Updates:

(Updated June 7, 2008) Final examination. I was glad to see that almost all of you were able to complete all the questions in the final examination. I hope that you have learned something useful from this course and found the final examination to be a good check of what you have learned. If you have questions on how to answer particular questions, please let me know and I can answer it here.

(Updated May 26, 2008) Assignment 2 question and answer key. The answer key for assignment 2 can be downloaded here.

(Updated May 23, 2008) Logistics for your questions from now until the final examination. May 22 was the last day of class. For your study, please check the Assignment 2 answer key that I will post here the night of the due date, then review any questions that you have done incorrectly. If you have any questions on the course material, please (1) send me an email (thomaswu@uic.edu.hk) with your question and I will post an answer here for everyone to share, or (b) check with Betty in her office. Good luck.

(Updated May 23, 2008) Notes from exercise questions in class May 22. The lecture notes from the review exercise questions on May 22 can be downloaded here.

(Updated May 19, 2008) Lecture slides for review session May 15. The lecture slides used for review on May 15 can be downloaded here.

(Updated May 15, 2008) Answer key for Quiz on May 15, and my notes from the cash flow exercise. The answer key for the quiz on May 15, 2008 can be downloaded here. My notes on the indirect method on cash flow statement can be downloaded here.

(Updated May 9, 2008) Review session. There are only two lectures left before the final examination. We will use them to finish the remaining materials and then review all the materials as much as possible. Therefore, several things all students must do. 1. Must come to the two remaining lectures. 2. Bring all previous lecture notes, quiz, homework assignment, tutorial notes, and your book to the lectures. 3. Do a quick review for topics that you need further explanation so that I can incorporate those into the review. 4. I will post practice exercises here in the next several weeks that you must try to do. 5. You must check your attendance status from class to make sure that you meet the 85% attendance requirement; if you do not meet this requirement after coming to the last two lectures, you must come and talk to me to fix this. Otherwise, you might fail the course even after taking the exam.

(Updated May 6, 2008) Practice questions for Lectures 11 to 14. Practice questions to try for Lectures 11 to 14. Chapter 23 Questions and Problems E23.4, E23.8, P23.1, P23.3, and P23.5. Chapter 24 Questions and Problems P24.1 and P24.2. Chapter 25 Questions and Problems E25.1, 25.3, 25.4, 25.9, P25.1, P25.2, and P25.5.

(Updated May 3, 2008) Answer key for Chapter 22 exercise qustions. Answer key for Chapter 22 exercise questions can be downloaded here.

(Updated April 28, 2008) Requirement for attendance. UIC has a requirement that students attend 85% of the classes. Failing to do so might result in a failing grade. Please check with your TA on your attendance record if this requirement is a problem for you. But please make sure that you check early so that remedial action can be taken when there is still time. If you wait, it might be too late if final exam is around the corner.

(Updated April 26, 2008) Exercise questions that you can do. The following is a list of exercise questions that you can do. Chapter 22 - E22.3, E22.4, E22.5, E22.6, E22.8, P22.1, P22.2, and P22.3. I will talk a little bit more on this topic next week and the answer will be posted next week.

(Updated April 21, 2008) Top ten difficult questions from mid-term test. Now that the mid-term test is over, I think there must be test questions that you are unsure of or think that are particularly difficult. I am preparing a Top Ten Most Difficult Mid-term Test Questions list, and then I will provide more detailed explanations of the questions. Therefore, if there are any mid-term test questions that you would like more detailed explanations for, please send me an email.

(Updated April 21, 2008) Absent from class. As required by the school, each student must attend at least 85% of the classes in order to pass the course. Several of the students are not able to meet this requirement. Individual emails will be sent to these students to determine remedial actions to be performed.

(Updated April 21, 2008) Mid-term test score distribution. Attached below the score distribution of the mid-term test. The mean score is 54, and the median score is 54.

(Updated April 18, 2008) Updated mid-term test last question. I have forgotten to include the current liabilities in my previous answer key for the debt to total assets ration for the very last question. The correct answer should be 240000 / 400000 for 0.6. The answer key has been updated.

(Updated April 17, 2008) Mid-term test answer key. Answer key for mid-term test can be downloaded here.

(Updated April 11, 2008) Please prepare for tutorial on Monday, April 14, 2008. Please bring questions that you have to the tutorial sesson on Monday April 14 so that Betty can work through the problems with everyone. But please email the question to her first so she can prepare the material.

(Updated April 11, 2008) Mid-term test location. The mid-term test will be held in D301 (SAME classroom as our weekly classes).

(Updated April 11, 2008) Lecture notes from April 10, 2008. The lecture slides can be downloaded here, and the lecture handwritten notes can be downloaded here.

(Updated April 6, 2008) Lecture slides for lectures 10 to 13 available now. Lecture slides for lecture 10 to lecture 13 are available now in both the format for printing in pdf and for translation in Google in htm. Please see the Lecture Notes section below.

(Updated April 2, 2008) Answer for exercise questions. The answer to the exercise questions for Chapters 14, 15, 13, 19, 18, and 17 can be downloaded here.

(Updated March 25, 2008) Exercise questions that you can do. The following is a list of exercise questions that you can do to help you understand the topics better. I will post the answer key next week. Chapter 14 - Question 7, E14.3, E14.7, E14.13, P14.1. Chapter 15 - E15.4, E15.8, P15.1, P15.3. Chapter 13 - E13.2, P13.3, P13.4, P13.5. Chapter 19 - E19.4, E19.7, E19.8, E19.9, P19.5. Chapter 18 - E18.1, E18.5, E18.7, E18.11, P18.1, P18.2, P18.5, P18.6. Chapter 17 - BE17.2, BE17.3, E17.5, P17.1, P17.3, P17.4.

(Updated March 25, 2008) Lecture notes for Lecture 7, 8 and 9. Lecture slides for Lecture 7, Thursday, April 3, 2008 and Lecture 8, Thursday, April 10, 2008 can be downloaded here. I might start on this topic on Thursday, March 27, 2008. The webpage version that you can translate into Chinese can be downloaded here. Lecture slides for Lecture 9, Thursday, April 17, 2008 can be downloaded here. The webpage version that you can translate into Chinese can be downloaded here.

(Updated March 20, 2008) Assignment 1. Assignment 1 can be downloaded here. Answer sheet for Assignment 1 can be downloaded here. Please answer the questions on the answer sheet. Assignment 1 due by 3pm Thursday, March 27, 2008 (before class, please submit to Betty).

(Updated March 17, 2008) Lecture notes for Lecture 5 and Lecture 6. Lecture slides for Lecture 5, Thursday, March 20, 2008 can be downloaded here. The webpage version that you can translate into Chinese can be downloaded here. Lecture slides for Lecture 6, Thursday, March 27, 2008 can be downloaded here. The webpage version that you can translate into Chinese can be downloaded here.

(Updated March 13, 2008) Change of mid-term test and assignment 2 dates. The mid-term test will be held on April 17, 2008 instead of April 3, 2008. The review for the mid-test test will be held on April 10, 2008 instead of March 27, 2008. Assignment 2 will be distributed on May 15, 2008 instead of April 24, 2008.

(Updated March 13, 2008) Lecture notes available for Google translation. As discussed in class, I have set up the lecture slides so that they can be translate into Chinese using Google translation. When you open the file, use the translation box and select the language to translate to. Click here to download lecture slides for translation: Lecture 1, Lecture 2, Lecture 3, Lecture 4.

(Updated March 12, 2008) Partnership Accounting Example Updated with translation. I have used the Google translation service and translated the partnership accounting example. However, the translation is not perfect and you should use the English version as your main focus but you can use the chinese translation to help your understanding.

(Updated March 10, 2008) Lecture notes for Lecture 4. Lecture slides for Lecture 4, Thursday, March 13, 2008 can be downloaded here.

(Updated March 7, 2008) Partnership Accounting Example. I have prepared a partnership accounting example from inception to liquidation, with partners joining and leaving, which you can review. Click here to download.

(Updated March 7, 2008) Scheduling A Review Tutorial Session. I would like to schedule extra tutorial sessions to review the material before the mid-term test. Please check your schedule to determine times that you can attend extra tutorial session during the week of March 24, 2008.

(Updated March 7, 2008) Change in Assignment 1 dates. Assignment 1 will be distributed on Thursday, March 20, 2008 and due on Tuesday, March 25, 2008.

(Updated March 7, 2008) Change in teaching schedule. The schedule for Lecture 4 to Lecture 7 is reversed; i.e. we will teach financial statement analysis, statement of cash flows, investments, and non-current liabilities for Lecture 4, 5, 6, and 7 respectively. The schedule below shows the changed schedule.

(Updated March 7, 2008) Textbook available. I have left my textbook with Betty. If you do not have a textbook yet, please ask her to borrow my book and make copies of the relevant material until a textbook can be ordered. If you have friends that do not have a book yet, make a copy for them as well. Unfortunately, I do not know the book ordering situation.

(Updated February 29, 2008) Lecture notes for Lecture 3. Lecture slides for Lecture 3 can be downloaded here.

(Updated February 27, 2008) Lecture notes for Lecture 2. Lecture slides for Lecture 2 can be downloaded here.

(Updated February 27, 2008) Summary Notes. I have prepared some summary notes for Lecture 1 and an Excel file showing the treatment of cumulative and non-cumulative preferred dividends. To download the summary notes, click here. To download the Excel, click here.

(Updated February 27, 2008) Tutorial session. We will have a tutorial session on Thursday, February 28 from 5pm to 6pm. We will go through treatment of cumulative and non-cumulative preferred dividends. If we have time, we will also go through recording of share issuance in instalment and dividends declaration and payment.

(Updated February 22, 2008) Revised lecture notes. I have made some clarifications to the lecture slides after it was printed for class, to download the one used for class, click here.

COURSE OUTLINE AND DETAILS

ASSESSMENT

The final grade is based on four parts:

LECTURE NOTES

Dr. Thomas Wu

This subject aims at providing 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; budgetary control and performance evaluation; and relevant cost and analysis for management decision making.

Principles of Accounting, Weygandt, Chalmers, Mitrione, Yuen, Fyfe, Wiley, 2007

1. Needles, B.E., Powers, M., Mills, S.K. and Anderson, H.R., Principles of Accounting, Latest Ed., Houghton Mifflin Co.
2. Waygandt, J.J., Kieso, D.E. and Kimmel, P.D., Accounting Principles, Latest Ed., John Wiley & Sons.
3. Meigs, W.B. and Meigs, R.F., Accounting : The Basis for Business Decisions, Latest Ed., McGraw Hill.
4. Larson, K.D., Wild, J.J. and Chiappetta, B., Fundamental Accounting Principles, Latest Ed., McGraw-Hill.

Students are expected to read the textbook before the lectures and complete assignments before the tutorials. Tutorial discussions will relate to material covered in the preceding lecture and will include consideration of problems and case studies. Students will be required to make presentations in the tutorial.

There are specific terms that apply to accounting and finance, and there are various online sources that can help students understand these terms.

Download and print for reference:

• Hong Kong Exchange glossary of terms (English to Chinese)
• 88translation.com finance dictionary (Chinese to English, English to Chinese)

Online finance dictionaries:

• Reuters Chinese to English and English to Chinese finance dictionary
• Goldman Sachs English to Chinese finance dictionary
• Goldman Sachs Chinese to English finance dictionary
• Morgan Stanley English to Chinese finance dictionary

Other unverified sources of financial references:

• Finance Street - a finance related site prepared by the government
• Financial glossary of terms
• List of dictionaries