Mount Saint Vincent University
Department of Business Administration and Tourism and Hospitality Management
Busi 3325 16 18
Intermediate Accounting: Assets
Summer Session 1 (Spring)
Instructor:
Seminars:
Room:
Office Hours:
My Office:
Telephone:
E-mail:
Shawn West MBA CPA, CA
Tues and Thurs 6:00 – 8:30 PM
Online - Blackboard Collaborate
By appointment
N/A
902-221-8203
shawn.west@msvu.ca
Calendar Description:
An examination of the accounting framework and review of the accounting process and basic financial statements. International
Financial Reporting Standards (IFRS) and Accounting Standards for Private Entities (ASPE) will be applied to accounting for the asset
section of the Balance Sheet. Prerequisites: Introductory accounting 2 (BUSI 2222).
Course Description:
Busi 3325 is the first of the two-part Intermediate Financial Accounting sequence. It is required of all accounting majors and all
students who wish to pursue a CPA Chartered Professional Accountant designation, and will be of interest to any business student
who wants to know more about financial statements and how to interpret them. The CPA program exemption requirements are a
minimum grade of C-, with an average of C on core courses. This course reviews and expands on the students’ knowledge of
introductory accounting.
Topics include an examination of the Canadian Financial Reporting Environment and the conceptual Framework underlying financial
reporting. Students are expected to understand the accounting process and basic financial statements. A focus is placed on the
asset side of the balance sheet from cash, the most liquid asset, through to long term assets - property, plant and equipment as well
as intangible capital assets with special emphasis on accounting for assets in accordance with CPA requirements. GAAP for publicly
accountable and private enterprises is presented.
Course Objectives:
•
To extend the student’s knowledge of the meaning of GAAP / IFRS and professional judgement
•
To highlight the constantly changing accounting environment of GAAP, IFRS and PE GAAP
•
To expand upon the concepts taught in Introductory Accounting
•
To integrate modern accounting practices with accounting theory
•
To develop the student’s knowledge of Handbook requirements for the financial accounting and reporting of assets
•
To develop the student’s ability to apply technical details of the CPA Handbook and to apply logic and accounting theory to
areas not covered by professional pronouncements
__________________________________________________________________________________________________
Course Text:
Kieso, D., Weygandt, J., Warfield,T., & Wiecek, I., McConomy, B. Intermediate Accounting, Volume 1,Twelfth Canadian Edition, John
Wiley & Sons Canada, Ltd., 2019
Students should access the current textbook. Using old textbooks can negatively impact your grade and ability to complete
assignments and tests.
SS1 2010
Suggested Reading:
Not all the information discussed in class will be taken directly from the textbook so it is essential to attend class and take notes.
Please check Moodle on a regular basis for assignments and final due dates.
Other Readings:
Access to the CPA Canada Handbook Parts I and II. The CPA Canada Handbook includes both IFRS (Part I) and ASPE (Part II) and can
be accessed from any computer on campus or from home through the Library site on the Mount Saint Vincent University home
page. You will be asked for your user-id and password if accessing from home.
- On the MSVU homepage, select Library
- Select Subject Guides – menu option in middle of page just above large icons
- Select Business – Business Administration
- Select Books, standards, Theses and More - on left hand side of page - Select Standards
-Select CICA Standards and Guidance Collection
- Select Accounting and Assurance – CPA Canada Standards and guidance collection (CPACHB) The Assurance section includes all
of the Canadian auditing standards.
The Accounting section includes –a handbook for private enterprise standards, International Financial Reporting Standards,
Pensions and Not-For-Profit.
Expand using the + signs.
Assessment/Evaluation:
Topic
Percentage of grade
Due Date
Midterm
30% **
May 28
Final Exam
40% **
June 18
Assignments (assigned in
class)
20% ***
1 week following completion of each applicable chapter – Check Moodle
Quizzes
5%
Posted in Moodle - Due Start of Each Chapter
Participation / Attendance
5%
* Students will need a medical note if they are unable to write an exam at the scheduled time.
**In order for students to pass this course, they must have a 50% average (i.e., 35 out of 70) on the midterm and the final
examination. In addition, a minimum grade of 40% on the final exam is required.
*** An assignment schedule follows. Assignments and due dates will be posted in Moodle at least one week prior to the due date.
All papers in this course must use the APA format for citing sources of information unless your instructor indicates otherwise.
This is a fast moving and interactive course that requires class discussion. Attendance is expected of students at all classes and
nonattendance will adversely affect your participation grade. Students should be aware that mere attendance is not participation.
Participation can include classroom discussions, in-class work and/or work in Moodle. Course material and information is posted on
the Moodle website. Students should be aware that the Moodle system has the capability to track student visits to the course
website. This capability provides the professor with some indication of how active students are in the course, and the instructor may
periodically use this information to assess students' engagement with course material.
The Undergraduate Level Grading Scheme 2.2.20 can be found through this link:
http://www.msvu.ca/en/home/programsdepartments/academiccalendars/undergradprograms/regulations/gradingexaminations.as
px
Exams: All final exams must be held during class time in the last class of the Summer term.
The Examination Policy 2.2.21 can be found through this link:
http://www.msvu.ca/en/home/programsdepartments/academiccalendars/undergradprograms/regulations/examinationpolicy.a
spx
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Penalties:
Deadlines for assignments will not be adjusted unless you have a valid reason, and in cases of illness, a note from a doctor will be
required. If you have a personal emergency, you will need to notify me as soon as possible and each situation will be assessed by me
on a case-by-case basis in consultation with the Department Chair as to whether or not deadlines will be extended. Missed deadlines
may result in a daily 5% penalty.
Assignments
The instructor may choose to mark only certain assignment questions.
Assignment questions will be posted in Moodle one week prior to due date. Below are estimates of assignment due dates. Firm
assignment dates will be posted in Moodle. This allows for spending more time on certain topics if needed. Some assignments
may be through Wiley Plus. See Moodle for assigned questions and final due dates.
Assignment
#1
#2
#3
#4
#5
Chapter
Chapters 1 or 2
Chapter 3 or 4
Chapter 5 or 6
Chapter 7 or 8
Chapter 9 or 10
Due Dates
May 14
May 21
May 28
June 4
June 11
Quizzes
Quizzes will be assigned in Moodle on each chapter before the chapter is covered in class. See detailed course
outline below.
Seminar Schedule/Weekly Outline
Dates
Topic and Text Reference
May 5
WEEK
ONE
Quizzes
BE 2-1, BE 2-2, BE 2-6
Quiz chapter 2 due
before start of class on
the 5th.
Introduction, Discuss Course outline, Course
Requirements, Expectations
Structure of Classes, Feedback and Student responsibility
Appendix Review
Read Chapters 1 & 2
Chapter 1
- Financial Statements and Financial Reporting
- Standard setting
- Generally Accepted Accounting Principles
- Introduction to the CICA Handbook Part 1(IFRS)
- CICA Handbook Part II (Private Enterprises
Chapter 2
- Conceptual Framework: qualitative characteristics, elements,
and foundational principles
- Objective of financial reporting
- Financial reporting issues
IFRS/ASPE
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Problems for class
These may be revised
throughout the term
Ex 2-1, Ex 2-2, Ex 2-4,
Ex 2-6, Ex 2-7
P 2-3
May 7
WEEK
ONE
Read Chapter 3
- Measuring Financial Statement Elements
Ex. 3-6, Ex. 3-7, Ex. 38, Ex. 3-9
- Measuring Fair Value using IFRS
P 3-2
Quiz chapter 3 due
before start of class on
the 7th.
- Present Value Concepts
May 12
WEEK
TWO
Read Chapter 4
Reporting Financial Performance - Chapter 4
- Statement of Income and Comprehensive Income
- Statement of Retained Earnings
- Statement of Changes in Equity
- Disclosure and Analysis
May 14
WEEK
TWO
Ex 4-2, Ex 4-4,
Ex. 4-10, Ex 4.19
P 4-1, P 4-5, P 4-8
Quiz chapter 4 due
before start of class on
the 12th.
Read Chapter 5
Financial position and cash flows: Chapter 5
Ex 5-3, Ex 5-4, Ex 5-8,
Ex 5-17, Ex 5-19, Ex
5-20, Ex 5-21
Quiz chapter 5 due
before start of class on
the 14th
- Use and limitations of statement of financial position (SFP)
- SFP classifications and statement preparation, including current
vs. non-current/long-term assets and liabilities and shareholders’
equity
- Statement of Cash Flows
- Financial Ratios
May 19
WEEK
THREE
Read Chapter 6
Revenue recognition: Chapter 6
- Nature of a sales transactions
- Recognition and Measurement
Ex 6-1, Es 6-3, Ex 6-5,
Ex 6-6, Ex 6-10, Ex 615,
Ex. 6-24, Ex 6-27,
Ex 6-29, Ex 6-36
Quiz chapter 6 due
before start of class on
the 19th.
CA 6-2
- Other Revenue Recognition Issues
- Presentation and Disclosure
- Long Term Contracts
May 21
WEEK
THREE
Read Chapter 7 Cash and receivables: Chapter 7
(including Appendix 7A)
- Reporting cash and cash equivalents
- Cash recognition and Measurement
- Accounts receivable: recognition, measurement, impairment
- Presentation, Disclosure, And Analysis of Receivables
- Cash controls: petty cash and bank reconciliations – Appendix 7A
SS1 2010
Ex 7-1, Ex 7-4, Ex 75,
Ex 7-7, Ex 7-14,
Ex 7-21, Ex 7-22
CA 7-1
Quiz chapter 7 due
before start of class on
the 21st.
May 26
Wrap up and Review
May 28
June 2
WEEK
FOUR
Midterm
Read Chapter 8
Inventories
Ex 8-2, Ex 8-3, Ex 8-7,
Ex 8-10, Ex 8-11,
Ex 8-12,
Quiz chapter 8 due
before start of class on
the 2nd.
- Recognition, items included, inventory errors
P 8-5, P 8-6, CA 8-3
- Measurement , costs included, inventory systems, cost formulas,
LCNRV, estimating inventory – gross profit and retail method
- Presentation and Disclosure
June 4
WEEK
FOUR
Read Chapter 9
Investments
-
June 9
WEEK
FIVE
Measurement – cost / Amortized cost, Fair value
through net income, Fair value Other comprehensive
income, impairment model
- Strategic investments Presentation and disclosure
Read Chapter 10 & Chapter 11
Property Plant and Equipment
-
Recognition
Measurement of cost
Measurement after acquisition – cost, revaluation, fair
value
Capitalization of borrowing costs
Depreciation, Impairment, and Disposition
-
June 11
WEEK
FIVE
Method of allocation
Depreciation methods
Impairment methods
Asset groups and cash generating units
Held for sale
Presentation and Disclosure
Finish Chapter 11
Ex 10-2 & 10-4,Ex 105, Ex 10-8, Ex. 10-12,
Ex. 10-15, Ex. 10-18,
Ex 10-23
IC 10-2
IC 12-1
Review
Final Exam
Quiz chapter 10 due
before start of class on
the 9th.
Quiz chapter 11 due
before start of class on
the 9th.
IC 11.1
Intangible Assets and Goodwill
Characteristics of Goodwill
Characteristics of Intangible Assets
Recognition and measurement
Impairment and De-recognition
Goodwill
Presentation and Disclosure
Quiz chapter 9 due
before start of class on
the 4th.
Ex 11-4, Ex 11-9, Ex
11-15, Ex 11-20, Ex
11-21, Ex 11-25, Ex
11-28
Ex 12-1, Ex. 12-5, Ex
12.9, Ex 12-13, Ex 1219
Learning Passport: N/A
SS1 2010
CA 9-1
Read Chapter 12
June 16
June 18
Ex 9-3, Ex 9-6, Ex 911,
Ex 9-14, Ex 9-19,
Ex 9-22
Quiz chapter 12 due
before start of class on
the 11th.
Use of Course Material:
As a student in this course you should observe the following:
• Course material to which you are granted access in this course is only to be used for this course.
• Material that you submit as part of the requirements of this course cannot be used to complete the requirements of another
course, without the expressed permission of the instructor of the second course. This constitutes cheating as stated in the
Academic Calendar.
• Students do not have permission to upload course material to any external websites or share with others, unless expressly
permitted to do so by the instructor. If you require further clarification about using materials from this course in other contexts,
please contact the instructor.
• Under no circumstances are students permitted to provide anyone not registered in this course with access to the Mount Online
course site established for the course.
• Only students registered in this Mount Online course site are permitted to view, download, upload, comment or otherwise
participate in this course site.
Notes:
• Regular attendance is expected of students at all classes.
• Students requesting special consideration as a result of a conflict with a deadline for an assignment or an examination must do
so in advance of the relevant deadline.
• Students who have a disability and who require academic accommodations must register with Accessibility Services as early as
possible in order to receive accommodations. http://www.msvu.ca/Accessibilityservices
• Requests for accommodation of specific religious or spiritual observance must be presented in writing to the instructor within
the first two weeks of class.
• University regulations on plagiarism and cheating and other academic offenses will be strictly enforced. These regulations
including applicable procedures and penalties are detailed in the University Calendar and are posted on department notice
boards and on the website at www.msvu.ca on the Current Students page under Academic Offenses.
• Correct use of language is one of the criteria included in the evaluation of all written assignments.
• Students who conduct research involving human participants must have their research reviewed in accordance with the MSVU
Policies and Procedures for Ethics Review of Research Involving humans before starting the research. Check with your course
professor or Chair of the department about proper procedure.
• If a faculty member wishes to change a course outline after the start of classes, this can only be done with reasonable notice to
the class. After the deadline to register/add a course, changes to the timing, number, and weighting of assignments and
examinations need the approval of the Dean.
• All students, including those in labs and pass/fail courses, must receive written feedback from instructors before the deadline
for withdrawing without academic penalty. This requirement does not apply to practica, co-ops and internships.
• No tests or examinations worth more than 20% of the course grade shall be held in the last two weeks of classes in the
Fall/Winter semesters
HELPFUL MSVU ONLINE RESOURCES FOR YOU:
• Mount website: http://www.msvu.ca
• IT Services:
o Website: http://www.msvu.ca/en/home/studentservices/itservices/default.aspx
o helpdesk@msvu.ca
o 902-457-6538 during normal business hours
o 902-457-6788 during evenings and weekends
o 902-457-6601 from the computer lab phones
o Monday to Thursday, 8:30am - 8:00pm, EMF Lower Level
o Friday, 9:00am - 5:00pm, EMF Lower Level
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• Teaching and Learning Platform:
o
o
o
Moodle: https://www.msvu.ca/en/home/programsdepartments/tlcol/MoodleCollaborate/default.aspx
Moodle login: http://moodlelive.msvu.ca
Moodle Student Guide: http://moodlelive.msvu.ca/mod/resource/view.php?id=34234
• Online Learning support
o General Inquiries onlinelearning@msvu.ca
o Mount Online Support online@msvu.ca
o Phone 902-457-6511
o Toll-Free 1-800-665-3838
•
•
•
•
•
Student email: https://www.msvu.ca/en/home/studentservices/itservices/outlookwebaccess.aspx
Assisi Information Centre: (902) 457-6788
Parking/Security: https://www.msvu.ca/en/home/aboutus/safety-security/parking/default.aspx
Undergraduate Academic Calendar: http://www.msvu.ca/calendar/undergraduate.asp
Library: http://www.msvu.ca/library/ • Writing Resource Centre:
http://www.msvu.ca/en/home/studentservices/academicadvisingsupport/writingresourcecentre/default.aspx
• Student Services: http://www.msvu.ca/en/home/studentservices/default.aspx
• Class Cancellation Line: (902) 457-6566 and website: http://www2.msvu.ca/classcancellation/Pages/index.aspx
Mount students registered in the Business or Tourism Programs are considered members of the Halifax Chamber of Commerce and
have access to information and great offers, including but not limited to:
• Join one (or many!) of our 100+ events and make connections to the business community. These businesses are the companies
that will be looking to hire students, like yourself, in the future!
• Discounts from our many Benefit Providers including Home & Auto insurance with TD Insurance.
• Access to our Member Directory, a great way to connect with local businesses.
• M2M Marketplace offers.
SS1 2010
Busi 3325.16.18 SS1
Midterm Review
Date:
May 28, 2020
Time:
6:00 – 9:00 p.m.
Room:
Online through Moodle (available from 6 – 9 pm)
Please study:
Chapters 1 through 6 in the textbook and also suggest the accompanying power points
and self-study/in class questions
Exam Makeup:
20 multiple choice questions from all six chapters (random questions from a
question bank)
1 short question from chapter 1
1 short question from chapter 2
1 question from chapter 3
1 question from chapter 4
1 question from chapter 5
1 short question from chapter 6
Please remember:
Please answer questions fully and show all work.
Exam should be submitted in Word or Excel through Moodle submission. If I
can’t read it, I can’t mark it.
This is designed as a three-hour exam. The exam is not very difficult, but if you
simply look for every answer in your book (the affect of having an online test
with no proctor), you will quickly run out of time. I suggest knowing the work
and be prepared.
All work MUST be your own. No working together.
All answers should be in good form and presented properly.
What you should know:
You are responsible for all material noted in course outline, but I would suggest paying extra attention
to the following:
•
•
•
•
•
You should know how to read and identify and complete the financial statements we reviewed
Know your journal entries and how they affect your various accounts (as a debit vs credit or
increase vs. decrease)
Know how to analyze and complete a cash flow statement. Cash also has a discounted value.
Know the steps to determine revenue recognition and how to journalize
You should also be comfortable with foundational accounting principles and qualitative
characteristics
Note: As discussed in class, I will make the exam accessible on Moodle from 6-9 p.m. You will
(please) submit through Moodle on or before 9 pm on the exam day (May 28). If this is a
problem, please advise BEFORE the exam day.
This is important…exams are due at 9 p.m.
Suggested Exercises:
the chapter materials, the power points and self-sutdy questions discussed each
class should prepare you well for the similar questions on the test.
I am sorry for the strict rules but they are necessary for an online exam like this. I know you will all do
well. Please note, I do not answer questions the day of the exam. I truly hope it goes well!!!
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