MGT120H5

Financial Accounting I

University of Toronto Mississauga

Introduction to the theory and concepts of financial accounting. Students learn how to construct and interpret financial statements. Topics include an introductory understanding of accounting and the context within which accounting occurs.

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Catherine Seguin

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MGT120H5
Catherine Seguin
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Management
MGT120H5
Catherine Seguin

MGT120H5 Syllabus for Catherine Seguin — Winter 2019

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Type Description Due Date Weight
Term Test Term Test#1 2019-02-13 25%
Term Test Term Test#2 2019-03-27 25%
Quiz Online quizzes: due dates to be announced in class On-going 5%
Other Optional Excel assignment (bonus 3%) 2019-02-25 0%
Final Exam Date TBA TBA 45%
Total 100%
DEPARTMENT OF MANAGEMENT
UNIVERSITY OF TORONTO MISSISSAUGA
MGT120H5S LEC0104
Financial Accounting I
Course Outline - Winter 2019
Class Location & Time Wed, 11:00 AM - 01:00 PM DV 2080
Instructor Catherine Seguin
Office Location KN215
Office Hours Tuesdays from 1-2pm and Wednesdays from 10-11am
Telephone 905-569-4955
E-mail Address catherine.seguin@utoronto.ca
Course Web Site https://q.utoronto.ca
Co-Instructor Kathy Falk
Office Location KN212
Office Hours Wednesdays from 5-6pm
E-mail Address kathy.falk@utoronto.ca
Course Description
Introduction to the theory and concepts of financial accounting. Students learn how to construct and interpret financial statements.
Topics include an introductory understanding of accounting and the context within which accounting occurs. [24L, 20T]
Exclusion: MGM221H5, MGT201H1, MGAB01H3, RSM219H1 (SSc)
Distribution Requirement: SSc
Course Objective
People, such as managers, creditors, investors, just to name a few, require accounting information in order to make a decision. This
information is gathered, recorded, summarized and published in a set of financial statements. It is important to understand the
basics of accounting to appreciate the impact it has on decisions made by these various users.
Textbooks and Other Materials
Harrison, Horngren, Thomas, Tietz, Berberich, Seguin: Financial Accounting, 6th edition, Pearson Canada, 2018.
Assessment and Grading Policies
Requirements and Criteria
The Department of Management reserves the right to consider factors beyond GPA including whether students are in good
academic standing with no make-up tests/assignments or deferred exams on their records, when considering who will be
offered admission to 2nd year COMMERCE/MANAGEMENT.
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 1 of 8
Term Tests
Test #1 will be a combination of problem based and multiple-choice questions. Answers for the multiple choice questions
will be filled out using a pencil on a scantron. The problems will be answered in the spaces provided for you using a pen.
Whiteout is not allowed.
Test#2 will contain multiple choice questions only and your answers will be written using a pencil on a scantron.
There are no classes or tutorials during the week of either test. There will be additional TA office hours for Test#1
on Friday, February 8 from 12pm to 4pm in KN112 and on Tuesday, February 12 from 1-3pm in DV2080. For
Test#2, additional TA office hours will be held on Friday, March 22 from 12pm to 4pm in KN112 and on Tuesday,
March 26 from 1-3pm in DV2080.
Any students with conflicts must hand in a note to the instructor by the 3rd week of class stating their name, student
number, email and reason for the conflict.
Students are responsible for ALL materials in the textbook (including the material accompanying the textbook) specified in
the course outline, whether it has been covered in class or not.
Please bring your student card to the tests and examination.
Pagers, cell phones and personal organizers are NOT allowed in the test and examination rooms. It is considered an
academic offence to have them in your possession.
It is considered an academic offence if a student either starts writing a test before it begins or does not stop writing when
time is up. It is also an academic offence if a student is caught with a cell phone in their possession.
Term test #1 will be returned (except for the scantron) and taken up in the tutorial the week following the test.
Papers taken out of the tutorial classroom will NOT be remarked.
Test#2 will not be returned since it will be written entirely on a scantron. You can review your test on Thursday,
April 4 in KN L1220 and Friday, April 5 from 11am to 3pm in DH2070 but you will not be allowed to take the
test with you.
Test #1
1.5 hours in duration and will cover material from chapters 1 to 3. It will be held on Wednesday, February 13 from 7:00 to
8:30pm. Locations will be announced in class and posted on Quercus.
Test #2
1.5 hours in duration and will cover material from chapters 1 to 9, (not including 7). It will be on held on Wednesday,
March 27 from 7:00 to 8:30pm. Locations will be announced in class and posted on Quercus.
Final Exam
The final exam will be 2 hours in duration and will cover material from the entire course. The day/time/location is set by the
Registrar's office.
My Accounting Lab
Detailed instructions for MyAccounting Lab can be found on Quercus. Each week, an on-line quiz will appear on
MyAccountingLab at 4pm Friday. These are due the following Friday at 4:00pm. You have three attempts to complete the quiz
with your grade based on your highest score.
The first quiz, available Friday, January 25, will cover material from Chapter 2 of the textbook. These are the chapters covered
during the lectures that week. You will have until Friday, February 1 to complete the quiz. The second quiz, released
February 1 covers chapter 3 and is due February 8. The following schedule highlights the various dates and chapters:
Date Quiz begins Date Quiz ends Chapter(s) covered
Friday, January 25 Friday, February 1 Chapter 2
Friday, February 1 Friday, February 8 Chapter 3
Friday, March 1 Friday, March 8 Chapter 4
Friday, March 8 Friday, March 15 Chapter 5
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 2 of 8
Friday, March 15 Friday, March 22 Chapter 6
We have provided a practice quiz based on general knowledge and have allowed unlimited attempts. This will allow you to become
familiar with the on-line quiz tool in MyAccountingLab before it actually counts for marks. The best 4 out of 5 quizzes will count
towards your grade.
Optional Excel Assignment - Bonus 3%
Students have an option to complete an excel assignment worth 3% due February 25th. This will give students an opportunity to
learn Excel, a skill that most employers are looking for in new hirees. Detailed instructions are given on Quercus.
Final Examination
The final examination will cover material from the entire course and is 2 hours in duration. It will be a problem solving
examination (no multiple choice questions).
Please bring your student card to the final examination. Print your name and student number in the appropriate place as it
appears on your student card.
Conduct of Class
IMPORTANT NEWS FOR MGT 120 STUDENTS
Students who want to pursue a degree in Commerce and/or take MGT 220H & 223H need at least 63% in MGT 120H.
HOW TO GET THE MOST OUT OF THIS COURSE (KNOWLEDGE AND MARKS)
Take advantage of the resources offered:
Posted on Quercus:
Audio tape of each class lecture
Summary of each chapter covered
Power point slides
Practice multiple choice questions and problems including solutions
Study tips
Practice bookkeeping problem
My Accounting Lab:
Practice questions - as many as you want. Click under "Study Plan "and choose "All Chapters".
TA Office hours:
February 8 from 12pm to 4pm in KN112
February 12 from 1pm to 3pm in DV2080
March 22 from 12pm to 4pm in KN112
March 26 from 1pm to 3pm in DV2080
TUTORIALS
Please register for tutorials on ROSI. Check the UTM course timetable for days and times. During the tutorials, students will be
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 3 of 8
discussing the specific questions stated in the outline. These tutorials have been scheduled to assist the students in answering test
questions and are NOT an indication of material to be covered on any test or exam.
Procedures and Rules
Missed Test(s):
The following steps must be completed in order to be considered for academic accommodation for any missed test:
1. You must inform your professor in writing (e-mail is acceptable) within 24 hours of a test date/assignment due date of any
circumstances that prevent you from writing a test or submitting an assignment on time.
2. You must submit within 24 hours an online Petition for Academic Accommodation under:
https://app.utm.utoronto.ca/SpecialRequest/
3. Original supporting documentation (e.g. medical certificates, accident reports etc.) must be submitted within seven (7) days
from the date of the missed test or assignment date. Failure to submit appropriate documentation by the deadline will result
in a grade of zero on the test or assignment in question. False statements and/or documentation will be treated as academic
offences and handled accordingly.
In the case of illness, the required documentation is:
An original Verification of Student Illness or Injury (http://www.illnessverification.utoronto.ca/index.php) form must show that the
physician was consulted within one (1) day of the test or assignment due date. A statement merely confirming a report of illness
made by the student is not acceptable (e.g. "This patient tells me that he was feeling ill on that day"). Failure to comply with this
policy will result in a grade of zero for the test or assignment in question.
Please Note: If you missed your test/assignment deadline for a reason connected to your registered disability, please be advised that
the department will accept documentation supplied by the UTM AccessAbility Resource Centre.
In cases of severe domestic affliction or other causes not related to the student's health, the required documentation is:
Additional Documentation that provides evidence of the nature of the affliction. Note that holidays and pre-purchased plane tickets,
family plans (unless critical, such as death of an immediate family member), your friend's wedding, lack of preparation, or too
many other tests are not acceptable excuses for missing a quiz, a test, or an item of course work.
Supporting documentation must be dropped off into the Department of Management’s drop box, located across from
KN205 in DROP BOX #9
The Committee will contact you after the submission of your petition to obtain any additional documentation that may be required
to assess your case fully.
Please note that the written explanation and documentation that you submit represent an appeal from you, requesting the
opportunity to account for that portion of your grade in an alternate manner than the normal one that is described in this course
outline. If an appeal is not received by the deadline specified above, or if the appeal is deemed unacceptable, you will receive a
grade of zero for the item you missed.
Once all documentation has been received, the Petition for Academic Accommodation will be reviewed by the Departmental
Petition Review Committee. Students will be informed of the Committee's decision via email within two (2) weeks. Please note
that students are required to submit their assignments as soon as they are able and they should NOT wait for the decision of the
Committee.
If the appeal is granted -- that is, your reason for missing the item is considered acceptable by the Departmental Petition Review
Committee -- then, provided you have followed the alternate procedure described below, this work will receive a grade.
Students MAY NOT petition to re-write a test once the test has begun. If you are feeling ill, you must leave the room before
starting your test and seek medical attention immediately. As described above, you must have a physician fill out a UTM Student
Medical Certificate, and submit it along with an online Petition for Academic Accommodation into the drop box of the Department
of Management, located across from KN205 within one (1) week of the missed test.
There are no make-up tests. The assignment for any missed test must be made up by writing a 2,000 word paper (essay) (15%)
on a topic that will be given to you by the instructor AND a 10 minute power point presenation followed by a question and answer
period (10%). The power point presentation will be a summary of the essay and will be given before the instuctor and possibly
other faculty members and peers. It is the student's responsibility to contact the instructor by e-mail immediately following the
absence of any test in order to receive instructions for the assignment. For the first test, a hard copy of the assignment as well as the
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 4 of 8
power point presentation will be due on Tuesday, February 26 at 1:30pm. For the second test, a hard copy of the assignment and
the power point presentation are due on Tuesday, April 2 at 1:30pm. Failure to comply with these requirements will result in a
grade of zero for the test.
If a student misses BOTH term tests, a make-up test must be written. It is the student's responsibility to contact the instructor.
Students agree that by taking this course all required papers may be subject to submission for textual similarity review to
Turnitin.com for the detection of plagiarism. All submitted papers will be included as source documents in the Turnitin.com
reference database solely for the purpose of detecting plagiarism of such papers. The terms that apply to the University's use of the
Turnitin.com service are described on the Turnitin.com web site.
If a test is missed and the student does not provide acceptable documentation validating the explanation for absence, a grade of zero
will be assigned.
If missed tests will be reweighted to the final exam, the maximum weight of the final cannot exceed the limit outlined in the
University of Toronto Mississauga Academic Calendar (70% for first year courses and 80% for second, third, and fourth year
courses). If the exam will be greater than the allowable weight, a make-up assignment or test will be assigned by the instructor. If a
make-up is necessary, instructors will inform the student in writing to their utoronto email account. If no response is received within
3 business days, the make-up portion will receive a grade of zero.
Final Exams:
Final Examinations are scheduled, administered and governed by the policies set by the Office of the Registrar. Any student that is
granted a deferral by the Office of the Registrar will be required to write a deferred examination at the next exam-writing session
scheduled by the Office of the Registrar. Students should note that the deferred exam may not follow the same format as the exam
given in the regular writing session.
Students who cannot write a final examination due to illness or other serious causes must file an online petition within 72 hours of
the missed examination. Original supporting documentation must also be submitted to the Office of the Registrar within 72 hours
of the missed exam. Late petitions will NOT be considered. If illness is cited as the reason for a deferred exam request, a U of T
Verification of Student Illness or Injury Form must show that you were examined and diagnosed at the time of illness and on the
date of the exam, or by the day after at the latest. Students must also record their absence on ACORN on the day of the missed
exam or by the day after at the latest.
Academic Misconduct:
Students should note that copying, plagiarizing, or other forms of academic misconduct will not be tolerated. Any student caught
engaging in such activities will be subject to academic discipline ranging from a mark of zero on the assignment, test or
examination to dismissal from the university as outlined in the academic handbook. Any student abetting or otherwise assisting in
such misconduct will also be subject to academic penalties.
Normally, students will be required to submit their course essays to Turnitin.com for a review of textual similarity and detection of
possible plagiarism. In doing so, students will allow their essays to be included as source documents in the Turnitin.com reference
database, where they will be used solely for the purpose of detecting plagiarism. The terms that apply to the University's use of the
Turnitin.com service are described on the Turnitin.com web site.
Standard of Conduct in this Course:
Since this course is part of a degree designed to give you a broad understanding of the world of business, we aim to run the course
in a way which will be consistent with the world of business - where many of you will spend your working lives. We strive to
provide accurate information, quality materials and good service, consistent with our obligations to maintain the high academic
standards of the Department of Management at the University of Toronto Mississauga
In return we expect that you will conduct yourself in a way that prepares you for the world of work.
1. We start on time, so please do not arrive late and disrupt others.
2. Leaving class early is also disruptive to your colleagues and will not be permitted unless you have made prior arrangements
with the instructor.
3. Turn off your cell phone.
4. Keep up to date. Make sure that you know the class schedule. Check on the course web page for updates and posted
materials.
5. During the class, respect the learning opportunities of others. Don't distract others by chatting to your neighbour. Our
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 5 of 8
expectation is that you will not only contribute in class to your own learning, but also that of others.
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 6 of 8
Date Topic
2019-01-09 RR - Harrison Financial Accounting required text
MAL - Self-study problems - questions and problems can be found on MAL, choose Study Plan, then click on
all chapters, then click on the chapter you want to work on.
Topic: Introduction
RR: None
2019-01-16 Topic: The Financial Statements
RR: Harrison, Chapter 1
MAL: Choose Study Plan, Chapter 1
Tutorial Chapter 1: E1-18, E1-24, E1-25
2019-01-23 Topic: Recording Business Transactions
RR: Harrison, Chapter 2
MAL: Study Plan, Chapter 2
Tutorial: P2-37A
2019-01-30 Topic: Accrual Accounting and the Financial Statements
RR: Harrison, Chapter 3 (p.109 to 126)
MAL: Study Plan, Chapter 3
Tutorial: Chapter 3: P3-43A
2019-02-06 Topic: Accrual Accounting and the Financial Statements (cont'd)
RR: Harrison, Chapter 3 (p.127 to end of chapter)
Tutorial: Jane's Garden Centre (please download from Quercus)
2019-02-13 Wednesday, February 13: Test #1- Chapters 1-3
NO CLASS OR TUTORIAL
Feb. 20: No class - Reading Week
2019-02-27 Topic: Cash and Receivables
RR: Harrison, Chapter 4
MAL: Study Plan, Chapter 4
Tutorial: Return Test #1
Course Schedule
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 7 of 8
2019-03-06 Topic: Inventory and Cost of Goods Sold
RR: Harrison, Chapter 5
MAL: Study Plan, Chapter 5
Tutorial: E5-27, P5-47B
2019-03-13 Topic: Property, Plant and Equipment and Intangible Assets
RR: Harrison, Chapter 6
MAL: Study Plan, Chapter 6
Tutorial: Chapter 6: E6-30, E6-39, P6-53B
2019-03-20 Topic: Liabilities and Shareholders' Equity
RR: Harrison, Chapter 8 (p.375-377, 383-386, 400-404)
Harrison, Chapter 9
MAL: Study Plan, Chapter 9
Tutorial: Chapter 8: S8-13
Chapter 9: P9-37A
2019-03-27 Wednesday, March 27 Term Test #2- Chapters 1-9 (not including Chapter 7) inclusive.
NO CLASS OR TUTORIAL.
2019-04-03
Topic: The Statement of Cash Flows
RR: Harrison, Chapter 10 (ignore direct method)
MAL: Study Plan, Chapter 10
Tutorial: P10-29B
TBA Final Examination
Last Date to drop course from Academic Record and GPA is March 17, 2019.
MGT120H5S - Seguin, Catherine 2018-12-18 10:03:52 Page 8 of 8

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