Você está na página 1de 9

Introduction to Financial Accounting

Course Description & Objectives


This financial accounting course is an integrated introduction to accounting principles and
practices. Accounting has often been called "the language of business". This course is designed
to help you to communicate and understand that language, a skill which is important to everyone
who uses accounting information, not just those responsible for preparing accounting information.
This course should also help you gain an appreciation for the uses of accounting information and
the limitations inherent in accounting information.

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

Note: a grade of 60% or higher overall is considered a passing 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.

How to do well in this course: PRACTICE, PRACTICE, PRACTICE…


To perform well in this course, you must spend time answering problems and checking the
answers to test your understanding. To maximize your learning, you should make an honest
attempt at the question before peeking at the solution. Simply reading a question and then turning
to the solution right away is next to useless. You will find that there is likely to be a direct
correlation between the number of problems you prepare, and your course grade.

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.

Logging into the Accelerated Program Website


The Accelerated Program (or ‘AP’) website contains a copy of this course plan as well as a forum
where you can communicate course related questions to your instructor. To access the forum, log
in to the CMA website (per the login information you received at registration), click
‘communication’ on the left hand side bar; the ‘forums’. The Students’ Solution Manual can
also be found on the AP website under the ‘Course Resources’ tab.

Registering with LYRYX


Your textbook included a code that gives you access to the Lyryx site for a period of 6 months
from the date of registration. However note that your six month start date does begin on the
date identified in the e-mail you were originally sent with your registration information. All
quizzes are to be done on the Lyryx Site. Note that the registration procedure is done once only:

1. Go to the following URL: http://lyryx.com


2. Click on the Students button under Registration (right hand of the screen)
3. Fill out the required information on the next screen. Please select 'CMA Ontario' as your
educational institution. Your student number is your member number. Click ‘Next’.
4. On the next screen, select the course 'Libby Financial Accounting'. Enter the PIN code that
was provided with the card that came with your textbook. Click ‘Next’.
5. On the next screen, click on Register.
6. On the next screen, read the instructions, then click CLOSE.

Attempting Quizzes on LYRYX


1. Go to the following URL: http://lyryx.com
2. Login with your Username and Password you selected in the registration process.
3. Click on the 'Financial Accounting - Libby 3CE' link on the left.
4. The next screen shows Lab Information and Quiz Information. The only items that have been
activated for this course is Quiz Information (with one exception - see # 6 below). Click on the 'Go
to Quizzes' button.
5. A list of all available quizzes then appears. When you are ready to attempt a Quiz (but only
when you are ready to attempt it), click on the button in the Run column. The Quiz will then load.
Answer all of the questions to the best of your abilities. When you are done, click on Submit and
Mark. A new window will pop up showing you the results of your quiz. All correct entries are
shown in green; incorrect answers are shown in red.

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:

1. Prepare the demonstration case (p. 24 - 26)


2. Primary practice problems:
E1-1, E1-2, E1-3, E1-4, E1-5, E1-6, E1-7, E1-8
P1-1, P1-2
3. Secondary practice problems
E1-9
P1-4, AP1-1
4. Attempt Quiz 1 on Lyryx. If you wish, attempt Lab 1 first - this is for practice only, i.e. the
results of Lab 1 will not count towards your final grade.

Chapter 2 - Investing and Financing Decisions and the Balance Sheet


Chapter Readings:
N/A K/C A/P
Understanding the Business √
Overview of the Conceptual Framework √
What Types of Activities Cause Changes in Balance Sheet √
Amounts
How do Transactions Affect Accounts? √
How do Companies Keep Track of Account Balances √
How is the Balance Sheet Prepared and Analyzed √

Practice Problems:

1. Prepare the demonstration case (p. 74 - 76)

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.

Chapter 3 - Operating Decisions and Income Statement


Chapter Readings:
N/A K/C A/P
How do Business Activities Affect the Income Statement √
How are Operating Activities Recognized and Measured √
The Expanded Transaction Analysis Model √
How is the Income Statement Prepared and Analyzed √
Chapter Supplement √

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.

Chapter 4 - Adjustments, Financial Statements, and the Quality of


Earnings
Chapter Readings:
N/A K/C A/P
Adjusting Revenues and Expenses √
Preparing and Analyzing Financial Statements √
Closing the Books √

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.

Chapter 6 - Communicating and Interpreting Financial Information


Chapter Readings:
N/A K/C A/P
Players in the Accounting Communication Process √
The Disclosure Process √
A Closer Look at Financial Statements and Notes √

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.

Chapter 8 - Reporting and Interpreting Cost of Goods Sold and Inventory


Chapter Readings:
N/A K/C A/P
Nature of Inventory and Cost of Goods Sold √
Control of Inventory √
Inventory Costing Methods √
Valuation at Lower of Cost and Net Realizable Value √
Evaluating Inventory Management √
Chapter Supplement A: Additional Issues in Measuring √
Purchases
Chapter Supplement B: Last-in, First-out Method √

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.

Chapter 10 - Reporting and Interpreting Current Liabilities


Chapter Readings:
N/A K/C A/P
Liabilities Defined and Classified √
Current Liabilities √
Contingent Liabilities and Commitments √
Chapter Supplement A: Future Income Tax Assets and √
Liabilities

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.

Chapter 11 - Reporting and Interpreting Long-


Long-Term Liabilities
Chapter Readings:
N/A K/C A/P

Characteristics of Long-Term Notes and Bonds Payable √


Reporting Bond Transactions √
Other Long-Term Liabilities √
Chapter Supplement A: Present Value Concepts √

7
Practice Problems:

1. Prepare the demonstration case (p. 595 - 596)


2. Primary practice problems
E11-6, E11-7, E11-10, E11-12, E11-14, E11-17
P11-1, P11-3, P11-4, P11-6
3. Secondary practice problems
E11-18, E11-20
P11-2, P11-7
AP11-2
4. Attempt Quiz 11 on Lyryx.

Chapter 12 - Reporting and Interpreting Owners' Equity


Chapter Readings:
N/A K/C A/P
Ownership of a Corporation √
Common Share Transactions √
Dividends on Common Shares √
Stock Dividends and Stock Splits √
Preferred Shares √
Retained Earnings √
Accounting and Reporting for Income Trusts √
Accounting and Reporting for Unincorporated Businesses √
Chapter Supplement A: Repurchase of Shares √
Chapter Supplement B: Accounting for Owners' Equity for √
Sole Proprietorships and Partnerships

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.

Chapter 13 - Analyzing Financial Statements


Chapter Readings:
N/A K/C A/P
The Investment Decision √
Understanding a Company's Strategy √
Financial Statement Analysis √

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.