Acct 384 Dea

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ACCT 384
Intermediate Accounting III
Session 13-54
March 24
th
May 17
th

Course Description
Development of accounting theory and practice as applied to: conceptual framework and financial
reporting; complexities of revenue recognition; investments in financial instruments; leases; income
taxes; pensions; accounting changes and error correction; and earnings per share.
Prerequisite: ACCT 383
Proctored Exams: -- None
Instructor Information
Joseph L. Smith, MBA, Finance, University of Missouri
E-mail: jlsmith295@cougars.ccis.edu
Textbooks
1. Spiceland, Sepe, and Tomassini (2013). Intermediate Accounting , 7th Edition. McGraw-Hill.
2. Connect Accounting Access.

To purchase the textbook and access to Connect, use ISBN-13: 978-0-07-763586-2. If you already
have the textbook, you will need to purchase access to Connect (ISBN-13: 978-0-07-744647-5). Do
not purchase used accesses to Connect; they are not valid.
I will provide a link to my Connect website on the first day of class. Do not try to register for Connect
prior to the first day. You must register for my website only. Registration cannot be changed or
reversed.

Textbooks for the course may be ordered from MBS Direct. You can order
online at http://direct.mbsbooks.com/columbia.htm (be sure to select Online Education
rather than your home campus before selecting your class)
by phone at 800-325-3252

Please note that the use of an eBook carries certain risks: information may be missing due to
copyright restrictions, the book cannot be resold to MBS Direct, and an eBook purchase cannot be
refunded.
Course Overview
Welcome to Intermediate Accounting III (ACCT 384)! Throughout this course we will begin to learn


about some of the more complicated topics in accounting, and how to account for these topics on the
books of a business.
Technology Requirements
Participation in this course will require the basic technology for all online classes at Columbia
College:
A computer with reliable Internet access,
a web browser,
Acrobat Reader,
Microsoft Office or another word processor such as Open Office.
You can find more details about standard technical requirements for our courses on our site.
Course Objectives
To apply accounting theory to financial accounting problems and to financial statements.
To engage in oral and written communication, as well as critical and creative thinking.
To develop skills in information technology, self-study and applied research.
To promote ethical awareness and professional responsibilities.
Measurable Learning Outcomes
Explain the institutional structure of financial accounting.
Explain the conceptual framework of financial reporting.
Explain the complexities of revenue recognition.
Explain the accounting concept for investments in financial instruments and leases.
Explain accounting for income tax allocation.
Explain accounting for pensions.
Explain accounting for changes and error correction.
Calculate and interpret earnings per share.
Grading
Grading Scale

GRADE POINTS

PERCENT
A 630-700 90-100
B 560-629 80-89
C 490-559 70-79
D 420-489 60-69
F 000-419 0-59
Grade Weights
ASSIGNMENT POINTS PERCENT
Discussions (4) 100 14
Homework (7) 200 29
Tests (4) 400 57
Total 700 100
Grades will be updated each Wednesday for the prior
week.


Schedule of Due Dates
WEEK ASSIGNMENT POINTS DUE
DAY
WEEK ASSIGNMENT POINTS DUE
DAY
1
Discussion 1 25
Sunday 5
Discussion 3 25
Sunday
Homework 1 30 Homework 5 30
2
Homework 2 30
Sunday 6
Homework 6 30
Sunday
Test 1 100 Test 3 100
3
Discussion 2 25
Sunday 7
Discussion 4 25
Sunday
Homework 3 30 Homework 7 20
4
Homework 4 30
Sunday 8
Test 4 100
Saturday
Test 2
100
Course
WrapUp
--
Assignment Overview
Readings: Each week you will be assigned readings from the textbook and the course environment.
Please complete the readings prior to posting to the weekly discussions.
Discussions: There are four discussions throughout this session. Please see the Schedule of Due
Dates for specific scheduling. You are required to actively participate in the course discussions.
Active participation includes posting original thoughts and reading/responding to your classmates
postings. You must respond to a minimum of one of your classmates postings.
Homework: There are weekly Homework assignments that will require you to access the Connect
Accounting website. You have multiple attempts to submit the homework. See the Connect
Accounting website for specific assignment detail.
Tests: Tests are posted at the Connect website and can be worked on all week. Be sure you do not
submit the exam until you are finished with the test and ready to submit. The exams are due by
Sunday evening for Weeks 2, 4, and 6, and Saturday evening for Week 8. All tests are comprised of
multiple choice questions.

Course Schedule
Week 1 Leases
Readings
Chapter 15
Review Chapter 15 related material at the textbook website.
Review all Week 1 resources in the Content area.
Discussions
Introduction: Introduce yourself in the "Introductions" topic of our class discussion. Please
give us more than your name. Include your profession, hobbies, interest in this course, and
any other information that can help us get to know you. Don't be shy; I will go first!
Discussion 1: Select a fortune 500 company that interests you, visit this companys home
page, and read the information presented there. Post a paragraph describing what interests
you with respect to the company you have chosen: what their main business interests are


and what your initial feelings are with respect to the current financial success of the
company. We will build on the company you choose with each weekly discussion
assignment. This will give us all insight into the various companies and industries that are
presented throughout the length of this course. You cannot pick the same company that
anyone else in the class chooses. However, you may reserve a company by posting a
message that reads I am choosing company X.
If you have completed ACCT 382/383 with Columbia College Online, please select a different
company to review and use in the ACCT 384 discussions.
Homework 1
You will complete 5-8 questions similar to the end of chapter exercises in Chapter 15. You will be
able to rework differing versions of the homework to improve your grade and ensure your
understanding of this week's material. See the Connect Accounting website for the specific
assignment and instructions. This weeks homework will cover the following learning objectives as
described in the text.
Identify and describe the operational, financial, and tax objectives that motivate leasing
(page 808).
Explain why some leases constitute rental agreements and some represent purchases/ sales
accompanied by debt financing (page 809).
Explain the basis for each of the criteria and conditions used to classify leases (page 811).
Record all transactions associated with operating leases by both the lessor and lessee (page
815).
Describe and demonstrate how both the lessee and lessor account for a capital lease (page
817).
Describe and demonstrate how the lessor accounts for a sales-type lease (page 822).
Describe the way a bargain purchase option affects lease accounting (page 824).
Explain how lease accounting is affected by the residual value of a leased asset (page 827).
Explain the impact on lease accounting of executory costs, the discount rate, initial direct
costs, and contingent rentals (page 832).
Explain sale-leaseback agreements and other special leasing arrangements and their
accounting treatment (page 842).
Discuss the primary differences between U.S. GAAP and IFRS with respect to leases (pages
814, 824, 834, 845, and 846).
Week 2 Accounting For Income Taxes
Readings
Chapter 16
Homework 2
Describe the types of temporary differences that cause deferred tax liabilities and determine
the amounts needed to record periodic income taxes (page 875).
Identify and describe the types of temporary differences that cause deferred tax assets (page
882).


Describe when and how a valuation allowance is recorded for deferred tax assets (page 885).
Explain why permanent differences have no deferred tax consequences (page 886).
Explain how a change in tax rates affects the measurement of deferred tax amounts (page
890).
Determine income tax amounts when multiple temporary differences exist (page 892).
Describe when and how an operating loss carry forward and an operating loss carryback are
recognized in the financial statements (page 894).
Explain how deferred tax assets and deferred tax liabilities are classified and reported in a
classified balance sheet and describe related disclosures (page 897).
Demonstrate how to account for uncertainty in income tax decisions (page 900).
Explain intraperiod tax allocation (page 902).
Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for
income taxes (pages 887 and 904).
Test 1: Covers Chapters 15 and 16. The test will be completed at the Connect Accounting Website.
Week 3 Pensions and Other Post-Retirement Benefits
Readings
Chapter 17
Discussion 2
For this weeks discussion, revisit the home page for the company you chosen to
evaluate. How much payroll expense does the company show for the years presented on
their financial statements? Check the income statement along with the notes to the financial
statements to find how many employees the company has, along with any special
compensation received by the officers of the company. You may be able to find some of this
info at the company website also.
Homework 3
Explain the fundamental differences between a defined contribution pension plan and a
defined benefit pension plan (page 937).
Distinguish among the vested benefit obligation, the accumulated benefit obligation, and the
projected benefit obligation (page 941).
Describe the five events that might change the balance of the PBO (page 942).
Explain how plan assets accumulate to provide retiree benefits and understand the role of
the trustee in administering the fund (page 947).
Describe the funded status of pension plans and how that amount is reported (page 949).
Describe how pension expense is a composite of periodic changes that occur in both the
pension obligation and the plan assets (page 949).
Record for pension plans the periodic expense and funding as well as new gains and losses
and new prior service cost as they occur (page 955).
Understand the interrelationships among the elements that constitute a defined benefit
pension plan (page 962).


Describe the nature of postretirement benefit plans other than pensions and identify the
similarities and differences in accounting for those plans and pensions (page 966).
Explain how the obligation for postretirement benefits is measured and how the obligation
changes (page 969).
Determine the components of postretirement benefit expense (page 970).
postretirement benefit plans (pages 955, 957, 961, and 965).
Week 4 Shareholders Equity
Readings
Chapter 18
Homework 4
Describe the components of shareholders' equity and explain how they are reported in a
statement of shareholders' equity (page 1008).
Describe comprehensive income and its components (page 1010).
Understand the corporate form of organization and the nature of stock (page 1015).
Record the issuance of shares when sold for cash and for noncash consideration (page
1020).
Distinguish between accounting for retired shares and for treasury shares (page 1024).
Describe retained earnings and distinguish it from paid-in capital (page 1031).
Explain the basis of corporate dividends, including the similarities and differences between
cash and property dividends (page 1031).
Explain stock dividends and stock splits and how we account for them (page 1033).
shareholders' equity (pages 1012, 1013, 1014, and 1030).
Week 5 Share Based Compensation and Earnings Per Share
Readings
Chapter 19
Discussion 3
For this weeks discussion, look at the income statement of the company you have
chosen. What is the amount of earnings per share reported for the years presented? Does the
company report diluted earnings per share? What are the securities that dilute the earnings
per share of the company?


Homework 5
Explain and implement the accounting for stock award plans (page 1070).
Explain and implement the accounting for stock options (page 1071).
Explain and implement the accounting for employee share purchase plans (page 1080).
Distinguish between a simple and a complex capital structure (page 1083).
Describe what is meant by the weighted-average number of common shares (page 1083).
Differentiate the effect on EPS of the sale of new shares, a stock dividend or stock split, and
the reacquisition of shares (page 1084).
Describe how preferred dividends affect the calculation of EPS (page 1086).
Describe how options, rights, and warrants are incorporated in the calculation of EPS (page
1087).
Describe how convertible securities are incorporated in the calculation of EPS (page 1088).
Determine whether potential common shares are antidilutive (page 1092).
Determine the three components of the proceeds used in the treasury stock method (page
1096).
Explain the way contingently issuable shares are incorporated in the calculation of EPS (page
1097).
Describe the way EPS information should be reported in an income statement (page 1100).
share-based compensation and earnings per share (pages 1077, 1078, 1082, and 1102).
Week 6 Accounting Changes and Error Corrections
Readings
Chapter 20
Homework 6
Differentiate among the three types of accounting changes and distinguish between the
retrospective and prospective approaches to accounting for and reporting accounting
changes (page 1138).
Describe how changes in accounting principle typically are reported (page 1141)
Explain how and why some changes in accounting principle are reported prospectively
(page 1144).
Explain how and why changes in estimates are reported prospectively (page 1146).
Describe the situations that constitute a change in reporting entity (page 1148).
Understand and apply the four-step process of correcting and reporting errors, regardless of
the type of error or the timing of its discovery (page 1152).


Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting
changes and error corrections (pages 1145, 1151, and 1158).
Week 7 Statement of Cash Flows Revisited
Readings
Chapter 21
Discussion 4
For this week's discussion assignment, compute the following ratios for your chosen
company. The ratios are listed on page 1223 in the text: cash flow to sales, cash to income,
debt coverage and investing and financing activity. What do these ratios tell you about the
health of your company?
Homework 7
Explain the usefulness of the statement of cash flows (page 1184).
Define cash equivalents (page 1187).
Determine cash flows from operating activities by the direct method (page 1188).
Determine cash flows from operating activities by the indirect method (page 1190).
Identify transactions that are classified as investing activities (page 1192).
Identify transactions that are classified as financing activities (page 1193).
Identify transactions that represent noncash investing and financing activities (page 1194).
Prepare a statement of cash flows with the aid of a spreadsheet or T-accounts (page 1194).
Discuss the primary differences between U.S. GAAP and IFRS with respect to the statement
of cash flows (pages 1191 and 1212).
Course Evaluations: Course evaluations will open on Monday and remain open until 5 pm
Wednesday of Week 8. You will be able to access the link from your CougarTrack page. Please note
that these evaluations are provided so that I can improve the course, find out what students perceive
to be its strengths and weaknesses, and in general assess the success of the course. Please do take
the time to fill this out.
Week 8 Wrap-up and Final Test
Test 4: Covers Chapter 21. The test will be completed at the Connect Accounting Website.
Course Evaluations: Course evaluations are available and will remain open until 5 pm Wednesday.
You will be able to access the link from your CougarTrack page.
Course Policies
Student Conduct


All Columbia College students, whether enrolled in a land-based or online course, are responsible for
behaving in a manner consistent with Columbia College's Student Conduct Code and Acceptable Use
Policy. Students violating these policies will be referred to the office of Student Affairs and/or the
office of Academic Affairs for possible disciplinary action. The Student Code of Conduct and the
Computer Use Policy for students can be found in the Columbia College Student Handbook. The
Handbook is available online; you can also obtain a copy by calling the Student Affairs office (Campus
Life) at 573-875-7400. The teacher maintains the right to manage a positive learning environment,
and all students must adhere to the conventions of online etiquette.

Plagiarism
Your grade will be based in large part on the originality of your ideas and your written presentation
of these ideas. Presenting the words, ideas, or expression of another in any form as your own is
plagiarism. Students who fail to properly give credit for information contained in their written work
(papers, journals, exams, etc.) are violating the intellectual property rights of the original author. For
proper citation of the original authors, you should reference the appropriate publication manual for
your degree program or course (APA, MLA, etc.). Violations are taken seriously in higher education
and may result in a failing grade on the assignment, a grade of "F" for the course, or dismissal from
the College.
Collaboration conducted between students without prior permission from the instructor is
considered plagiarism and will be treated as such. Spouses and roommates taking the same course
should be particularly careful.
All required papers may be submitted for textual similarity review to Turnitin.com for the detection
of plagiarism. All submitted papers may be included in the Turnitin.com reference database for the
purpose of detecting plagiarism. This service is subject to the Terms and Conditions of Use posted on
the Turnitin.com site.
Non-Discrimination
There will be no discrimination on the basis of sex, race, color, national origin, sexual orientation,
religion, ideology, political affiliation, veteran status, age, physical handicap, or marital status.
Disability Services
Students with documented disabilities who may need academic services for this course are required
to register with the Coordinator for Disability Services at (573) 875-7626. Until the student has been
cleared through the disability services office, accommodations do not have to be granted. If you are a
student who has a documented disability, it is important for you to read the entire syllabus before
enrolling in the course. The structure or the content of the course may make an accommodation not
feasible.
Online Participation
You are expected to read the assigned texts and participate in the discussions and other course
activities each week. Assignments should be posted by the due dates stated on the grading schedule
in your syllabus. If an emergency arises that prevents you from participating in class, please let your
instructor know as soon as possible.
Attendance Policy
Attendance for a week will be counted as having submitted a course assignment during that week of
the session. A class week is defined as the period of time between Monday and Sunday (except for
Week 8, when the week and the course will end on Saturday at midnight). The course and system
deadlines are all based on the Central Time Zone.


Cougar E-mail
All students are provided a CougarMail account when they enroll in classes at Columbia College. You
are responsible for monitoring e-mail from that account for important messages from the College and
from your instructor. You may forward your Cougar e-mail account to another account; however, the
College cannot be held responsible for breaches in security or service interruptions with other e-mail
providers.
Students should use e-mail for private messages to the instructor and other students. The class
discussions are for public messages so the class members can each see what others have to say about
any given topic and respond.
Late Assignment Policy
An online class requires regular participation and a commitment to your instructor and your
classmates to regularly engage in the reading, discussion and writing assignments. Although most of
the online communication for this course is asynchronous, you must be able to commit to the
schedule of work for the class for the next eight weeks. You must keep up with the schedule of
reading and writing to successfully complete the class.
No late discussion assignments will be accepted. Tests must be completed by the end of each week.
Homework will be accepted late up to midnight Saturday of Week 8. A grade penalty may apply.
Course Evaluation
You will have an opportunity to evaluate the course near the end of the session. Course evaluations
will open on Monday of Week 7 and remain open until 5 pm Wednesday of Week 8. You will be able
to access the link from your CougarTrack page. Be assured that the evaluations are anonymous and
that your instructor will not be able to see them until after final grades are submitted.
Additional Resources
Orientation for New Students
This course is offered online, using course management software provided by Desire2Learn and
Columbia College. The Student Manual provides details about taking an online course at Columbia
College. You may also want to visit the course demonstration to view a sample course before this one
opens.
Technical Support
If you have problems accessing the course or posting your assignments, contact your instructor, the
Columbia College Helpdesk, or the D2L Helpdesk for assistance. Contact information is also available
within the online course environment.
CCHelpDesk@ccis.edu
800-231-2391 ex. 4357
helpdesk@desire2learn.com
877-325-7778


Grading Criteria
Discussions
Criteria Description
A
(22.5-25 pts.)
Selects a fortune 500 company that is not selected by other students in the course and
continues using the same company for all discussion assignments. Reflects a full
understanding of all key concepts and addresses all questions/criteria presented. Reflects
thorough familiarity with the assigned readings. Specific examples are used. Responses
are substantive and provoke further thought/discussion, providing in-depth analysis or
application of the concepts/questions. Responds to at least one classmate. Reads all of
other students postings.
B
(20-22.4)
Continues use of the originally selected company. Moderate coverage of each required
question/criteria presented; one or more elements are missed. Connections to course
materials and examples are not fully evident. Posts are simple but show some insight and
analysis. Responds to at least one classmate. Reads most of other students postings.
C
(17.5-19.9 pts.)
Continues use of the originally selected company. Average coverage of each required
question/criteria presented; one or more elements are missed. Connections to course
materials and examples are not present or are not fully evident. Posts are simple and
show little insight or analysis. Offers some new line of thinking, but this expression lacks
elaboration, detail, and/or support. Responds to at least one classmate. Reads most of
other students postings.
D
(15-17.4 pts.)
May or may not continue use of the originally selected company. Only briefly touches on
one or more elements, minimal effort. Content is off-topic or only summarizes others'
posts. Response is vague and does not address readings. Does not express position clearly.
Lacks insight and analysis. Posts do not inspire further thinking. May not respond to at
least one classmate. Reads little to none of other students postings.
F
(0-14.9 pts.)
May or may not continue use of the originally selected company. Does not touch on any of
the possible elements. Shows little to no effort. Does not support position clearly. Shows
no insight, analysis, or familiarity with the readings. No response postings or responses
consist of good job, I completely agree, or similar rhetoric. Reads little to none of the
other students postings. No postings or plagiarized postings will receive zero credit.

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