Commerce 293: Introductory Financial Accounting Course Outline. COURSE GOALS Purpose / rationale for the course.

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1 COURSE GOALS Purpose / rationale for the course. Commerce 293: Introductory Financial Accounting To develop an understanding of how to prepare and interpret the financial statements by which entities report their results to external users. To develop an understanding of how decisions made by an entity impact the results reported on the financial statements. To develop critical independent thinking and problem-solving skills. LEARNING OBJECTIVES Students will be able to: Have a good understanding of the elements that go into the creation of the three financial statements and related reports, the kind of financial information all of them provide and how they are used. Understand how to analyze financial information and think ahead as to the effect transactions will have on the decision making of the users of financial statements. Effectively use the understanding of accounting principles to facilitate the computation of the calculations that go into the preparation of financial reports. ASSESSMENT SUMMARY Assessments(5)/Participation 12% Midterms (2) 40% Final exam 45% Lyryx Labs 3% PROGRAM GOALS B.COM Critical Thinking Analytical Decision-making Oral & Written Communication Ethics & Sustainability 1 -

2 COURSE INFORMATION Division: Accounting Term/period: Winter 2010 Instructor: Patricia Mallia Course Administrator: Clarise Mare Phone: Phone: N/A Office hours: Mon/Wed 1-2:30pm Office hours: N/A Section number: 201,202,203 Class meeting times: MWF- 10am, 11am, 12pm Course duration: Jan 5-April 7, 2011 Classroom location: HA98 Pre-requisites: N/A Tutorials / labs: non-mandatory, TBA Course website: Vista BRIEF COURSE DESCRIPTION Financial Accounting is principally concerned with the construction and interpretation of financial reports prepared for external parties to the issuing firm or entity. The major objectives of this course are to develop an understanding of the concepts, principles and conventions upon which financial accounting is based, and more importantly to provide an analytical basis upon which to intelligently interpret financial statements. Consideration will be given to accounting techniques and the formulation of financial reports; however, the course will focus on understanding accounting policies, their rationale and the implications for users of the financial accounting information. The user orientation approach will include interpretation and assessment of financial statements from a variety of North American corporations. An important learned outcome of Commerce 293 is that students develop their critical, independent thinking and problem solving skills. COURSE MATERIALS & REQUIREMENTS Reading Materials: Textbook-FINANCIAL ACCOUNTING, Libby, Libby, Short, Kanaan, Gowling, Third Canadian Edition, McGraw-Hill Ryerson. Note, this textbook also comes with supplementary on-line learning materials at Course Package- Your instructor will be leading the class through a set of lecture notes. The material may be purchased from the Book Store or on-line. Vista Page: Each section of Comm 293 will have access to a VISTA page. VISTA will be used to communicate and distribute information to students. Technology Requirements: I Clicker- Each student will be required to purchase a clicker from the bookstore. Laptop- The midterms and final exam will be written online. If you do not have a laptop computer, you will need to the course administrator by January 15, Failure to give proper notice that you do not have a laptop may require that you write either or both of the midterms on the supplemental date (April 4 th, 2011). ASSESSMENT 2 -

3 Exams Examinations will contain between 15-25% conceptual/qualitative materials. To pass the course you must achieve a passing grade on the combined average of the mid-term and final examination (greater than 42.5 out of 85). Students who miss the midterm and/or final generally will receive a mark of zero for the examination unless appropriate documentation (e. g. medical, etc.) acceptable to the Commerce Undergraduate Office is received within one week of the date of the missed examination. Those students approved by the Undergraduate Office have the opportunity to write an alternate midterm on Monday, April 4 th, 2011 between 5:00-6:30pm. Failure to write the alternate midterm will result in a mark of zero on the midterm component of the course. Under no circumstances will the midterm marks be allocated to the final. Should you miss the final examination, your standing in the course will be evaluated and determined by the Undergraduate Office. If you have a conflict with either the February 4, 2011 or March 4, 2011 midterm dates, you MUST inform the course administrator by January 15, Lyryx Labs: The labs are to be completed on-line and are provided for you to develop a basic understanding of the concepts. To access these labs you will need to register with Lyryx and use the code which is provided with the purchase of a new textbook. The code can also be purchased separately for a fee. The due dates for the labs are noted on the outline. Note that you will have an unlimited number of tries to complete the first two labs, but all subsequent labs allow for one attempt, ONLY. This will be discussed in further depth during the first week of classes. Assessments: The assessments are posted online on Vista. You will have one attempt, but you will also have the ability to access this attempt over several days by saving and not submitting your answers. The content of the assessments have been prepared to assimilate the difficulty level of the questions that can be faced during the exams. Due dates for the assessments are noted on the outline. A practice assessment will be posted to help you get used to the structure of the questions. You are encouraged to take advantage of this before the first assessment is due. Class Participation/Clickers Each student will be required to purchase a clicker from the bookstore. Clickers should be brought to class each day in order to earn participation marks for answering in-class questions provided by the instructor. The clicker portion of the participation mark will be split between marks for attendance and marks for answering the questions correctly. Participation marks can also be earned by actively engaging in class discussions. 3 -

4 SCHEDULE Lect. Date Topic Readings Labs/Assessments 1 Jan. 5 Financial Statements and Business Decisions CH. 1 2 Jan. 7 Investing and Financing Decisions CH. 2 3 Jan.10 Operating Decisions CH. 3 4 Jan. 12 Operating Decisions CH. 3 5 Jan. 14 Adjustments, Financial Statements CH. 4 Lab 1 6 Jan. 17 Adjustments, Financial Statements CH. 4 7 Jan. 19 Communicating and Interpreting Acc. Info. CH. 6 8 Sales Revenue, Receivables and Cash: Revenue CH. 7 Assessment 1 Jan. 21 Recognition 9 Jan. 24 Revenue Recognition CH Jan. 26 Cash, Accounts Receivable CH Jan. 28 Accounts Receivable CH. 7 Lab 2 12 Feb. 2 Investments in Other Corporations Supplement Assessment 2 13 Feb. 4 Investments in Other Corporations Supplement Feb. 4 Midterm #1 (Friday 5-6:30pm) Covers lectures 1-11 (Location TBA) 14 Feb. 7 Cost of Goods Sold and Inventory CH Feb. 9 Cost of Goods Sold and Inventory CH Feb. 11 Cost of Goods Sold and Inventory CH Feb 21 Property Plant and Equipment CH. 9 Lab 3 18 Feb. 23 Property Plant and Equipment CH Feb. 25 Property Plant and Equipment CH Feb. 28 Intangibles CH. 9 Lab 4 21 Mar. 2 Intangibles CH Mar. 4 Current Liabilities CH. 10 Assessment 3 Mar. 4 Midterm #2 (Friday 5-6:30pm) Covers lectures (Location TBA) 23 Mar. 7 Current Liabilities CH Mar. 9 Long-term Liabilities CH Mar. 11 Long-term Liabilities CH Mar. 14 Long-term Liabilities CH Mar. 16 Long-term Liabilities CH. 11 Lab 5 28 Mar. 18 Long-term Liabilities CH Mar. 21 Owners Equity CH. 12 Assessment 4 30 Mar. 23 Owners Equity CH Mar. 25 Owners Equity CH Mar. 28 Cash Flow Statement CH. 5 Lab 6 33 Mar. 30 Cash Flow Statement CH Apr. 1 Cash Flow Statement CH.5 35 Apr. 5 Analyzing Financial Statements CH. 13 Lab 7 36 Apr. 7 Analyzing Financial Statements CH. 13 Assessment 5 4 -

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