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Online classes

Effective: Early Spring 8-Week 2017/2018

ACCT 488: Advanced Financial Accounting

Course Description

Policies and procedures used in preparing financial statements and reports.

Prerequisite: ACCT 382 and ACCT 383

Proctored Exams: None



Syllabus Contents

Textbooks

Required

  • Christensen, T. E., Cottrell, D. M. & Budd, C. (2016). Advanced Financial Accounting with Connect Access (11th ed.). New York, NY: McGraw-Hill/Irwin.
    • [ISBN-978-1-26-007916-6]
    • Note: AdvancedStudyGuide.com – optional study guide developed by the authors which is available for free.

Connect

Passcode to CONNECT is included with the purchase of new textbook from MBS Direct. However, if you need to purchase access to CONNECT separately, the ordering ISBN is 978-0-07-772328-6.

CAUTION: Do not purchase USED passcodes to CONNECT; they are not valid. Passcodes to CONNECT can also be purchased online directly from the Publisher during the first week of class.

I will provide a link to the course Connect website on the first day of class. Do not try to register for Connect prior to the first day. You must register for the website associated with this session and section only. Registration cannot be changed or reversed.

MBS Information

Textbooks for the course may be ordered from MBS Direct. You can order

For additional information about the bookstore, visit http://www.mbsbooks.com.


Course Overview

Welcome to Advanced Financial Accounting (ACCT 488)! Throughout this course we will learn about the accounting and reporting principles and procedures used in a variety of business entities.



Technology Requirements

Participation in this course will require the basic technology for all online classes at Columbia College:
  • A computer with reliable Internet access
  • A web browser
  • Acrobat Reader
  • Microsoft Office or another word processor such as Open Office

You can find more details about standard technical requirements for our courses on our site.


Course Objectives

  • To understand the policies and procedures used in preparing financial statements and reports of consolidated corporations.

Measurable Learning Outcomes

  • Explain the various forms of business combinations.
  • Prepare consolidated financial statements at date of acquisition and at subsequent dates.
  • Calculate assignment, depreciation, and amortization of the difference between cost and book value.
  • Account for the elimination of unrealized profit in intercompany sales of inventory.
  • Account for the elimination of unrealized profit on intercompany sales of property and equipment.
  • Differentiate among changes in ownership interest, indirect ownership and reciprocal stockholdings.
  • Explain pooling of interests and alternative concepts of consolidated financial statements.
  • Apply the equity method of reporting investments in common stock.
  • Properly describe home office and branch activities.
  • Prepare foreign currency transactions account information.
  • Interpret financial statements of foreign affiliates.
  • Prepare appropriate partnership accounting records.

Grading

Grading Scale
Grade Points Percent
A 900-1000 90-100%
B 800-899 80-89%
C 700-799 70-79%
D 600-699 60-69%
F 0-599 0-59%
Grade Weights
Assignment Category Points Percent
Discussions 170 17%
Homework (11) 330 33%
Exams (4) 500 50%
Total 1000 100%


Schedule of Due Dates

Week 1
Assignment Points Due
Introduction 10 Wednesday
Discussion 1 20 Friday/Sunday
Homework: Chapter 1 30 Sunday
Week 2
Assignment Points Due
Discussion 2 20 Friday/Sunday
Homework: Chapter 2 30 Sunday
Exam 1 125
Week 3
Assignment Points Due
Discussion 3 20 Friday/Sunday
Homework: Chapter 3 30 Sunday
Week 4
Assignment Points Due
Discussion 4 20 Friday/Sunday
Homework: Chapter 4 30 Sunday
Homework: Chapter 5 30
Exam 2 125
Week 5
Assignment Points Due
Discussion 5 20 Friday/Sunday
Homework: Chapter 6 30 Sunday
Homework: Chapter 7 30
Week 6
Assignment Points Due
Discussion 6 20 Friday/Sunday
Homework: Chapter 11 30 Sunday
Exam 3 125
Week 7
Assignment Points Due
Discussion 7 20 Friday/Sunday
Homework: Chapter 12 30 Sunday
Week 8
Assignment Points Due
Discussion 8 20 Friday/Saturday
Homework: Chapter 15 30 Saturday
Homework: Chapter 16 30
Exam 4 125
Total Points 1000

Assignment Overview

Discussions

There are weekly required, graded discussions, as well as optional discussions.

There is an Introduction discussion in Week 1, worth 10 points. I ask that you tell the class a little bit about yourself and why you are taking the course.

Each week, there is one required, graded discussion topic worth 20 points. I will post a question/problem/issue related to the week’s topic. Your first posting, worth a maximum of 15 points, is due by 11:59 p.m. Friday; it may require analysis or research or critical thinking. Your second post, worth a maximum of 5 points, is due by 11:59 p.m. Sunday (with the exception of Week 8, when replies are due by 11:59 p.m. Saturday); it should be a response to at least one other student’s post. Your response should be “value added.” In other words, not just “I agree,” or “Good job,” but a response that indicates you read the first student’s post and can offer a substantial comment. I do ask that each week you respond to a different student, and that you respond to a student that doesn’t have a response yet. All graded postings shall be formal. They should be written as if you are communicating with a client. The formal rules of proper English and grammar apply for these submissions. Points will be deducted for misspellings, incomplete sentences, poor sentence structure, etc. Points will accrue for accuracy, clarity, and conciseness. No late postings will be accepted without prior approval from the instructor.

Your discussion grade will be based upon the following criteria:

  • Your initial post demonstrates familiarity with the assigned readings, without copying directly from the text.
  • Your response is complete and concise, written in your own words.
  • Your postings are a model for other students to learn from.

“General Discussion” will also be available for discussion of any topic related to the class throughout the eight-week session. Use of this discussion is neither required nor graded. Participation in this discussion is the equivalent of “raising your hand in class.” You are welcomed and encouraged to use this forum to discuss any topic in the course. If you have a question, I usually respond within 24 hours, but if you have something substantive to respond to another student’s question, by all means, contribute to the discussion. Your comments here will not be graded.


Homework

Homework must be completed within Connect. Homework assignments will consist of end of chapter Exercises and Problems for each textbook chapter and will be worth 30 points each. The assignments in Connect correlate with the problems in the textbook but do not have the same data. You will be allowed up to three attempts for any problems that you do not get correct. It is highly recommended that you work on homework well ahead of the deadline, so that questions can be addressed before it is due (11:59 p.m. on the due date).


Practice Quizzes

There are four ungraded, practice quizzes available in the Quizzes area of the course. Designed to help you prepare and study for your graded exams, they will consist of sample exam questions. You may work on these at your discretion.


Exams

There are four exams worth 125 points each. They consist of 25 multiple choice questions. Exams will be available in the Quizzes area of the course at 6:00 a.m. Thursday before the due date. You can begin the exam at any time after it is open, but once you begin, you will have two hours to complete it and it must be submitted by 11:59 p.m. on the due date. Under no circumstances can it be worked on or submitted after the due date, unless the instructor has approved a different time or date prior to the exam deadline.

Note: You must complete the Exams without help from outside parties. Collaboration with anyone (other students, colleagues, professors, your accountant, etc) is not permitted. The tests are of course, open-book, but the work is to be exclusively your own. Discussion of test material with anyone is not allowed.



Course Outline

Click on each week to view details about the activities scheduled for that week.

Week 1: Intercorporate Acquisitions & Investments in Other Entities
Readings

Chapter 1: Intercorporate Acquisitions and Investments in Other Entities

Introduction

Please take a moment to introduce yourself in the Introduction Discussion. Tell the class a little bit about yourself and why you are taking the course.

Discussion 1

On pages 25-26 of your textbook, Case C1-3 discusses merger activity in the 1990s and 2000s and how these acquisitions have changed over time. Select one of the five given questions to research and respond on. Cite the source used to base your conclusion. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Sunday.

Homework: Chapter 1

In Connect, complete the following Exercises and Problems at the end of Chapter 1: E1-17, E1-20, E1-28, E1-30, E1-31 and E1-39. Due by 11:59 p.m. Sunday.

Week 2: Intercorporate Investments
Readings

Chapter 2: Reporting Intercorporate Investments and Consolidation of Wholly Owned Subsidiaries with No Differential

Discussion 2

On page 86 of your textbook, Case C2-4 asks that a response be formulated to the marketing vice president concerning the consolidation process. Please prepare a response to the issue in the format of an interoffice memorandum. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Sunday.

Homework: Chapter 2

In Connect, complete the following Exercises and Problems at the end of Chapter 2: E2-6, E2-13A, P2-19, P2-23, and P2-24. Due by 11:59 p.m. Sunday.

Exam 1

Exam 1 is comprised of 25 questions. It covers Chapters 1 & 2 and you will have 2 hours to complete it. The exam will open at 6:00 a.m. Thursday. Due by 11:59 p.m. Sunday.

Week 3: Reporting Entity
Readings

Chapter 3: The Reporting Entity and Consolidation of Less-than-Wholly-Owned Subsidiaries with No Differential

Discussion 3

On pages 126-127 of your textbook, Case C3-4 looks at three parent companies, Viacom, ConAgra Foods and Yum! Brands.  Choose one of these and provide some background on the company, such as what well-known subsidiaries they own and the industry in which they operate. When responding to another student, please respond to someone who picked a company different than the one you reported. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Sunday.

Homework: Chapter 3

In Connect, complete the following Exercises and Problems at the end of Chapter 3: E3-13, E3-16, P3-24, P3-26, P3-27, and P3-28. Due by 11:59 p.m. Sunday.

Week 4: Consolidation
Readings

Chapter 4: Consolidation of Wholly Owned Subsidiaries Acquired at More than Book Value
Chapter 5: Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Book Value

Discussion 4

On page 172 of your textbook, there are 15 discussion questions listed from Chapter 4. Please select one and provide a complete explanation to the question. Please select a question that has not already been addressed by another student. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Sunday.

Homework: Chapter 4

In Connect, complete the following Exercises and Problems at the end of Chapter 4: E4-4, E4-9, E4-12, P4-33, and P4-34. Due by 11:59 p.m. Sunday.

Homework: Chapter 5

In Connect, complete the following Exercises and Problems at the end of Chapter 5: E5-3, E5-12, E5-15, P5-33, and P5-34. Due by 11:59 p.m. Sunday.

Exam 2

Exam 2 is comprised of 25 questions. It covers Chapters 3, 4 & 5 and you will have 2 hours to complete it. The exam will open at 6:00 a.m. Thursday. Due by 11:59 p.m. Sunday.

Week 5: Intercompany Transactions
Readings

Chapter 6: Intercompany Inventory Transactions
Chapter 7: Intercompany Transfers of Services and Noncurrent Assets

Discussion 5

In the introduction to Chapter 6, the authors of your textbook discuss the relationship among Samsung Electronics and its many wholly-owned subsidiaries. After reading the chapter, explain further the accounting issues concerning inventory transfers that these relationships create. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Sunday.

Homework: Chapter 6

In Connect, complete the following Exercises and Problems at the end of Chapter 6: E6-8, E6-11, P6-22 and P6-28. Due by 11:59 p.m. Sunday.

Homework: Chapter 7

In Connect, complete the following Exercises and Problems at the end of Chapter 7: E7-14, E7-15, P7-24, P7-27, and P7-30. Due by 11:59 p.m. Sunday.

Week 6: Multinational Accounting
Readings

Chapter 11: Multinational Accounting: Foreign Currency Transactions and Financial Instruments

Discussion 6

Use the website http://www.exchangerate.com/currency-charts/USD/ to pull up foreign exchange rates for the past year. Compare the US Dollar to three other currencies of your choice. Describe the trend you see and give a couple possible explanations for this trend. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Sunday.

Homework: Chapter 11

In Connect, complete the following Exercises and Problems at the end of Chapter 11: E11-7, E11-13, E11-17 and P11-24. Due by 11:59 p.m. Sunday.

Exam 3

Exam 3 is comprised of 25 questions. It covers Chapters 6, 7 & 11 and you will have 2 hours to complete it. The exam will open at 6:00 a.m. Thursday. Due by 11:59 p.m. Sunday.

Course Evaluation
Please evaluate the course. You will have an opportunity to evaluate the course near the end of the session. A link sent to your CougarMail will allow you to access the evaluation. Please note that these evaluations are provided so that I can improve the course, find out what students perceive to be its strengths and weaknesses, and in general assess the success of the course. Please do take the time to fill this out.
Week 7: Multinational Accounting
Readings

Chapter 12: Multinational Accounting: Issues in Financial Reporting and Translation of Foreign Entity Statements

Discussion 7

On pages 655-656 of your textbook, there are 20 discussion questions listed from Chapter 12. Please select one and provide a complete explanation to the question. Please select a question that has not already been addressed by another student. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Sunday.

Homework: Chapter 12

In Connect, complete the following Exercises and Problems at the end of Chapter 12: E12-5, E12-9, E12-10, E12-11, and P12-27. Due by 11:59 p.m. Sunday.

Week 8: Partnerships
Readings

Chapter 15: Partnerships: Formation, Operation, and Changes in Membership
Chapter 16: Partnerships: Liquidations

Discussion 8

In your discussion post, explain the benefits of preparing a partnership agreement. Describe what should be included in the agreement and topics the partners should consider. Initial postings are due by 11:59 p.m. Friday. Replies are due by 11:59 p.m. Saturday.

Homework: Chapter 15

In Connect, complete the following Exercises and Problems at the end of Chapter 15: E15-2, E15-4, E15-9, P15-13, and P15-14. Due by 11:59 p.m. Saturday.

Homework: Chapter 16

In Connect, complete the following Exercises and Problems at the end of Chapter 16: E16-4, E16-6, P16-13, P16-14, and P16-15. Due by 11:59 p.m. Saturday.

Exam 4

Exam 4 is comprised of 25 questions. It covers Chapters 12, 15& 16 and you will have 2 hours to complete it. The exam will open at 6:00 a.m. Thursday. Due by 11:59 p.m. Saturday.



Course Policies

Student Conduct

All Columbia College students, whether enrolled in a land-based or online course, are responsible for behaving in a manner consistent with Columbia College's Student Conduct Code and Acceptable Use Policy. Students violating these policies will be referred to the office of Student Affairs and/or the office of Academic Affairs for possible disciplinary action. The Student Code of Conduct and the Computer Use Policy for students can be found in the Columbia College Student Handbook. The Handbook is available online; you can also obtain a copy by calling the Student Affairs office (Campus Life) at 573-875-7400. The teacher maintains the right to manage a positive learning environment, and all students must adhere to the conventions of online etiquette.

Plagiarism

Your grade will be based in large part on the originality of your ideas and your written presentation of these ideas. Presenting the words, ideas, or expression of another in any form as your own is plagiarism. Students who fail to properly give credit for information contained in their written work (papers, journals, exams, etc.) are violating the intellectual property rights of the original author. For proper citation of the original authors, you should reference the appropriate publication manual for your degree program or course (APA, MLA, etc.). Violations are taken seriously in higher education and may result in a failing grade on the assignment, a grade of "F" for the course, or dismissal from the College.

Collaboration conducted between students without prior permission from the instructor is considered plagiarism and will be treated as such. Spouses and roommates taking the same course should be particularly careful.

All required papers may be submitted for textual similarity review to Turnitin.com for the detection of plagiarism. All submitted papers may be included in the Turnitin.com reference database for the purpose of detecting plagiarism. This service is subject to the Terms and Conditions of Use posted on the Turnitin.com site.

Non-Discrimination

There will be no discrimination on the basis of sex, race, color, national origin, sexual orientation, religion, ideology, political affiliation, veteran status, age, physical handicap, or marital status.

Student Accessibility Resources

Students with documented disabilities who may need academic services for this course are required to register with the office of Student Accessibility Resources. Until the student has been cleared through this office, accommodations do not have to be granted. If you are a student who has a documented disability, it is important for you to read the entire syllabus as soon as possible. The structure or the content of the course may make an accommodation not feasible. Student Accessibility Resources is located in Student Affairs in AHSC 215 and can be reached by phone at (573) 875-7626 or email at sar@ccis.edu.

Online Participation

You are expected to read the assigned texts and participate in the discussions and other course activities each week. Assignments should be posted by the due dates stated on the grading schedule in your syllabus. If an emergency arises that prevents you from participating in class, please let your instructor know as soon as possible.

Attendance Policy

Attendance for a week will be counted as having submitted any assigned activity for which points are earned. Attendance for the week is based upon the date work is submitted. A class week is defined as the period of time between Monday and Sunday (except for week 8, when the work and the course will end on Saturday at midnight.) The course and system deadlines are based on the Central Time Zone.

Cougar Email

All students are provided a CougarMail account when they enroll in classes at Columbia College. You are responsible for monitoring email from that account for important messages from the College and from your instructor. You may forward your Cougar email account to another account; however, the College cannot be held responsible for breaches in security or service interruptions with other email providers.

Students should use email for private messages to the instructor and other students. The class discussions are for public messages so the class members can each see what others have to say about any given topic and respond.

Late Assignment Policy

An online class requires regular participation and a commitment to your instructor and your classmates to regularly engage in the reading, discussion and writing assignments. Although most of the online communication for this course is asynchronous, you must be able to commit to the schedule of work for the class for the next eight weeks. You must keep up with the schedule of reading and writing to successfully complete the class.

No late discussion posts will be accepted.

No late assignments will be accepted without extenuating circumstances beyond the control of the student and with instructor notification prior to the due date. 

Course Evaluation

You will have an opportunity to evaluate the course near the end of the session. A link will be sent to your CougarMail that will allow you to access the evaluation. Be assured that the evaluations are anonymous and that your instructor will not be able to see them until after final grades are submitted.


Additional Resources

Orientation for New Students

This course is offered online, using course management software provided by Desire2Learn and Columbia College. The course user guide provides details about taking an online course at Columbia College. You may also want to visit the course demonstration to view a sample course before this one opens.

Technical Support

If you have problems accessing the course or posting your assignments, contact your instructor, the Columbia College Helpdesk, or the D2L Helpdesk for assistance. Contact information is also available within the online course environment.

Online Tutoring

Smarthinking is a free online tutoring service available to all Columbia College students. Smarthinking provides real-time online tutoring and homework help for Math, English, and Writing. Smarthinking also provides access to live tutorials in writing and math, as well as a full range of study resources, including writing manuals, sample problems, and study skills manuals. You can access the service from wherever you have a connection to the Internet. I encourage you to take advantage of this free service provided by the college.

Access Smarthinking through CougarTrack under Students -> Academics -> Academic Resources.


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