Vancouver Island University

Faculty of Management Business http://www.viu.ca/management

Accounting 100: Financial Accounting I
Fall 2015
Faculty
Office:
Phone:
Email:
Web:
Office Hours

Professor Gordon Holyer

Building 250, Room 426
250-753-3245, local 2539 / Fax: 250-740-6551
Gordon.holyer@viu.ca
http://web.viu.ca/holyerg
T R 14:30 16:30

Prerequisite

Min. "C+" in Principles or Applications or Foundations of Mathematics 11

and min. C in English 12

Course
Overview

This course will provide the student with an introduction, from a user
perspective, to the principles and procedures of financial accounting.
Topics include the objectives and users of accounting information, the
mechanics of accounting including the accounting equation,
transactions, the accounting cycle and the preparation of financial
statements.

Learning
Outcomes

General
Understand economic and industry issues, and the role of accounting
within that environment.
Describe key features and characteristics of financial statements.
Describe accounting concepts, International Financial Reporting
Standards (IFRS) and Canadian Accounting Standards for Private
Enterprises (ASPE), and financial reporting processes.
Technical
Demonstrate understanding of the accounting cycle, and apply this
knowledge in preparing basic financial statements.
Critical Thinking and Problem Solving
Demonstrate an understanding of how the business environment and
industry affect the choice of accounting policies in an organization.
Demonstrate and describe the effect of accounting policy choices on
the users from different stakeholder groups.
Analyze financial information and describe the effects of different
accounting methods on financial statements.
Interpersonal Skills
Participate in class and seminar by asking relevant questions and
responding to questions posed in class and providing solutions to preassigned problems.
Professional Integrity
Use personal and ethical frameworks to respond to ethical dilemmas.

Required
Resources

Understanding Financial Accounting, Burnley. First Canadian Edition,

2015. John Wiley & Sons Canada, Ltd.
WileyPLUS access code

Supplement
al Resources
Evaluation

Desire2Learn site: learn.viu.ca

Assessment
Value
1. WileyPLUS Assignments (best ten of twelve)
20%
2. Term tests (two tests)
40%
3. Comprehensive final exam
40%
The term tests must be written as scheduled. The test date in this
course outline is approximate. The student is responsible for knowing
the correct date.
Students must write the final exam on the date scheduled in the
assigned examination room.
POLICY WITH REGARD TO MISSED OR POORLY WRITTEN TESTS .
If the
scheduled term test is missed for any reason a mark of zero will be
assigned. If the mark obtained in the term test is less than that
received on the final, the mark received on the final will be
assigned to the term test.

Grading
Scale

Grades will be assigned according to the following scale.

A+
90 100% C+
64 - 67
A
85 89
C
60 - 63
A80 84
C55 - 59
B+
76 79
D
50 - 54
B
72 75
F
< 50
B68 71
Last day to withdraw from this course without academic penalty is
November 2. 2015.

References

Faculty of Management (Business) requires the APA style of referencing

for academic papers. Resources for using APA are available from the
VIU Writing Centre (Library, Room 474). You can find their hours of
operation and access to online student resources (including tutorials
and a printable Quick Guide) at:
http://sites.viu.ca/writingcentre/.

English
Standards

Assignments must be free of spelling, punctuation and grammatical

errors. Assignments containing such errors will be penalized (i.e. mark
deductions).

Accommodat Students with documented disabilities requiring academic and/or exam

ion
accommodation should contact Disability Services in Building 200.
Academic
Misconduct

Academic misconduct includes, but is not limited to, giving and

receiving information during any test or exam, using unauthorized
sources of information during any test; plagiarizing; fabrication,
cheating, and, misrepresenting the work of another person as your own,
facilitation of academic misconduct, and under certain conditions, nonattendance.
Plagiarism will not be tolerated. You must reference your work and

acknowledge sources with in-text citations and a complete list of

references. This includes direct and indirect quotes, diagrams, charts,
figures, pictures and written material.
For group projects, the responsibility for academic integrity, which can
result in academic misconduct and its resulting penalties, rests with
each person in the group and sanctions would be borne by each
member.

Pre-class
Preparation

No electronic dictionaries, cell phones or other electronic devices will be

allowed in exams/ tests/quizzes. Only the following approved calculators
may be used in exams/tests/quizzes. No other materials will be allowed
on the desktop apart from a pen/pencil unless specifically approved by
the faculty member.
Texas Instrument BAII Plus, BAII, BA35
Packard 10B

Sharp EL-733A

Hewlett

In advance of each class, you should read, watch and attempt the preassigned material. These readings, videos and problems will give you an
initial exposure to the material that will be discussed in class. This will
position you to be able to clarify and deepen your understanding of the
material during classroom discussions. While working through the preassigned material, be sure to note any questions you may have that
remain unanswered and ensure that these are addressed in class or in
discussions with your professor.
Assessments WILEYPLUS ASSIGNMENTS
There are twelve assignments set up within WileyPLUS.
Your
assignment mark will be determined after dropping your lowest two
results (i.e. your grade is based on the best ten out of twelve
assignments). All of the assignment due dates are specified within
WileyPLUS. Your ability to complete these assigned problems will be
critical to success on the tests and examination. You must be able to
complete these problems independently.
Solutions are available
through WileyPLUS once you have submitted the assignment and should
be reviewed.
ADDITIONAL PRACTICE PROBLEMS For each chapter, there are
demonstration problems and additional practice questions set up within
WileyPLUS. These problems are optional and can be used to help
reinforce your understanding of the material.
TERM TESTS
Term tests have been scheduled to take place at the completion of a
given set of chapters.
If a scheduled term test is missed for any reason, it will be assigned a
grade of zero. You will be able to replace the mark obtained on one of
the term tests if the mark received on your final examination is higher
than that received on the term test.

COMPREHENSIVE FINAL
The comprehensive final will be three hours in length and will be held
during the regularly scheduled exam period (December 10 - 21). The
final will consist of multiple choice, short essay answer questions, and
problems. The final examination is not optional and must be written as
scheduled. NO TRAVEL PLANS SHOULD BE MADE DURING THE
EXAM PERIOD.
ASSESSMENT DEADLINES/DATES
All dates in the outline are approximate and may change as a result of
circumstances including the pace of course progress, weather
cancellations or illness.
Any changes to deadline/dates will be
announced in class and students are responsible for knowing the correct
dates.
Assignments, assignment dates, and test dates will be
announced in class. This information is also available on the
Course Update section on D2L and the Professors website.
Course Outline:
Chapter 1: Overview of Corporate Financial Reporting
Forms of Business Organization
Activities of a Business
Financial Reporting
Chapter 2: Analyzing Transactions and Their Effects on Financial
Statements
Accounting Standards
Qualitative Characteristics of Financial Information
Transaction Analysis and the Accounting Equation
Chapter 3: Double-Entry Accounting and the Accounting Cycle
Understanding the Accounting Cycle
The Chart of Accounts
Transaction Analysis and Recording
Adjusting Entries
Closing Entries
Preparing Financial Statements
Chapter 4: Revenue Recognition and the Statement of Income
Revenue Recognition
Measurement
Statement of Income
Statement of Comprehensive Income
Test # 1: Expected Date October 6, 2015
Chapter 5: The Statement of Cash Flows

Understanding the Statement of Cash Flows

Preparing the Statement of Cash Flows
Interpreting Cash Flow Information

Chapter 6: Cash and Accounts Receivable

Cash
Internal Control
Bank Reconciliation
Accounts Receivable
Bad Debts
Chapter 7: Inventory
Types of Inventory
Inventory Systems
Cost Formulas and Inventory Valuation
Gross Margin
Internal Controls and Inventory
Chapter 8: Long-Term Assets
Valuation of Property, Plant, and Equipment
Depreciation
Depreciation Methods
Changes in Depreciation Methods
Impairment
Disposal of Property, Plant, and Equipment
Depreciation and Income Taxes
Intangible Assets
Goodwill
Test # 2: Expected Date November 10, 2015
Chapter 9: Current Liabilities
Transactions with Lenders
Transactions with Suppliers
Transactions with Customers
Transactions with Employees
Transactions with the Government
Transactions with Shareholders
Chapter 10: Long-Term Liabilities
Transactions with Lenders
Transactions with other Creditors
Transactions with Employees
Income Tax Issues
Commitments and Contingencies
Chapter 11: Shareholders Equity

Types of Shares
Dividends
Stock Splits

Chapter 12: Financial Statement Analysis

Context for Financial Statement Analysis
Financial Statement Analysis Perspectives
Financial Statement Analysis Techniques
Ratio Analysis
Final Examination: Examination Period December 10 21, 2015