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Karen Huff

BU 127 - Introduction to Financial Accounting Course Syllabus Winter 2014 Section Date and Time Locatio Instructor Office Email n A1 M W 7:00-8:20am SBE124 Greg Clark P2016 [email protected] 0 A2 M W 7:00-8:20am SBE121 Peter Lade P2045/2055 [email protected] 0 A3 T R 7:00-8:20am SBE124 Vaidhehi P2045/2055 [email protected] 0 Kumar A4 T R 7:00-8:20am SBE121 David Scallen P2072 [email protected] 0 A5 S10:00am- SBE124 Mike D’Silva P2045/2055 [email protected] 12:50pm 0 A6 M W 7:00-8:20am SBE122 Mike D’Silva P2045/2055 [email protected] 0 A7 T R 7:00-8:20am SBE122 Allan Foerster P2045/2055 [email protected] 0 S1 M W 5:30-6:50pm SBE121 Orest Bozyk P2045/2055 [email protected] 0 S2 T R 5:30-6:50pm SBE124 David Scallen P2072 [email protected] 0 S3 R 7:00-9:50pm SBE121 Mike D’Silva P2045/2055 [email protected] 0 S4 F 10:00am-12:50pm P2007 Greg Clark P2016 [email protected] Course Co-ordinator:James Moore, P2094, [email protected] Introduction: Accounting is the language of business. If you don’t understand the fundamental concepts, terms, principles, and tools of accounting, you will find it difficult to properly understand and analyze many of the decisions that you will be faced with during your career. Even if you don’t end up in a business career, you will likely experience various personal activities (such as getting a loan) in which a basic knowledge of accounting should prove useful to you. Accounting information is critical to the judgment and decision making involved in these personal activities. The knowledge and skills that you acquire in this course should help you to understand how accounting information is generated, measured, reported, and interpreted. Course Objectives: The overall objective of this course is to provide you with an integrated framework for preparing, analyzing and interpreting financial information and financial statements. This framework will be applied in a financial accounting context which is primarily concerned with providing financial information to a business’s external stakeholders. These external stakeholders include shareholders, creditors, customers, suppliers, governments and others. We will spend a considerable amount of time studying the four financial statements used by these stakeholders for decision-making purposes. The four financial statements are: 1) The Statement of Financial Position, 2) The Statement of Comprehensive Income, 3) The Statement of Changes in Equity and 4) The Statement of Cash Flows. Note that the Statement of Comprehensive Income includes the Income Statement. In this course, you should gain a thorough understanding of the items in these four financial statements and also the economic events and related accounting decisions underlying them. These include the judgment required to make these decisions and also the factors that influence them. By the end of the course, you should feel comfortable with the various components of a company’s annual report and be able to make comparisons with other firms across different time periods. Required Course Materials: Text: Financial Accounting (Fourth Canadian Edition) by Libby, Libby, Short, Kanaan and Gowing. Please note that this textbook is near the end of its publishing We intend to use the textbook again in the winter term. The publisher of the textbook has indicated that a new edition will be available for the Fall 2014 term. This text is available in the bookstore and includes a shrink wrapped ‘Connect’ card to access the text website. This website includes the eBook version of this text and practice problems to support your studies. It also provides access to the ‘On-line Assignments’. As an alternative to purchasing the hard-copy text, you can purchase only ‘Connect‘ to access the book’s website which, as noted above, includes the eBook version of the text, practice problems, and provides access to the ‘On-line Assignments’. Note: Connect can be purchased at the bookstore or online through the publisher’s course link provided for each class. A third alternative is to purchase a used text only (this year’s text is the same as last year’s). However, students who choose to do this will not have a usable ‘Connect’ card and will not be able to access the ‘On-line Assignments’. Note: If you choose to purchase a used text, you will be graded based on Learning Assessment ‘Option B’ which does not include the ‘On-line Assignments’ requirement. Calculator: A cordless, non-programmable calculator should be brought to every class and to both exams. Learning Assessments: Your learning in this course will be evaluated by one of the following 2 options: Option A: (electing to do the on-line assignments. Students must sign a sign-up sheet.) Unannounced In-Class Quizzes 10% On-line Assignments: 10 % Midterm Exam: Friday February 14, 2014 3:00-5:00 pm 35 % Final Exam: 45 % 100 % Option B: (default option of not signing up for the on-line assignments) Unannounced In-Class Quizzes 10% Midterm Exam: Friday February 14, 2014 3:00-5:00 pm 40% Final Exam: 50% 100 % Optional on-line assignments: The on-line assignments are optional to all students in this course regardless of what course resources you choose to purchase. Option A is to elect to do the on-line assignments. If Option A is selected, the on-line assignments will be worth 10% of your final mark in this course. Option B is the default option and means that you have opted out of doing the on-line assignments and that your final grade will be based totally on the quizzes, mid-term and final examinations (see Course Grading section of the course outline for both Options A and B). If you choose Option A, you must sign a sheet that will be provided by your instructor. The deadline for signing up for option A is the 3rd class of the term for the day class sections and by the 2nd class of the term for night class sections. After the deadline, your selection of option A, or default to option B, is not reversible. To do the optional on-line assignments, you must have access to Connect (textbook publisher on-line resources) which is included with the purchase of a new hard-cover text and also by just purchasing separately a Connect card (see Required Course Materials section of course outline). Connect gives you access to the textbook on-line resources which includes the on-line assignments. While doing the on-line assignments will give you extra practice and are similar to the questions listed in the course outline, you will not have to specifically study these assignment questions for examination testing purposes since students have the option of not doing them. To log-in to the Connect on-line resources, you must use your section of registration class access code provided for your section by your instructor and which will also be listed on MYLS under the content link. You then use your password that is provided on your Connect Card to access the on-line course resources including the assignments. Assignments are posted on Friday’s at 12 noon (starting January 10th for assignment 1). Please refer to the schedule of important dates on the last page of this course outline for the posting and due dates of all the assignments. These dates will also be posted to MYLS. There are 11 assignments (1 for each chapter covered in the course except chapters 6 and 13) and your best 8 assignments will count for 10% of your final grade. Your best 8 assignments will be equally weighted (1.25% each regardless of what the assignment is out of). You will have a maximum of 2 attempts (submissions for marking purposes) for each assignment and your best mark of the 2 attempts will be used for each assignment when counting your best 8. Note: Late assignments will not be accepted for any reason. If further details or clarifications concerning the assignments become necessary, your instructor will provide them in class and the necessary information will also be posted to MYLS. Our McGraw Hill representative is Greg Nosal who can be reached at [email protected] Unannounced In-Class Quizzes Your instructor will conduct up to six unannounced quizzes during class. The number of quizzes conducted may vary among sections of the course. The quizzes will consist of basic questions on the assigned chapter for the class and/or more difficult questions on recently completed chapters. The format of the quizzes may differ among sections and from quiz to quiz within a section. The quizzes will be 20 minutes or less. Regardless of the number of total marks used to grade each quiz, all quizzes will be weighted equally in determining your grade on this component of the course. You must write your quizzes in the section you are registered in to receive a grade on a quiz. There will be no makeup quizzes for any reason. It is therefore essential that you attend all classes in the section (time and room number) you are registered in. Your score on your lowest quiz, whether due to illness, absenteeism, low grade or other reasons, will be dropped in calculating your grade for this component of the course. Examinations: Midterm Exam: The midterm exam will cover Chapters 1 to 4, and 7 and will be held on Friday February 14th from 3:00- 5:00 p.m. More detailed information regarding the midterm will be posted to the course website approximately 2 weeks before the midterm. Students must write their midterm exam in black or blue ink only. Under no circumstances will a deferred midterm be offered. If you miss the midterm for an invalid reason, you will receive a mark of zero on the exam. If a serious illness, bereavement, or some other compassionate provision in accordance with University policy prevents you from writing the midterm, you must present official, valid proof of your absence as soon as possible to your instructor. If you miss the midterm for a valid reason and have provided documentation to your instructor, the weight of the midterm will be added to your Final Exam. You may, however, be required to write a Final Exam that is more comprehensive than the regular Final Exam. The mid-term exam solution will be posted on the MyLS website. Students will have one week from the date the exams are handed back for their section to request a re-mark of their paper. If you wish to have your exam re-marked, you will be required to submit the exam paper to your instructor with a written explanation of what you wish to be considered for re-marking. Students should be aware that the instructor reserves the right to re-mark the entire examination. There will be no extension beyond the one week for re-mark consideration. Final Exam: The final exam is 2.5 hours in length and is scheduled by the Examinations/Registrar’s Office during the final examination period of April 9th to April 30th. The final exam will be comprehensive with an emphasis on post mid-term material of Chapters 8 to13 and Chapters 5 and 6. More detailed information regarding the final exam will be posted to the course website approximately 2 weeks before the final exam. Under no circumstances can your instructor provide relief of any kind with respect to the scheduling of the Final Exam. Also, all petitions to write a deferred final exam must be made in accordance with University Examination Policy. Student petition applications to write a deferred final exam are to be sent to Ms. Lee Leeman ([email protected]), Petitions Coordinator for SBE, in office SBE1256. Other examination information: • ONLY NON-PROGRAMMABLE CALCULATORS will be permitted for use in the mid-term and final exams. They will be checked. • No electronic communication devices (cell phones, blackberries, etc) are permitted at the exam tables. Ignoring this rule is considered academic misconduct. • All exams must be written in either black or blue ink. Course Website: MyLearningSpace (MyLS) will be used to coordinate the online activities for the course, including all emails and announcements from the course coordinator. Your instructor will inform you of how they plan to communicate with you between classes, if at all. If you wish to have MyLS email forwarded to a personal email account, you can do so by making the appropriate setting within MyLS. It is your responsibility to regularly check MyLS for announcements and email (or to have email forwarded
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