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BUS 285-001 – Introduction to Financial Accounting

COURSE OUTLINE Semester: FALL 2021 Class Time: TUESDAY AND THURSDAY 2:30 – 3:45 P.M

LAB (005) WILL BE ON WEDNESDAY 1:00 - 2:15 P.M Class Room #: ZOOM Instructor: ABIODUN ISIAKA Office: ZOOM ROOM Email: Office Hours:

THROUGH UR COURSES EMAIL PREFERRED TUESDAY AND THURSDAY 1:15 – 2:15 P.M OR (BY APPOINTMENT) USING ZOOM

CLASS STRUCTURE AND DELIVERY This class is considered a remote delivery class and as such, all material, discussions and exams will be held remotely or posted online. This class will be delivered through both pre-recorded videos PLUS live classes. Attendance at these scheduled classes is highly recommended if you wish to do well in the class. Note that Live classes will NOT be recorded. Technical requirements for the class including computer, internet coverage as well as software programs is highlighted later in this outline. Students will complete class work, assignments and exams online. Therefore, students are expected to be able to type well enough to complete these activities in a timely manner. Students will need a computer to use in our day to day classes. COURSE OVERVIEW AND OBJECTIVES In this course, you are introduced to fundamental concepts of financial accounting. Students will develop an understanding of the objective of financial reporting, accounting cycle and preparation of financial statements in accordance with Accounting Standards for Private Enterprise (ASPE). Students will also be introduced to financial statement analysis. BEING SUCCESSFUL IN THIS COURSE Your goal is more than passing this class; your goal must be to do well. This class is a foundation to all business students whether or not you intend to pursue the accounting major.

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RESOURCES Textbook with WileyPlus: Kimmel, et al (2020) Financial Accounting, Tools for Business Decision-Making. Eighth Canadian Edition, John Wiley & Sons Canada, Ltd. Students will also require the online Wiley Plus code to complete some of their assignments, quizzes and term exams. The textbook comes in both a paper or electronic format and can be purchased through the University bookstore or directly from Wiley. Please note-WileyPlus works best with the Chrome or Firefox software. UR COURSES UR Courses will be used to post PowerPoint slides, additional reading materials, study problems, chapter videos and all instructions on assignments and exams. Please visit UR Courses before every class to ensure you have updated information and access to any extra resources. SPECIAL NEEDS If there is any student in this course who, because of a disability, may have a need for accommodations, please discuss this with me, as well as contact the Centre for Student Accessibility at 585-4631(Room 251, Riddell Centre) or via email (accessibility@uregina.ca) as soon as possible. HARRASMENT The University of Regina promotes a learning environment that is free of all forms of harassment and discrimination. The University will neither tolerate nor condone any inappropriate or irresponsible conduct including any behavior which creates an intimidating, hostile or offensive environment for work or study through the harassment of an individual or group on the basis of (1) race and all race related grounds such as ancestry, place of origin, color, ethnic origin, citizenship or creed or (2) sex, gender or sexual orientation. Please refer to the General Calendar for more information. ACADEMIC MISCONDUCT AND PLAGIARISM Students enrolled in Business Administration courses at the University of Regina are expected to adhere rigorously to principles of intellectual integrity. Plagiarism is a form of intellectual dishonesty in which another person's work is presented as one's own. Plagiarism or cheating on examinations/assignments is a serious offence that may result in a zero grade on an assignment, a failing grade in a course or expulsion from the University.

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For more information on this matter, please consult the Student Code of Conduct and Right to Appeal section of this Calendar. COURSE REQUIREMENTS Students should expect weekly homework as there is a significant amount of material covered in this class. We will consider this class has 3 (three) lecturers per week. Labs will be held on a regular basis. Students will have a weekly activity of some sort whether that be reading, watching a video, completing an assignment or an exam. In addition to attending the 3 scheduled classes per week, students should expect to spend an additional 5 - 10 hours per week working on this class. Ensure that you are prepared to actively participate in the class and lab by reading the assigned materials and/or completing assigned questions in advance. Please bring your textbook and calculator to every class and lab. For the midterms, assignments and labs – students are expected to complete these items individually without collaborating with other students. For the labs, our TA will be available to answer quick questions. TECHNICAL REQUIREMENTS Generally, minimum technical requirements for this class include: • Online tool - Wiley Plus. • Microsoft word and excel – Mac pages and google docs do NOT work on the University’s systems. • Internet browser – Chrome or Firefox only. Safari and internet explorer do NOT work well with Wiley Plus. • Webcam and microphone - you will also need a webcam that can show your face during class time / break out room time so you can participate in class discussions. • Although not required, students may find a second monitor to be helpful during classes. Technical Requirements for Taking an Exam using e-proctoring: • Computer with Windows operating system version 7 or higher OR MacOS version 10.10.5 Yosemite or higher. • Minimum 4GB RAM. • Web browser Mozilla Firefox v20.0 or higher or Google Chrome v25.0 or higher. Safari and Internet explorer do not work well with URCourses • JavaScript enabled and Third Party Cookies enabled. • Webcam with camera resolution 800x600 or better. • Internet connection with minimum 300kbps download, 250kbps upload.

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In order to register and use this e-proctoring software you will need your U of R picture ID or a driver’s license with your picture. You will also need to register with the software with the same name you used to register with the University. Students need to have the required operating systems loaded on their computer before the 1st day of class. GRADING To pass the class, students must earn a grade of 50% or greater. In addition, this class has a must pass final exam. The mark distribution is as follows: Deliverables % of Course Grade Labs (11) -lowest lab mark is dropped 10% Chapter Assignments (12) 12% Midterm Examinations (2)- 18% first midterm, 22% second midterm

40%

Final Examination-MUST pass final 38% TOTAL: 100%

Lab Assignments Labs are available for students to work on the concepts covered in class. Labs are an integral part of this course. Most weeks, there will be a lab during one of the 3 scheduled weekly classes. The lab associated with the section is Wednesdays 1:00 to 2: 15 p.m. Students will be provided an assignment at the beginning of the lab and will be required to complete the assignment during the lab and submit it to the appropriate URCourse link or Wiley link by the end of the scheduled class. Students are expected to be signed into the lab via zoom while they are writing their lab. Attendance will be taken during the lab and students who do not sign into zoom while they are completing their lab will receive a 50% deduction on their lab mark. It is therefore very important that the student’s name is showing in their zoom square (as opposed to initials, a picture, etc.) Please note that the lab assignments should be completed individually without collaborating with other students. Students are however encouraged to use their textbooks and class notes during these labs. Our teaching assistant (TA) will be available to answer quick questions during these labs. No assignments will be accepted after the end of the scheduled lab. Lab assignments will be graded based on the grades earned on each assignment. The lowest grade earned on lab assignments will not be included in the calculation of your lab grade.

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Chapter Assignments Chapter assignments, which will be taken through Wiley Plus, are an integral part of the course. Students will be required to submit chapter assignments via Wiley Plus no later than 11:59 p.m. on the due date. Late chapter assignments will not be accepted. EXAMINATIONS All UR Course exams will be administered and completed through the University proctoring software. Technical requirements for use of this software are included in the technical requirement page of this outline. Pre-registration with the software is required at least 1 week before the first exam. Instructions on how to register for the software and to take your exam through the software are included on UR Courses. Midterms There are 2 midterm exams plus a final exam, each with questions in a variety of formats, which may include multiple choice, short answer and longer answer. These exams will be through the online Wiley tool and UR Courses. This will require you to complete your exams independently and without access to the textbook, class materials, other resources or other people. The exact format of the exam will be discussed in class. Permission to defer the midterm exam must be obtained in advance and will only be granted in very limited circumstances (i.e. a death in the family or a serious illness). A doctor’s certificate to prove your illness may be requested. Mid-term deferrals will result in the portion of the grade assigned to the mid-term be moved to the final exam. Final Exam The final exam is comprehensive, covering all course content. It will have a similar format to the midterm exams and taken through an online tool. If you cannot write the final exam for a medical or other legitimate reason, your final exam may be deferred. However, your Instructor cannot defer the final exam; please see the Associate Dean – Undergraduate Programs for deferral permission.

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TENTATIVE CLASS SCHEDULE

Dates Topics Chapters Labs *Assignments

Aug 31, Sep 1

Introduction & The Purpose and Use of Financial Statements

Chapter 1 Sep 1- Introduction

Sep 2, 7, 8 A further look at Financial Statements

Chapter 2 Sep 8- Chapters 1& 2

Sep 12- Chapters 1 & 2

Sep 9, 14, 15

The Accounting Information System

Chapter 3 Sep 15- Chapter 3

Sep 19- Chapter 3

Sep 16, 21 22

Accrual Accounting Concepts

Chapter 4 Sep 22-Chapter 4

Sep 26- Chapter 4

Sep 23 Pre-midterm 1 review Sep 28 Term exam #1 – Tuesday, September 28 (Chapters 1 – 4) Sep 29 Merchandising Operations Chapter 5 **Lecture Sep 30 No class. Truth & Reconciliation Day Oct 5, 6 Merchandising Operations

Chapter 5 Oct 6- Chapter

5 Oct 10- Chapter 5

Oct 7, 12, 13

Reporting and Analysing Inventory

Chapter 6 Oct 13- Chapter 6

Oct 17- Chapter 6

Oct 14, 19, 20

Internal Control and Cash Chapter 7 Oct 20- Chapter 7

Oct 24- Chapter 7

Oct 21, 26, 27

Reporting and Analysing Receivables

Chapter 8 Oct 27- Chapter 8

Oct 31- Chapter 8

Oct 28 Pre-midterm 2 review Nov 2 Term exam #2 – Tuesday, November 2 (Chapters 5 – 8) Nov 3, 4 Reporting and Analysing

Long-Lived assets Chapter 9 ***Nov 4-

Chapter 9 Nov 7- Chapter 9

Nov 9- 11 Reading Week (No Class) Nov 16, 17, 18

Reporting and Analysing Liabilities

Chapter 10 ***Nov 18- Chapter 10

Nov 21- Chapter 10

Nov 23, 24

Reporting and Analyzing Shareholders’ Equity

Chapter 11 Nov 24- Chapter 11

Nov 28- Chapter 11

Nov 25, 30, Dec 1

Statement of Cash Flows Chapter 13 Dec 1- Chapter 13

Dec 5- Chapter 13

Dec 2 Final Exam Review Comprehensive Final Exam- Saturday, December 11 at 2:00 –5:00 p.m.

* All Wiley assignments are due Sunday at 11:59 p.m. Late Assignments will not be accepted. ** September 29 will be a regular class and not lab to make up for September 30. *** Note that labs will be on Thursday (and not Wednesday).

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BUS 285 Textbook coverage – Fall 2021: Chapter readings - please follow this list carefully to ensure you read only the required material. Only the required material will be examinable. Chapter 1: The Purpose and Use of Financial Statements excluding North West’s Financial Statements (pages 1-22 to 1-26) and Elements of an Annual Report (page 1-26) Chapter 2: A Further Look at Financial Statements excluding Using the Financial Statements (pages 2-13 to 2-20) Chapter 3: The Accounting Information System Chapter 4: Accrual Accounting Concepts excluding the IFRS revenue recognition guidance (pages 4-6 to 4-8) Chapter 5: Merchandising Operations including Appendix 5A: Periodic Inventory System and Appendix 5B: Sales Returns and Sales Discounts Under ASPE and excluding the Statement of Comprehensive Income (pages 5-23 and 5-24) Chapter 6: Reporting and Analyzing Inventory including Appendix 6A: Inventory Cost Determination Methods in Periodic System Chapter 7: Internal Controls and Cash Chapter 8: Reporting and Analyzing Receivables Chapter 9: Reporting and Analyzing Long-Lived Assets excluding To Buy or Lease? (page 9-6), Significant Components (page 9-15), Depreciation and Income Tax (page 9-15), Impairments (page 9-16), Revaluation Model (pages 9-16 and 9-17), Natural Resources (pages 9-17 and 9-18) and Goodwill (pages 9-27 to 9-29) Chapter 10: Reporting and Analyzing Liabilities Chapter 11: Reporting and Analyzing Shareholders’ Equity excluding Repurchase of Common Shares (pages 11-9 to 11-11), Stock Dividends (pages 11-16 to 11-18), Stock Splits (pages 11-18 and 11-19), Statement of Changes in Equity (IFRS) (pages 11-23 and 11-24), Dividend Yield (pages 11-27 and 11-28) and Basic Earnings per Share (pages 11-29 to 11-31) Chapter 13: Statement of Cash Flows excluding the direct method.

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