School of Administrative Studies Faculty of Liberal & Professional Studies York University Winter 2012 Course Outline – all sections AP/ADMS2500 3.0 Introduction to Financial Accounting
Course website http://jacinth.eso.yorku.ca/LotusQuickr/2012w-apadms2500n- 03/Main.nsf/h_1EE12367BD714CE385257051006BF18E/59372f8c3722a6bb8525705100701043/? OpenDocument Please note: If this link is broken you can access the course website by going through the Faculty of LAPS website and drilling down to the Winter 2012 Courses link in ADMS. Also please note that Section N is used as the course website for all sections. All course content resides on the Section N website. Students registered in other sections log into their own sections and then take the sidebar link for multi-section courses to be ported to Section N. After week one, you need to be registered and have a York Passport ID for site access.
Term Section Course Type Day Time Location Catalogue # N On Campus Friday 11:30am–2:30pm ACE-001 U75B01 W O Internet Any Any Home Z22K01 R On Campus Thursday 7 pm – 10 pm VH A Q88D01
IMPORTANT NOTE 1 ADMS 2500 is one of the largest enrolment classes on campus (approximately 2,000 students per year). This necessitates a very legalistic approach to course administration. This multi-page outline contains detailed guidance on every conceivable rule and regulation in the course. It represents a contract between you the student and the Course Director and there will be no deviations by either party from these rules. It is published in advance of the term and the rules are inviolate. There will be no exceptions to submission deadlines, term work requirements, exam dates and grade weighting. If you cannot abide by these rules (especially with respect to exam dates and submission deadlines), take the course somewhere else under letter of permission.
IMPORTANT NOTE 2 This course is unique at York in that there is a seamless interface between the on-campus and internet sections. Both have access to identical learning resources on a common website and in addition the on campus lectures are streamed for viewing on the Internet. This is mentioned because there is normally a long waiting list to get into ADMS 2500 and you need not be concerned that you will get an inferior learning experience in the Internet sections. The only important consideration is that home study takes a much higher level of self-discipline (maturity) to stay up-to-date. ACE -001 and VH A are very large lecture halls with dozens of extra seats so any students from Section O who wish to actually sit in on these classes are most welcome. Since exams/assignments/coverage are identical across all sections, you can migrate back and forth freely. A real benefit of having streamed lectures is that if you cannot make a particular class, there is always the comfort of having it viewable “on demand” from your website.
IMPORTANT NOTE 3 While there are mechanisms for transferring the weight of exams missed as authorized absences, there is no possibility passing the course without submitting the term work. It is assigned day 1 and you have the entire term to work on this assignment. You cannot claim illness as reason for non-submission and late submissions are not allowed. No term work submitted….no grade.
1 REGISTRATION INFORMATION
Enrolment Deadline All sections for this course normally fill months in advance so early registration is important. However, there is normally some attrition in the first week and a waiting list is maintained with the Receptionist at 282 Atkinson but students are not contacted when vacancies occur. The Course Director is not involved in the registration process in any way and cannot assist you with this process. Because of the high volume of material covered (4 chapters in the first two weeks and because of early due dates of the assignment, no registration under any circumstances is permitted after the “last date to enroll without permission date”. For Winter 2012, this date is Monday January 16th. For the benefit of students trying to get late registration in the course, the course website is left as public access for the first week of classes only. Starting in Week 2, only registered students have access. Since the online course text is non-returnable, it would be imprudent to purchase the text before successfully getting into the course. Please be aware of the important date that apply to this and all other York courses by checking the following site: www.registrar.yorku.ca/enrol/dates/fw11.htm
Who Can Take This Course York has now designated ADMS 2500 as a restricted enrolment course due to excessive enrolment demand. Only students who require 2500 as part of their degree requirement are allowed to take this course (e.g., BAS students). If the York registration module does mistakenly allow you into the course and the course is not required by your program, you can expect the system to de-enroll you without refund at some point during the term.
Course & Exam Conflicts Midterms As a multi-section course, the midterm exams in ADMS 2500 are scheduled outside of class on Fridays and Sunday afternoons. You should not take this course if you are unable to attend these exams. Midterm 1 (Sunday February 5) 2:00 pm – 5:00 pm Midterm 2 (Sunday March 18) 2:00 pm – 5:00 pm
Final exams Scheduled by the York Registrar in the formal exam period between April 4th and April 20th. You should not book travel plans in this period. Exact date is published by March 1st. Consult the York University website for official timetable information.
Course Directors Section Course Director Email contact N, O Marcela Porporato [email protected] R John Kucharczuk [email protected]
Calendar Course Description An overview of the accounting discipline useful to both majors and non-majors. Includes accounting history, the uses of accounting information in personal and business contexts and the rudiments of financial reporting. Note: AP/ADMS 1000 3.00 is not a prerequisite for AP/ADMS 2500 3.00, but is strongly recommended. Course credit exclusions: AP/ADMS 1500 3.00, AS/ECON 3580 3.00, GL/ECON 2710 3.00.
2 Expanded Course Description The course is designed to appeal both to individuals planning a career in accounting and to individuals who will become consumers of accounting information. It is not necessary to have completed any high school courses in accounting prior to taking this course, although students with no accounting or business background at all will have to necessarily work somewhat harder in the first month of the course than students with high school accounting. Students are forewarned that introductory accounting is one of the more rigorous courses at York University. Accounting is a discipline with a body of knowledge that is expanding at an amazing rate and we cover an imposing amount of material in one semester. Is all this work justified? Unlike some courses you take in university, a working knowledge of accounting will prove helpful to you throughout life. In industry it is the language of business so regardless of whether your area is personnel, marketing, production or whatever, the common language is accounting.
In addition to carrying a York University credit, ADMS 2500 also counts towards the certification requirements of the Canadian Institute of Chartered Accountants, the Certified General Accountants Association of Canada, and the Canadian Institute of Certified Management Accountants. Students in foreign jurisdictions should confirm this eligibility with their professional accounting bodies. While the course is based on Canadian accounting principles and standards, Canadian accounting standards are mostly consistent with the international standards. AP/ADMS 2500 is a prerequisite to take AP/ADMS 2510 and other accounting courses.
Prerequisites AP/ADMS 1000 3.00 is not a prerequisite for AP/ADMS 2500 3.00, but is strongly recommended. If you do not have a background in business or business courses, you will find it highly beneficial to get any intro business textbook from the library and read it before taking ADMS 2500. This will give you exposure to some of the basic business concepts and terminology you need to take ADMS 2500. This is a rigorous second year honours course and first year students generally have not developed appropriate study habits to do well in the course. You can expect to spend at least ten hours a week on this course.
Course credit exclusions: AP/ADMS 1500 3.00, AP/ECON 3580 3.00, GL/ECON 2710 3.00. Note that ADMS 2500 is a prerequisite for most senior accounting courses including ADMS 2510 and ADMS 3585. ADMS 1500 is not accepted as either a prerequisite for these courses or as credit towards the BAS degree. ADMS 1500 is tailored specifically for the BHRM program and other non-business majors and is considered a terminal course in accounting.
Required Text Introduction to Financial Accounting in the 21st Century , Gaber, Hayes & Porporato, McGraw-Hill , 2012 Edition.
Important Note: The textbook is a new 2012 edition and is available through the York University Bookstore. The text is an online “E-book” found on the McGraw Hill Website. Previous editions of the book contained on DVD’s are not acceptable and do not contain up to date material. The York Bookstore will sell you a pin code which gives you access to the textbook.
3 E-books are the future of learning. E-book features include no heavy book to lug around, no destruction of trees, access anywhere you have WIFI, high resolution graphics, interactivity and more than 100 embedded videos. Cost is an important feature of an e- book. The cost is less than half the cost of a hardcover printed book. Your e-book access PIN code (which requires a Yorku email account to use) will allow you access for as long as you are registered as a York student so you will be able to use the book as a reference tool in later courses.
Computing Requirements This course has an extensive computer interface and you will need access to a multi- media computer with a high speed Internet connection. The most recent versions of Adobe Reader and Apple QuickTime are required to view course materials, available by free download from www.adobe.com and www.quicktime.com respectively. A computer and speakers (or headphones) will be required to read and listen to the text. ‘Adobe Reader’ and ‘QuickTime’ are needed to view the over one hundred short, multimedia clips that illustrate and explain the concepts. Please note that these multimedia clips are an integral part of the text and are deemed examinable material. There are free computer labs on campus for registered students who do not possess these computing resources. Campus computers do not have speakers so you will have to supply your own headphones.
Course Materials Fee Please note that this is a misnomer. All York Internet students are charged $30 by the University. This is not for course materials; it is for system access to York servers. It is collected by the University and not the School of Administrative Studies. It has nothing to do with ADMS 2500.
ORGANIZATION OF THE COURSE
Lectures There is a 3 hour lecture each week. On-campus sections will have their lecture in the designated lecture hall at York. Internet sections will have their lecture streamed via the course website over the Internet. The streamed lecture is actually a filmed version of an in-class lecture, so there is no difference in content between on-campus and Internet sections. It is usually available on the course website by Saturday each week. These lecture recordings synchronize the audio and video to the slides shown in class and are random access, so you can jump to any point in the lecture and repeat any module you wish to view again. Since these streamed lectures are ideal for course review, they are available to all sections on the course website. Each week the lecture slides will be available several days before class. It is suggested you download and print these slides as they constitute an excellent set of lecture notes. You can then add annotations as you listen to the lecture. In the rare event of technical recording difficulties the lecture of a previous semester will be substituted, together with a written update of any additional comments/changes during the current semester.
Making the lectures available on the website begs the question ….. ”Why come to class since all lectures can be viewed from home?” Viewing from home is quite appropriate for some students. However, pedagogical research has shown that only about one
4 student in three has the intellectual maturity to stay up to date in web based courses. Internet failure rates tend to be higher than campus failure rates specifically because of this. Internet study requires far more self-discipline than being an on-campus student. Attending class has the very huge benefit of forcing you to stay up to date each week. If you fall more than a week behind in an accounting course, failure is almost a certainty. Cramming is just not an option in 2500. The other benefit of coming to class is that you can ask questions in real-time as opposed to putting your queries in email. Attendance is not taken in class so pick the study mode that works best for you, but be realistic in your self-assessment. Those students who have unwisely registered in Internet sections are invited to start attending class. After the first week, there will be room for all.
Tutorial Sessions This course will offer a total of 40 hours of tutorials. Attendance to tutorial sessions is not mandatory. Tutorial sessions are unstructured as there is no prepared agenda and T/A’s are there simply to help you with any questions you have on accounting theory, study techniques, practice problems, labs and the term project. This course outline includes a detailed agenda of tutorials so you can decide which ones to attend. The best feature of these tutorials is that if you wish to get extra help, you are invited to attend all the sessions offered each week. With 40 hours per term of free tutoring, there is no need to spend money on expensive outside tutors (such as the company that hands out flyers at the classroom door every night). Our 2500 T/A’s are 4th year accounting majors with A+ GPA’s and are delighted to assist you.
Email Protocol As no one has the time to search databases to determine the name and section of e- mail writers, it is essential that the following e-mail protocol be observed: . E-mail from your York Computing E-mail Account ([email protected]) under all circumstances. Because of risk of viral infection, we will not open email from hotmail/gmail/yahoo or other sources. . On the subject line, provide your section number (e.g., Sect. A or B) and a brief description of the purpose of your e-mail. . To RECEIVE a response to your e-mail, you must include your Full Name and Student Number at the end of every email. . If you are emailing a T/A for assistance with a computational question you must submit your attempted solution to the T/A. Queries such as "What is Exercise XX's solution?" will be returned to you, asking you to provide your own attempted solution.
Since the first week of classes, send queries to [email protected]. The head T/A will forward all messages that the T/As can not answer to the Course Director. Make sure to include your name, student number, tutorial number and section number in all your emails. Messages without this information will be returned unopened.
Who do I email for what? Course account ………(All questions related to course content) [email protected]….(all computing issues) Course Director……….(questions re course administration and grades)
5 Practice Problems There are lots of practice problems and solutions in your textbook. The course website might contain practice exams. For students who absolutely insist on an A in the course, there are numerous intro accounting textbooks in the Schulich business library containing a wealth of worked examples. The formula for success in a “problems” course such as accounting is always to work as many problems as time permits.
Term Project In addition to exams, this course contains one term-work requirement. The submission of a term project comprises 15% of your graded feedback and no one may receive a grade in this course without submitting term work. It is not required that you pass it, but it is required that you attempt it.
The term project will give you hands-on experience applying the concepts presented in this course. When you complete the term project, you have mastered the key learning objectives of this course. It is comprised of three major tasks: 1. Maintaining a set of accounting records and generating financial statements for a small business, 2. Using commercial accounting software, and 3. Reading & understanding an annual report for a real company. The project for this semester and explicit instructions how to complete and submit will be found on your course website and e-book.
Submission: The term project is to be submitted by e-mail to the course e-mail account ([email protected]) by Friday February 17th to avoid late penalties. You are encouraged to submit it sooner. The assignment should be compiled in one .pdf file, please use Adobe as your printer or use any other software that allows you to generate .pdf files. The text of the e-mail should contain the following information (name, ID#, and Section # that you are registered in), plus you should indicate that the work is your own and it is not in violation of York Senate Rules regarding Academic Honesty (Cheating and Plagiarism). The grade penalty for late assignments not submitted on time without a documented excuse is 20% per day. The written feedback of the graded term projects will be returned at the time of the second mid term exam or at any of the last two tutorial sessions. Unclaimed term projects will be kept in 282 Atkinson until April 20th and then discarded.
Plagiarism: Please note that while you may discuss project requirements with classmates, each student must submit a personalized and unique solution. Each semester several 2500 students are convicted of plagiarism for copying classmate’s materials or using purchased solutions from off-campus sources. Do not jeopardize your academic program by such foolish behavior. Beware of the off-campus company handing out notices on campus for assistance with your term project. If you buy a solution from them you would end up with a zero in the course and a notation of academic dishonesty on your transcript. Please read and be familiar with York regulations on plagiarism. They are enforced scrupulously in this course. Copied solutions will be detected. This course uses sophisticated detection methods and you will be caught.
6 Course Website Although the Faculty shows a separate website for each of the three sections, all course content is actually contained on the website for Section N. Other sections should log into their section and then take the “Multicourse link” on the left sidebar to the common website. The website contains Announcements on all important matters in the course. You should check these several times a week and especially before class in case there is a class cancellation Streamed lectures Lecture slides to print as course notes Information on completing the term project Hyperlink for tutorial registration Exam information Practice exams and practice problems Exam results The website will be public access the first week. After that, you will have to log in with your York Passport account.
GRADED COMPONENTS OF THE COURSE
The grading scheme of the course is as follows:
Component Weight Date Midterm 1 20% Sunday February 5 (2 -5 pm) covering Modules 1 to 5 Term Project 15% February 17th Midterm 2 25% Sunday March 18 (2-5 pm) covering modules 6 to 11 and 14 Final Exam 40% April 4 – 20 scheduled by the Registrar. Make no travel plans during this period. 100%
Note 1: This is one of the largest enrolment classes at York with more than 2,000 students per year. One manifestation of such a large course is that there can be no deviations from this published grading scheme. A deviation represents a “deal” and in fairness such deal would have to be offered to every student. This is simply not possible in this course. The most common request is “If I do better on the final, can I count the midterm less?” The answer is no…. so plan on doing well on the midterm. There are almost 200 pages of reading the first week (if the videos were all converted to text). The term project requires you start work on it early. It is essential that you write out a study plan that dedicates at least six hours a week of study on 2500 (in addition to the 3 hours of lecture). Two hours of study for each classroom hour has been the rule of thumb forever in Honours University accounting courses as the minimum work ethic to guarantee a passing grade. Tuition is expensive…make it count!
7 Note 2: No two exams can ever be of equal difficulty. York requires that second year courses in honours professional programs be submitted with predetermined grade distributions showing a mean in the “C” range. Accordingly, grades in this course will be adjusted up or down to conform to York requirements. Historically about 15% of students in this course achieve A’s. Historically, about 40 % of students fail or drop this course. This is not as bad as it seems because most of the students in the second category readily admit to being negligent in their study programs. If you do the work, you should pass. A special note to ESL students: accounting is a language with many hundreds of technical terms. If your English skills are weak, then count on spending extra time to master the terminology of accounting.
Note 3: From day one you are going to be bombarded with flyers from outside “tutoring companies” that guarantee you high grades on the term project and a pass on the exam. Such claims are completely false and you are not only wasting your money, but risk expulsion from the course and University. They are essentially selling the same solution to multiple individuals and since we compare submissions for plagiarism, your submission is likely to be red flagged and you will be called in to a disciplinary hearing. A secondary impact is that since the principal purpose of working the term project is to give you essential skills to do the exams, buying a term project doubles your chances of failing the exams. Be smart and actually learn the material. If you need assistance, it is there for you. There are 40 hours of free tutorials in 2500 with T/A’s eager to answer each and every question you pose.
Note 4: No student can miss the final and receive a grade in the course. Deferred status is available for authorized absence. Also, no grade will be granted in this course without submission of term work (term project).
Note 5: This course outline constitutes a contract between you and your instructor. After the first class, there will be no changes by either party with respect to computation of course grades.
EXAMINATIONS
The course has two midterms and a final exam. There are two types of absences from the examinations: 1) Authorized – the weight of the exam is transferred to another exam. An authorized absence from the first midterm transfers its weight to the 2nd midterm. An authorized absence from the second midterm transfers its weight to the final exam. An authorized absence from the scheduled Final Exam allows you to submit a DSA application for a deferred exam. 2) Unauthorized absence from any exam or authorized absence not reported on time – you get zero on the exam
Authorized absences (Medical): 1) If you are unable to attend a midterm because ofillness, a signed medical note (Attending Physicians Statement - not just a doctor’s note) clearly indicating that you were incapacitated on the exam date must be submitted to your course director.
8 2) Students can drop off their APS form within 7 days in class or at 282 Atkinson (please clearly mark the form as adms2500 with your name, ID and section #) Administrative Studies Office, Rm 282, Atkinson Building 4700 Keele Street, Toronto, ON M3J 1P3 3) Please note that if you are ill, under no circumstances write the exam. An exam once written will be counted without exception. If you become ill during the exam then hand in your exam and go directly to a hospital emergency room to get a medical note. Once you leave the exam room, you cannot be readmitted
Authorized absences (Religious) 1) The University publishes a list of accredited religions. If you have a religious observance preventing attendance at an exam then submit appropriate documentation to get an authorized absence and a weight transfer two weeks before the date of the exam.
Authorized absences (Compassionate) 1) These should be cleared with your Course Director well ahead of the scheduled exam. 2) Attendance at weddings or funerals is an excused absence only for members of the immediate family or if you are in the wedding party. 3) Note that York does not normally consider inability to get off work as reason for excused absence. Your employer will have to give you a signed letter on letterhead to make such condition an excused absence. 4) In all cases, whether it is a wedding, bereavement or other compassionate grounds, your course director will want to see some form of written documentation supporting the existence of the event.
Missing the Final Exam Deferred standing may be granted to students who are unable to write their final examination at the scheduled time or to submit their outstanding course work on the last day of classes. In order to apply for deferred standing, students must complete a Deferred Standing Agreement (DSA) form and submit their request no later than five (5) business days from the date of the exam. The request must be properly submitted with supporting documentation directly to the main office of the School of Administrative Studies (282 Atkinson), and NOT to the Course Director. These requests will be considered on their merit and decisions will be communicated to the students by the main office. DSA Form: http://www.registrar.yorku.ca/pdf/deferred_standing_agreement.pdf
Attending Physician’s Statements may be downloaded from http://www.atkinson.yorku.ca/Council/Students/physicianStatement.pdf. Under no circumstancesis the result of an examination changed once it is written. If you don’t feel well, go to the doctor and not the examination site.
Other Exam Information 1) Examinations in this course are computer graded multiple choice questions 2) If supplementary reading is assigned by your course director, it is deemedexaminable.
9 3) This course outline indicates curriculum coverage for each midterm. Final exams in this course by definition cover the entire course. 4) You cannot receive a grade in this course if you miss the final. 5) You cannot receive a grade in this course if you fail to submit term work. 6) Final course grades may beadjusted to conform to Program or Faculty grades distribution profiles (ie…. grades may be “belled”). 7) Course grades are released by the Registrar and not the instructor. 8) Fire alarms and bomb scares are part of the academic landscape today. There is a well defined protocol on your exam instructions as to the conditions whereby an exam will be restarted or if marks are to be prorated. 9) Your first midterm result will be posted on the course website prior to the “last date to drop without receiving a grade” date (for Winter 2012 will be Friday March 9th).
WEEKLY TIMETABLE AND DUE DATES
Note: Dates and coverage are subject to change as circumstances dictate. You should check the announcements section of your course website several times a week for updated information.
Week Date Location Coverage Key dates
1 January 5/6 campus Course Admin (note that Obviously, you will get more there is no time to review the benefit from the lecture if you course outline line by line in read Modules 1, 2 and 3 before class. You should print the class. There are also lecture outline and read in advance slides you can download and and bring any specific use as course notes. queries to the first class. Admin discussion will focus on how to access the course website.
Modules 1, 2, 3 (introduction to accounting)
2 January campus Module 4 (Adjusting entries Tutorials begin Thursday 12/13 and the accounting cycle) January 12th Regular tutorials: Thursdays Module 14 Part 1 5:30pm to 6:30pm and (Accounting Theory) Fridays 3pm to 4pm.
3 January home Module 5 (merchandising) Begin term project (download 19/20 accounting software and select The lecture is streamed public firm for analysis from online from a film studio SEDAR website). to your website. You can view anytime during the Monday January 16th is the
10 week at your convenience. last date to enroll in the course without permission. There will be no permission granted for admittance after this date.
4 January campus Principles of case analysis 26/27 Sam’s BBQ, Mary’s Boutique, Jesse’s Farm, Demarco Sports.
5 February campus Modules 6, 7 (cash & 2/3 receivables)
Module 14 Part 2 (Internal Control)
5 February Campus Midterm 1 Exam Friday February 5th – Mid- 5th term #1 (2:00pm–5:00 pm) Exam on campus covering modules 1- 2:00pm to 5. This computer graded 5:00pm multiple choice exam is a case and will cover the bookkeeping and merchandising modules and be similar in style and difficulty to Mary’s Boutique
6 February campus Module 8 (time value of 9/10 money) and first part of Module 11 (Current Liabilities)
7 February campus Module 9 (inventory) Friday February 17th – last 16/17 date to submit your term project without late penalty. Ensure you send it to the correct e-mail account with the attached file. Also ensure you keep a back up copy in case of loss.
8 February home Reading Week – Winter An ideal time to review all 23/24 Break - no classes but modules covered and to regular tutorials are practice as many problems as offered. possible.
11 9 March 1 / 2 campus Module 10 (capital assets)
10 March 8/9 campus Modules 11 (liabilities) and Friday March 9 – last date to 12 (equities) drop Winter term course without receiving a grade.
11 March campus Review for Midterm 2: No classes but T/A will review 15/16 exercises and problems materials Extra of modules 6 to 11 and Tutorial 14 will be reviewed in the normal time of the weekly class.
11 March 18th campus Midterm 2 Exam Midterm #2 – Sunday March 18th from 2:00 pm to 5:00 pm 2:00pm to Exam Pick up project on campus covering modules 6, 5:00pm feedback 7, 8, 9, 10, 11 and 14. This is a computer graded multiple choice exam. Note that Module
12 is not examined on the midterm but only on the final.
12 March campus Module 13 (cash flow Term projects are returned in 22/23 statement) your tutorial this week and next week. (March 22nd – 30th). Unclaimed grading will be kept until April 20th at Reception in 282 Atkinson and then discarded.
13 March home Module 15 (financial Classes end March 30th 29/30 statement analysis) Tutorials end on April 1st Module 15 is streamed from a film studio to your website and you can view this lecture anytime during the week at your convenience
April campus Final Exam scheduled by Exam coverage is all inclusive the Registrar in the official (entire course), with stress on exam period: April 4th to material not previously April 20th examined. All content from lectures, website and the text Since this date is not (including quick-time movies) announced before the
12 is examinable. middle of the Winter term, do not make any travel The Appendix to Module 12 plans before exam date is and Part 3 of Module 14 is not announced by March 1st. examinable.
TUTORIALS TIMETABLE
Regular tutorials: each week there will be 2 hours of tutorials to be offered: Thursday 5:30pm to 6:30pm - Room: TBA Friday 3:00pm to 4pm - Room: TBA Extra tutorials: before each exam and term project submission deadline there are addition tutorial sessions to be offered
Week Date Location Coverage
1 January 5/6 None No tutorials are offered this week. Use this time to carefully read the course outline.
2 January 12 Modules 1, 2, 3 (introduction to accounting) January 13
3 January 19 Module 4 (Adjusting entries and the accounting cycle) January 20
4 January 26 Module 5 (merchandising) January 27
5 February 2 Review for Mid term 1. Focus on cases February 3
5 February 4 Review for Mid term 1: modules 1 to 5. From 1pm to 4pm. Extra
6 February 9 Modules 6, 7 (cash & receivables) February 10
6 February 11 Review for Term Project. From 1pm to 4pm. Extra
7 February 16 Module 8 (time value of money) and first part of Module 11 February 17 (Current Liabilities)
13 8 February 23 Module 9 (inventory) February 24
9 March 1 Module 10 (capital assets March 2
10 March 8 Modules 11 (liabilities) and 12 (equities) March 9
11 March 15 Review for Mid term 2: any topic from Modules 6 & 7 March 16
11 March 15 VH A Review for Mid term 2: any topic from Modules 8 to 11 Extra March 16 ACE001 and 14 (VH A: 7-10pm and ACE001 11:30-2:30pm)
12 March 22 Module 13 (cash flow statement) March 23 Pick up term project
13 March 29 Module 15 (financial statement analysis) March 30 Pick up term project
14 April 1 Review for final exam. From 1pm to 4pm. Extra
DETAILED COURSE OBJECTIVES
Statement of Purpose: The purpose of this course is to assist students in acquiring a critical overview of the accounting process and a broad understanding of the role of accounting in modern society, the financial statements prepared by accountants for use by those outside the statements prepared by accountants for use by those outside the enterprise and how those statements contribute to financial decisions and capital markets. Students will prepare simple statements to reinforce the understanding of concepts presented, although many details of financial statements preparation are left for ADMS 3585/3595, Intermediate Accounting. Students will be able to locate financial statements of public companies. This is the first accounting course for BAS students pursuing accounting certification. Students who do not want to become accountants will benefit by becoming better consumers and managers of accounting and assurance services and will be better prepared to handle their personal finances and make personal investment decisions.
14 Specific Learning Objectives: The specific objectives of the course are that students will be able to:
1. discuss how financial accounting is used tomeasure, evaluate and communicate an enterprise’s performance, financial position and cash flows to decision makers (investors, creditors, managers, regulatory bodies, financial analysts, etc.). 2. name the four basic financial statements, identifytheir purpose and define items that would be reported by most businesses on these statements. 3. recognize how accounting principles and standardsof financial statement presentation and disclosure, together with accounting system design, filter information and determine what is, and just as importantly, what is not, reported. 4. define and provide examples of fundamentalaccounting principles and concepts and list the attributes of useful information and identify sources of generally accepted accounting principles 5. define accrual accounting and explain why itrequires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and why actual results could differ from those estimates. 6. account for cash, accounts and notes receivable,inventory, other current assets, capital assets (including goodwill), current and long-term liabilities, and owners’ contributions/distribution transactions and prepare simple financial statements for service and merchandising operations. 7. discuss, citing relevant criteria, the accountingpolicy choices for revenue recognition, bad debts, inventory cost-flow assumption and amortization 8. identify the relevant information (including the time value of money) required for receivable, inventory, capital asset and long-term liability valuation adjustments. 9. compute and classify the revenues, expenses, gainsand losses associated with changes in assets and liabilities. 10. compute and classify the cash flows from operating,financing and investing activities and prepare a simple cash flow statement using both the direct and indirect approach. 11. name common books and records of business entities,and recognize technology’s role in their design 12. create and maintain simple business records, usingboth manual techniques and accounting software, for a few transactions of a simple service business and differentiate accounting and spreadsheet software. 13. recognize the need (and for public issuers theregulatory requirement), for maintaining controls over financial reporting 14. identify and provide examples of controls common tomost businesses and describe the risks these controls are designed to prevent or detect including segregation of duties and the frequent reconciliation of accounting records to the underlying assets and liabilities. 15. recognize both the contribution of financialaccounting to resource allocation decisions and the inherent limitations of financial statement analysis for these same decisions 16. locate annual reports, financial statements and public securities filings and understand the continuous disclosure requirements for public issuers 17. recognize that accounting systems are unique andaccountants jobs interesting because, while financial reports are standard, the systems that produce them are usually challenging to design, govern, and manage as they are designed not only
15 to prepare financial statements but also to (a) meet regulatory requirements for tax, payroll, securities and other compliance reporting, (b) safeguard assets, (c) gather information needed for running the business and optimizing resources and (d) prevent and detect errors and fraud in operate differently to produce different products and services with different organizational structures, different risks and different resources. 18. compare and contrast financial accountingtechniques of enterprises with personal financial planning techniques 19. describe the different types of accountants withwhich an enterprise would interact (including financial statement, tax and payroll auditors) and the services these accountants provide. 20. recognize the role of professional judgment andethics in the measurement, evaluation and communication of financial position and performance. 21. recognize that accounting is evolving rapidly inresponse to globalization, increasingly complex business transactions, the shortening of time frames within which investors and creditors expect to receive continuously disclosed financial information, changes in technology, capital markets, and the shift from physical to knowledge based enterprises.
In short, when students successfully complete the course at the very least they will:
22. have acquired the vocabulary you need to understand other business courses; 23. accept that good accounting, like good chocolate,is expensive and labour intensive; 24. better appreciate what financial statements can andcannot tell you; 25. be a better consumer and manager of accounting and assurance services; 26. know the difference between bookkeeping andaccounting; 27. realize the information pumped out by a $250accounting software package is only as reliable and useful as the work of the accountants who (a) helped design the accounting system of which the software is just one small part, (b) chose the accounting policies adopted, (c) reviewed and adjusted the financial statements before they were released (on time!), (d) audited both the financial statements and the controls over financial reporting and (e) worked with other accountants to improve the accounting principles upon which the statements were based; and 28. believe the world needs more good accountants.
RELEVANT UNIVERSITY REGULATIONS
Deferred standing may be granted to students who are unable to write their final examination at the scheduled time or to submit their outstanding course work on the last day of classes. In order to apply for deferred standing, students must complete a Deferred Standing Agreement (DSA) form and submit their request no later than five (5) business days from the date of the exam. The request must be properly submitted with supporting documentation directly to the main office of the School of Administrative Studies (282 Atkinson), NOT to the Course Director. These requests will be considered on their merit and decisions will be communicated to the students by the main office. Students with approved DSA will be able to write their deferred examination during the School's deferred examination period. No further extensions of deferred exams shall be granted.
16 The format and covered content of the deferred examination may be different from that of the originally scheduled examination. The deferred exam may be closed book, cumulative and comprehensive and may include all subjects/topics of the textbook whether they have been covered in class or not. Any request for deferred standing on medical grounds must include an Attending Physician's Statement form; a “Doctor’s Note” will not be accepted. DSA Form: http://www.registrar.yorku.ca/pdf/deferred_standing_agreement.pdf Attending Physician's Statement form: http://www.yorku.ca/laps/council/students/documents/APS.pdf The deferred examinations for the Winter 2012 term shall be held in the period May 11 - 13, 2012.
Academic Honesty: Atkinson as a Faculty considers breaches of the Senate Policy on Academic Honesty to be serious matters. To quote the Senate Policy on Academic Honesty. The Policy on Academic Honesty is an affirmation and clarification for members of the University of the general obligation to maintain the highest standards of academic honesty. As a clear sense of academic honesty and responsibility is fundamental to good scholarship, the policy recognizes the general responsibility of all faculty members to foster acceptable standards of academic conduct and of the student to be mindful of and abide by such standards. Suspected breaches of academic honesty will be investigated and charges shall be laid if reasonable and probable grounds exist.
Students should review the York Academic Honesty policy for themselves at: http://www.yorku.ca/secretariat/legislation/senate/acadhone.htm Students might also wish to review the interactive on-line Tutorial for students on academic integrity, at: http://www.yorku.ca/tutorial/academic_integrity/
Grading Scheme and Feedback Policy: The grading scheme (i.e. kinds and weights of assignments, essays, exams, etc.) shall be announced, and be available in writing, within the first two weeks of class, and, under normal circumstances, graded feedback worth at least 15% of the final grade for Fall, Winter or Summer Term, and 30% for ‘full year’ courses offered in the Fall/Winter Term be received by students in all courses prior to the final withdrawal date from a course without receiving a grade, with the following exceptions: Note: Under unusual and/or unforeseeable circumstances which disrupt the academic norm, instructors are expected to provide grading schemes and academic feedback in the spirit of these regulations, as soon as possible. For more information on the Grading Scheme and Feedback Policy, please visit: http://www.yorku.ca/secretariat/legislation/senate/gradfeed.htm
In-Class Tests and Exams - the 20% Rule: For all Undergraduate courses, except those which regularly meet on Friday evening or on a weekend, tests or exams worth more than 20% will not be held in the two weeks prior to the beginning of the official examination period. For further information on the 20% Rule, please visit: http://calendars.registrar.yorku.ca/examschedules/examinfo/twentypercent.htm. For further information on examination scheduling, and Atkinson examination exceptions to this rule, please refer to the "Notes" in the table: http://www.yorku.ca/roweb/importantdates/
Reappraisals: Students may, with sufficient academic grounds, request that a final grade in a course be reappraised (which may mean the review of specific pieces of tangible work). Non- academic grounds are not relevant for grade reappraisals; in such cases, students are advised to petition to their home Faculty. Students are normally expected to first contact the course director to discuss the grade received and to request that their tangible work be reviewed. Tangible work may include written, graphic, digitized, modeled, video recording or audio recording formats, but not oral work. Students need to be aware that a request for a grade reappraisal may result in the
17 original grade being raised, lowered or confirmed. For reappraisal procedures and information, please visit the Office of the Registrar site at: http://www.registrar.yorku.ca/services/policies/grade.htm
Accommodation Procedures: LA&PS students who have experienced a misfortune or who are too ill to attend the final examination in an ADMS course should not attempt to do so; they must pursue deferred standing. Other students should contact their home Faculty for information. For further information, please visit: http://www.registrar.yorku.ca/services/ds_faq.htm
Religious Accommodation: York University is committed to respecting the religious beliefs and practices of all members of the community, and making accommodations for observances of special significance to adherents. For more information on religious accommodation, please visit: https://w2prod.sis.yorku.ca/Apps/WebObjects/cdm.woa/wa/regobs
Academic Accommodation for Students with Disabilities (Senate Policy) The nature and extent of accommodations shall be consistent with and supportive of the integrity of the curriculum and of the academic standards of programs or courses. Provided that students have given sufficient notice about their accommodation needs, instructors shall take reasonable steps to accommodate these needs in a manner consistent with the guidelines established hereunder. For more information please visit the Disabilities Services website at http://www.yorku.ca/dshub/ York’s disabilities offices and the Registrar’s Office work in partnership to support alternate exam and test accommodation services for students with disabilities at the Keele campus. For more information on alternate exams and tests please visit http://www.yorku.ca/altexams/ Please alert the Course Director as soon as possible should you require special accommodations.
18