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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.
Click to go
directly to: (1) Updates, (2) Course
Outline and Lecture Notes, (3) Lecture Review,
or(4) Course Details.
UPDATES Back to top || Updates || Course Outline and Lecture Notes || Lecture
Review || Course Details
Please check here for updates during the semester:
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| September
13,
2016 |
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| September
13,
2016 |
When
downloading the powerpoints, please check the first page to
make sure that they are the 2015 version. |
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| September
13,
2016 |
Make
up class (due to October 5 holiday) is scheduled for Saturday,
September 24 from 9 am to 12 pm. The room is being booked
now and I will announce here once confirmed by AR. |
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| September
16,
2016 |
The
make up class is confirmed to be held on Saturday September
24, 2016 at room C301 from 9 am to 12 pm. |
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| September
28,
2016 |
For
Assignment One due October 7, 2016, you can send it in via
iSpace. If you have problem submitting your assignment via
iSpace, please scan your finished assignment and email to
our TA at xiaozhenyin@uic.edu.hk. Please make sure that you
email to our TA before the due time and clearly mark in the
email your class session, your name and your student number.
The same information should be included in the file name and
also within the pdf file. |
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| September
29,
2016 |
For
Assignment One due October 7, 2016, please submit through
iSpace ONLY. Our TA is adding the submit assignment feature
so it should be available by October 7 when the assignment
is due. Due to logistic reasons, please submit ONLY THROUGH
ISPACE. Thank you. |
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| October
5,
2016 |
Assignment
One due October 7, 2016, please submit through iSpace ONLY.
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| October
14,
2016 |
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| October
29,
2016 |
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| November
20,
2016 |
Due
to unforeseen event, I was not able to return to Zhuhai in
time for our class on Monday, November 21. I will arrange
for a make up class and will post information here and also
by email once the details are known. |
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| November
28,
2016 |
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| November
28,
2016 |
A
make up class is schedule on Saturday, December 3 from 8 am
to 10:30 am at room C205. We will continue with ABC in Chapter
21 and start CVP in Chapter 22. |
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| November
29,
2016 |
Just
confirmed: the final exam will ONLY include five essay questions
with scope as described previously. |
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| December
5,
2016 |
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Back to top || Updates || Course Outline and Lecture Notes || Lecture
Review || Course Details
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
(2 assignments, 10% each) |
20% |
| Midterm
test (1.5 hours) |
20% |
| Final
examination (3 hours) |
50% |
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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.
Assignment
(10%
each, 20%
of total). There are two assignments for this class, each
accounting for 10% of the total. Assignment
1 can be downloaded
here. Assignment
2 can be downloaded
here.
| Assignments.
|
Assignment
rubrics can be downloaded
here. |
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Chapter |
Questions |
Hand-in
Assignment Due |
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Chapter
12 |
Q1,
Q2, E12-4, P12-3A, 4A
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Chapter
13 |
Q1,
E13-2, P13-2A, 3A, 5A |
In
week 4 on October 7, 2016 |
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Chapter
14 |
Q1,
E14-1, P14-2A (exclude no. 4), 3A, 4A |
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Chapter
15 |
Q1,
E15-1, P15-1A, 2A, 3A |
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Chapter
16 |
Q1,
E16-1, P16-1A, 3A |
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Chapter
17 |
Q1,
E17-1, P17-1A, |
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Chapter
18 |
Q1,
E18-9, P18-2A, 8A |
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Chapter
19 |
Q1,
E19-3, P19-1A, 4A, 5A |
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Chapter
20 |
Q1,
E20-2, P20-1A, 3A, 4A |
In
week 10 on November 25, 2016 |
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Chapter
21 |
Q4,
E21-2, P21-1A, 2A, 3A |
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Chapter
22 |
P22-1A,
4A, 5A, 7A |
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NOTES
TO STUDENTS: |
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1.
Any requirements related to ˇ§decision analysisˇ¨ parts and appendixes
can be ignored. |
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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 October 22, 2016 time and
place to be confirmed. Please see mid-term test rubrics for more
details on the grading. Mid-term
test rubrics can be downloaded
here. The
midterm test review can be
downloaded here.
Midterm sitting plan can be downloaded
here.
Final examination (50% of the total). The
final exam is to be held in the morning of Tuesday, December 13.
It will cover Chapters 12 to 22. The
final exam scope and other details can be downloaded
here.
The following
parts of the textbook will not be covered unless informed otherwise:
All
appendixes |
Decision
Analysis section that appears at the end of chapter |
Ch
12 Liquidation of Partnership (P. 473-475)
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Ch
13 Reporting of Equity - OCI & Changes in Equity (P. 506-508) |
Ch
14 Bond Pricing (P. 543-544) |
Ch
21 Evaluating Investment Centre Performance and Responsibility
Accounting (P. 839-843) |
Ch
22 Multi-product Break-even Point (P. 887-889) |
Back to top || Updates || Course Outline and Lecture Notes || Lecture
Review || Course Details
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
| September
12,
2016 |
The
following topics were discussed in class today: |
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-
logistics including rubics for assignments and mid-term,
- forms
of business,
- partnership
characteristics,
- partnership
formation recording,
- partnership
profit sharing calculation and recording,
-
new
partner joining a partnership calculation and recording,
and
-
existing
partner leaving a partnership calculation and recording.
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| September
19,
2016 |
The
following topics were discussed in class today: |
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-
practice questions on sharing of income and losses between
partners,
- practice
questions on new partner joining and existing partner
leaving,
- characteristics
of corporations,
- journal
entries for issuance of no-par, par, and stated value
shares, and
- dividend
declaration date, record date, and payment date.
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| September
24,
2016 |
The
following topics were discussed in class today: |
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dividend
declaration date, record date, and payment date.
-
journal
entries for declaration and payment of cash dividends,
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-
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cumulative
and non-cumulative preferred shares, and
-
participating
and non-participating preferred shares.
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| September
26,
2016 |
The
following topics were discussed in class today: |
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-
treasury
shares and the recording of their transactions,
- differences
between ch 12 and ch 13 versus ch 14
-
advantages
and disadvantages of using bond financing,
-
price
quote convention for bonds,
-
bond
life cycle from issuance to maturity date,
-
issuance
at par, at discount, and at premium, and
-
how
to record journal entries for par bonds.
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| October
10,
2016 |
The
following topics were discussed in class today: |
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-
issuance
of bonds at par, at discount, and at premium,
-
how
to record the issuance of bonds at par, at discount,
and at premium,
-
how
to record the interest payments,
-
the
use of effective interest calculation to determine
the bond discount and premium amortizaton,
- recording
of bonds retirement,
- mortgage
style repayment, and
- introduction
to investments.
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| October
17,
2016 |
The
following topics were discussed in class today: |
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-
introduction
to investments,
-
how
to account for held for trading securities,
-
how
to account for available for sale investments,
- review
of Assignment 1 questions, and
- partnership
practice questions.
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| October
24,
2016 |
The
following topics were discussed in class today: |
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-
how
to account for debt investments,
-
how
to account for control equity investments,
-
how
to account for significant influence investments,
-
how
to account for held for trading securities,
-
how
to account for available for sale investments, and
- introduction
to statement of cash flow.
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| October
31,
2016 |
The
following topics were discussed in class today: |
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- review
of midterm test questions,
-
introduction
to statement of cash flow,
- classification
of operating, investing and financing activities,
- recording
of non-cash activities,
- practice
questions on preparation of statement of cash flow,
- introduction
to financial statement analysis, and
- use
of horizontal, vertical, and ratio analysis.
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| November
7, 2016 |
The
following topics were discussed in class today: |
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-
use
of horizontal, vertical, and ratio analysis,
-
liquidity
and efficiency 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.
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| November
14,
2016 |
The
following topics were discussed in class today: |
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-
preparation
and completion of manufacturing statement,
-
introduction
to job order cost accounting,
-
use
of predetermined overhead rate for overhead costs,
-
overapplied
and underapplied of overhead rates, and
-
introduction
to process costing.
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| November
28,
2016 |
The
following topics were discussed in class today: |
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-
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.
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| December
3, 2016 |
The
following topics were discussed in class today: |
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-
-
fixed
and variable and other variations of cost structure
for CVP,
-
breakeven
analysis by unit and sales,
-
expected
profit analysis,
-
-
evaluation
of potential changes,
-
margin
of safety analysis, and
-
operating
leverage calculation.
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| December
5, 2016 |
The
following topics were discussed in class today: |
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-
revision
question on ch 22 CVP,
-
revision
question on ch 16 statement of cash flow,
-
revision
question on ch 15 investments, and
-
revision
question on ch 14 long term liabilities.
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Back to top || Updates || Course Outline and Lecture Notes || Lecture
Review || Course Details
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 |
| September
12,
2016 |
A
Form of entity,
B Basic partnership accounting,
C Admission of a partner.
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Assignment
distribution |
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| Lecture
2 |
Accounting
for Partnership, Reading: Chapter 12 |
| September
19,
2016 |
D
Withdrawal of a partner,
E Liquidation of a partnership.
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| Lecture
3 Make up |
Accounting
for Corporation, Reading: Chapter 13 |
| September
24,
2016 |
A
Share capital,
B Accounting for share issues,
C Accounting for share buy backs,
D Preferred shares,
E Statement presentation and analysis.
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| Lecture
4 |
Accounting
for Corporation, Reading: Chapter 13 |
| September
26,
2016 |
A
Dividends,
B Retained earnings and income reporting.
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| October
7, 2016 |
Assignment
1 due Friday October 7 |
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| Lecture
5 |
Non-current
Liabilities,
Reading: Chapter 14 |
| October
10,
2016 |
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.
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| Lecture
6 |
Investments,
Reading:
Chapter 15 |
| October
17,
2016 |
A
Basics of investments,
B Accounting for debt investments,
C Accounting for equity investments,
D Valuing and reporting investments.
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| October
22,
2016 |
Mid-term
test Saturday October 22, 2016 at 12:30 to 2:00 pm at B201. |
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| Lecture
7 |
Statement
of Cash Flows, Reading: Chapter 16 |
| October
24,
2016 |
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.
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| Lecture
8 |
Analysis
of Financial Statements, Reading: Chapter 17 |
| October
31,
2016 |
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.
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| Lecture
9 |
Managerial
Accounting Concepts and Principles, Reading: Chapter 18 |
| November
7, 2016 |
A
Basics of management accounting,
B Management cost concepts,
C Manufacturing costs in financial statements,
D Recent developments in management accounting.
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| Lecture
10 |
Job
Order Cost Accounting, Reading: Chapter 19 |
| November
14 ,
2016 |
A
Basics of cost accounting systems,
B Job order cost flow,
C Reporting job cost data,
D Job order costing systems for services entities.
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| November
25,
2016 |
Assignment
2 due Friday November 25 |
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| Lecture
11 |
Process
Cost Accounting, Reading: Chapter 20 |
| November
28,
2016 |
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.
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| Lecture
12 |
Cost
Allocation,
Reading: Chapter 21, Room C205 |
| December
3, 2016 |
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| Lecture
13 |
Cost-Volume-Profit
Analysis,
Reading: Chapter 22 |
| December
5, 2016 |
A
Cost behavioural analysis,
B Cost-volume-profit analysis,
C Variable costing.
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| December
13, 2016 |
Final Examination. |
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Back to top || Updates || Course Outline and Lecture Notes || Lecture
Review || Course Details
COURSE DETAILS Back to top || Updates || Course Outline and Lecture Notes || Lecture
Review || Course Details
| Course |
Principles
of Accounting II (ACCT 2013), Semester II (2016-2017) |
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|
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| Prerequisites |
ACCT
2003 Principles of Accounting I |
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| Time
and Location |
11am
to 12pm Room C304; 1pm to 6pm Room C406 |
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|
| Instructor |
Dr.
Thomas Wu |
| Office |
C129 |
| Office
hours |
By
appointment only
|
| Email |
thomaswu@uic.edu.hk |
| Website |
|
| |
|
| Teaching
Assistant |
Mr.
Xiaozhen YIN |
Office |
C119A |
Email |
xiaozhenyin@uic.edu.hk |
Office
number |
3620294 |
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|
| 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. |
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|
| Notes
to Students |
1.
Students are advised to pre-read the assigned chapter before
each lecture. |
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2.
Students are expected to participate actively in class discussions,
ask relevant questions, and share their views. |
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3.
The use of the Chinese version and/or the photocopied version
of the textbook in class is disallowed. |
| |
4.
It is absolutely essential for students to complete the homework
assignments according to schedule. Students are required to
complete the assignments in teams of two and submit to the
TAs hard copies of their work for marking. Suggested solutions
for homework and self-practice exercises/problems will be
available from iSpace. |
| |
5.
It is the studentsˇ¦ responsibility to seek help from their
respective instructors and teaching assistants. To ensure
that your instructor is available for consultation during
your desired date and time, please make an appointment with
the instructor in advance via email or whilst in class. Teaching
assistants are available to help students during their office
hours on a first-come, first-served basis. It is advisable
that you make an appointment with the TA in advance. Please
donˇ¦t wait till the last minute to obtain clarification on
what you do not understand. |
| |
|
| Suggested
Textbook |
Wild,
Shaw, Chiappetta, Kwok & Venkatesh, Fundamental
Accounting Principles (IFRS Edition (2013),
(21st ed.) McGraw-Hill. ISBN 978-007-132550-9
|
| |
|
| Reference |
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. 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. |
| |
|
| 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.
|
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| Financial
Terms |
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:
Online
finance dictionaries:
Other
unverified sources of financial references:
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Back to top || Updates || Course Outline and Lecture Notes || Lecture
Review || Course Details
|