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Text Book
Financial Accounting - Libby, Libby, Short, Kanaan, Gowing,
3rd Canadian Edition, McGraw-Hill, 2008
Packaged with access to Lyryx - ISBN 0070073066
Grading Scheme
Lyryx Quizzes (Lowest Grade is Dropped) Worth 40% of Final Grade
Final Exam Worth 60% of Final Grade
Quizes
The Lyryx quizzes are on-line quizzes that you attempt once you have finished reading and
preparing problems for a given chapter of the textbook. Instructions on how to register and use
Lyryx are outlined in this document. Note that all quizzes must be completed at least one week
prior to the candidate’s scheduled exam date.
Exam
Students have 6 months from their start date (as noted in their registration e-mail) to successfully
complete all quizzes and write the final exam. Exams can be written at any CMA Ontario testing
centre on Accelerated Program test dates. Test dates are posted to the Accelerated Program
website (login information is provided upon registration). You can find the dates by clicking
‘Accelerated Program Course’ on the left hand side bar, then ‘Course Resources’. The
information on exam dates is in the ‘Other’ folder as a PDF. Please contact one of CMA Ontario’s
Candidate Support Representatives at info@cmaontario.org to schedule your exam date.
The final exams for CMA Ontario’s introductory accounting courses are structured similarly to the
exams candidates will take in the Accelerated Program. The exam for this course is three hours
long and consist of both multiple choice and short answer questions.
Course Outline
This course covers chapters 1 to 13 of the textbook. For each chapter, the following guidelines
are provided:
1
Chapter readings - this tells you what to read and what emphasis is placed on each section of
the chapter:
• N/A - Any sections marked N/A (for not applicable) do not have to be read and will not be
tested);
• K/C - Knowledge and Comprehension - these sections of the chapter should be read,
but you would not be expected to do detailed work on these topics on quizzes or exams;
• A/P - Application and Performance - these sections should be understood. Quiz and
final exam questions will mainly be drawn from these sections;
Practice Problems - the practice problems are broken down into four areas:
• Demonstration Case - most chapters have one or two of these. I recommend that once
you have completed reading a chapter, that you attempt these;
• Primary/Secondary Practice Problems - these are the recommended problems for you
to practice on. For most students, attempting these problems will be enough. However, if
you feel you need more practice, you can always turn to the secondary list. The solutions
to these practice problems are in the Student's Solutions Manual.
Quiz - once you feel you have absorbed the chapter, attempt the on-line quiz on Lyryx.
2
6. So that you practice before attempting the first quiz, one Lab was set up for you to practice on -
Lab1. Attempt this Lab for practice only - the results of the Lab will not count towards your final
grade.
Course Plan
Chapter 1 - Financial Statements
Statements and Business Decisions
Chapter Readings:
N/A K/C A/P
The Objectives of Financial Accounting √
Understanding the Business √
The Four Basic Financial Statements: An Overview √
Using Financial Statements to Determine Vincor's Value √
Responsibilities for the Accounting Communication Process √
Chapter Supplement A - Types of Business Entities √
Chapter Supplement B - Employment in the Accounting √
Profession Today
Practice Problems:
Practice Problems:
3
2. Primary practice problems:
E2-1, E2-2, E2-3, E2-4, E2-5, E2-6, E2-7, E2-8, E2-9, E2-10, E2-12
P2-2, P2-3, P2-8
3. Secondary practice problems:
E2-11, E2-13, E2-14, E2-15, E2-16, E2-17
P2-5, P2-7, AP2-2
4. Attempt Quiz 2 on Lyryx.
Practice Problems:
1. Prepare the demonstration case (p. 125 - 127)
2. Primary practice problems:
E3-1, E3-2, E3-4, E3-5, E3-6, E3-10, E3-12, E3-13
P3-3
3. Secondary practice problems:
E3-3, E3-7, E3-8, E3-9, E13-14, E13-18
P3-1, P3-8
4. Attempt Quiz 3 on Lyryx.
Practice Problems:
1. Prepare the demonstration case (p. 186 - 193)
2. Primary practice problems:
E4-2, E4-3, E4-5, E4-6, E4-7, E4-8, E4-12
P4-2, P4-8
3. Secondary practice problems
E4-1, E4-4, E4-9, E4-10, E4-11, E4-13, E4-14, E4-15
P4-3, AP4-8
4. Attempt Quiz 4 on Lyryx.
4
Chapter 5 - Reporting and Interpreting Cash Flows
Chapter Readings:
N/A K/C A/P
Classification of Cash Flows √
Reporting and Interpreting Cash Flows from Operating √
Activities - Indirect Method
Reporting and Interpreting Cash Flows from Investing √
Activities
Reporting and Interpreting Cash Flows from Financing √
Activities
Additional Cash Flow Disclosures √
Chapter Supplement A: Adjustments for Gains and Losses: √
Indirect Method
Chapter Supplement B: Reporting Cash Flows from √
Operating Activities - Direct Method
Chapter Supplement C: Spreadsheet Approach - Cash Flow √
Statement: Indirect Method
Practice Problems:
1. Prepare the demonstration case (p. 254 - 255)
2. Primary practice problems:
E5-1, E5-4, E5-6, E5-8, E5-9, E5-15
P5-2, P5-4, P5-5, P5-6
3. Secondary practice problems
E5-2, E5-5, E5-7
AP 5-1, AP 5-3, AP5-4, AP5-5
4. Attempt Quiz 5 on Lyryx.
This a reading chapter only - there are no quizzes or practice problems. Also note that
there is no Quiz 6 - this is so that the chapters numbers align with the quiz numbers.
5
Chapter 7 - Reporting and Interpreting Sales Revenue, Receivables and
Cash
Chapter Readings:
N/A K/C A/P
Accounting for Sales Revenue √
Measuring and Reporting Receivables √
Reporting and Safeguarding Cash √
Chapter Supplement A: Recording Discounts and Returns √
Chapter Supplement B: Applying the Revenue Principle in √
Special Circumstances
Practice Problems:
1. Prepare the demonstration cases (p. 369 - 370)
2. Primary practice problems:
E7-1, E7-2. E7-7, E7-9, E7-11, E7-12, E7-17, E7-23, E7-26
P7-5, P7-9
3. Secondary practice problems
E7-3, E7-4, E7-8, E7-10, E7-13, E7-24
P7-2, P7-10
4. Attempt Quiz 7 on Lyryx.
Practice Problems:
1. Prepare the demonstration cases (p. 429 - 431)
2. Primary practice problems:
E8-1, E8-2, E8-6, E8-7, E8-11, E8-15, E8-17, E8-20
P8-3
3. Secondary practice problems
E8-3, E8-12, E8-16
P8-6, P8-9
4. Attempt Quiz 8 on Lyryx.
6
Chapter 9 - Reporting and Interpreting Property, Plant and Equipment;
Natural Resources; and Intangibles
Chapter Readings:
N/A K/C A/P
Acquisition and Maintenance of Plant and Equipment √
Use, Impairment, and Disposal of Plant and Equipment √
Natural Resources and Intangible Assets √
Practice Problems:
1. Prepare the demonstration case (p. 493 - 495)
2. Primary practice problems
E9-1, E9-3, E9-7, E9-8, E9-11, E9-19, E9-21, E9-23,
P9-2, P9-9
3. Secondary practice problems
E9-2, E9-6, E9-12, E9-24
P9-3
4. Attempt Quiz 9 on Lyryx.
Practice Problems:
1. Primary practice problems
E10-1, E10-3, E10-6, E10-9, E10-12
P10-1, P10-2
2. Secondary practice problems
E10-2, E10-11
P10-4, P10-6
3. Attempt Quiz 10 on Lyryx.
7
Practice Problems:
Practice Problems:
1. Prepare the demonstration case (p. 648 - 650)
2. Primary practice problems
E12-1, E12-2, E12-3, E12-4, E12-8
P12-1, P12-2, P12-3
3. Secondary practice problems
E12-5, E12-6
P12-8
AP12-2
4. Attempt Quiz 12 on Lyryx.
8
Ratio and Percentage Analyses √
Tests of Profitability √
ROE Profit Driver Analysis √
Tests of Liquidity √
Tests of Solvency √
Market Tests √
Interpreting Ratios and Other Analytical Considerations √
Other Financial Information √
Information in an Efficient Market √
Practice Problems:
1. Primary practice problems
E13-1, E13-2, E13-3, E13-4, E13-5, E13-6, E13-7, E13-8, E13-9, E13-10,
E-13-11, E13-12
P13-1, P13-2, P13-4
2. Secondary practice problems
E13-13, E13-14, E13-15, E13-16
P13-7, P13-10
3. Attempt Quiz 13 on Lyryx.