Dr. Thomas Wu

BACK TO COURSES

BACK TO OTHER

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.

August 31, 2018	Since our class is on Mondays, we will be missing three classes in this semester from (a) no class on Monday in week 1 of the semester, (b) public holiday on Monday September 24, 2018, and (c) public holiday on Monday October 1, 2018. With our early assignment and mid-term test schedule, it would require early make up classes in order not to fall behind in the first mid-term on October 6, 2018. As a result, two make up classes will be scheduled on the weekend of September 15 and 16. I will provide more information on the date, time, and location of these classes in the first day of class on Monday September 10 once the booking is confirmed. Please account for this in your schedule.

September 10, 2018	TWO make up classes will be held on Saturday, September 15 from 9:30 am to 3 pm in T6 301. We will go through chapter 15, do practice questions on chapter 14 and 15, then will continue on with chapter 12 with remaining time. Please bring chapter 14 and 15 to class as we will go through practice questions in the back of each of those chapters to prepare for the first midterm test.

September 14, 2018	UPDATE FOR WEATHER Saturday September 15 morning make up class - still being held Saturday September 15 afternoon make up class - cancelled due to weather As it is likely that our normal class on Monday September 17 might also be cancelled due to the storm, make up class will be held on Saturday September 29 and / or Sunday September 30 in order for us to be up-to-date for the first mid-term to be held on October 6. As a potential alternative, you can attend another session of the course during the other days of the week if there is no conflict with your course schedule.

September 17, 2018	Due to weather conditions, there is no classes in UIC today. As a result, TWO make up classes will be held on Saturday, September 29 from morning to mid-afternoon. I have applied for a room and will confirm location and time later. In these two make up classes, we will go through chapter 12 then do practice questions on Chapter 14 and 15 to prepare for the mid-term test on Saturday October 6 from 10 to 11 am. Remember that we have no more classes before October 6 and it would be our last chance to go through the practice questions. To facilitate your review, I will post the answers to the quizzes and practice questions of Chapter 14 and 15 in the coming days, please keep checking back.

September 17, 2018	Detailed answer key with explanation to chapter 14 quiz can be downloaded here.

September 17, 2018	These are questions I received on chapter 15
	about chapter 15, there are some points. 1.about available for sale security. In the text book case, page 575. On 2014-12-31,the fair value of shares is 120,000.he sell his shares on 2015-10-1,at price of 110, 000. At this time, the sale price is below the fair value 120,000,why he can still gain on this trade? 2.about l-T and S-T investment I remember in the class, you said S-T’s profit can record in normal income statement, but the textbook said that all available for sale securities any unlealized gain or loss should write in other comprehensive income.

	Answer:
	Under "available-for-sale" securities, the original cost base of 100,000 is always kept within the account, the annual mark-to-market of increase in value of 20,000 (and for all other share holding) is put into a different account called Fair Value Adjustment and the other side of this account is in the Comprehensive Income part of the Income Statement so user will not see this adjustment in the annual net income. When the stock is sold, the original cost base of $100,000 is used.
	On the other hand, under "held-for-trading" securities, the change in value of the stock at year end is recorded as "Gain / Loss in Investments" and it would show up in the net income, meaning although the security is not sold and profit / loss unrealized, it is still recognized as a gain / loss on the income statement as part of net income. Because of this, the cost base of the securities is assumed to be adjusted so that when actually sold, the cost base in the latest mark-to-market value as any mark-to-market adjustments are already incorporated into the income statement's net income for the year.
	As a result, the original cost base of $100,000 is kept since it is "available-for-sale" securities.

	For the long and short term investment classification, if you read the book carefully, the short and long term classification is a separate section from the held-for-trading and available-for-sale, the reason is that the short and long term investment classification is only to decide where to put the account on the balance sheet. The short term investment would be under current asset classification while the long term investment would be a separate category by itself.
	On the other hand, the held-for-trading and available-for-sale are different ways to record the ongoing mark-to-market. In general, held-for-trading is short term investment because by definition it is held for trading for profit but the firm might hold it for longer than one year if they hold it for more than one year before sale. For the available-for-sale securities, firm hold them with a view of long term holding but it can be short term if firm decides to sell in now.
	It means do not mix up short vs long term and held-for-trading vs available-for-sale. Whether some is short or long term does not dictate how it is recorded, only nature or intent of the securities (that is whether it is held-for-trading or available-for-sale) will determine how they are recorded when mark-to-market and when sold (see above question 1).
	In this case, the main differences would be:
	(a) when mark-to-market at year end, held-for-trading adjustments go to net income as gain / loss for the year while available-for-sale is kept in the comprehensive income part and will not show up as gain / loss for the year.
	(b) the cost base used when sold for held-for-trading securities is the original cost base or the last mark-to-market value, but for available-for-sale, the original purchase cost base is always kept.

	Follow up question on above questioned question:
	The adjust of fair value change the cost of investment, so the asset change from 100,000 to 120,000. But the amount of share he buy is stable, so he sell all of his share, the gain amount 20 how to realized ? What the meaning of the left 20,000 asset?

	Answer:
	First, available-for-sale securities are held for long term so the year end fair value adjustment's main purpose is to show the market value of these investments but not to record the year's mark to market gains or losses. As a result, the adjustment is made to comprehensive income and not part of the annual net income, this adjustment to fair value account in the comprehensive income section is more like a floating account to keep track of these inter-year mark to market gains and losses.
	Second, when the mark to market is done, it is done on a batch basis for all the stock together. So in this example in the book, there is a unrealized gain of $20,000 in the adjustment account. When sold for $110,000, there is a profit of $10,000 based on its original cost base of $100,000, so $10,000 of the $20,000 unrealized gain is now realized and is part of the year's net income. The remaining $10,000 of the unrealized gain will be adjusted as one number while being mark-to-market with the other securities in the available-for-sale account. In other word, you can think of this remaining $10,000 as reverse when it is sold but the reversal is done as one big number with all securities that are considered available-for-sale.

September 17, 2018	Chapter 14 Exercise 14-1
	9% $1,700,000 par value 20 years bonds sold at par => market rate also 9%, amount of cash received also $1.7 million
	Interest pay in cash every six months = $1.7 million x 9% x 1/2 = $76,500 since semiannual interest payment, no other adjustment
	(1) date Debit Bond Interest Expense $76,500 Credit Cash $76,500
	(2) date Debit Cash $1,700,000 Credit Bonds Payable $1,700,000
	(3a) date Debit Cash $1,666,000 Debit Discount on Bonds Payable 34,000 Credit Bonds Payable $1,700,000
	(3b) date Debit Cash $1,734,000 Credit Premium on Bonds Payable 34,000 Credit Bonds Payable $1,700,000

September 17, 2018	Detailed answer key with explanation to chapter 15 quiz can be downloaded here.

September 21, 2018	A supplementary tutorial session will be held next Thursday September 27, the practice questions that will be used in the tutorial session can be downloaded here. The answer key for these practice questions will be posted on iSpace after the session. If you would like to attend the session, please contact our TA to confirm the time and location.

September 22, 2018	Two make up classes will be held on Saturday, September 29 from 9 am to 3 pm in T6 501. We will squeeze in breaks and lunch in between. We will go through chapter 15, do practice questions on chapter 14 and 15, then will continue on with chapter 12 with remaining time. Please bring chapter 14 and 15 to class as we will go through practice questions in the back of each of those chapters to prepare for the first midterm test. These make up classes are needed to cover chapter 15 which is covered in the October 6 midterm test.

September 27, 2018	Assignment # 1 can be downloaded here.

September 28, 2018	Answer key to the supplementary tutorial session questions can be downloaded here.

September 28, 2018	Midterm test info can be downloaded here.

October 3, 2018	The midterm test #1 will be held on Saturday, October 6, 2018 from 10 to 11 am covering chapters 14 and 15 only. The location and seating plan is being finalized and will be announced once confirmed.

October 3, 2018	Question I received on chapter 15 Problem 15-2B part 3
	to record the fair value adjustment for the short-term or long-term investment in available for sale securities , what's the different loss on investment and unrealized loss? I think unrealized loss means that short-term investment,loss on investment means that long-term investment,but on part 3 of problem 15-2B ,the loss on investment means that short-term investment.
	Answer:
	First, disconnect the naming of short term and long term to held-for-trading (HFT) and available-for-sale (AFS) securities. In general, HFT is short term by nature and AFS is long term by nature. However, AFS can become short term if management intend to sell the selected AFS within one year (that is, intended for long term but now change to short term due to plan to sell). However, there is no difference in how the recording is done other than the name. For part 3 of problem 15-2B, it is named as short term because it is more like being done for trading.
	To summarize, for HFT, (a) if stock sold, then treat as realized gain / loss meaning shown as part of net income, (b) if stock not sold at year end then have to mark to market to fair value and any unrealized gain / loss treated as if realized so will also shown as part of net income, (c) since any year end value is updated to fair value and unrealized gain / loss treated as realized at year end, the cost base of the HFT stocks also get changed to the year end fair value. As a result, when actually sold, the cost base of the sold stock is based on its previous year end adjusted fair value.
	To summarize, for AFS, (a) if stock sold, then treat as realized gain / loss meaning shown as part of net income (same whether HFT or AFS stocks), (b) if stock not sold at year then have to mark to market to fair value also but any unrealized gain / loss treated as unrealized at year end and it is recorded as part of "other comprehensive income" category which is not part of net income, (c) since any year end value adjustment to fair market value is not realized in net income, the original cost base of the stock is kept when the stock is eventually sold.
	Hence, the two differences between HFT and AFS is (a) the year end market to market adjustment to net income or other comprehensive income, and (b) the cost base when stock actually sold.
	The answer provided in problem 15-2B part 3 shows "Loss on Investment" but it is actually recorded in other comprehensive income as it is an unrealized year end mark to market loss as stated in the description of the journal entry.

October 4, 2018	Could you tell me the format of comprehensive income?where is it the position in the balance sheet?
	Answer:
	Comprehensive income is another section that comes after the normal income statement. While net income is closed out to retained earnings each year, the comprehensive income is closed out to selected other accounts within the shareholders' equity section on the balance sheet. See example below.


October 5, 2018	Our midterm test #1 will be held on Saturday, October 6 from 10 to 11 am at room T3-201. Seating plan can be downloaded here, it will also be posted outside T3-201 before the midterm test.

October 5, 2018	some questions about assignment. I want to ask Question 1 5). I know statement of financial positions include asset , liabilities and equity but I don’t know which account belongs to asset or liabilities.
	Answer:
	Question 1 part 5 of the assignment only asked for the carrying value after paying the third interest, so that is the only number you are expected to provide. This would be the carrying value of the table that you have prepared for part 2 of this question. Since it is a premium bond, the carrying value should be the par value and the unamortized balance of the premium on the bond. As it is a premium bond, both of the armounts are credit balance.

October 15, 2018	These are additional SLSS sessions that you can attend, please contact our TA Lisa to see where these are held. Lisa: Every Tuesday 2pm-4pm (start next week) Doris: Every Monday 2pm-4pm (start next week) Alex: Every Friday 9am-11am (have started and ongoing)

October 16, 2018	Detailed answer key with explanation to chapter 12 quiz can be downloaded here.

October 16, 2018	Detailed answer key with explanation to chapter 13 quiz can be downloaded here.

October 16, 2018	Detailed answer key with explanation to chapter 16 quiz can be downloaded here.

October 18, 2018	To clarify the differences between cash flow from operating, investing, and financing activities. Operating activities = cash flow from the operation of the business itself. Since dividends, taxes, and interest expenses are not operational related directly, they were taken out to find cash from from pure business operations and then adding back to show full amount. Investing activities = two main types of investing, investing in oneself or in others. Investing in oneself means buying and selling of equipment and assets for my own production and operation. Investing in others means investing (buying and selling) in the equity or debt of other companies (not my own equity or debt). The interest and dividends received from these investments can be included in either operating or investing activities secion. Financing activities = related to the financing of my business operation which includes issuing or buying back my OWN shares, issue or repayment of my OWN debt. The interest and dividends that I can for my own equity and debt can be included in either operating or financing activities section.

October 28, 2018	Midterm test #2 info can be downloaded here.

October 30, 2018	Office hours tomorrow Wednesday October 31 from 10 am to 2 pm for any questions.

October 31, 2018	Midterm test #2 info (revised) can be downloaded here. Preference Share now changed to Share Dividend.

November 3, 2018	Midterm test seating plan can be downloaded here.

November 7, 2018	Detailed answer key with explanation to chapter 17 quiz can be downloaded here.

November 7, 2018	Detailed answer key with explanation to chapter 18 quiz can be downloaded here.

November 11, 2018	Detailed answer key with explanation to chapter 19 quiz can be downloaded here.
	Detailed answer key with explanation to chapter 20 quiz can be downloaded here.
	Detailed answer key with explanation to chapter 21 quiz can be downloaded here.
	Detailed answer key with explanation to chapter 22 quiz can be downloaded here.

November 11, 2018	Assignment # 2 can be downloaded here. The assignment is due 5 pm next Wednesday November 21 either via iSpace or physical to TA.

November 12, 2018	I have booked (to be confirmed room) classroom on Saturday December 8 from 9 am to 12 pm for extra session on going through practice questions only for the final exam. It might not go through the full three hours but will mainly focus on doing practice questions on cash flow statements, ratios, cost of manufacturing statement, and CVP..

November 12, 2018	Revised assignment # 2 with no missing Q12 can be downloaded here. The assignment is due 5 pm next Wednesday November 21 either via iSpace or physical to TA.

November 12, 2018	I have added the answer key for all the in class practice questions for each chapter in the Lecture area below.

November 13, 2018	Saturday December 8 optional pure review and practice question session from 9 am to 12 pm at T6-401 confirmed.

November 26, 2018	We will start to do practice questions on all the chapter for the final exam starting next week. I will prepare and upload practice questions before next class on Monday December 3 for downloading.

November 28, 2018	For next class on December 3, we will start doing practice questions. Cash flow statement questions can bedownloaded here. Ratios practice questions can be downloaded here. CVP practice questions can be downloaded here.

November 28, 2018	In addition to the optional tutorial session on November 27 (yesterday), another tutorial was proposed on Wednesday December 12 from 9 am to 11 am. It will be announced once confirmed, please attend if available for more practice opportunities.

December 4, 2018	As we are doing fine for time needed to do practice questions for the final exam, we do not meet to have the extra session on the coming Saturday December 8.

December 4, 2018	Answer key for assignment 1 can be downloaded here.
	Answer key for assignment 2 can be downloaded here.

December 5, 2018	Cash flow statement practice questions: Wong Manufacturing answer, Creative Works answer, Gecko answer, Louis Zimmer question, Louis Zimmer answer.

December 5, 2018	An additional ratios practice question with answer (normal format of financial statement) can be downloaded here.

December 6, 2018	Optional Supplementary Tutorial #4 will be held on Wednesday, Dec. 12, from 9 to 11 am in T5-307. A link will be set up by the TA to register to attend.

December 14, 2018	Optional Supplementary Tutorial #4 answer key can be downloaded here.

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

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

Course syllabus can be downloaded here.

All 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 (2 one-hour midterm tests, 10% each)	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.

Questions for Assignment 1 will be posted to iSpace in week 4 (week of Sept 24) and should be submitted before 5pm, October 12, 2018. Assignment # 1 can be downloaded here. Answer key for assignment 1 can be downloaded here.

Questions for Assignment 2 can be downloaded here and it is due on or before 5 pm Wednesday November 21, 2018. Answer key for assignment 2 can be downloaded here.

Mid-term test (10% each, 20% of total). There are two midterm tests. The first midterm test is on Saturday October 6, 2018 from 10 to 11 am covering only Chapters 14 and 15. First midterm test info can be downloaded here. The second midterm test is on Saturday November 3, 2018 from 10 to 11 am covering only Chapters 12 and 13. Midterm test #2 info can be downloaded here.Midterm test #2 info (revised) can be downloaded here.

Final examination (50% of the total). The final exam is to be held during the final exam period of December 17 to 24, 2018. It will cover Chapters 12 to 22.

Other notes to students:
1. Students are advised to pre-read the assigned chapter before each lecture.
2. The use of the Chinese version and/or the photocopied version of the textbook in class is prohibited (It is illegal!).
3. It is the students’ responsibility to seek consultation 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. TAs are also 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 don’t wait till the last minute to obtain clarification on what you do not understand.

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

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 review

September 10, 2018	The following topics were discussed in class today:
	advantages and disadvantages of debt financing issuance of bonds at par, at discount, and at premium, how to record the issuance of bonds at par, at discount, and at premium, the use of effective interest calculation to determine the bond discount and premium amortizaton over time, how to record the interest payments, recording of bonds retirement at or before maturity, types of notes payable and their recording, and mortgage style repayment principle and interest portion calculations.
	Course introduction, chapter 14 marked notes

September 15, 2018	The following topics were discussed in class today:
	why investment, cash equivalents, short versus long term investments, controlling ownership level in equity investment and consolidation, significant influence level in equity investment and equity method, short term held-for-trading equity investments, long term available-for-sale and hold-to-maturity investments, year end mark-to-market adjustments to account for unrealized gains / losses, recording of realized gains / losses from actual sale, and breaking down of return on assets into profit margin and asset turnover.
	chapter 15 marked notes, class notes, GL

September 29, 2018	The following topics were discussed in class today:
	review of scope of midterm to students, review of ch 14 and ch 15 pratice questions from chapter quiz, practice questions from chapter, supplementary tutiorial results, and questions for Assignment 1, ch 12 partnership characteristics, partnership formation recording, partnership profit sharing calculation and recording with ratio, return on capital balances, salary, and splitting, new partner joining a partnership calculation and recording, and existing partner leaving a partnership calculation and recording.
	class notes, chapter 12 marked notes, ch 14 practice questions solutions, ch 15 practice questions solutions

October 8, 2018	The following topics were discussed in class today:
	review of midterm questions, review of journal entries for forming of new partnership and splitting of partnership income, review of journal entries for admitting of new partner, review of journal entries for departing of existing partner, features and types of corporations, advantages and disadvantages of corporations, rights of shareholders, journal entries for issuance of no-par, par, and stated value shares, dividend declaration date, record date, and payment date, journal entries for declaration and payment of cash dividends, non-cash stock / bonus issue, stock split, cumulative and non-cumulative preferred shares, participating and non-participating preferred shares, and purpose of treasury shares, the recording of their purchase and subsequent resale, and introduction to chapter 16 statement of cash flow.
	class notes, chapter 13 marked notes

October 15, 2018	The following topics were discussed in class today:
	introduction to statement of cash flow, purpose of statement of cash flow, benefits of using cash flow, classification of operating, investing and financing activities, recording of non-cash activities, reconcile PPE and investments for cash flow from investing activities, reconcile equity, debt, and retained earnings for share, debt and retained earnings transactions, reconciliation of beginning and ending cash, and practice questions on preparation of statement of cash flow from ppt.
	chapter 16 marked notes

October 22, 2018	The following topics were discussed in class today:
	introduction to financial statement analysis, use of horizontal, vertical, and ratio analysis, liquidity ratios, solvency / leverage / gearing ratios, profitability ratios, and market prospect ratios.
	chapter 17 marked notes, partial solutions to ch 12 and ch 13 practice questions

October 29, 2018	The following topics were discussed in class today:
	introduction to financial statement analysis, use of horizontal, vertical, and ratio analysis, liquidity ratios, solvency / leverage / gearing ratios, profitability ratios, and market prospect ratios.
	class notes, chapter 17 marked notes, chapter 18 marked notes
	ch 12 practice questions solutions, ch 13 practice questions solutions, Tutorial #2 answer key

November 5, 2018	The following topics were discussed in class today:
	introduction to managerial accounting, description and characteristics of managerial accounting, differences between financial and managerial accounting, various ways to classify costs like fixed / variable, direct / indirect, product / period costs, comparison between inventory of reseller and manufacturer, direct material, direct labor, and overhead costs in manufacturing, how raw material, work in progress, and finished goods inventory works, calcluation of cost of goods manufactured, and preparation and completion of manufacturing statement.
	chapter 18 marked notes

November 12, 2018	The following topics were discussed in class today:
	review of questions from midterm #2, practice questions on cash flow statement, introduction to job order costing, application and calculation of POHR, review of flow of cost from raw material and other input to cost of goods manufactured, overapplied or underapplied of OH by using POHR, and adjustment of applied OH to actual.
	chapter 19 marked notes, cash flow statement practice questions, ratio practice question

November 19, 2018	The following topics were discussed in class today:
	practice question on cash flow statement, practice question on statement of costs of goods manufactured, introduction to process costing, calculation of equivalent units in WIP under direct material, direct labor, and overhead costs, calculation of average cost per equivalent unit for direct material, direct labor, and overhead costs, allocation of direct material, direct labor, and overhead costs to WIP and finished goods using cost per equivalent units, journal entries of sample question, and the calculation of overapplied or underapplied of overhead cost based on the example question in this chapter.
	chapter 20 marked notes, cash flow statement and statement of costs of goods manufactured practice questions

November 26, 2018	The following topics were discussed in class today:
	introduction to activity based costing, identification of activities, calculation of cost per activity based on total number of actviities, assignment of overhead costs using activity based costing, introduction to CVP, fixed, variable, mixed, and total costs characteristics, using hi low method to find FC and VC from TC, calculation of cm$ per unit and cm%, calculation of be in units and dollar sales, CVP chart and construction, calculation of be with target net income, calculation of new be based on new production or marketing strategies, calculation and interpretation of margin of safety.
	chapter 21 marked notes, chapter 22 marked notes,

December 4, 2018	The following topics were discussed in class today:
	overview of final exam coverage, cash flow statement practice questions from chapter 16, ratios practice questions from chapter 17, and CVP practice questions from chapter 22.
	cash flow stmt practice questions marked, ratios practice questions marked, CVP practice questions marked

December 10, 2018	The following topics were discussed in class today:
	overview of cost accounting, statement of cost of goods manufactured, job order and process costing, ABC, practice questions on costing journal entries, job order costing practice questions, and ABC practice questions.
	class notes, job order costing practice questions marked, ABC practice questions marked

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

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	Long-term liabilities, Reading: Chapter 14
September 10, 2018	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.
	[Download: chapter 14 slides, chapter 14 practice quiz questions]
	Detailed answer key with explanation to chapter 14 quiz can be downloaded here.
	Self-Practice Questions: P14-2B (exclude no. 4), 3B, 4B. Answer key for ch 14 can be downloaded here.

Lecture 2	Investments, Reading: Chapter 15
September 15, 2018 am	A Basics of investments, B Accounting for debt investments, C Accounting for equity investments, D Valuing and reporting investments.
	[Download: chapter 15 slides, chapter 15 practice quiz questions]
	Detailed answer key with explanation to chapter 15 quiz can be downloaded here.
	Self-Practice Questions: P15-1B, 2B, 3B. Answer key for ch 15 can be downloaded here.

Week 4	Questions for Assignment 1 due Thursday October 12, 2018 5 pm will be uploaded to iSpace
Week of September 24, 2018	Assignment # 1 can be downloaded here.

September 27, 2018	Optional supplementary tutorial #1. Practice questions for the supplementary tutorial session can be downloaded here. Answer key to the supplementary tutorial session questions can be downloaded here.

Lecture 3	Accounting for Partnership, Reading: Chapter 12
September 29, 2018 am	A Form of entity, B Basic partnership accounting, C Admission of a partner.
	[Download: chapter 12 slides, chapter 12 practice quiz questions]
	Detailed answer key with explanation to chapter 12 quiz can be downloaded here.
	Self-Practice Questions: QS12-1(a) only, P12-3B, 4B. Answer key for ch 12 can be downloaded here.

Lecture 4	Accounting for Partnership, Reading: Chapter 12
September 29, 2018 pm	D Withdrawal of a partner, E Liquidation of a partnership.
	[Download: chapter 12 slides, chapter 12 practice quiz questions]
	Detailed answer key with explanation to chapter 12 quiz can be downloaded here.
	Self-Practice Questions: QS12-1(a) only, P12-3B, 4B. Answer key for ch 12 can be downloaded here.

October 6, 2018	Mid-term test Saturday October 6, 2018 10 to 11 am covering chapters 14 and 15. Midterm test info can be downloaded here.

Lecture 5	Accounting for Corporation, Reading: Chapter 13
October 8, 2018	A Share capital, B Accounting for share issues, C Accounting for share buy backs, D Preferred shares, E Statement presentation and analysis.
	Download: chapter 13 slides, chapter 13 practice quiz questions]
	Detailed answer key with explanation to chapter 13 quiz can be downloaded here.
	Self-Practice Questions: E13-17, P13-3A, 5B. Answer key for ch 13 can be downloaded here.

October 12, 2018	Assignment 1 due Thursday October 12, 2018 by 5pm
	Questions for Assignment 1 can be found in iSpace.

Lecture 6	Accounting for Corporation, Reading: Chapter 13
October 15, 2018	F Dividends, G Retained earnings and income reporting.
	Download: chapter 13 slides, chapter 13 practice quiz questions]
	Detailed answer key with explanation to chapter 13 quiz can be downloaded here.
	Self-Practice Questions: E13-17, P13-3A, 5B. Answer key for ch 13 can be downloaded here.

Week 7	Optional supplementary tutorial #2 (date and time to be announced)
Week of October 15, 2018	Tutorial #2 practice questions answer key can be downloaded here.

Lecture 7	Statement of Cash Flows, Reading: Chapter 16
October 22, 2018	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.
	[Download: chapter 16 slides, chapter 16 practice quiz questions]
	Detailed answer key with explanation to chapter 16 quiz can be downloaded here.
	Self-Practice Questions: P16-1B, 3B. Answer key for ch 16 can be downloaded here.

Lecture 8	Analysis of Financial Statements, Reading: Chapter 17
October 29, 2018	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.
	[Download: chapter 17 slides, chapter 17 practice quiz questions]
	Detailed answer key with explanation to chapter 17 quiz can be downloaded here.
	Self-Practice Questions: P17-4A, P17-1B. Answer key for ch 17 can be downloaded here.

November 3, 2018	Mid-term test Saturday November 3, 2018 10 to 11 am covering chapters 12 and 13. Midterm test #2 info can be downloaded here. Midterm test #2 info (revised) can be downloaded here.

Lecture 9	Managerial Accounting Concepts and Principles, Reading: Chapter 18
November 5, 2018	A Basics of management accounting, B Management cost concepts, C Manufacturing costs in financial statements, D Recent developments in management accounting.
	[Download: chapter 18 slides, chapter 18 practice quiz questions]
	Detailed answer key with explanation to chapter 18 quiz can be downloaded here.
	Self-Practice Questions: P18-2B, 8B. Answer key for ch 18 can be downloaded here.

Week of November 12, 2018	Questions for assignment 2 due Wednesday November 21, 2018 5 pm will be uploaded to iSpace.
	Assignment # 2 can be downloaded here.

Lecture 10	Job Order Cost Accounting, Reading: Chapter 19
November 12, 2018	A Basics of cost accounting systems, B Job order cost flow, C Reporting job cost data, D Job order costing systems for services entities.
	Download: chapter 19 slides, chapter 19 practice quiz questions]
	Detailed answer key with explanation to chapter 19 quiz can be downloaded here.
	Self-Practice Questions: P19-1B, 4B. Answer key for ch 19 can be downloaded here.

Lecture 11	Process Cost Accounting, Reading: Chapter 20
November 19, 2018	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.
	[Download: chapter 20 slides, chapter 20 practice quiz questions]
	Detailed answer key with explanation to chapter 20 quiz can be downloaded here.
	Self-Practice Questions: P20-1B, 3B, 4B. Answer key for ch 20 can be downloaded here.

November 21, 2018	Assignment 2 due Wednesday November 21, 2018 by 5pm
	Assignment # 2 can be downloaded here.

Lecture 12	Cost Allocation, Reading: Chapter 21
November 26, 2018	[Download: chapter 21 slides, chapter 21 practice quiz questions]
	Detailed answer key with explanation to chapter 21 quiz can be downloaded here.
	Self-Practice Questions: P21-1B, 2B, 3B. Answer key for ch 21 can be downloaded here.

Week 13	Optional supplementary tutorial #3 (date and time to be announced)
Week of November 26, 2018

Lecture 13	Cost-Volume-Profit Analysis, Reading: Chapter 22
December 3, 2018	A Cost behavioural analysis, B Cost-volume-profit analysis, C Variable costing.
	[Download: chapter 22 slides, chapter 22 practice quiz questions]
	Detailed answer key with explanation to chapter 22 quiz can be downloaded here.
	Self-Practice Questions: P22-1B, 4B, 5B. Answer key for ch 22 can be downloaded here.
	For the class on December 3, we will start doing practice questions. Cash flow statement questions can be downloaded here. Ratios practice questions can be downloaded here. CVP practice questions can be downloaded here.

Lecture 14	Cost-Volume-Profit Analysis
December 10, 2018	A Cost behavioural analysis, B Cost-volume-profit analysis, C Variable costing.
	[Download: chapter 22 slides, chapter 22 practice quiz questions]
	Detailed answer key with explanation to chapter 22 quiz can be downloaded here.
	Self-Practice Questions: P22-1B, 4B, 5B. Answer key for ch 22 can be downloaded here.

December 26, 2018	Final Examination 2 pm at T5-202.

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

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

Course	Principles of Accounting II (ACCT 2013), Semester I (2018-2019)
	Course syllabus can be downloaded here.

Prerequisites	ACCT 2003 Principles of Accounting I

Time and Location	Mondays 10:00 to 12:50 at T6-404

Instructor	Dr. Thomas WU
Office	T1-302-R3
Office hours	By appointment via email
Email	thomaswu@uic.edu.hk
Website	http://www.drthomaswu.com (all information for this course can be found here)

Teaching Assistant	Ms. Lerong XU
Office	T1-402-H2
Email	alexlrxu@uic.edu.hk
Telephone	3620469

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 prohibited.
	4. It is the students’ 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. 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 don’t wait till the last minute to obtain clarification on what you do not understand.

Required Textbook	Wild, Kwok, Venkatesh, Shaw & Chiappetta, Fundamental Accounting Principles, Asia Global Edition, 2nd, McGraw-Hill. ISBN 978-9-814-59500-1

Reference	Ernst & Young, International GAAP 2014: Generally Accepted Accounting Principles under International Financial Reporting Standards (1st ed.), Wiley.
	Leiwy, D., & Perks, R. Accounting: understanding and practice (4th ed.), Maidenhead: McGraw-Hill.
	Needles, B. E., Powers, M., & Crosson, S. V. Principles of Accounting (9th ed.), Houghton Mifflin Harcourt.
	Nobes, C., The Penguin dictionary of accounting (2nd ed.), London: Penguin Books.
	Strayer University, Principles of Accounting, Wiley, New edition.
	Vanderbeck, E. Principles of Cost Accounting (16th ed.), Cengage.
	Weygandt, Chalmers, Mitrione, Yuen, & Fyfe. (2009). Principles of Accounting. (2nd ed.). John Wiley & Sons, Australia, Ltd.
	Weygandt, J. J., Kieso, D. E., & 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.
	Wood, F., Sangster, A., Yau, L., Yau, R., & Yau, J. (2006). Business Accounting. (Hong Kong edition, 3rd ed.). Longman.

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.

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