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Principles of Accounting II (ACCT 2013)

 

All relevant information on my UIC Principles of Accounting II (ACCT 2013) will be posted on this website.

 

Click to go directly to: (1) Updates, (2) Course Outline and Lecture Notes, (3) Lecture Review, or(4) Course Details.

 

 

 

 

UPDATES Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

Please check here for updates during the semester:

Course syllabus can be downloaded here.
   
September 13, 2016
Assignment 1 can be downloaded here. It is due Friday October 7.
   
September 13, 2016
When downloading the powerpoints, please check the first page to make sure that they are the 2015 version.
   
September 13, 2016
Make up class (due to October 5 holiday) is scheduled for Saturday, September 24 from 9 am to 12 pm. The room is being booked now and I will announce here once confirmed by AR.
 
September 16, 2016
The make up class is confirmed to be held on Saturday September 24, 2016 at room C301 from 9 am to 12 pm.
   
September 28, 2016
For Assignment One due October 7, 2016, you can send it in via iSpace. If you have problem submitting your assignment via iSpace, please scan your finished assignment and email to our TA at xiaozhenyin@uic.edu.hk. Please make sure that you email to our TA before the due time and clearly mark in the email your class session, your name and your student number. The same information should be included in the file name and also within the pdf file.
   
September 29, 2016
For Assignment One due October 7, 2016, please submit through iSpace ONLY. Our TA is adding the submit assignment feature so it should be available by October 7 when the assignment is due. Due to logistic reasons, please submit ONLY THROUGH ISPACE. Thank you.
   
October 5, 2016
Assignment One due October 7, 2016, please submit through iSpace ONLY.
   
October 14, 2016
The midterm test review can be downloaded here. Midterm sitting plan can be downloaded here.
   
October 29, 2016
Assignment 2 can be downloaded here.
   
November 20, 2016
Due to unforeseen event, I was not able to return to Zhuhai in time for our class on Monday, November 21. I will arrange for a make up class and will post information here and also by email once the details are known.
   
November 28, 2016
The final exam scope and other details can be downloaded here.
   
November 28, 2016
A make up class is schedule on Saturday, December 3 from 8 am to 10:30 am at room C205. We will continue with ABC in Chapter 21 and start CVP in Chapter 22.
   
November 29, 2016
Just confirmed: the final exam will ONLY include five essay questions with scope as described previously.
   
December 5, 2016
The answer to Assignment 2 can be downloaded here.
   

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ASSESSMENT Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

Course syllabus can be downloaded here.

Mid-term test rubrics can be downloaded here.

Assignment rubrics can be downloaded here.

ALL in-class quizzes, assignments, mid-term test, and final examination are, unless specifically indicated, INDIVIDUAL effort, meaning that you should work on your own material and any unscholarly actions prohibited by the school must be avoided.

I will post ALL relevant course materials, updated information, correspondences, and relevant student questions in the UPDATES section on this page. Students are responsble to check the UPDATES section frequently on their own to ensure that they are up-to-date.

The final grade for this course is based on the following components:

Class participation 10%
Assignments (2 assignments, 10% each) 20%
Midterm test (1.5 hours) 20%
Final examination (3 hours) 50%
  100%

Below is a summary of the marking of each component.

Class participation, discussion and assignment (10% of total). Part of the evaluation is based on class attendance, class participation, and preparation for class. The other part is based on practice questions and group work that is to be performed during class.

Assignment (10% each, 20% of total). There are two assignments for this class, each accounting for 10% of the total. Assignment 1 can be downloaded here. Assignment 2 can be downloaded here.

Assignments. Assignment rubrics can be downloaded here.
  Chapter Questions Hand-in Assignment Due
  Chapter 12 Q1, Q2, E12-4, P12-3A, 4A
 
  Chapter 13 Q1, E13-2, P13-2A, 3A, 5A In week 4 on October 7, 2016
  Chapter 14 Q1, E14-1, P14-2A (exclude no. 4), 3A, 4A  
  Chapter 15 Q1, E15-1, P15-1A, 2A, 3A  
  Chapter 16 Q1, E16-1, P16-1A, 3A  
  Chapter 17 Q1, E17-1, P17-1A,  
  Chapter 18 Q1, E18-9, P18-2A, 8A  
  Chapter 19 Q1, E19-3, P19-1A, 4A, 5A  
  Chapter 20 Q1, E20-2, P20-1A, 3A, 4A In week 10 on November 25, 2016
  Chapter 21 Q4, E21-2, P21-1A, 2A, 3A  
  Chapter 22 P22-1A, 4A, 5A, 7A  
       
  NOTES TO STUDENTS:  
   1. Any requirements related to ˇ§decision analysisˇ¨ parts and appendixes can be ignored.
   2. Students in a team of two are required to submit the assignment to the T.A. on/before the due date (as stated above) according to submission instructions given by the T.A. without further reminder. 

Mid-term test (20% of total). The mid-term test will cover Chapters 12 to 14 and it will be held on Saturday October 22, 2016 time and place to be confirmed. Please see mid-term test rubrics for more details on the grading. Mid-term test rubrics can be downloaded here. The midterm test review can be downloaded here. Midterm sitting plan can be downloaded here.

Final examination (50% of the total). The final exam is to be held in the morning of Tuesday, December 13. It will cover Chapters 12 to 22. The final exam scope and other details can be downloaded here.

The following parts of the textbook will not be covered unless informed otherwise:

All appendixes

Decision Analysis section that appears at the end of chapter

Ch 12 Liquidation of Partnership (P. 473-475)

Ch 13 Reporting of Equity - OCI & Changes in Equity (P. 506-508)
Ch 14 Bond Pricing (P. 543-544)
Ch 21 Evaluating Investment Centre Performance and Responsibility Accounting (P. 839-843)
Ch 22 Multi-product Break-even Point (P. 887-889)

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LECTURE REVIEW Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

A summary of our discussion during the lecture is provided here for your reivew

September 12, 2016
The following topics were discussed in class today:
 
  • logistics including rubics for assignments and mid-term,
  • forms of business,
  • partnership characteristics,
  • partnership formation recording,
  • partnership profit sharing calculation and recording,
  • new partner joining a partnership calculation and recording, and
  • existing partner leaving a partnership calculation and recording.
Assignment 1 can be downloaded here.
   
September 19, 2016
The following topics were discussed in class today:
 
  • practice questions on sharing of income and losses between partners,
  • practice questions on new partner joining and existing partner leaving,
  • characteristics of corporations,
  • journal entries for issuance of no-par, par, and stated value shares, and
  • dividend declaration date, record date, and payment date.
   
September 24, 2016
The following topics were discussed in class today:
 
  • dividend declaration date, record date, and payment date.
  • journal entries for declaration and payment of cash dividends,
  • non-cash bonus issue,
  • stock split,
  • cumulative and non-cumulative preferred shares, and
  • participating and non-participating preferred shares.
   
September 26, 2016
The following topics were discussed in class today:
 
  • treasury shares and the recording of their transactions,
  • differences between ch 12 and ch 13 versus ch 14
  • advantages and disadvantages of using bond financing,
  • price quote convention for bonds,
  • bond life cycle from issuance to maturity date,
  • issuance at par, at discount, and at premium, and
  • how to record journal entries for par bonds.
   
October 10, 2016
The following topics were discussed in class today:
 
  • issuance of bonds at par, at discount, and at premium,
  • how to record the issuance of bonds at par, at discount, and at premium,
  • how to record the interest payments,
  • the use of effective interest calculation to determine the bond discount and premium amortizaton,
  • recording of bonds retirement,
  • mortgage style repayment, and
  • introduction to investments.
October 17, 2016
The following topics were discussed in class today:
 
  • introduction to investments,
  • how to account for held for trading securities,
  • how to account for available for sale investments,
  • review of Assignment 1 questions, and
  • partnership practice questions.
 
   
October 24, 2016
The following topics were discussed in class today:
 
  • how to account for debt investments,
  • how to account for control equity investments,
  • how to account for significant influence investments,
  • how to account for held for trading securities,
  • how to account for available for sale investments, and
  • introduction to statement of cash flow.
 
   
October 31, 2016
The following topics were discussed in class today:
 
  • review of midterm test questions,
  • introduction to statement of cash flow,
  • classification of operating, investing and financing activities,
  • recording of non-cash activities,
  • practice questions on preparation of statement of cash flow,
  • introduction to financial statement analysis, and
  • use of horizontal, vertical, and ratio analysis.
 
   
November 7, 2016
The following topics were discussed in class today:
 
  • use of horizontal, vertical, and ratio analysis,
  • liquidity and efficiency ratios,
  • solvency ratios,
  • profitability ratios,
  • market prospect ratios,
  • description and characteristics of managerial accounting,
  • various ways to classify costs like fixed / variable, direct / indirect, product / period costs, and
  • preparation and completion of manufacturing statement.
 
 
   
November 14, 2016
The following topics were discussed in class today:
 
  • preparation and completion of manufacturing statement,
  • introduction to job order cost accounting,
  • use of predetermined overhead rate for overhead costs,
  • overapplied and underapplied of overhead rates, and
  • introduction to process costing.
 
 
   
November 28, 2016
The following topics were discussed in class today:
 
  • differences between financial and managerial accounting,
  • intro to manufacturing statement in chapter 18,
  • intro to job order costing in chapter 19,
  • intro to process costing in chapter 20,
  • why use process costing (chapter 20),
  • how to reconcile the units (finished and unfinished units),
  • how to calculate the equivalent units,
  • how to reconcile the total cost for the period,
  • how to calculate the cost per equivalent unit,
  • how to allocate the cost to finished and unfinished units,
  • journal entries to record purchase of inputs for production, and
  • journal entries to record to movements of input through the production process from raw material / payroll / overhead to WIP, then from WIP to finished goods, then from finished goods (cost of goods manufactured) to cost of goods sold.
 
 
 
 
   
December 3, 2016
The following topics were discussed in class today:
 
  • use and benefits of CVP,
  • fixed and variable and other variations of cost structure for CVP,
  • breakeven analysis by unit and sales,
  • expected profit analysis,
  • target profit analysis,
  • evaluation of potential changes,
  • margin of safety analysis, and
  • operating leverage calculation.
 
 
 
   
December 5, 2016
The following topics were discussed in class today:
 
  • revision question on ch 22 CVP,
  • revision question on ch 16 statement of cash flow,
  • revision question on ch 15 investments, and
  • revision question on ch 14 long term liabilities.
 
The answer to Assignment 2 can be downloaded here.
 
 
 
 
   

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COURSE OUTLINE AND LECTURE NOTES Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

This course outline is tentative and subject to change based on our progress. Please check the UPDATES section and table below for latest information.

Course syllabus can be downloaded here.

Lecture 1
Accounting for Partnership, Reading: Chapter 12
September 12, 2016
A Form of entity,
B Basic partnership accounting,
C Admission of a partner.
 
 
Assignment distribution
 
Lecture 2
Accounting for Partnership, Reading: Chapter 12
September 19, 2016
D Withdrawal of a partner,
E Liquidation of a partnership.
 
 
Lecture 3 Make up
Accounting for Corporation, Reading: Chapter 13
September 24, 2016
A Share capital,
B Accounting for share issues,
C Accounting for share buy backs,
D Preferred shares,
E Statement presentation and analysis.
 
   
Lecture 4
Accounting for Corporation, Reading: Chapter 13
September 26, 2016
A Dividends,
B Retained earnings and income reporting.

   
October 7, 2016
Assignment 1 due Friday October 7
 
Assignment 1 can be downloaded here.
   
Lecture 5
Non-current Liabilities, Reading: Chapter 14
October 10, 2016
A Basics of bonds,
B Accounting for bonds issues,
C Accounting for bonds retirements,
D Accounting for other non-current liabilities,
E Statement presentation and analysis.
 
 
 
Lecture 6
Investments, Reading: Chapter 15
October 17, 2016
A Basics of investments,
B Accounting for debt investments,
C Accounting for equity investments,
D Valuing and reporting investments.
 
   
October 22, 2016
Mid-term test Saturday October 22, 2016 at 12:30 to 2:00 pm at B201.
 
The midterm test review can be downloaded here. Midterm sitting plan can be downloaded here.
   
Lecture 7
Statement of Cash Flows, Reading: Chapter 16
October 24, 2016

A Uses of cash flow statements,
B Format of cash flow statements,
C Direct method of cash flow statement
,
D Indirect method of cash flow statement,
E Concept of free cash flow.

 
 
Lecture 8
Analysis of Financial Statements, Reading: Chapter 17
October 31, 2016
A Basics of financial statement analysis,
B Horizontal analysis,
C Vertical analysis,
D Ratio analysis,
E Earnings persistence and irregular items,
F Limitations of financial statement analysis.
 
 
Lecture 9
Managerial Accounting Concepts and Principles, Reading: Chapter 18
November 7, 2016
A Basics of management accounting,
B Management cost concepts,
C Manufacturing costs in financial statements,
D Recent developments in management accounting.
 
   
Lecture 10
Job Order Cost Accounting, Reading: Chapter 19
November 14 , 2016
A Basics of cost accounting systems,
B Job order cost flow,
C Reporting job cost data,
D Job order costing systems for services entities.
 
   
November 25, 2016
Assignment 2 due Friday November 25
 
Assignment 2 can be downloaded here.
 
 
Lecture 11
Process Cost Accounting, Reading: Chapter 20
November 28, 2016
A The nature of process cost systems,
B Equivalent units,
C Activity based costing,
D Production and cost data,
E Comparing unit costs,
F Benefits and limitations of activity based costing,
G Activity based costing in service industries.
 
   
Lecture 12
Cost Allocation, Reading: Chapter 21, Room C205
December 3, 2016
 
Lecture 13
Cost-Volume-Profit Analysis, Reading: Chapter 22
December 5, 2016
A Cost behavioural analysis,
B Cost-volume-profit analysis,
C Variable costing.
 
   
December 13, 2016
Final Examination.
 
The final exam scope and other details can be downloaded here.
 

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COURSE DETAILS Back to top || Updates || Course Outline and Lecture Notes || Lecture Review || Course Details

Course
Principles of Accounting II (ACCT 2013), Semester II (2016-2017)
 
Course syllabus can be downloaded here.
 
Prerequisites
ACCT 2003 Principles of Accounting I
 
Time and Location
11am to 12pm Room C304; 1pm to 6pm Room C406
 
Instructor
Dr. Thomas Wu
Office
C129
Office hours
By appointment only
Email
thomaswu@uic.edu.hk
Website
http://www.drthomaswu.com (all information for this course can be found here)
 
Teaching Assistant
Mr. Xiaozhen YIN
Office
C119A
Email
xiaozhenyin@uic.edu.hk
Office number
3620294
 
Aims and Objectives
The objective of this course is to provide students with a general understanding of basic accounting concepts, accounting cycle (bookkeeping), principles and their applications in some selected financial and management topics including partnerships; corporations; non-current liabilities; cash flow statement; financial performance analysis; accounting for manufacturing operations; cost behaviour and CVP analysis; budgeting and budgetary control.
 
Notes to Students
1. Students are advised to pre-read the assigned chapter before each lecture.
 
2. Students are expected to participate actively in class discussions, ask relevant questions, and share their views.
 
3. The use of the Chinese version and/or the photocopied version of the textbook in class is disallowed.
 
4. It is absolutely essential for students to complete the homework assignments according to schedule. Students are required to complete the assignments in teams of two and submit to the TAs hard copies of their work for marking. Suggested solutions for homework and self-practice exercises/problems will be available from iSpace.
 
5. It is the studentsˇ¦ responsibility to seek help from their respective instructors and teaching assistants. To ensure that your instructor is available for consultation during your desired date and time, please make an appointment with the instructor in advance via email or whilst in class. Teaching assistants are available to help students during their office hours on a first-come, first-served basis. It is advisable that you make an appointment with the TA in advance. Please donˇ¦t wait till the last minute to obtain clarification on what you do not understand.
   
Suggested Textbook
Wild, Shaw, Chiappetta, Kwok & Venkatesh, Fundamental Accounting Principles (IFRS Edition (2013), (21st ed.) McGraw-Hill. ISBN 978-007-132550-9
 
Reference Meigs, W.B. and Meigs, R.F., Accounting: The Basis for Business Decisions, Latest Ed., McGraw Hill.
  Weygandt, Chalmers, Mitrione, Yuen and Fyfe. (2009). Principles of Accounting. (2nd ed.). John Wiley & Sons, Australia, Ltd.
  Wood, F., Sangster, A., Yau, L., Yau, R., and Yau, J. (2006). Business Accounting. Longman.
  Weygandt, J.J., Kieso, D.E. and Kimmel, P.D. (2013). Accounting Principles. (11th ed.). John Wiley & Sons.
  William, J., Haka, S., Bettner, M.S., and Carcello, J.V. (2009). Financial and Managerial Accounting. (15th ed.). New York: McGraw-Hill.
   
Teaching Method
The course consists of class lectures and tutorials. Students should attend all lectures and tutorials. Attendence will be taken and there is a required minimum attendence level. Students should have read and be familiar with assigned readings and related materials before class. Students should also work through practice questions and be familiar with the use of a financial calculator.
 
Grading Policy
All university policies concerning acceptable student behavior apply for this course. In particular, unscholarly actions prohibited by the university should be avoided to prevent regretable results from these actions.
 
Calculator Policy

For this course, a general purpose non-financial calcuator can be used. Students who do not have ready access to a financial calculator should be able to perform all the required analysis and calculations using a general purpose non-financial calculator for the tutorials, assignments, mid-term test, and final examination.

You can also use a non-programmable financial calculator for the tutorials, assignment, mid-term test, and final examination. Common financial calculators are HP12c and TI BAII PLUS. User manual in simplified chinese and a tutorial for the HP12c can be found here and a simple tutorial for the HP12c can be found here. User manual for the TI BAII can be found here.

Regardless of the types of calculators used for this course, students are responsible for their own equipment and they cannot be shared in a quiz, test, or examination situation. As a result, students MUST bring their own calculators to each class. In addition, each student must be proficient in the use of their own equipment.

Electronic translators CANNOT be used for quiz, test, or examination situations, but they can be used during class (only with volume off) and your own study time.

 
Financial Terms

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