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Principles of Accounting II (ACCT 2013)

 

All relevant information on my UIC Principles of Accounting II (ACCT 2013) will be posted on this website.

 

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UPDATES Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

Please check here for updates during the semester:

Course syllabus can be downloaded here.
   
March 4, 2015
Hello everyone, welcome to POA II. I am teaching both section 1 and 8. Instead of keeping two iSpace sections, I am providing material and discussion forum here so that both sections will have the same information.
   
March 7, 2015
The mid-term test will be a common mid-term for all the sections to be held on Saturday on April 18, 2015 from 9:15 am to 10:45 am (1.5 hours). Chapters 12, 13, and 14 are being tested. No make-up test will be available.
 
March 9, 2015
I will post the answer to the two practice questions very soon.
   
March 12, 2015
I will be submitting an application to change class time to Friday afternoon from 12pm to 3pm and then 3pm to 6pm. If you are in the Saturday class now and you cannot attend the rescheduled class time of Friday afternoons, please email me ASAP.
   
March 15, 2015

As mentioned in class, there were request to move the classes to Friday afternoon. After checking with AR, now there are rooms available for classes to be held from noon to 6pm Friday afternoons. The deadline for me to submit the application to change class time is Tuesday, March 17 afternoon. We have also discussed the several days that we had to do make up classes on Saturdays because one of the Fridays being a holiday and also the long weekend reasons. As a result, if you have reservations about changing the class time from Saturdays to Fridays please email me and let me know before 3pm March 17 for me to consider.

I do not know how long it will take the DBM to approve the schedule change and AR to confirm the classrooms for Fridays, hence let's set to have class this Friday afternoon and Saturday as scheduled before for both days. Regardless of the schedule change, one of the two days can be considered a make up class to account for both the mid-term test being on Saturday and for having a long weekend for the week of April 3.

Section 8's class will be held at C301 from 12pm to 3pm, and Section 1's class will be held at D408 from 3pm to 6pm. Both classes are progressing at the same pace and you can attend either session for your covenience.

   
March 17, 2015
I have not heard back from anyone regarding NOT wanting to reschedule the class to Friday afternoon, so I have submitted the application to DBM. Hence there will be classes this Friday as described above from March 15. We will also have a make up class on Saturday to account for a combination of several reasons like having a Friday holiday and getting a long weekend for the Eastern holiday. The make up class on Saturday will be in the same room and same time as before the reschedule.
   
March 19, 2015

I have received confirmation for the room booking for Friday March 20th classes.

For Section 8 from 12pm to 3pm, the confirmed classroom is now E202.

For Section 1 from 4pm to 7pm, the confirmed classroom is now C209. (We asked for 3pm to 6pm but only found out late this afternoon that only 4pm to 7pm is available, however, you can come to the 12pm to 3pm session).

   
March 20, 2015

For Section 8 from 12pm to 3pm, the confirmed classroom is now E202.

For Section 1 from 4pm to 7pm, the confirmed classroom is now C209. (We asked for 3pm to 6pm but only found out late this afternoon that only 4pm to 7pm is available, however, you can come to the 12pm to 3pm session).

   
March 20, 2015
The following topics are not covered within the assessments
 
  • Chapter 12 Liquidation of Partnership (p. 473 ¡V 475),
  • Chapter 13 Reporting of Equity ¡V OCI & Changes in Equity (p. 506 ¡V 508),
  • Chapter 14 Bond Pricing (p. 543 ¡V 544),
  • Chapter 17 Ratio Analysis (p. 664 ¡V 674),
  • Chapter 21 Evaluating Investment Centre Performance and Responsibility Accounting (p. 839 ¡V 843)
  • Chapter 22 Multi-product Break-Even Point (p. 887 ¡V 889),
  • All appendixes, and
  • All "Decision Analysis" part in each chapter.
   
March 21, 2015
I have added the ppt version of the chapter slides below in case some slides you cannot see middle information in between the slide transformation. In addition, I have updated the pdf version of the slides to the current edition.
   
March 22, 2015
Due to schedule conflict, our application for a class time change to Friday was not successful. Hence all remaining classes are to be held on Saturdays except for Saturday April 4. The make up class for April 4 was held on Friday March 20.
March 22, 2015
Reminder: assignment due next Saturday, you would have to submit the assignment to your TA Rachel directly. During class yesterday, several person told me that they have no group. If you do not have a partner for the assignment, please let me know ASAP so I can try to match you with someone who is available.
   
April 12, 2015
Reminder: mid-term is next Saturday April 18. If you have any questions, please email me and I will post answer here. The mid-term is being held from 9:15 am to 10:45 am for 1.5 hours. The exact location will be communicated to you during the coming week.
 
The chapter 14 practice question #4 on Legacy that I have posted in the last class shows calculation at both premium and discount when issued, please review to ensure that you can do both types.
 
April 13, 2015
The common mid-term review for all the sessions and mid-term location and time. We will be in B201 at 9:15 am. Please be on time.
   
April 26, 2015
Class time amendments as follows:
May 23 Saturday Chapter 21 - I will be away that day, two make up class time available and you can come to either one
May 23 made up session 1 = Sunday May 10 am (exact time and classroom to be confirmed once booking confirmed)
 
May 23 made up session 2 = Sunday May 17 am (exact time and classroom to be confirmed once booking confirmed)
 
you can decide which day to come but need to come to either session 1 or 2, both sessions will be the same
 
to summarize, no class on May 23, but two make up sessions available on May 10 morning and May 17 morning, you can come to May 10 or May 17
 
 
May 2 - May 1 is a holiday but May 2 we still have class; however, if you want to go home for the long weekend, there is a make up class that you can attend if you miss class on May 2
 
May 2 made up session = Sunday May 10 afternoon (exact time and classroom to be confirmed once booking confirmed)
 
to summarize, May 2 class no change but if you do not come to class on May 2, a make up session is available on May 10 in the afternoon
   
May 2, 2015
Reminder: Assignment 2 due next Saturday.
   
May 2, 2015
Make up class time has been changed.
 
May 2 class on Chapter 18. If you were not able to attend the May 2 class, a make up class is available on Sunday May 10, 2015 from 12pm to 3pm at C301 (confirmed). We will cover the same topics of ratios in Chapter 17 and Chapter 18.
   
 
May 23 no class, but I have rescheduled the two available make up class times into one weekend to avoid having students having different stage of progress between the chapters. The make up class times are:
 
  • Friday May 8 from 6pm to 9pm classroom to be confirmed, and
  • Sunday May 10 from 9am to 12pm at C301 (confirmed).
  • You will only need to attend one of these two sessions as they will cover the same material.
May 6, 2015
Friday May 8 from 6pm to 9pm there is one session available as a make up class for May 23 lecture. Classroom is to be confirmed yet but the session will be available for certain. The other make up class for May 23 lecture is on Sunday May 10 from 9am to 12pm at C301.
 
On Sunday May 10 there is a make up session for those that did not attend the lecture on May 2. It will be held on Sunday May 10 from 12pm to 3pm at C301.
May 6, 2015
Please be aware that the assignment is due this coming Friday per Rachel's email.
May 6, 2015
Rachel had posted your mid-term mark in iSpace. I will have the mid-term scripts with me for the classes this weekend. You can review your script either during the break, before, or after class time.
May 6, 2015
For all the sessions for POA 2, suggested solutions for the current edition were provided to all the other classes. As such, I am also adhering to the other classes and here are the suggested solutions to the assigned practice questions for all the previous chapters for the current edition of the textbook. Going forward, the suggested solutions will be provided after each Chapter when it is taught.
Suggested solutions for the current edition textbook practice questions:
   
May 6, 2015
I have received two questions on the homework.
1.when there is a loss of fair value adjustment, whether to dr. loss on investment or unrealized loss-equity? What is the difference between them?
2.In the book P580-581, the entry in Dec.31. In 31/12/11, there was a loss about 3000, but the entry recorded 7000-3000 is 4000. They are all loss, why it use the last loss 7000 and the now loss 3000 to get the 4000? And the 4000 is the positive?
Answer:
1. For a loss of fair value adjustment (that would mean that the investment is marked to market either under "Held For Trading" type or under "Available For Sale" type), it would depend on which type the investment it is classified under. If the investment is a "Held For Trading" type, then the loss is named "Loss on Investment" and is put under the normal income statement as a loss for the current year as part of the firm's operation, then this loss is transferred to retained earning through the income summary adjustment at year end. If the investment is a "Available For Sale" type investment, then the loss is named unrealized loss - equity, and it is put under part of comprehensive income (which is a separate part below the normal income statement to show non-operation related items) and then adjusted to a Loss account near the retained earning at year end. The book did not go through in details how to record these two types of transaction because they are part of more advanced accounting, hence there can be confusion between the way these two types are recorded and shown and discussed in this chapter. Generally, if it is under Held For Trading, the name of the account would be just called loss, if under Available For Sale, it will be named unrealized loss or gain. Unfortunately, the book used both names interchangeably throughout the chapter.
2. You have the same issue with the last practice question (for the assignment also). As mentioned above, if Held For Trading, any gain or loss are treated like a gain or loss for the year for the firm. But for Available For Sale, any gain or loss are considered unrealized and they are kept in that Fair Value Adjustment and Unrealized Loss - Equity account. And instead of doing individual adjustment for each investment, the total amount of adjustment is used from year to year. So in summary, they just check what adjustment is needed each year to make the Fair Vale Adjustment account correct so that the total market value of the Available For Sale Investment is reflected in the balance sheet. Hence in p 580 for 2010, the total value of the Available For Sale investments had decreased by 7000 (loss) so the adjustment for 7000 is made to make the total market value of the Available For Sale same as market value. For 2010, there is no need to checked 2009's Available For Sale because there was not any as stated in the beginning of the question. Then in p 581 for 2011, another adjustment had to be made. For this year, the Available For Sale investment need to be reduced by 3000 to make it market value (unrealized loss of 3000). But when we then check the Fair Value Adjustment account, there is a 7000 loss balance in there from 2010, hence, we would reduce it by 4000 (the current year's entry) such that it only shows 3000 in that account. Hence the 4000 in the journal entry in 2011 is to make the Fair Value Adjustment fit the 3000 ending balance requirement. (This is done with one step for the Fair Value Adjustment account; alternatively, you can do a two step of reversing last year's 7000 journal entry and then putting in a 3000 for this year). If it is not clear, please let me know again during class and I will go through this on a GL which should be more clear.
May 7, 2015
Classroom arrangements for this weekend:
Friday May 8 6pm to 9pm room C204 = make up class for May 23 lecture (only need to come Friday OR Sunday)
Saturday May 9 = same time same classroom as normal
Sunday May 10 9am to 12pm room C301 = make up class for May 23 lecture
 
Sunday May 10 12p m to 3pm room C301 = make up class for May 2 lecture
 
May 10, 2015
Suggested solutions for the CURRENT edition textbook practice questions:
 
NEW:
   
May 11, 2015
A final exam review ppt (like the one for the mid-term) will be prepared this week with more information on the final exam. We can wait and see what additional information is available then before deciding on the timing of our last class.
May 14, 2015
A final exam review powerpoint will be available and distributed to you this week. Based on the content of the final exam, I will do the following arrangement: we will keep the same dates for the remaining two classes (i.e. May 16 and May 30); however, I will cover Chapter 22 first on May 16 and then cover Chapter 21 on May 30. Please check the final exam review powerpoint when you receive it.
   
May 14, 2015
   
May 18, 2015
Suggested solutions for the CURRENT edition textbook practice questions:
 
NEW:
 
   
May 18, 2015
I will post a few more practice questions on cash flow statement and CVP later on.
   
May 20, 2015
Question on efficiency ratios:
 
1. Is the receivable is always comes up with net sale, and payable always comes up with COGS? Please give reasons,thanks.
 
2. For the ratio: Days' sales in inventory. It is measured the liquidity of inventory, but I dont understand why it use the ending inventory to divid the COGS? What is the relationship between them? I cant find the logic so I dont think I can use them well as you said that you didn't need to remember.(embarrassed...) So would you tell me about the logic again?
 
3. Also about the Days' purchases in a/p ratio. Still can not understand why use a/p to divide COGS.(is about purchase but why it use COGS?)
 
Answer:
 
1. In all three sets of inventory, accounts receivable, and accounts payable calculation of turnover times and turnover days, the numbers used in the equation should be consistent. When you record to accounts receivable, it is from a customer buying on credit and the purchase is based on net sales (actually net credit sales), hence sales is used in the calculation of the accounts receivable turnover time and turnover days. For inventory and accounts payable turnover calculations, they are both based on cost of the inventory, hence CGS is used in the formula for inventory and accounts payable.
 
2. If you remember my example in class ofselling one iphone 6 one at a time, buying another one to sell after the first one sell, and so on for one year to derive the rationale of turnover times and turnover days. The same rationale can be used to come to the given formula in the book for a general condition to calculate the turnover times and days. Whether ending or average (average of beginning and ending) inventory, accounts receivable, or accounts payable is used can varies between books. Most important is that if there is big changes in the balance between beginning and ending of the year, then average should be used. Otherwise, there is not much difference between ending or average balances that are used in the formula. It would be difficult to reproduce the example I have done in class here, please review more and then we can go through that example again on May 30.
 
3. See 1. above.
   
May 23, 2015
 
The first two ratio practice questions were provided on April 26.
   
May 25, 2015
Question on fixed and variable costs:
 
The exercise in chapter18, question 3, the second question: compute the manufacturing cost per durm set. The answer is divided into variable cost and fixed cost, and the fixed cost it does not add up the salary and wages. Is it because salary and wages are not he manufacturing cost? Can you explain?
 
Answer:
 
In the calculation of the manufacturing cost, only the wages for the factory workers are included. The upper management salary and account staff salaries are fixed costs or mixed costs; however, they are not part of the manufacturing cost since they do not relate to the manfacturing process.
   
May 27, 2015
 
   
May 29, 2015
Answer key to the current edition's Chapter 17 Exercise 17-6 to Exercise 17-11 and Problem 17-1A to Problem 17-5A except for Problem 17-3A.
   
May 31, 2015
The answer to the practice questions that we have done in class is provided below under the Lecture Review section.
 
In addition, there were some questions about the treatment of the commission / service charge for the purchase and sale of securities of investments under Trading and Available For Sale securities in Chapter 15. The textbook had treated the commission differently between Trading and Available For Sale by capitalizing the commission for Trading (adding it to the cost of the purchase like we have done in class) and expensing the commission for Available For Sale (expensing the commission in the income statement when incurred) in the various practice questions. The conclusion is that marks will be awarded with either treatment of the commission.

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ASSESSMENT Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

Course syllabus can be downloaded here.

Mid-term test rubrics can be downloaded here.

Assignment rubrics can be downloaded here.

ALL in-class quizzes, assignments, mid-term test, and final examination are, unless specifically indicated, INDIVIDUAL effort, meaning that you should work on your own material and any unscholarly actions prohibited by the school must be avoided.

I will post ALL relevant course materials, updated information, correspondences, and relevant student questions in the UPDATES section on this page. Students are responsble to check the UPDATES section frequently on their own to ensure that they are up-to-date.

The final grade for this course is based on the following components:

Class participation 10%
Assignments (Ch 12 and Ch 15, 10% each) 20%
Midterm test (Ch 12 to 14, 1.5 hours) 20%
Final examination (3 hours) 50%
  100%

Below is a summary of the marking of each component.

Class participation, discussion and assignment (10% of total). Part of the evaluation is based on class attendance, class participation, and preparation for class. The other part is based on practice questions and group work that is to be performed during class.

Assignments. Assignment rubrics can be downloaded here.
  Chapter Questions Hand-in Assignment Due
  Chapter 12 Q1, Q2, E12-4, P12-3A, 4A
In week 4 on March 28, 2015
  Chapter 13 Q1, E13-2, P13-2A, 3A, 5A  
  Chapter 14 Q1, E14-1, P14-2A (exclude no. 4), 3A, 4A  
  Chapter 15 Q1, E15-1, P15-1A, 2A, 3A In week 10 on May 9, 2015
  Chapter 16 Q1, E16-1, P16-1A, 3A  
  Chapter 17 Q1, E17-1, P17-1A,  
  Chapter 18 Q1, E18-9, P18-2A, 8A  
  Chapter 19 Q1, E19-3, P19-1A, 4A, 5A  
  Chapter 20 Q1, E20-2, P20-1A, 3A, 4A  
  Chapter 21 Q4, E21-2, P21-1A, 2A, 3A  
  Chapter 22 P22-1A, 4A, 5A, 7A  
       
  NOTES TO STUDENTS:  
   1. Any requirements related to accounting ratios, ¡§decision analysis¡¨ parts and appendixes can be ignored.
   2. Students in a team of two are required to submit the assignment to the T.A. on/before the due date (as stated above) according to submission instructions given by the T.A. without further reminder. 

Mid-term test (20% of total). The mid-term test will cover Chapters 12 to 14 and it will be held on Saturday April 18, 2015 time and place to be announced. Please see mid-term test rubrics for more details on the grading. Mid-term test rubrics can be downloaded here.

Final examination (50% of the total). The final exam will cover Chapters 12 to 22. Please see mid-term test rubrics for more details on the grading.

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LECTURE REVIEW Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

A summary of our discussion during the lecture is provided here for your reivew

Lecture 1
The following topics were discussed in class today:
March 7, 2015
  • logistics like rubics for assignments and mid-term were discussed,
  • other logistics items,
  • forms of business,
  • partnership characteristics,
  • partnership formation, and
  • partnership profit sharing.
   
Lecture 2
The following topics were discussed in class today:
March 14, 2015
  • logistics of rescheduling classes to Friday afternoons,
  • new partner joining a partnership,
  • existing partner leaving a partnership, and
  • basics for corporations.
 
 
Lecture 3
The following topics were discussed in class today:
March 20, 2015
  • partnership practice question #5,
  • corporation structure,
  • new partner joining a partnership,
  • existing partner leaving a partnership, and
  • basics for corporations.
 
   
Lecture 4
The following topics were discussed in class today:
March 21, 2015
  • simple example of a corporation forming and cash and land injected,
  • cash dividends,
  • bonus issue,
  • stock split,
  • cumulative and non-cumulative preferred shares,
  • participating and non-participating preferred shares,
  • convertible preferred shares,
  • called preferred shares, and
  • treasury shares and how they are accounted for.
 
   
Lecture 5
The following topics were discussed in class today:
March 28, 2015
  • advantages and disadvantages of using bond financing,
  • price quote convention for bonds,
  • bond life cycle,
  • issuance at par, at discount, and at premium,
  • how to record the issuance of bonds,
  • how to record the interest payments, and
  • the use of effective interest calculation to determine the bond discount and premium amortizaton.
 
 
   
Lecture 6
The following topics were discussed in class today:
April 11, 2015
  • review of topics for mid-term test next week,
  • introduction to investments,
  • how to account for held for sale investments,
  • how to account for hold to maturity investments, and
  • how to account for significant influence investments.
 
 
   
Lecture 7
The following topics were discussed in class today:
April 18, 2015
  • review of Chapter 15 treatment of trading and AFS securities,
  • review of equity method for signficance influence investment,
  • introduction to statement of cash flow,
  • steps to prepare statement of cash flow from financial statements.
 
 
   
Lecture 8
The following topics were discussed in class today:
April 25, 2015
  • completion of cash flow from investing activities for statement of cash flow,
  • completion of cash flow from financing activities for statement of cash flow, and
  • use of vertical, horizontal, common size, and ratio analysis.
 
 
 
Lecture 9
The following topics (Chapter 17 and Chapter 18) were discussed in class today:

May 2, 2015

  • liquidity and efficiency ratios,
  • solvency ratios,
  • profitability ratios,
  • market prospect ratios,
  • description and characteristics of managerial accounting,
  • various ways to classify costs like fixed / variable, direct / indirect, product / period costs, and
  • preparation and completion of manufacturing statement.
 
   
Lecture 12
The following topics (Chapter 20) were discussed in class today:
May 8, 2015 pm (make up class for May 23 on Chapter 20)
  • differences between financial and managerial accounting,
  • intro to manufacturing statement in chapter 18,
  • intro to job order costing in chapter 19,
  • intro to process costing in chapter 20,
  • why use process costing (chapter 20),
  • how to reconcile the units (finished and unfinished units),
  • how to calculate the equivalent units,
  • how to reconcile the total cost for the period,
  • how to calculate the cost per equivalent unit,
  • how to allocate the cost to finished and unfinished units,
  • journal entries to record purchase of inputs for production, and
  • journal entries to record to movements of input through the production process from raw material / payroll / overhead to WIP, then from WIP to finished goods, then from finished goods (cost of goods manufactured) to cost of goods sold.
 
   
Lecture 10
The following topics (Chapter 19) were discussed in class today:
May 9, 2015
  • differences between financial and managerial accounting,
  • intro to manufacturing statement in chapter 18,
  • intro to job order costing in chapter 19,
  • intro to process costing in chapter 20,
  • why use job order costing (chapter 19),
  • how to record cost to each job,
  • how to allocate cost to finished goods,
  • how to allocate cost to cost of goods sold,
  • journal entries to record purchase of inputs for production, and
  • journal entries to record to movements of input through the production process from raw material / payroll / overhead to WIP, then from WIP to finished goods, then from finished goods (cost of goods manufactured) to cost of goods sold based on job orders.
 
   
Lecture 12
The following topics (Chapter 20) were discussed in class today:
May 10, 2015 am (make up class for May 23 on Chapter 20)
  • differences between financial and managerial accounting,
  • intro to manufacturing statement in chapter 18,
  • intro to job order costing in chapter 19,
  • intro to process costing in chapter 20,
  • why use process costing (chapter 20),
  • how to reconcile the units (finished and unfinished units),
  • how to calculate the equivalent units,
  • how to reconcile the total cost for the period,
  • how to calculate the cost per equivalent unit,
  • how to allocate the cost to finished and unfinished units,
  • journal entries to record purchase of inputs for production, and
  • journal entries to record to movements of input through the production process from raw material / payroll / overhead to WIP, then from WIP to finished goods, then from finished goods (cost of goods manufactured) to cost of goods sold.
 
 
   
Lecture 9
The following topics (Chapter 17 and Chapter 18) were discussed in class today:
May 10, 2015 pm (make up class for May 2 if did not attend class)
  • liquidity and efficiency ratios,
  • solvency ratios,
  • profitability ratios,
  • market prospect ratios,
  • description and characteristics of managerial accounting (Chapter 18),
  • various ways to classify costs like fixed / variable, direct / indirect, product / period costs, and
  • preparation and completion of manufacturing statement.
 
 
 
   
Lecture 11
The following topics of Chapter 22 were discussed in class today:
May 16, 2015
  • the differences in the recording of mtm for held for trading and available for sale securities at year end in Ch 15,
  • ratios and their use for analysis in Ch 17,
  • use and benefits of CVP in Ch 22,
  • fixed and variable and other variations of cost structure for CVP,
  • breakeven analysis by unit and sales,
  • expected profit analysis,
  • target profit analysis,
  • evaluation of potential changes, and
  • safety margin analysis.
 
 
 
   
 
 
   
Lecture 13
The following topics were discussed in class today:
May 30, 2015
  • review and practice questions on chapter 15 investments,
  • review and practice questions on chapter 16 statement of cash flow,
  • review of chapter 17 financial statement analysis, and
  • review and practice question on chapter 22 CVP.
 
   

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COURSE OUTLINE AND LECTURE NOTES Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

This course outline is tentative and subject to change based on our progress. Please check the UPDATES section and table below for latest information.

Course syllabus can be downloaded here.

Lecture 1
Accounting for Partnership, Reading: Chapter 12
March 7, 2015
A Form of entity,
B Basic partnership accounting,
C Admission of a partner.
 
 
Assignment distribution
 
Lecture 2
Accounting for Partnership, Reading: Chapter 12
March 14, 2015
D Withdrawal of a partner,
E Liquidation of a partnership.
 
 
Lecture 3
Accounting for Corporation, Reading: Chapter 13
March 21, 2015
A Share capital,
B Accounting for share issues,
C Accounting for share buy backs,
D Preferred shares,
E Statement presentation and analysis.
 
 
Lecture 4
Accounting for Corporation, Reading: Chapter 13
March 28, 2015
A Dividends,
B Retained earnings and income reporting.

 
Assignment 1 due
 
Lecture 5
Long-term Liabilities Common, Reading: Chapter 14
April 4, 2015
A Basics of bonds,
B Accounting for bonds issues,
C Accounting for bonds retirements,
D Accounting for other non-current liabilities,
E Statement presentation and analysis.
 
 
 
Lecture 6
Investments, Reading: Chapter 15
April 11, 2015
A Basics of investments,
B Accounting for debt investments,
C Accounting for equity investments,
D Valuing and reporting investments.
 
 
Lecture 7
Statement of Cash Flows, Reading: Chapter 16
April 18 , 2015

A Uses of cash flow statements,
B Format of cash flow statements,
C Direct method of cash flow statement
D Indirect method of cash flow statement,
E Concept of free cash flow.

 
 
April 18 , 2015
Mid-term Test
 
Lecture 8
Analysis of Financial Statements, Reading: Chapter 17
April 25, 2015
A Basics of financial statement analysis,
B Horizontal analysis,
C Vertical analysis,
D Ratio analysis,
E Earnings persistence and irregular items,
F Limitations of financial statement analysis.
 
 
Lecture 9
Managerial Accounting Concepts and Principles, Reading: Chapter 18
May 2, 2015
A Basics of management accounting,
B Management cost concepts,
C Manufacturing costs in financial statements,
D Recent developments in management accounting.
 
   
May 8, 2015
Made up class for May 23 Lecture 12 Chapter 21 Cost Allocation 6pm to 9pm classroom to be confirmed.
 
Cost Allocation , Reading: Chapter 21
 
   
Lecture 10
Job Order Cost Accounting, Reading: Chapter 19
May 9, 2015
A Basics of cost accounting systems,
B Job order cost flow,
C Reporting job cost data,
D Job order costing systems for services entities.
 
 
Assignment 2 due
   
May 10, 2015
Made up class for May 23 Lecture 12 Chapter 21 Cost Allocation 9am to 12pm C301. Made up class for May 2 Lecture 9 Chapter 18 Managerial Accounting Concepts and Principles 12pm to 3pm C301.
 
Cost Allocation , Reading: Chapter 21
 
 
 
Lecture 11
Process Cost Accounting, Reading: Chapter 20
May 16, 2015
A The nature of process cost systems,
B Equivalent units,
C Activity based costing,
D Production and cost data,
E Comparing unit costs,
F Benefits and limitations of activity based costing,
G Activity based costing in service industries.
 
   
Lecture 12
no class, can attend make up class on May 8 6pm to 9pm (room to be confirmed) OR May 17 9am to 12pm at C301.
May 23, 2015

 
Lecture 13
Cost-Volume-Profit Analysis , Reading: Chapter 22
May 30, 2015
A Cost behavioural analysis,
B Cost-volume-profit analysis,
C Variable costing.
 
 
June 1 to 11, 2015
Final Examination

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COURSE DETAILS Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

Course
Principles of Accounting II (ACCT 2013), Semester II (2014-2015)
 
Course syllabus can be downloaded here.
 
Prerequisites
ACCT 2003 Principles of Accounting I
 
Time and Location
Room D305
 
Instructor
Dr. Thomas Wu
Office
C129
Office hours
By appointment only
Email
thomaswu@uic.edu.hk
Website
http://www.drthomaswu.com (all information for this course can be found here)
 
Teaching Assistant
Ms. Rachel Shang
Office
C119A
Email
rachelshang@uic.edu.hk
 
Aims and Objectives
The objective of this course is to provide students with a general understanding of basic accounting concepts, accounting cycle (bookkeeping), principles and their applications in some selected financial and management topics including partnerships; corporations; non-current liabilities; cash flow statement; financial performance analysis; accounting for manufacturing operations; cost behaviour and CVP analysis; budgeting and budgetary control.
 
Advice to Students
1. Students are advised to read the required texts and materials before attending lectures.
 
2. Students are expected to participate actively in class discussion, to ask relevant questions and to share their views.
 
3. It is absolutely essential for students to complete all assignments according to schedule. Students are required to submit homework assignments in a team of two in chapters 12 and 14 for marking. Suggested solutions for homework will be uploaded on iSpace.
 
4. It is the student¡¦s responsibility to seek help from their respective instructor and teaching assistant. If you need help during the course, please go to your respective instructors for consultation. Instructors will make themselves available during their consultation hours. Teaching assistants are available to assist students during office hours. Please don¡¦t wait till the last minute.
 
Suggested Textbook
Wild, Shaw, Chiappetta, Kwok & Venkatesh, Fundamental Accounting Principles (IFRS Edition (2013), (21st ed.) McGraw-Hill. ISBN 978-007-132550-9
 
Reference

Belverd E. Needles, Marian Powers, Marian Powers, Susan V. Crosson, Susan V. Crosson, Principles of Accounting (9th ed.), Houghton Mifflin Harcourt.

  Edward Vanderbeck, Principles of Cost Accounting (16th ed.), Cengage.
  Ernst & Young, International GAAP 2014: Generally Accepted Accounting Principles under International Financial Reporting Standards (1st ed.), Wiley.
  Leiwy, D. and R. Perks, Accounting: understanding and practice (4th ed.), Maidenhead: McGraw-Hill.Leiwy, D. and R. Perks, Accounting: understanding and practice (4th ed.), Maidenhead: McGraw-Hill.
  Nobes, C., The Penguin dictionary of accounting (2nd ed.), London: Penguin Books.
  Strayer University, Principles of Accounting, Wiley, New edition.
  Meigs, W.B. and Meigs, R.F., Accounting: The Basis for Business Decisions, Latest Ed., McGraw Hill.
  Weygandt, Chalmers, Mitrione, Yuen and Fyfe. (2009). Principles of Accounting. (2nd ed.). John Wiley & Sons, Australia, Ltd.
  Wood, F., Sangster, A., Yau, L., Yau, R., and Yau, J. (2006). Business Accounting. (Hong Kong edition, 3rd ed.). Longman.
  Weygandt, J.J., Kieso, D.E. and Kimmel, P.D. (2013). Accounting Principles. (11th ed.). John Wiley & Sons.
  William, J., Haka, S., Bettner, M.S., and Carcello, J.V. (2009). Financial and Managerial Accounting. (15th ed.). New York: McGraw-Hill.
  Various newspapers, magazines, journal articles and web addresses will be referenced.
   
Teaching Method
The course consists of class lectures and tutorials. Students should attend all lectures and tutorials. Attendence will be taken and there is a required minimum attendence level. Students should have read and be familiar with assigned readings and related materials before class. Students should also work through practice questions and be familiar with the use of a financial calculator.
 
Grading Policy
All university policies concerning acceptable student behavior apply for this course. In particular, unscholarly actions prohibited by the university should be avoided to prevent regretable results from these actions.
 
Calculator Policy

For this course, a general purpose non-financial calcuator can be used. Students who do not have ready access to a financial calculator should be able to perform all the required analysis and calculations using a general purpose non-financial calculator for the tutorials, assignments, mid-term test, and final examination.

You can also use a non-programmable financial calculator for the tutorials, assignment, mid-term test, and final examination. Common financial calculators are HP12c and TI BAII PLUS. User manual in simplified chinese and a tutorial for the HP12c can be found here and a simple tutorial for the HP12c can be found here. User manual for the TI BAII can be found here.

Regardless of the types of calculators used for this course, students are responsible for their own equipment and they cannot be shared in a quiz, test, or examination situation. As a result, students MUST bring their own calculators to each class. In addition, each student must be proficient in the use of their own equipment.

Electronic translators CANNOT be used for quiz, test, or examination situations, but they can be used during class (only with volume off) and your own study time.

 
Financial Terms

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