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Intermediate Accounting II

by: Sienna Barton

Intermediate Accounting II Acctg 331

Marketplace > Washington State University > Accounting > Acctg 331 > Intermediate Accounting II
Sienna Barton
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Class Notes
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This 12 page Class Notes was uploaded by Sienna Barton on Thursday September 17, 2015. The Class Notes belongs to Acctg 331 at Washington State University taught by Staff in Fall. Since its upload, it has received 167 views. For similar materials see /class/206023/acctg-331-washington-state-university in Accounting at Washington State University.


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Date Created: 09/17/15
Instructor Dr Claire Latham Phone 3605469757 EMail lathamvancouverwsuedu Website httpwwwvancouverwsu edufaclatha mhome html FAX 3605469037 WASHINGTON STATE UNIVERSITY Acctg 331 Intermediate Accounting ll Spring 2006 Class Days and Time T ampTh1200115 pm Class Room Number VM MC 22 Office Room Number CL308P Office hours T amp Th 300400 pm and by appt Prerequisites Acctg 330 Support Sue Miller 3605469750millersuvancouverwsuedu Materials Needed Text required Course packet optional Library Reserve Calculator Other optional Kieso DE JJ Weygandt and TD Warfield 2004 11m edition Intermediate Accounting New York John Wiley amp Sons Inc Subscription to FARS online at book companion website location httpIhecdawiIeycomlWiIeyCDASectionlid 106057html Purchase as a 23 person team Owen Glenn 2005 Using QuickBooks Pro for Accounting Thomson Southwestern ISBN 0324227469 You will be using the QuickBooks software installed on several computers in the MMC lab This text provides the assignments and the data backup files Intermediate Acctg 331 Lecture Notes on website Solutions to selected exercises and problems on website CPA outlines and review questions Gleim software is in Computer Lab older Gleim book is on library reserve FASB Current Text and Official Pronouncements hard copy and older version of what is on FARS library reserve A 4function calculator add subtract multiply divide nonprogrammable calculator is the only calculator approved for use in examinations in this class Study Guide Vol II to Intermediate Accounting WSUV Bookstore University Communication with Students All email communication from the University is sent to the student s wsuedu address Please be sure that you have set up the link to forward your personal email address aol hotmail etc or you will miss announcements and information that is very important to you This is the email I use to contact you regarding class matters If you change your email address be sure to update again Catalog Course Description with Prereguisitites 3 credits Continuation of 330 which is theory underlying the determination of income analysis of financial statements Prereq Acctg 330 Please note that prerequisites are strictly enforced and that students will be disenrolled ifthey do not have course prerequisites Instructor Course Obiectives Knowledge and Skill Expectations Students should have the knowledge and skill level to read and analyze financial information through the topic areas covered in Acctg 330 Overview ofCourse Purpose Acctg 331 is the second in a twocourse series in intermediate financial accounting Within the business curriculum at WSUV this series has as its overall objective to help students read and analyze financial statements Much attention is given to examples from current accounting practice and the reporting requirements promulgated by the Financial Accounting Standards Board Our focus is on an external user perspective and financial accounting standards promulgated in the US however international contrasts andor consistencies are brought intothe discussion of many of our topics Ethical considerations and impact on various stakeholders are also an important component of our study of financial reporting practices The course is for students preparing to become practicing accountants in either the public or private sector In addition to prospective practicing accountants the course provides valuable background forthose looking forward to various managerial orfinancial careers The series covers many of the topics included in several professional qualifying examinations Class Method I strive to balance our discussion of conceptual and procedural so we understand the rationale behind business transactions From an external user perspective students learn to define measure and evaluate income statement balance sheet and cash flow variables and to analyze relationships among these variables Speci c Business Program actionoriented curricular goals At the end of Acctg 330331 students should be This objective will be assessed primarily able to by Demonstrate an understanding of the conceptual Exam questions student s participation in framework of financial reporting with particular emphasis classroom discussions and assignments onthe underlying assumptions principles and constraints Simulations and FARS questions Cash flow ofthe financial accounting model assignment for exam 3 Evaluate current practice in the light of the conceptual Student classroom discussion and exam framework questions concerning the contemporary press articles Financial reporting problems Simulations and FARS questions Contemporary press articles as applicable Cash flow assignment for exam 3 Apply analytical techniques appropriate and supported Homework exercises and problems exam by generally accepted accounting principles to solve questions Simulations and FARS questions problems Analyze the relationships among various accounts in Financial reporting term project 331 which financial reporting to compare and contrast firms focuses on analyzing relationships among the trends and abilities variables in an actual company cash flow assignment for exam 3 Simulations and FARS questions Identify and evaluate an ethical financial reporting Ethics case student classroom discussion of issues support a recommendation concerning the chapter vignettes and issue and Distinguish US and international accounting practice Student classroom discussion of chapter in certain topic areas vignettes contemporary press articles as applicable Demonstrate an understanding of the accounting Chapter 1 assignments A Member ofthe profession including the organizations which support it Profession Assignment 330 Guest the career paths available and the attributes presenters and class discussion Development necessary to become a successful member of technical writing and research skills through FARS questions Contemporary press articles A class schedule detailing how we achieve the above noted course objectives is attached It includes chapters covered homework and examinations along with applicable dates A description of each activity is provided below under Evaluations and Grades Each student is expected to come to class prepared and to participate in class discussions You are encouraged to think creatively and question current accounting practice My particular approach is to discuss the topics we want to emphasize in each chapter in class and to work both homework and nonhomework examples My website for this class contains lecture outlines for each chapter As you might expect material will be introduced in class that is not in the text You are responsible for all material that is presented in class unless otherwise indicated If you miss a class please contact another class member to determine what was covered E 8 IP Evaluations and Grades Homework Keeping up on homework is critical in intermediate accounting Solutions to the homework exercises and problems listed inthe syllabus are postedto my website unlessthe assignment isto be turned in Homework is not collected unless an announcement is made in class indicating that a particular problem will be due in the next class period or it is listed on the syllabus Though homework points are not included in your final grade total other than the assignments listed on the syllabus class participation as we cover the homework is considered indicative ofthe effort you are putting into class and may be helpful in assessing borderline situations Quizzes We will complete either individual quizzes or group assignments in class both announced and unannounced which may be turned in The objective of these exercises is to help me gauge how well you understand the material Similar to homework no points are included in your final grade total unless otherwise noted Use of FARS database The Financial Accounting Standards Board FASB Financial Accounting Research System FARS provides searchable access to financial accounting primary professional standards It is critical that you become comfortable with using this database as a means of answering accounting questions you face in the future the external business community expects itl l have provided you with the link to FARS through your textbook there is an additional fee for access 15 for one semester For each of the three exams I will be providing you with a simulation assignment As part of the simulation assignment you will need to conduct research using FARS You will turn in the simulation assignment including your answer to the research question asked on the exam date The format for submitting your response to research questions is 1 Complete well written see writing assessment under CourseInstructor and University Policies answer 2 Reference Authoritative pronouncement Do not abbreviate and specific paragraph please be specific You may consider using one of your responses to a question as a portion of your writing portfolio Term Project You have a choice between two term projects Please see separate attached descriptions You will need to let me know your project choice by January 19 2006 This project represents 50 points Examinations As indicated on the assignment outline there will be three exams and a final during the semester Each of the exams will be a mix of multiple choice questions problems and short essays Examinations represent 400 points Summary of Paints Exams 3 Final Term project 300 points 100 points each 75 minutes in length held during regular class period The exams cover text and class material 100 points 50 points Held during finals week See group or individual project description in syllabus1 See class schedule for due dates Total 450 points2 1 Projects completed as a group fall under the guidelines established by the WSU Vancouver Business Program 2Letter grades are based on percentage earned of 450 points example 90 450 405 points A 80450360B etc v 3 CourseInstructor and University Policies Attendance Except for examination dates attendance is not required but is considered essential for the successful completion ofthis course Students should contact another class member for material missed in class if heshe has to be absent Any assignments announced in class will be collected in class only Late assignments Per business program policy any assignment that is late will have points deducted from it The deduction will be equal to 10 of the total possible points allowed for that assignment for each business day that it is late Any exception to this rule needs to be discussed with me prior to the due date Makeup examinations There will be no makeup exams given except by prearrangement Any absence not approved by the instructor in advance of the exam date will result in a score of zero on that exam Writing Assessment Possessing technical writing skill is a critical component of being a member of the accounting profession The FARS research as part of the simulations will assist you in furtherdeveloping this skill assess writing based on the following 1 Followed instruction 2 Effort 3 Clarity of expression including correct grammar syntax punctuation and spelling 3 Quality of insight including correctness of choice of reference and interpretation Grade appeals All grade appeals must be submitted to the instructor in writing no laterthan one class period after the graded exams or assignments are returned to the students The student should clearly describe in detail what your concerns are state how many points you feel should be added to your grade and providejustification forthe grade change Given the comprehensive nature of the exams and assignments in this course in the case of regrading the entire exam or assignment will be regraded not just the items in question The student will receive the grade ofthe regraded exam or assignment rather than the original grade note the score on the regrade may be higher or lower than the original grade Availabilityof ReportsPapers Reports and other class assignments will be returned in class In the event you are not in class on the daythe items are returned you may pickthem up in my office during office hours or by prearrangement Posting of Grades I do not post grades butl attempt to respond to email requests for grade information Final grades are available on METRO the day following grade submission Academic Integrity Academic Dishonesty Students are expected to uphold the WSU standard of conduct relating to academic dishonesty see WSU Student Handbook WAC 50425015 as well as the Business Program Guidelines related to Academic Integrity Students assume full responsibility forthe content and integrity ofthe academic workthey submit The guiding principle of academic integrity shall be that a student s submitted work examinations reports and projects must be that students own work Students shall be guilty of violating the honor code if they 1 Represent the work of others as their own 2 Use or obtain unauthorized assistance in any academic work 3 Give unauthorized assistance to other students 4 Modify without instructor approval an examination paper record or reportfor the purpose of obtaining additional credit 5 Misrepresent the content of submitted work The penalty for violating the honor code is severe The first offense will result in a grade of zero on the assignmeanexam in question A second offense will result in a failing grade forthe course All offenses will be reported to the Office of Student Affairs lfa student is unclear aboutwhether a particular situation may constitute an honor code violation the student should meet with the instructorto discuss the situation i u Student Conduct and Deportment Per the WSU Vancouver Student Handbook students are Expected to show due respect for the rights of others For example While students have the rightto freedom ofexpressionthis expression cannot interfere with the rights of others or disrupt the processes ofthe University Any malicious act which causes harm to any persons physical or mental well being is prohibited Such activities include sexual harassment discrimination intimidation eg bullying or belittling fellow students disruptive behavior eg loud talking in class or slanderous comments made about other students orfaculty eg false and unsubstantiated claims of discrimination made forthe purpose of improving grades Students should be familiarwith the Washington State University standards for student conduct presented in the WSU Vancouver student handbook available from student services Students who fail to conduct themselves properly are subject to discipline which may extend to temporary or permanent removal from the institution Reporting Violations Anyone wishing to report violations of the student or faculty conduct code should use the following procedures Whenever possible collect any documentation of the offending activity eg written comments from other students or faculty email messages etc It is also useful for students to put their concerns in writing to faculty or administrators pursuing the matter can accurately convey the student s concerns Present the complaint and supporting documentation to the appropriate faculty member or administrator The process should begin with the class instructor lfthe instructor is unable to resolve the matter to the student s satisfaction ofthe problem behavior spans multiple classes or if the nature ofthe problem makesthis impossible the complaintshould be forwardedtothe Program Director lfthe matter is still not resolved to the student s satisfaction the complaint should proceed to the Associate Dean then the Chancellor and finally to the University Ombudsman See the WSU Vancouver student manual for more detail concerning this process Students with Disabilities Disability quot 39 quot quot 39 39 39 are available for students who have a documented disability Please notify the professor during the first week of class of any accommodations needed forthe course Late notification may cause the requested accommodations to be unavailable Students needing accommodations must have them approved through the Associate Director of Student Services Student Services Building Room 203 OnCampus Counseling OnCampus Counseling is available from Dr Wendy Morseth in Classroom Building VCLB 160D on T W Thurs Phone 5469446 for an appointment Term Project Directions Choose from Term Project 1 or 2 TERM PROJECT 1 Financial Statement Analysis 50 points Understanding of Other Disclosure Requirements Background and Purpose The primary objective ofthis assignment is to begin to integrate the many concepts we have studied and to give an opportunity to apply our intermediate accounting in a realworld setting Using Appendix 5A ratio analysis and Chapter 24full disclosure as a starting point as well as information obtained throughout our study of intermediate accounting an individual or team of individuals will evaluate the financial and nonfinancial condition of a publicly traded company Required 1 Form a team of 2 or 4 individuals Select a publicly traded company for analysis Your primary selection criterion should be a the company is of interest to your group eg you want to find out more about the company b your ability to obtain a current annual report on the company using the internet and c the company39s appearance in the news eg article has appeared recently concerning company in WSJ Forbes etc Let me know team members and company chosen by January 19 2006 2 Entire team the team together should answer the attached questions which provide a starting point for your analysis Divided team The team should divided into two Onehalf of the team will write a brief critique as to why an individual would be interested in buying the stock ofthe company the other half ofthe team will write why an individual should not buy the stock For this portion of your respective analyses and evaluation I am giving you few guidelines on purpose and I would like you to use your imagination Important note Please note that you have the option to complete this project individually nonteam If you do the project by yourself you will need to present and support both pro and con arguments 3 To turn in word processing required April 27 2006 Copy of annual report downloaded from Internet Copy of recent news article related to company Brief introduction expressing why you selected this company Answers to attached questions noted below show computations on ratios etc Pro and con perspectives Term Project 1 Questions and Descriptions A Background 1 Where is the company incorporated Where are its primary locations 2 Describe the nature of its business primary products etc 3 Name the company of officers and briefly describe their backgrounds 4 What is the primary focus ofthe company39s management letter in the current year B Income Statement 1 Is this a comparative statement Explain 2 Is this a consolidated statement Explain 3 Are there any extraordinary items Discontinued items Cumulative effects of change in accounting principles If so briefly discuss the nature ofthese items 4 What was the profit margin percentage in the current year In the prioryear 5 How much was earnings per share breakdown if necessary 6 What was the percent of income tax expense to pretax income Statement of Retained Earnings 1 Forthe current year what amount was transferred from the income statement For the prior year 2 What total Retained Earnings was reported on the balance sheet for the current year 3 Did anything else cause Retained Earnings to change in the current year If so what Balance Sheet 1 What was the net book value of the fixed assets at the end of the current year At the end of the prior year How many classes of common stock have been issued Does the stock have a par value Can the company issue any more stock 3 Were there any unpaid income taxes at the end ofthe current year How did this figure compare with income tax expense 4 Does the company have any outstanding lease obligations If so describe 5 Does the company have any outstanding pension and or postretirement benefit obligations If so describe 6 What is the breakdown oftheir investments eg held to maturity available for sales etc 7 Does the company have any longterm debt maturing in the current year Any major refinancing Statement of Cash Flows 1 In the current year what category generated the most cash flow In the prioryear 2 In the current year what category used the most cash flow In the prior year Auditor39s Report 1 Who were the independent CPA39s 2 What type of opinion was issued If there are any qualifications please explain Notes to the Statements 1 What accounting principle makes it necessary to have these notes to the financial statements 2 What is the subject of the first note 3 How are the inventories stated 4 What depreciation methods are used 5 Are there any other footnotes that are unusual andor distinctive to this company Compute the following ratios for the current year and the prior year 1 Current ratio 2 Quick ratio 3 Receivable turnover ratio 4 Average collection period for accounts receivable 5 Inventory turnover ratio 6 Average days in inventory 7 Return on total assets 8 Debt to total assets 9 Priceearnings ratio 10 Dividend Yield TERM PROJECT 2 VIT WorkshopsCertificatelQuickBooks Assignment 30 points Note There are two parts to this project Part Background and Purpose The primary objective ofthis portion of the assignment is to give you an opportunity to enhance your computer skills using common software continually receive feedback from industry and public accounting that strong abilities using Word Excel Powerpoint Access etc are key success indicators to those people doing the hiring Most of you have received software training at some point in your high school andor college education but I am often amazed when I will have a graduating senior who is stumbling using Excel So this is my project for that student and I hope you take advantage of it The staff of Vancouver Information Services has designed a series of workshops ranging from Word to Advanced HTML that will be held throughout the semester You will find handouts at the library listing the classes oryou can go to httpAAwwvancouverwsueduvisonlinehtmllworkshopshtml In addition to the VIT Workshops noted below if you select this term project option you also need to complete the QuickBooks Assignment described on page 9 Part Requirement for VIT workshopscertificate x Select 5 classes from the VIT workshops that you feel will best enhance your existing skill level In other words please do not select Word I if you are already familiar with Word You may choose to earn a certificate which is typically 4 integrated workshops or simply choose from among all the classes to best develop how you wish to present yourself think resume Each class will be worth 6 points although you will see that some are obviously more challenging than others Let me know that you have chosen this option and the classes signed up for by January 19 2006 Since seating is limited VIT asks that you registerfor each workshop you would like to attend Register online at httpwwwvancouverwsueduvrsonlrnehtmlworkshopshtml You will need to provide evidence to me that you have actually signed up for the class ie a print out of your registration list Given that you know you will be doing this since the beginning of the semester I will not accept the inability to get into classes late in the semester to complete your 5 as an excuse ie the points will be lost 4 To turn in word processing required April 27 2006 Brief introduction presenting your computer knowledge background prior to taking the workshops Brief synopsis of why you selected the workshop courses you did as well as what you learned takeaways Evidence of workshop attendance form is on p 10 which will need to be signed by workshop instructor no other evidence is accepted Part II of Term Project 2 QuickBooks Pro Assignment 20 points Due Date April 27 2006 in class A twoperson team is recommended but you may complete this assignment in a team of up to three people or by yourself if there are enough books Part II Background and Purpose The objective of this assignment is to familiarize you with a popular commonly used accounting software package QuickBooks is geared to nonaccountants but uses a similar approach to many ofthe userfriendly accounting packages If you take Accounting 433 and I hope you do we will use a more sophisticated software package for an assignment Part II Requirement for QuickBooks Pro Assignment Complete the following assignments from Chapter 1 and 2 Please note you will be completing additional work as you read through the chapter in order to do these assignments so plan accordingly Turn in as one packet with your names on it on the due date Chapter 1 Session 1 Assignment 1 Working with Files Opening Closing and Printing p 27 Chapter 1 Session 2 Assignment 2 Investigating the Balance Sheet using QuickZoom p42 Chapter 1 Session 3 Assignment 1 Preparing an Income Statement for Century Kitchen p 61 Chapter 1 Session 5 Assignment 1 Creating Supporting Reports for Century Kitchen pp8586 Chapter 2 Assignment 1 Adding More Information to Phoenix Systems Consulting Inc pp109 111 Add only one customer vendor employee etc note that you are adding to information that you completed when you read this chapter PFAF39ONT VERY IMPORTANT The book you purchased provides you with the necessary files to complete the assignment You need to complete this assignment on certain computers in the MMC lab that have Quickbooks Pro 2005 installed see master board in lab which lists the software installed on the various computers Helpful hints from prior classmates Since the files on the CD located in the back ofthe QuickBooks manual are backup files you cannot open the files directly from the disk Listed below are the steps necessary to open the files 1 Open QuickBooks Pro 2005 2 Click File and scroll down to Restore 3 Under the Get Company Backup From a Click Browse b Click the company name you want to open and then click Open 4 Next under Restore Company Backup To a Click Browse b Click Save Quickbooks will now take you back to the Restore Backup window and click Restore 6 If all has been done correctly a popup window should say Your data has been restored successfully Spring 2006 Accounting 331 1 VII Class DateTime Instructor Latham Verification of attendance student name attended Print student name Instructor Signature Spring 2006 Accounting 331 2 VII Class DateTime Instructor Latham Verification of attendance student name attended Print student name Instructor Signature Spring 2006 Accounting 331 3 VII Class DateTime Instructor Latham Verification of attendance student name attended Print student name Instructor Signature Spring 2006 Accounting 331 4 VII Class DateTime Instructor Latham Verification of attendance student name attended Print student name Instructor Signature Spring 2006 Accounting 331 5 VII Class DateTime Instructor Latham Verification of attendance student name attended Print student name Instructor Signature 10 Course CalendarSchedule Dates Chapter Topic Homework 110 Ch 14 LongTerm Liabilities E3E4E5E6E7E14 P1 112 Ch 14 continued 117 Ch 14 continued 119 Ch 15 Stockholders39 Equity E2E4E7E11E23P5 Term project decision given to Latham 124 Ch 15 126 Ch 15 wrapup Ch 16 Dilutive Securities and E3E7E10E16E26P4 Earnings per Share 131 Ch 16 continued 22 Ch 16 continued 27 Exam 1 Chaps 14 15 and 16 29 Review exam Ch 17 Investments E3E4E6E13E16E18 214 Ch 17 continued 216 Ch 17 continued 221 Ch 18 Revenue Recognition E4E7E11E13P6P7 223 Ch 18 continued 228 Ch 18 wrapup Begin Ch 19 conceptual 32 Ch 19 Accounting for Income E1E2E5E6E9 Taxes 37 Ch 19 continued 39 Exam 2 Chaps 17 18 and 19 31416 No Class Spring Break 321 Review Exam Ch 20 Pensions and E2E3E5E8E11E22 Postretirement Benefits 323 Ch 20 continued 328 Ch 20 continued ll 330 44 46 411 413 418 420 425 427 No class Project work day Ch 21 Leases BE6BE7BE11P2 Ch 21 continued Ch 21 wrapup Begin Ch 23 conceptual Ch 23 Cash Flow Statement E1E5E6E13E14 Ch 23 continued Exam 3 Chaps 20 21 and 23 Review exam Term project wrapup Turn in term project report Final review Finals week May 15 date and time tba Final is comprehensive Note Modifications to this syllabus may be made at the discretion of the instructor due to unforeseeable events 12


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