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Course ACCT 608- Waiver Preparation for the Financial Accounting Core Instructor Stanley Baiman Office Rm

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Course ACCT 608- Waiver Preparation for the Financial Accounting Core Instructor Stanley Baiman Office Rm ACCOUNTING 608 SUMMER 2009 Course ACCT 608- Waiver Preparation for the Financial Accounting Core Instructor Stanley Baiman Office Rm. 1321 Office Phone 898-6782 e-mail [email protected] INTRODUCTION The purpose of this course is to prepare the student to take and pass the waiver examination in Financial Accounting, thereby exempting out of the Financial Accounting Core Curriculum. The Accounting Waiver Exam is scheduled for Monday, August 17 from 7pm - 9pm. The Accounting Placement Exam is scheduled for Thursday, August 25 from 7pm - 9pm. Thus, those who do not pass the Waiver Exam and have not placed into Accounting 621 by credential have the opportunity to take the Placement Exam. This is a review course. I will assume that the student has had at least one full quarter or semester course in financial accounting, and remembers a good deal of it. In particular, I will assume that the student is facile with: accounting terminology and concepts, debits and credits, present value, and accounting for transactions covered in a first course in financial accounting. The lecture notes included in your course packet as well as the book assigned for this course review these transactions. I will discuss only some of these transactions and their mechanics; the emphasis of this course will be, like that in Accounting 620/621, on disclosure and financial statement analysis. The pace of the course will be extremely fast. Classes will be run on the assumption that all students have read the assigned material and have worked the assigned cases prior to class. Class time will be divided between lectures and discussion of the assigned cases, with the vast majority of class time devoted to the latter. I have included more problems each session than we can cover. I will cover the cases labeled as DISCLOSURE examples at the end of each section of the notes and will try to cover the cases which are indicated in boldface in the assignment sheet. Those cases not covered in class can be used to study for the exam. The cases which we will go over in class are examination questions from past Accounting 620 classes. The waiver examination will be very similar to the cases discussed in class. Page 1 ACCOUNTING 608 SUMMER 2009 ORGANIZATIONAL DETAILS 1. Course Materials: Text (Suggested): Dyckman , Financial Accounting, 2nd Edition, Cambridge Business Publishers, 2008. Course Packets (Required): Please bring all of the material referenced in the assignment for each class session to that class session. You have two course packets for this course. The course syllabus and class lecture notes are included in this file. A separate file contains the homework problems. The files are accessible from the course website on WebCafé, https://webcafe.wharton.upenn.edu/eRoom/acct/608-fa09-1. Homework The homework will not be handed in. Solutions to each session’s homework will be accessible after class at the course website on WebCafé https://webcafe.wharton.upenn.edu/eRoom/acct/608-fa09-1. Page 2 ACCOUNTING 608 SUMMER 2009 ASSIGNMENTS Session 1, Thurs. August 6 Revenue Recognition Accounts Receivables Cash Flow Statement Reading Assignment: Chapter 3 Chapter 4 Chapter 5 Packet: Lecture 1 notes Case Assignment: Packet: Quiz 2 2006 Q1 (1-4) Quiz 2 2007 Q1 Quiz 2 2008 Q1 (1-2) Session 2 Fri. Aug. 7 Inventory Accounting Accounting for Long-Lived Assets Reading Assignment: Chapter 6 Appendix 6A Chapter 7 Packet: Lecture 3 notes Case Assignment: Packet: Quiz 2 2006 Q2 Quiz 2 2006 Q4 Quiz 2 2007 Q2 Quiz 2 2008 Q1 (3-7) and Q3 Session 3, Sat. Aug. 8 Long-Term Debt Leases Page 3 ACCOUNTING 608 SUMMER 2009 Reading Assignment: Chapter 8 Chapter 9: pp.354 - 366 Appendix 8A Packet: Lecture 4 notes Case and Cash Flow Problem Assignment: Packet: Quiz 2 2006 Q3 Final Exam 2006 Q4 Quiz 2 2007 Q3 Final Exam 2007 Q4 Quiz 2 2008 Q2 Final Exam 2008 Q2 Session 4, Tues. August 11 Leases, contd. Shareowners' Equity Taxes Reading Assignment: Chapter 9: pp. 354 – 366, 376 - 380 Chapter 10 Packet: Lecture 5 notes Case Assignment: Packet: Final Exam 2006 Q1 Exam 10 (at end of Homework file) Final Exam 2006 Q3 Final Exam 2007 Q1 and Q3 Final Exam 2008 Q1 and Q3 Session 5, Thurs. August 13 Intercorporate Investments - Minority Reading Assignment: Packet: Lecture 2 notes Chapter 11: pp. 450 - 465 Case Assignment: Packet: Final Exam 2006 Q2 Final Exam 2007 Q2 Final Exam 2008 Q4 Page 4 PROFESSOR BAIMAN ACCOUNTING 608 LECTURE 1 REVENUE RECOGNITION, ACC'T REC., & CASH FLOW REVENUE RECOGNITION, ACCOUNTS RECEIVABLES, AND CASH FLOW REVENUE RECOGNITION The criteria for revenue recognition is the first point at which all of the following are satisfied: a) the principal revenue producing activity has been performed; b) any necessary costs have either been incurred or can be accurately predicted; c) the amount ultimately collectible can be accurately predicted; d) there is evidence of a market transaction. In general, revenue and the related expense are recognized at the time of delivery. Major exceptions include long-term construction contracts and installment sales. Another exception occurs with mark-to-market accounting which we will study in session 5. Note that much of the accounting scandal associated with Enron grew from its use of mark-to- market accounting for energy contracts. Even under the delivery basis, there is still room for discretion. See the Microsoft articles at the end of this note. If a firm makes a decision this period to take some action in the future which will make its assets less valuable or obligate it to make some future payment, then the loss resulting from this decision must be recognized in the period of the decision, not in the future when the decision is actually implemented. For example, in 2001 Cisco Systems wrote down the value of its inventory in the amount of $2.5 billion. However, there was little if any cash effect in 2001 from this decision. PAGE 5 PROFESSOR BAIMAN ACCOUNTING 608 LECTURE 1 REVENUE RECOGNITION, ACC'T REC., & CASH FLOW CASH FLOW The objective of the cash flow statement is to explain which transactions gave rise to the change in the cash account, as already reported on the comparative balance sheets. Given that we are trying to explain the cash flow during the year, a shortcut would be to use the accounting equation Cash= L - NCA + OE. Where: L = liabilities NCA = non-cash assets OE = owners’ equity Therefore, for non-cash asset, liability and equity accounts: Sources of Cash Uses of Cash increase in LIABILITY decrease in LIABILITY increase in OE decrease in OE decrease in ASSETS increase in ASSETS But this provides no information not already contained in two successive balance sheets. In order for the cash flow statement to provide additional information we need to base it on more detailed information, e.g., the journal entries, themselves. PAGE 6 PROFESSOR BAIMAN ACCOUNTING 608 LECTURE 1 REVENUE RECOGNITION, ACC'T REC., & CASH FLOW The cash flow statement has three major parts: 1. cash provided by operations 2. cash flows from investing activities. Examples of Cash Inflows and Outflows Included in the Investing Section Cash Inflows Cash Outflows 1. Cash received from the 1. Cash payments for loans made collections of loans made by by the enterprise. the enterprise. 2. Cash received from the sale of 2. Cash payments made to acquire other entities' debt or equity other entities' debt or equity classified as either held to maturity, classified as either held to maturity, available for sale, or affiliates. available for sale, or affiliates. 3. Cash received from the sale of 3. Cash payments made at the time of property, plant and equipment purchase, or shortly after for property, plant and equipment 4. Cash received from the sale of tangible assets other than 4. Cash payments made at the property, plant and equipment. time of purchase, or shortly after purchase for tangible assets, other than property, plant and equipment. PAGE 7 PROFESSOR BAIMAN ACCOUNTING 608 LECTURE 1 REVENUE RECOGNITION, ACC'T REC., & CASH FLOW 3. cash flows from financing activities Examples of Cash Inflows and Outflows Included in the Financing Section Cash Inflows Cash Outflows 1. Cash received from issuing 1. Cash payments for dividends equity securities and other payments to owners. 2. Cash received from issuing 2. Cash payments to reacquire bonds, notes and mortgages. equity securities. 3. Cash received from issuing 3. Cash payments for amounts other short and long-term borrowed. borrowings, other than those noted in 2, above. 4. Cash principal payments to creditors for long-term borrowings. The analysis of the financing and investing parts of the cash flow statement is straight forward. You just consider all of the investing and financing activities that affected cash and list their effects. That is, just look at each journal entry for a financing or investing activity. If the journal entry involved a debit or credit to cash, list that activity as a financing or investing source or use of cash. If it did not, it is considered a non-cash financing and investing activity and it does not appear on the Statement of Cash Flows. The problem in constructing a cash flow statement arises in constructing cash from operations. Therefore, the rest of this note deals primarily with constructing cash from operations under the indirect method. With the indirect method, the cash flow from operations section begins with net income and you need to make a series of adjustments to get from net income to cash from operations. To construct the cash from operations section, you analyze each journal entry associated with an operating activity.
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  • Promises of Confidentiality to News Sources After Cohen V
    Golden Gate University Law Review Volume 24 Article 4 Issue 2 Notes and Comments January 1994 Promises of Confidentiality to News Sources After Cohen v. Cowles Media Company: A Survey of Newspaper Editors Daniel Levin Ellen Rubert Follow this and additional works at: http://digitalcommons.law.ggu.edu/ggulrev Part of the Constitutional Law Commons Recommended Citation Daniel Levin and Ellen Rubert, Promises of Confidentiality to News Sources After Cohen v. Cowles Media Company: A Survey of Newspaper Editors, 24 Golden Gate U. L. Rev. (1994). http://digitalcommons.law.ggu.edu/ggulrev/vol24/iss2/4 This Article is brought to you for free and open access by the Academic Journals at GGU Law Digital Commons. It has been accepted for inclusion in Golden Gate University Law Review by an authorized administrator of GGU Law Digital Commons. For more information, please contact [email protected]. Levin and Rubert: Cohen v. Cowles Media Company PROMISES OF CONFIDENTIALITY TO NEWS SOURCES AFTER COHEN v. COWLES MEDIA COMPANY: A SURVEY OF NEWSPAPER EDITORS DANIEL A. LEVIN* ELLEN BLUMBERG RUBERT** I. INTRODUCTION If a reporter promises confidentiality to a news source in ex­ change for information, and the reporter's editorial superiors break that promise by publishing the information and disclosing the source's name, may the source recover damages for breach of promise under state law without violating the First Amend­ ment? In Cohen u. Cowles Media Company, the Minnesota state courts and the United States Supreme Court addressed that question. 1 The courts ultimately decided that such a source may * Instructor in Business and Employment Law, University of Colorado, College of Business.
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