnerships: termination and liquidation P1-17, 22, 26, 28

Note: one problem per chapter will be written and distributed by the instructor. Students will solve each problem and submit the solution to their instructor. Each problem will be graded and returned.

Research Project: The purpose of the project required in this course is for students to gain experience in conducting research and to explore current accounting topics. Details of the project will be distributed once the appropriate topics have been covered in class. Failure to complete the project or show "significant effort" will result in failure of the course.

Internet Resources: Additional course resources will become available at the following internet address: http://faculty.uml.edu/ccarter/carter.html