Act4052 Intermediate Accounting Ii

ACT4052 Intermediate Accounting II PREREQUISITES: COURSE DESCRIPTION: This course covers the development of intermediate accounting theory and practice including such topics as debt and equity financing and securities, leases, income taxes, employee compensation, earning per share, derivative, U.S. GAAP, and IFRS. It combines the Learner's practical knowledge of the accounting process with the theoretical foundations of accounting.

NUMBER OF ACTIVITIES: 12 LEARNING OUTCOMES: 1.0 - Differentiate between debt and equity financing and investments. 2.0 - Distinguish between capital and operating leases. 3.0 - Summarize presentation and disclosure of income taxes and pensions in the financial statements. 4.0 - Outline the different types of derivatives. 5.0 - Identify the key differences between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). 6.0 - Recognize the various types of accounting changes and errors.

COURSE CONCEPTS: 1. Debt financing 2. Equity financing 3. Investments in debt and equity securities 4. Leases 5. Income taxes 6. Employee compensation 7. Earnings per share 8. Derivatives 9. Differences between U.S. GAAP and IFRS

PRIMARY RESOURCES: These resources are required to complete the course. Please make sure that you purchase the primary textbook(s) that match the syllabus you are issued. Please let your assigned Mentor know through the NCU messaging

system what text(s) you have purchased. NCU cannot be responsible for Learner purchase of books that do not match assigned syllabi. Book Stice, James / Stice, Earl/Skousen, K. Fred (2007) Intermediate Accounting Thomson South-Western ISBN: 0324312148 You may purchase books at EdMap.

ADDITIONAL RESOURCES: These resources must be used to complete the assignments. Website CPA web page http://www.aicpa.org Website Accounting Standard Board http://www.iasb.co.uk

MENTOR RESOURCES The mentor has not provided any additional resources for this syllabus.

SUPPLEMENTAL REFERENCES & READINGS: These resources are not required, but may provide assistance in completing your work for this course. Please copy and paste any web links listed below into your browser to view the websites. Gibson, C.(2002) Financial Reporting and Analysis using Financial Accounting Information, 8th edition, South Western College Publishing, ISBN # 0-324-02353-7 Diamond, M (1996) Financial Accounting, 4th editon, South Western College Publishing, ISBN 3 0-538-84073-0 On-line resources: http://stice.swlearning.com which contains PowerPoint slides and other support material for the learner Http://www.swcollege.com/acct/insidelook/insidelook.html gives a very good analysis of some of the major issues confronting the accounting profession. If you are interested in the question of What was going on with Enron? This is a good site to visit. The FASB provisions are found at http://www.fash.org

GENERAL INFORMATION: COURSE PARTICIPATION: Learners are ultimately responsible for participating in a course through the following academic activities: uploading assignments, posting to discussion folders and responding to Mentor and Academic Advisor inquiries. Learners are expected to be involved in ongoing instructional activities based on the recommended schedule for course completion as detailed in the syllabus. In order to actively participate in a course, Learners must make contact with their faculty Mentor on a regular basis through one of the following methods: • •

•

•

Posting of an assignment (e.g., a paper or project) in the Course Work area of the course web site. Posting of an assignment to share with the faculty Mentor and other Learners in the course web site (e.g., a review of a book or article, a proposal for a research study, a presentation in the form of a PowerPoint presentation file, reporting on participation in a research study). Participation in a threaded discussion in the course web site (e.g., commenting on a discussion question posted by the faculty Mentor, providing feedback to another Learner). Viewing instructional materials (e.g., a PowerPoint presentation prepared by the faculty Mentor, a streaming audio or video presentation).

Learners must use the NCU messaging system on the course web site to contact faculty Mentors. Learners who are unable to regularly participate in their course should contact their faculty Mentor. PRELIMINARIES/PRE-COURSE SURVEY: Review the Learner Area web site http://learners.ncu.edu. Access and review the Course Catalog, which contains all relevant policies and procedures applicable to Learners, and complete the Pre-Course Survey. Please read the entire course syllabus before beginning course work. The survey goes directly to the Mentor and gives the Mentor information about new Learners entering the course. ASSIGNMENT SUBMISSIONS: When you "create" new assignments, use headers and footers to indicate your name, course, assignment number. For instructions about creating headers and footers, go to the Help file for the word processing program you use. Name the file using this format: DoeJXXX0000-1. The "1" stands for the assignment number. Save the file in RTF (Rich Text Format). Open the Learner Area, click on the course code. Find the Course Work area. Read the Help file by clicking on the "?". When ready, click on the "+" and select your assignment file by browsing. Your file will be uploaded to the server. Your Mentor will receive a message that homework has arrived. When the Mentor grades your work, the Mentor will upload the graded assignment and you will receive a message that course work has arrived. You may then view your graded assignment in the Assignment area. If you have questions, please contact your Learner Advisor at 1-888-327-2877. Bulk assignments are not acceptable. Assignment Cover Sheets are required for all assignments that you upload into the Assignment area. The

NCU Assignment cover sheet can be found under University Documents from your Learner site. It is suggested that you download and save a copy of this cover sheet. Learners may submit assignments early, but may not submit the next assignment until they have received a grade on the previous one. Assignments must not be submitted together. Submitting assignments in the order assigned will insure that you are progressing according to academic standards and following the design of the course. ACADEMIC INTEGRITY: All work submitted in each course must be the Learner’s own. This includes all assignments, exams, term papers, and other projects required by the Faculty Mentor. The submission of another person’s work represented as that of the Learner’s without properly citing the source of the work will be considered plagiarism and will result in an unsatisfactory grade for the work submitted or for the entire course, and may result in academic dismissal. To avoid plagiarism, do not "copy and paste" into any assignments without using quotations marks and citing in APA format the source of the material. Your work may be submitted to TurnItIn.com for originality evaluation. SUBMITTAL TURN-AROUND SCHEDULE: Course Length Time Allotted for Mentors to Return Assignments 4 weeks 2 calendar days 8 weeks 3 calendar days 12 weeks 5 calendar days Note: Courses in dissertation sequence excluding CMP courses range from 5-14 calendar days; see syllabus for details.

CONTACT INFORMATION: Please contact your Mentor through the university message system found on your Learner site, rather than by personal email. INTRODUCTION ACTIVITY: Your first assignment in each course is to send a message to your Mentor via the NCU messaging system introducing yourself. Include your name, educational background and at least one expectation you have for this course. You may add other information that will provide insight into your professional and educational goals. PERFORMANCE REQUIREMENTS / COURSE GRADE: Your grade for this course will be based on mastery of course concepts as demonstrated by successfully completing the performance requirements. Following directions in the syllabus provides the best avenue for success. Read directions very carefully and follow all suggestions and requirements. COURSE LEARNING ASSESSMENT: Learners are expected to complete all performance requirements for the course and to demonstrate mastery of the course concepts and course learning outcomes. This may require Learners to use library resources and to document research with citations, bibliographies, and references as applicable in completing their coursework. Mastery of course concepts may require demonstration of critical thinking and communication skills by a combination of term

papers, self-assessments, quantitative reasoning, interviews, and observations, written assignments or other activities. NCU LIBRARY: The NCU Library website provides access to academic databases, electronic books, dissertations, reference materials, a host of web pages supporting coursework, and much more. In addition, you can obtain library research assistance as well as request articles and books through the NCU Interlibrary Loan (ILL). Accessing the NCU Library is simple, just browse to your Learners page (http://learners.ncu.edu) and click on NCU Library or any of the other library quick links appearing under the NCU Library heading. RECOMMENDED SCHEDULE FOR COURSE COMPLETION: Following directions in the syllabus, provides the best avenue for success. Read directions very carefully and follow all suggestions and requirements. Learners may submit assignments early, but may not submit the next assignment until they have received a grade on the previous one. Assignments must not be submitted together. Submitting assignments in the order assigned will insure that you are progressing according to academic standards and following the design of the course. GRADING SCALE: If a letter grade is awarded for an NCU course, the following chart shows the percentages of points awarded to the letter grade for Undergraduate and Graduate grades. Undergraduate Scoring Numerical Points 100-94 93-90 89-87 86-83 82-80 79-77 76-73 72-70

Letter Grade A AB+ B BC+ C C-

69-67

D+

Graduate Scoring Numerical Points 100-94 93-90 89-87 86-83 82-80 79-77 76-73 72-0

Letter Grade A AB+ B BC+ C F

If a course is graded using the Satisfactory/Unsatisfactory method, specific instructions will be given in the syllabus indicating how S/U grades are assigned. NCU Grading Rubric Grading based on 100 Total Points per Course is determined using the percentages listed in the following rubric. This percentage is determined by dividing the total number of points possible for an activity by the actual points earned, with the resulting percentage determining the letter grade for the activity or course according to the NCU Grading Rubric. 70% of each grade represents

Learner’s content understanding, and 30% of each grade represents Learner’s ability to convey such understanding in academic format 70% of grade - Content Discussion Activities

Coursework Activities

30% of grade - Presentation Style and Conventions

Includes evaluation of Focus, Includes evaluation of Focus, Includes evaluation of Style and Development, and Organization – Development, and Organization – Conventions – See NCU Writing See NCU Writing Terms* for See NCU Writing Terms* for more Terms* for more information more information information. Learner demonstrates a wellLearner demonstrates a wellLearner demonstrates exemplary developed focus, thorough points developed focus, thorough points accomplishment of task. of development, and a logical of development, and a logical pattern of organization of ideas pattern or organization of • Consistently appropriate and and concepts. The original posting discussion ideas and concepts precise language for the covers the topic thoroughly, required in assigned activity. assignment demonstrates substantial • Consistently clear divisions reflection and/or self assessment, • Substantially achieved stated between the writer’s voice and exhibits a broad integration of learning outcome(s) the sources used to support Excellent readings, and reveals conceptual • Substantially integrated key claims knowledge and skills. concepts and terms from • Consistent and clear use of 100%course materials standard American English in • Substantially evaluated, 94% grammar and punctuation concluded, and applied • Consistent use of APA concepts learnedformatting demonstrated learning through use of examples and/or illustrations • Supported insights and assertions through research and use of additional outside academic resources Learner demonstrates a clear Learner demonstrates a clear Learner demonstrates above focus, substantive points of focus, substantive points of average accomplishment of the development, and a logical development, and a logical pattern task. pattern of organization of of organization of ideas and discussion ideas and concepts. Theconcepts required in assigned • Appropriate and precise original posting covers the topic inactivity. language with occasional lapses some detail, demonstrates • Mostly clear divisions between reflection and/or self assessment, • Above-average achievement the writer’s voice and the exhibits integration of readings, of stated learning outcome(s) sources used to support claims Above Average and reveals adequate conceptual • Above-average integration of • Somewhat consistent use of knowledge. key concepts and terms from standard American English in course materials grammar and punctuation 93%-87% • Above-average evaluation, • Somewhat consistent use of conclusion, and application of APA formatting concepts learneddemonstrated learning through use of examples and/or illustrations • Above-average support of insights and assertions through research and use of outside academic resources Learner demonstrates noticeable Learner demonstrates a noticeable Learner demonstrates adequate Adequate focus, adequate points of focus, adequate points of accomplishment of task. development, and a noticeable development, and a noticeable pattern of organization of pattern of organization of ideas • Somewhat precise language 86%-80% discussion ideas and concepts. Theand concepts required in assigned • Irregular divisions between original posting partially covers activity.

the topic, demonstrates some reflection and/or self-assessment, • exhibits a sporadic integration of readings, and reveals incomplete • conceptual knowledge and skills.

the writer’s voice and the sources used to support claims Adequately achieved learning • Lapses in use of standard outcomes American English in grammar Partially integrated key and punctuation concepts and terms from • Lapses in use of APA course materials formatting • Analyzed and applied concepts learned-limited use of examples and illustrations • Limited use of outside references or use of nonacademic resources Learner demonstrates some focus, Learner demonstrates some focus, Learner demonstrates incomplete irregular points of development, irregular points of development, attempt to address the task. and lapses in the pattern of and lapses in the pattern of organization of discussion ideas organization of ideas and concepts • Frequent lapses in concrete and concepts. The original posting required in assigned activity. language, is unrelated to the assigned topic, • Consistent irregularity in Needs demonstrates little to no reflection • Minimal to no learning divisions between the writer’s Improvement or self-assessment, exhibits little outcomes achieved voice and the sources used to to no integration of readings, and • Key concepts and terms from support claims deficient conceptual course materials lacking or • Consistent lapses in use of 79%-70% reveals knowledge and skills. omitted standard American English in • Does not describe and/or grammar and punctuation summarize course materials • Consistent lapses in use of • No references or inclusion of APA formatting additional outside academic sources Learner demonstrates no clear Learner demonstrates no clear Learner demonstrates incomplete focus, no clear development, and focus, no clear development, and attempt to address the task. no clear organizational pattern of no clear organizational pattern of discussion ideas and concepts. ideas and concepts required in • Consistent lapses in concrete Not acceptable Learner fails to post or original assigned activity. Learner fails to language; regular use of slang, posting demonstrates no reflection submit or submission fails to etc. self-assessment, did not exhibit demonstrate learning outcome(s). • Little to no division between 69% or or integration of reading, is deficient the writer’s voice and the below in conceptual knowledge and/or sources used to support claims skills. • Failure to use standard American English in grammar and punctuation • Failure to use APA formatting

Exceptions to the Rubric Activities that do not require a written response will be evaluated without use of the rubric. Certain courses/activities do not warrant a written product. Examples include math courses involving solving equations or courses that contain multiple choice exams. In these cases, the writing portion of the rubric does not apply. Scoring for these courses will

be based on how many items were answered correctly out of the total number of items possible. RECEIVING YOUR FINAL GRADE: The final grade should be posted by your Mentor within one week following the course end date. The registrar will send you an email notifying you of your grade and the grade will also appear on your Learner site, under the COURSE REVIEW section. POST COURSE SURVEY: Complete the Post Course Survey after you finish your final assignment. The Post Course Survey goes directly to the University and provides information used in both course and Mentor evaluation and assessment. The Post Course Survey is located in the Course Review section of the Learner Website THE RESPONSES ARE ANONYMOUS.

COURSE SPECIFIC INFORMATION: INSTRUCTIONS FOR RESPONDING TO ACTIVITIES: For syllabi with an Effective/Approved Date of 1/1/2007 or later, the following instructions are to be used to respond to Discussion and Course Work Activities. To respond to each activity in a course with a syllabus dated 1/1/2007 or later, go to your course page and click the Activities Tab. For Discussion responses: 1. Click on the corresponding Activity. 2. Enter your discussion response under Add a New Entry Message. Do not load a file in response to a discussion, unless it is a supporting resource for your discussion comments that you would like all participants to view. 3. Click Add New Discussion Entry. This will send an alert to your Mentor that your discussion response is complete. 4. If you want to make a private comment or load a file for your Mentor, please do so at the bottom of the Activity screen in the Course Work posting area. For Course Work responses: 1. Click on the corresponding Activity. 2. Go to the bottom of the Activity screen to Course Work posting area, click the + sign. 3. Type in the Assignment name. 4. Browse for and load your file. 5. Enter any appropriate comments, click the Academic Integrity Agreement, and then click Send.

For courses with a syllabus Effective/Approved Date prior to 1/1/2007, you will respond to Discussion Activities in the Course Discussion Forum. If you want to send comments or supporting files to your Mentor, do so on the Activities Tab, click on the appropriate discussion Activity, and enter your comments and/or load you file at the bottom in the Course Work area. The Effective/Approved Date for every NCU syllabus appears at the bottom of all web based syllabi, which you can see by clicking on “Display Syllabus on the Screen” on your Learner Course page. If you do not have an Activity listed below to provide an introduction in a discussion format, your first assignment is to send a message to your Mentor via the NCU messaging system introducing yourself. Include your name, educational background and at least one expectation you have for this course. You may add other information that will provide insight into your professional and educational goals. This activity is not graded but provides valuable information to your Mentor regarding your participation in the course. Please limit your response to 300 characters or less.

Overview Section 1: Utilization & Retirement and Debit Financing Activity 1: Exercises - Debt Restructuring 10 Points Activity 2: Discussion - Deferred Interest 5 Points Section 2: Investments Activity 3: Exercise - Treasury Stock Transactions 5 Points Activity 4: Discussion - Debt and Equity Securities 5 Points Section 3: Leases Activity 5: Exercise - Case Flow & CPA Exam Questions 10 Points Activity 6: Discussion - Leases 5 Points Section 4: Income Taxes Activity 7: Exercises - Income Taxes 10 Points Section 5: Employee Compensation Activity 8: Exercises - Employee Compensation 15 Points Section 6: Derivatives Activity 9: Exercises - Derivatives 10 Points Section 7: Financial Reporting Dimensions Activity 10: Exercises - Derivatives & Accounting Charges 10 Points Activity 11: Discussion - Contingent Liabilities 5 Points Section 8: Reflective Summary Activity 12: Discussion - Reflective Summary 10 Points Section 1: Utilization & Retirement and Debit Financing The text, Intermediate Accounting, is the basis for two courses: ACT451 Intermediate Accounting I and ACT452 - Intermediate Accounting II. It presents the principles of business accounting in a logical format. Chapters 1 through 10 are required for Intermediate Accounting I, Chapters 11 through 21 are required for Intermediate Accounting II. The format of the text is conducive to student mastery. Each chapter begins with Chapter Topics. Included in the chapters are the following study aids: Key Terms, Questions, Discussion Cases, Exercises and Problems. These sections serve as excellent means of student review.

Supplementing the text is a Study Guide. This book provides excellent material to help in mastering the course. The self-help activities serve as immediate reinforcement of the information and should be used to enhance learning.

Required Reading: Chapters 11 -12

Activity 1: Points

Exercises - Debt Restructuring

10

Complete the following exercises: Chapter 11: Complete Exercises 11-24, 11-27 Chapter 12: Complete Exercises 12-26 Learning Outcomes 1, 2 Activity Outcomes • •

Differentiate between debt and equity financing and investments. Distinguish between capital and operating leases.

Activity 2:

Discussion - Deferred Interest

5 Points

Discussion Questions require substantive responses to the initial question and to others’ responses. Your initial response to each question should be 150-200 words in length and are supported by documentation from text and other resource materials following APA style and format guidelines. 1. Discuss Case 12-67. Learning Outcomes 1, 2

Activity Outcomes • •

Differentiate between debt and equity financing and investments. Distinguish between capital and operating leases.

Section 2: Investments Required Reading: Read Chapters 13 and 14

Activity 3: Exercise - Treasury Stock Transactions 5 Points Chapter 13: Complete Problem 13-54 Learning Outcome 2

Activity Outcomes •

Distinguish between capital and operating leases.

Activity 4: Discussion - Debt and Equity Securities 5 Points Discussion Questions require substantive responses to the initial question and to others’ responses. Your initial response to each question should be 150-200 words in length and are supported by documentation from text and other resource materials following APA style and format guidelines. 1. Discuss Case Study 14-59 Learning Outcomes 1, 3, 4

Activity Outcomes • • •

Differentiate between debt and equity financing and investments. Summarize presentation and disclosure of income taxes and pensions in the financial statements. Outline the different types of derivatives.

Section 3: Leases Required Reading: chapter 15

Activity 5: Exercise - Case Flow & CPA Exam Questions 10 Points Problems 15-58, 15-61 Learning Outcomes 1, 2, 5 Activity Outcomes • • •

Differentiate between debt and equity financing and investments. Distinguish between capital and operating leases. Identify the key differences between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Activity 6:

Discussion - Leases

5 Points

Discussion Questions require substantive responses to the initial question and to others’ responses. Your initial response to each question should be 150-200 words in length and are supported by documentation from text and other resource materials following APA style and format guidelines. 1. Discuss Case 15-63. Learning Outcomes 1, 2, 5 Activity Outcomes •

Differentiate between debt and equity financing and investments.

• •

Distinguish between capital and operating leases. Identify the key differences between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Section 4: Income Taxes Required Reading: chapter 16

Activity 7:

Exercises - Income Taxes

10 Points

Discussion responses require substantive responses to the initial question and to others’ responses. Your initial response to each question should be 150-200 words in length and are supported by documentation from text and other resource materials following APA style and format guidelines. 1. Case 16-55: Answer question concerning tax liabilities and deferred tax assets 2. Discuss Case 16-56: Write a response to your friend as directed in the case study. Learning Outcomes 1, 2, 5 Activity Outcomes • • •

Differentiate between debt and equity financing and investments. Distinguish between capital and operating leases. Identify the key differences between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

Section 5: Employee Compensation Required Reading: Chapter 17

Activity 8: Points

Exercises - Employee Compensation

Complete Exercises 17-23, 17-32, 17-33 Learning Outcomes 1, 6 Activity Outcomes • •

Differentiate between debt and equity financing and investments. Recognize the various types of accounting changes and errors.

Section 6: Derivatives Required Reading: Chapter 18

15

Activity 9:

Exercises - Derivatives

10 Points

Complete Exercises 18-25, 18-32 Learning Outcomes, 1, 6 Activity Outcomes • •

Differentiate between debt and equity financing and investments. Recognize the various types of accounting changes and errors.

Section 7: Financial Reporting Dimensions Required Reading: Chapters 19-20

Activity 10: Exercises - Derivatives & Accounting Charges 10 Points Chapters 19 and 20: Complete Problems 19-42, 20-48 Learning Outcomes 1, 7 Activity Outcomes •

Differentiate between debt and equity financing and investments.

Activity 11: Points

Discussion - Contingent Liabilities

5

Discussion Questions require substantive responses to the initial question and to others’ responses. Your initial response to each question should be 150-200 words in length and are supported by documentation from text and other resource materials following APA style and format guidelines. 1. Problem 19-48 Learning Outcomes 1, 7 Activity Outcomes •

Differentiate between debt and equity financing and investments.

Section 8: Reflective Summary Required Reading: Review Chapters 10-21

Activity 12: Points

Discussion - Reflective Summary

10

Reflective Summary Summarize your learning points from the course material. Your responses should show how the coursework is relevant to your experiences. Apply the coursework, or you will apply the coursework to your own situation. The purpose is two fold: (a) to demonstrate mastery of the course material, and (b) to apply this knowledge to the real world. Your response should demonstrate your ability to think critically using the terminology and relationships presented in the textbook. Learning Outcomes 1, 2, 3, 4, 5, 6, 7 and 8 Activity Outcomes • • • • • •

Differentiate between debt and equity financing and investments. Distinguish between capital and operating leases. Summarize presentation and disclosure of income taxes and pensions in the financial statements. Outline the different types of derivatives. Identify the key differences between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Recognize the various types of accounting changes and errors.

Effective Date: 7/8/2009 Copyright (C) 2009 Northcentral University