ACC423 Complete course

Course Design Guide

School of Business

ACC/423 Version 5

Intermediate Financial Accounting III

Course Description

This course is the third of a three-part series of courses related to intermediate accounting. This course examines owners' equity, investments, income taxes, pensions and post-retirement benefits, as well as changes and error analysis. The course finishes with a look at derivative instruments. Interwoven in the presentation of the material is an assortment of ethical dilemmas that encourage discussions about how the accountant should handle specific situations.

Policies

Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents:

· University policies: You must be logged into the student website to view this document.

· Instructor policies: This document is posted in the Course Materials forum.

University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality.

Course Materials

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2010). Intermediate accounting, (13th ed.). Hoboken, NJ: John Wiley & Sons.

All electronic materials are available on the student website.

*Week One: Owners' Equity and Earnings per Share*
	*Details*	*Due*	*Points*
Objectives	1.1 Distinguish between paid-in and earned capital. 1.2 Record journal entries related to common, preferred, and treasury stock. 1.3 Record journal entries related to the various types of dividends. 1.4 Calculate basic and diluted earnings per share (EPS). 1.5 Evaluate the various accounting treatments for stock compensation.
Readings	Read Ch. 15 of Intermediate Accounting. Read Ch. 16 of Intermediate Accounting. Review this week’s Electronic Reserve Readings.
Participation	Participate in class discussion.	4 out of 7 days	2
Discussion Questions	Respond to weekly discussion questions.	Friday	1.5
Weekly Summary	Provide a weekly summary of what you learned.	Monday	0.5
Learning Team Instructions	Learning Teams will be assigned at the beginning of the week. Collaborate as a team to provide written responses to a facilitator-assigned problem.
Individual Owners’ Equity Paper	Resources: Intermediate Accounting and Electronic Reserve Readings Prepare a 700- to 1,050-word response to the following questions: · Why is it important to keep paid-in capital separate from earned capital? · As an investor, is paid-in capital or earned capital more important? Explain why. · As an investor, are basic or diluted earnings per share more important? Explain why. Format your paper consistent with APA guidelines.	Monday	12
Learning Team Charter	Create the Learning Team Charter.	Monday	1

*Week Two: Investments*
	*Details*	*Due*	*Points*
Objectives	2 2.1 Distinguish between debt and equity investments. 2.2 Classify securities as available-for-sale, held-to-maturity, or trading. 2.3 Determine when to use the fair value and equity methods of accounting for investments. 2.4 Prepare journal entries for investments using the fair value and the equity method. 2.5 Distinguish between traditional and derivative financial instruments.
Readings	Read Ch. 17 of Intermediate Accounting. Review this week’s Electronic Reserve Readings.
Participation	Participate in class discussion.	4 out of 7 days	2
Discussion Questions	Respond to weekly discussion questions.	Friday	1.5
Weekly Summary	Provide a weekly summary of what you learned.	Monday	0.5
Learning Team Instructions	Collaborate as a team to provide written responses to a facilitator-assigned problem.
Individual WileyPLUS: WileyPLUS Assignment Week Two	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 15: Excercise E15-13 (a&b) and Problem P15-1 · Ch. 16: Exercise E16-20 and Problem P16-7	Monday	4
Learning Team Assignments From the Text	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 15: Problem P15-3 · Ch. 16: Problems P16-6 & P16-8 and Concepts for Analysis CA16-4	Monday	9

*Week Three: Accounting for Income Taxes*
	*Details*	*Due*	*Points*
Objectives	3 3.1 Differentiate between temporary and permanent differences. 3.2 Calculate current and deferred tax assets and liabilities.
Readings	Read Ch. 19 of Intermediate Accounting. Review this week’s Electronic Reserve Readings.
Participation	Participate in class discussion.	4 out of 7 days	2
Discussion Questions	Respond to weekly discussion questions.	Friday	1.5
Weekly Summary	Provide a weekly summary of what you learned.	Monday	0.5
Learning Team Instructions	Collaborate as a team to provide written responses to a facilitator-assigned problem.
Individual WileyPLUS: WileyPLUS Assignment Week Three	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 17: Exercises E17-7 & E17-12 and Problems P17-3 & P17-8 (a&c)	Monday	4
Learning Team Assignments From the Text	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 17: Problems P17-1 & P17-9	Monday	9

*Week Four: Accounting for Pensions and Post-Retirement Benefits*
	*Details*	*Due*	*Points*
Objectives	4 4.1 Differentiate between a defined contribution and a benefit plan. 4.2 Determine the components of pension expense. 4.3 Calculate pension liability and expense.
Readings	Read Ch. 20 of Intermediate Accounting. Review this week’s Electronic Reserve Readings.
Participation	Participate in class discussion.	4 out of 7 days	2
Discussion Questions	Respond to weekly discussion questions.	Friday	1.5
Weekly Summary	Provide a weekly summary of what you learned.	Monday	0.5
Learning Team Instructions	Collaborate as a team to provide written responses to facilitator-assigned problems.
Individual WileyPLUS: WileyPLUS Assignment Week Four	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 19: Exercises E19-6 & E19-9 and Problems P19-1 & P19-3	Monday	4
Learning Team Assignments From the Text	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 19: Problems P19-2 & P19-7	Monday	9

*Week Five: Accounting Changes and Error Analysis*
	*Details*	*Due*	*Points*
Objectives	5 5.1 Prepare journal entries associated with changes in accounting principles, reporting entities, and estimates. 5.2 Prepare journal entries associated with changes due to errors.
Readings	Read Ch. 22 of Intermediate Accounting Review this week’s Electronic Reserve Readings.
Participation	Participate in class discussion.	4 out of 7 days	2
Discussion Questions	Respond to weekly discussion questions.	Friday	1.5
Weekly Summary	Provide a weekly summary of what you learned.	Monday	0.5
Learning Team Instructions	Collaborate as a team to provide written responses to a facilitator-assigned problem.
Individual Assignments From the TextIndividual WileyPLUS: WileyPLUS Assignment Week Five	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 20: Exercise E20-7 and Problem P20-4 · Ch. 22: Exercise E22-19 ad Problem P22-6	Monday	4
Learning Team Assignments From the Text	Resource: Intermediate Accounting Prepare written responses to the following assignments from the text: · Ch. 20: Problem P20-8 · Ch. 22: Problem P22-3	Monday	9
Individual Final Examination	Resource: Intermediate Accounting Click the link to the Final Examination on the student website. Complete the Final Examination. You are allowed one attempt to complete the exam, which is timed and must be completed in 3 hours. Results are autograded and sent to your instructor. Note. Final Examination questions are adapted from Intermediate Accounting.	Monday	15

Optional Discussion Questions

Week One Discussion Questions

· Why do companies offer stock options? Should stock option compensation be included as an expense when calculating an organization’s net income? Explain why or why not. If so, how should the amount of expense be calculated?

· What are some similarities and differences between common stock and preferred stock? As a shareholder, would you want preferred or common stock? Explain why. As a corporation, would you rather issue preferred or common stock? Explain why.

· What are the different types of dividends that a company can pay out? Which type would you prefer? Explain why. When should a company pay dividends?

· What is the purpose of a stock split? What are some benefits of a stock split for a company? What are some benefits for an investor? What is the effect to the market value of the stock?

· What are the differences between basic and diluted earnings per share? What are the differences between the numerator and the denominator in the basic and diluted earnings per share calculations? As an investor, do you evaluate a company as a potential investment using basic or diluted earnings per share? Explain why.

Week Two Discussion Questions

· What are the differences between traditional and derivative instruments? Why do companies use derivative instruments? Are derivatives a good investment? Explain why or why not.

· Why do companies make investments in other companies? What are the differences between debt and equity investments? What would influence a company to choose equity or debt as an investment?

· How do the various classifications of investments affect financial statements? What is the rationale behind the different accounting methods for the various investment classifications? Which is more important when determining the accounting method for securities, influence, or ownership? Explain why.

Week Three Discussion Questions

· Why are there differences between taxable and financial income? What are some examples of permanent and temporary differences? Why do these differences exist? How do they affect the financial statements?

· How are deferred tax assets and deferred tax liabilities derived? How do they relate to the difference between tax expense and taxes payable? How could an organization have a tax receivable? Why is the tax expense reported on the income statement comprised of current and deferred tax?

· How are the tax benefits of net operating losses (NOL) disclosed on financial statements? Which is more beneficial to an organization, an NOL carryforward or an NOL carryback? Explain why. When would a company decide to forego a carryback?

Week Four Discussion Questions

· What are the differences and similarities between a defined contribution plan and a defined benefit plan? As an employee, would you rather have a defined contribution plan or a defined benefit plan? Explain why. As an employer, would you rather offer a defined contribution plan or a defined benefit plan? Explain why.

· What are the components of pension expense? How is the interest rate determined? Why are prior service costs amortized? How do the components of pension expense differ among the various types of contribution and benefit plans?

· How does a pension plan differ from a 401(k) plan? As an employee, would you rather have a pension plan or a 401(k) plan? Explain why. If you were an employer, would your decision change? Explain why or why not.

Week Five Discussion Questions

· What is a change in accounting principle? How do you determine if a change in principle should be reported retroactively, currently, or prospectively? How do these changes affect the financial statements?

· Why do accountants make errors? What types of errors may occur? Why is it necessary to correct them? What are the ramifications of not correcting errors?

· What are some examples of counterbalancing errors? What are some examples of noncounterbalancing errors? What are the differences between counterbalancing and noncounterbalancing errors? How are each handled? Does it matter if the books are closed? Explain why or why not.

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