Syllabus
Syllabus
Intermediate Accounting (I)
Fall 2013
Text::
Donald Kieso, Jerry Weygandt, Terry D. Warfield, Intermediate Accounting, John Wiley &Sons, Inc., New York, NY, USA, 14th. Edition, 2012.
Student Companion Site: http://bcs.wiley.com/he-bcs/Books?action=index&itemId=0470587237&bcsId=6326
Class::
Male: Sun, Mon, Wed 09:00 – 10:00, Rm.: A1-303
Female: Sun, Mon, Wed 10:00 – 11:00, Rm.: A1-305
Instructor::
eMad AbuShaaban, CPA (PAL)
MSA, Master of Science in Accounting /USA
MMD, Master in Management Development /SPAIN
Inception Phase, Ph. D in Accounting /EGYPT
Website: https://sites.google.com/site/emadabushaaban/
Youtube: http://www.youtube.com/user/emadabushaaban
Office Hour::
Tue, Thu 9:00 - 10:00 or
By Appointment, Cellular: 0599 885 448,
Email: emad.abushaaban@gmail.com
Objective::
This course introduces financial accounting and accounting standards, it addresses the conceptual framework for financial accounting, it illustrates the accounting information system, it examines income statement and related information, it explains the balance sheet and statement of cash flows, it covers accounting and the time value of money, it elaborates cash and receivables, it presents valuation of inventories: a cost-basis approach, moreover, inventories: additional valuation issues, it also, illustrates acquisition and disposition of property, plant, and equipment, depreciation, impairments, and depletion, finally, it explains the intangible asset.
Class::
Lecture, class discussion, problem solving, assignment presentation Format and computer lab if it was possible.
Assignment::
For full credit, assignments must be submitted at the beginning of class on the date due. Late assignments are accepted unless (1) they are discussed in class or (2) the start of final exams . Grads on assignments are reduced proportionate to the extent that they are late.
Workgroups:
Group study and discussion outside of class is encouraged. Group work on assigned exercises and problems from the text is acceptable only if each student submits his or her own copy of the assignment (Note: reproductions are not acceptable.)
Grading Scale:
Presentation 20%
Mid-term Exam 20%
Final Examination 60%
Examination questions are tested for validity. If 60% or more of those who respond to a question give an incorrect answer, that question (or part of a question) will be invalidated and the basis of the examination adjusted; equivalent extra credit is added to the score of those students who answer the question correctly.
Week #1
Chapter 1
Financial Accounting and
Accounting Standards 2
Thinking Outside the Box
- It’s the Accounting 5
- Don’t Forget Stewardship 6
- You Have to Step Back 16
- Fair Consequences? 17
- Ethics in the Environment of
- Financial Accounting 20
Assignments:
- Q1-1, 3, 5, 7, 9, 11, 13, 15, 17, 19
- CA1-1, 3, 5, 7, 9, 11, 13, 15, 17, 19
IFRS Insights 32
Week #2
Chapter 2
Conceptual Framework for
Financial Accounting 42
What Is It?
- What’s Your Principle? 45
- Living in a Material World 50
- Show Me the Earnings! 53
- Whose Company Is It? 56
- You May Need a Map 63
Assignments:
- Q2-1, 3, 5, 7, 9, 11, 13, 15
- BE2-1, 3, 5, 7, 9, 11, 13
- E2-1, 3, 5, 7, 9
IFRS Insights 81
Week #3
Chapter 3
The Accounting Information System 86
Needed: A Reliable Information System
- Am I Covered? 110
- 24/7 Accounting 113
- Statements, Please 117
APPENDIX 3A Cash-Basis Accounting versus
Accrual-Basis Accounting 121
APPENDIX 3B Using Reversing Entries 126
APPENDIX 3C Using a Worksheet:
The Accounting Cycle Revisited 129
Assignments:
- Q3-1, 3, 5, 7, 9, 11, 13, 15
- BE3-1, 3, 5, 7, 9, 11, 13
- E3-1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23
IFRS Insights 153
Week #4
Chapter 4
Income Statement and Related
Information 158
Watch Out for Pro Forma
- Four: The Loneliest Number 162
- Are One-Time Charges Bugging You? 169
- Extraordinary Times 172
- Different Income Concepts 181
Assignments:
- Q4-1, 3, 5, 7, 9, 11, 13, 15
- BE4-1, 3, 5, 7, 9, 11
- E4-1, 3, 5, 7, 9, 11, 13, 15, 16
IFRS Insights 204
Week #5
Chapter 5
Balance Sheet and Statement
of Cash Flows 212
Hey, It Doesn’t Balance!
- Grounded 214
- Show Me the Assets!” 223
- Warning Signals 227
- Watch That
- “There Ought to Be a Law” 235
- What About Your Commitments? 237
APPENDIX 5A Ratio Analysis—A Reference 244
APPENDIX 5B Specimen Financial Statements: The
Procter & Gamble Company 246
Assignments:
- Q5-1, 3, 5, 7, 9, 11, 13, 15
- BE5-1, 3, 5, 7, 9, 11, 13, 15, 16
- E5-1, 3, 5, 7, 9, 11, 13, 15, 17
IFRS Insights 301
Week #6
Midterm Exam
Week #7
Chapter 6
Accounting and the Time
Value of Money 308
The Magic of Interest
- A Pretty Good Start 313
- Up in Smoke 329
- How Low Can
- They Go? 337
Assignments:
- Q6-1, 3, 5, 7, 9, 11, 13, 15
- BE6-1, 3, 5, 7, 9, 11, 13, 15, 17
- E6-1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 22
Week #8
Chapter 7
Cash and Receivables 364
No-Tell Nortel
- Deep Pockets 369
- “Too Generous”? 378
- Economic Consequences and
- Write-Offs 383
- Return to Lender 389
APPENDIX 7A Cash Controls 395
APPENDIX 7B Impairments of Receivables 400
Lost in Translation 402
Assignments:
- Q7-1, 3, 5, 7, 9, 11, 13, 15
- BE7-1, 3, 5, 7, 9, 11, 13, 15, 17
- E7-1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27
IFRS Insights 428
Week #9
Chapter 8
Valuation of Inventories:
A Cost-Basis Approach 434
Inventories in the Crystal Ball
- Staying Lean 440
- No Parking! 443
- You May Need a Map 447
- Comparing Apples to Apples 453
- Quite a Difference 460
- Repeal LIFO! 465
Assignments:
- Q8-1, 3, 5, 7, 9, 11, 13, 15
- BE8-1, 3, 5, 7, 9
- E8-1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25
Week #10
Chapter 9
Inventories: Additional
Valuation Issues 492
What Do Inventory Changes Tell Us?
- “Put It in Reverse” 500
- The Squeeze 508
APPENDIX 9A LIFO Retail Methods 518
Assignments:
- Q9-1, 3, 5, 7, 9, 11, 13, 15
- BE9-1, 3, 5, 7, 9, 11
- E9-1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27
IFRS Insights 545
Week #11
Chapter 10
Acquisition and Disposition
of Property, Plant, and
Equipment 554
Where Have All the Assets Gone?
- What’s in Your Interest? 564
- About Those Swaps 573
- Disconnected 575
Assignments:
- Q10-1, 3, 5, 7, 9, 11, 13, 15
- BE10-1, 3, 5, 7, 9, 11, 13, 15
- E10-1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25
Week #12
Chapter 11
Depreciation, Impairments,
and Depletion 604
Here Come the Write-Offs 604
- Alphabet Dupe 608
- Decelerating Depreciation 613
- Depreciation Choices 617
- Rah-Rah Surprise 625
APPENDIX 11A Income Tax
Depreciation 630
Assignments:
- Q11-1, 3, 5, 7, 9, 11, 13, 15
- BE11-1, 3, 5, 7, 9, 11
- E11-1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25
IFRS Insights 653
Week #13
Chapter 12
Intangible Assets 664
Are We There Yet?
- Definitely Indefinite 668
- Patent Battles 672
- The Value of a Secret Formula 673
- Impairment Risk 680
- Branded 685
APPENDIX 12A Accounting for Computer
Software Costs 690
Assignments:
- Q12-1, 3, 5, 7, 9, 11, 13, 15
- BE12-1, 3, 5, 7, 9, 11, 13
- E12-1, 3, 5, 7, 9, 11, 13, 15, 17, 19
IFRS Insights 712
Week #14
Final Exam
Good Luck