ACCT 2014 - Financial Accounting 1 Course Outline 2018

Lecturer Contact Mona WJC

Information
Name of Lecturer : Ms. Stascia Gordon Nekeshia Gray
Office Address: Room 11 MSBM (South) Room 312
Office Telephone Phone : 977-3775 (extension 242) 940-4349 (Extension 7010)
Office Hours: Monday 2 – 3 pm Wednesday 5-6 pm
Electronic Mail Address : stascia.gordon02@uwimona.edu.jm nekeshia.gray@uwimona.edu.jm
Coordinator: Stascia Gordon

Name of Lecturer : Mr. Michael Williams

Office Address: Main Office MSBM (South)
Office Telephone Phone : 977-3775 (extension 226)
Office Hours: Mondays 4– 5 pm
Electronic Mail Address : michael.williams@uwimona.edu.jm

Course Details
 Course Title & Code : Financial Accounting 1 – ACCT 2014
 No. of credits : 3
 Semester : 1 (13 weeks)
 No. of contact hours : 39 hours (26 hours lectures and 13 hours lecture/discussion)
 Pre-requisites : ACCT 1005 & ACCT 1003
Course Description & Rationale
This course will provide students with a solid conceptual and practical understanding of the discipline of financial
accounting and the opportunity to develop competence in the handling of accounting data.

This course is in part fulfillment of International Education Standard, IES 2 Initial Professional Development Technical
Competence . This course covers the intermediate financial accounting aspects of the B.Sc. accounting degree
The course will assist MSBM in being the premier provider of academically oriented accounting education within the
Caribbean region.
Learning Outcomes
a) Demonstrate the ability to apply International Financial Reporting Standards in preparing the
financial statements of a sole trader.
b) Demonstrate the ability to analyze and interpret the financial statements.
c) Use power point presentation to communicate the role and function of accounting ethics in the
preparation of financial statements.
d) Demonstrate the ability to work as part of an accounting team to prepare the financial statements for
a sole trader.
e) Demonstrate the ability to prepare a chart of accounts.

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Mode of Delivery
The mode of delivery for this course is face-to-face

Prescribed Textbook:
1. International Financial Reporting Standards (IFRSs) 2018.
International Accounting Standards Board
2. Introduction to Financial Accounting the A R E Way
Michael Williams
Recommended Readings :
Advanced Financial Accounting – Michael Williams
Chapter 1Historical Perspective
Chapter 2 Internal Control
Chapter 3 Framework for Preparing Financial Statements
Chapter 4 Preparing Notes to the Financial Statements
Pedagogy

Method Hours
Lectures 26
Lecture/Discussion 13
Assignments 26
Desk Research 10
Group Meetings 20
Self Directed Learning 55
Total 150

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Assignments
Students should form in groups of 7 in the stream you are registered for, and elect a Senior Partner.

Project 1 – The group is required to prepare a power point presentation to present to a Board of Directors
making recommendations on the accounting treatment of an item relating to an Ethics Scenario. The Senior
Partner will make an oral presentation to the Board of Directors.

Project 2 – The group is required to prepare a Chart of Accounts for a company listed on the Jamaican Stock
exchange. Please see Project 3 for submission guidelines. This project should be submitted with Project 3.

Project 3 - Students will be required to prepare the financial statements for a sole trader.

1. The financial statements should be typed using 12 point font on 8½ X 11 paper in a Word document
format.
2. The FIRST page of the project MUST state the group; reference number, the name of each
student, the identification number for each student, e-mail address and the cellular telephone
number for each student.
3. In addition to the word document, the financial statements should be submitted in an excel
document with a different excel sheet labelled with each Financial Statement name. (for eg.
Income statement, Balance sheet etc). The Notes to the Financial Statement with figures
relating to the other statement must be included in your excel document.
4. Projects should be emailed to ACCT2014Success@gmail.com on or before Sunday, October 28,
2018 at 6:00pm without attracting any penalty.
Projects submitted after 6:05pm Sunday, October 28, 2018 will attract a 50% penalty of the mark
received.
Assessment Methods
Preparation of Financial Statements 30%
Presentation of Report to Board of Directors 5%
Chart of Accounts 3%
Participation 2%
Coursework total 40%
Final Examination (2 hours written examination) 60%
Total 100%
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To obtain the participation mark of 2% you must be present for 33 lecturer hours out of a total of 39 lecture hours.

Group Work Professional Ethics - Accounting students must evidence the highest level of professional ethics.
The group course work completed in this course must be that of your group in substance (i.e., its
accounting and business content) and form (i.e., its outward appearance and format). Academic
dishonesty will not be tolerated under any circumstances and will be handled according to the
University of the West Indies examination regulations. At a minimum, a grade of zero will be sought in
cases of academic dishonesty. If you have any questions about what might constitute academic dishonesty,
ask for clarification from the Lecturer. Examples of academic dishonesty include (but are not limited to):

a. Copying another group’s project or using another group’s project.

b. Allowing another person(s) to assist the group in completing the project.
c. Assisting another group in completing the project.

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Class Attendance
Students are expected to attend class regularly and to keep abreast of any changes in lecture schedules, and test dates or
submission dates. Failure to attend classes may jeopardize a student’s academic standing.

Lectures will begin at 5 minutes after the hour (e.g. 5:05 pm) and end at 5 minutes to the hour (e.g. 5:55 pm).
Class attendance is very important to your financial accounting learning experience. Students should attend
classes regularly and avoid being continually late. You are responsible for all materials discussed in lectures
and tutorials. I strongly recommend that you contact another group member about material covered when
you miss a lecture or tutorial. Please inform the group leader if you are unable to attend a lecture or tutorial.
The group leader should inform the Lecturer when he/she is unable to attend a lecture or tutorial. PLEASE
contact me during office hours if you have extraordinary difficulty with the material or with any aspect of the
lecture or tutorial.

Marking Scheme

GRADE Mark as a %

A+ 90 – 100
A 80 – 89
A- 75 – 79
B+ 70–74
B 65 – 69
B- 60 - 64
C+ 55 - 59
C 50 - 54
F 0 - 49

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Schedule
Weekly Schedule Topics Readings

Week 1 Session 1

Introduction to the Course

Accounting Profession

Session 2

Knowledge Assessment of Financial Accounting Concepts

HISTORICAL DEVELOPMENT
Brief History of Financial Accounting – International
Brief History of Financial Accounting – Caribbean

Session 3

ETHICS IN ACCOUNTING
Improving Ethical Standards
Corporate Accounting Scandals

FINANCIAL REPORTING REGULATIONS

Statutes and Standards
Historical Development of the IASB
Standard Setting Process
IASB Standards
Week 2 Session 4

IAS 1 Presentation of Financial Statements IAS 1

 Notes to the Financial Statements

Session 5
Revenue from Contracts with Customers IFRS 15

Inventory IAS 2

Session 6

Property, Plant and Equipment IAS 16

Impairment of Assets IAS 36
Events after the Reporting Period IAS 10

Accounting Policies IAS 8

Changes in Accounting Estimates IAS 8

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Week 3
Session 7
PREPARATION OF FINANCIAL STATEMENTS
Sole Trader
Preparation of Statement of Affairs Chapter 10

Session 8

PREPARATION OF FINANCIAL STATEMENTS

Sole Trader
Preparation of Income Statement Chapter 10

Session 9
PREPARATION OF FINANCIAL STATEMENTS
Sole Trader
Preparation of Balance Sheet Chapter 10

Week 4 Session 10

PREPARATION OF FINANCIAL STATEMENTS

Sole Trader
Preparation of Balance Sheet Chapter 10

Session 11

PREPARATION OF FINANCIAL STATEMENTS

Sole Trader
Preparation of Notes to the Financial Statements Chapter 10

Session 12

PREPARATION OF FINANCIAL STATEMENTS

Sole Trader
Preparation of Notes to the Financial Statements

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Week 5 Session 13

CASH FLOW STATEMENT Chapter 9 &

Purpose of Cash Flow Statements IAS 7
Cash Flow Statement Format
Direct Method
Indirect Method
Significant Non-cash Activities
Usefulness of the Cash Flow Statement

Session 14

CASH FLOW STATEMENT Chapter 9 &

Preparation of Cash Flow Statement IAS 7
Sole Trader

Session 15 - Lecture/Discussion

Preparation of Financial Statements – Sole Trader Chapter 10

Week 6
Session 16 - Lecture/Discussion

Preparation of Financial Statements – Sole Trader Chapter 10

Session 17 - Lecture/Discussion

Preparation of Financial Statements – Sole Trader Chapter 10

Session 18

PREPARATION OF FINANCIAL STATEMENTS Chapter 13

Company
Earnings per Share IAS 33
Preparation of Income Statement
Preparation of Statement of Changes in Equity

Week 7 Session 19 – Group Discussion Meetings

Session 20 – Group Discussion Meetings

Session 21 – Group Discussion Meetings

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Week 8 Session 22

PREPARATION OF FINANCIAL STATEMENTS

Company Chapter 13
Preparation of Balance Sheet

Session 23 - Lecture/Discussion

PREPARATION OF FINANCIAL STATEMENTS Chapter 13

Company
Preparation of Income Statement
Preparation of Statement of Changes in Equity
Preparation of Balance Sheet

Session 24 - Lecture/Discussion
PREPARATION OF FINANCIAL STATEMENTS Chapter 13
Company
Preparation of Income Statement
Preparation of Statement of Changes in Equity
Preparation of Balance Sheet

Course Evaluation

Week 9 Session 25 - Discussion

Project Presentation

Session 26 - Discussion
Project Presentation

Session 27 - Discussion
Project Presentation
Week 10 Session 28

CASH FLOW STATEMENT

Company Chapter 9
Preparation of Statement of Cash Flows

Session 29 - Lecture/Discussion

PREPARATION OF FINANCIAL STATEMENTS Chapter 9

Company
Preparation of Statement of Cash Flows

Session 30 - Lecture/Discussion

PREPARATION OF FINANCIAL STATEMENTS Chapter 9

Company
Preparation of Statement of Cash Flows

Week 11 Session 31
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 EVALUATION OF FINANCIAL STATEMENTS Chapter 17
Purpose of Ratio Analysis
Limitations of Ratio Analysis
Usefulness of Ratios

Session 32

EVALUATION OF FINANCIAL STATEMENTS Chapter 17

Analysis and Interpretation of Financial Statements
Criticisms of Financial Statements
Cash Flow Statement Analysis

Session 33
INTERNAL CONTROL
Definition
Underlying Principles
Limitations

Week 12
Session 34

PREPARATION OF FINANCIAL STATEMENTS

Hotel Accounting Chapter 14
Departmental Statements

Session 35

PREPARATION OF FINANCIAL STATEMENTS

Hotel Accounting Chapter 14
Departmental Statements
Session 36

Intangible Assets IAS 38

Accounting for E-Business

Week 13 Session 37

Cyber Security
Current Developments in Financial Accounting

Sessions 38
Review

Sessions 39
Review
Examination Techniques

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 Important Dates

September 3, 2018 Teaching Begins

October 15, 2018 National Heroes Day
October 28, 2018 Final Date for Course Work Submission
November 30, 2018 Teaching Ends
Dec. 3 to 21, 2018 Examination Period

Please Note: Subject to change

Rules

Examination Matters

Questions relating to the examination should be asked during a lecture session or tutorial
session. The lecturer will not answer any question relating to examination unless the
question is asked during a lecture or tutorial session.

Cellular Telephones

Cellular telephones of any kind are not permitted to be used in the lecture room. Please
turn off or put your phone on silent before the start of the lecture or tutorial session.
Students who violate this rule will be required to leave the lecture room. The use of a
cellular telephone is permitted during the ten (10) minutes break from during the 2 hours
lecture period.

Excessive Talking

Excessive talking during lectures will not be tolerated. Respecting other students’ rights to
listen to lectures and other types of presentations, and focusing on learning activities in the
lecture room is an important consideration as a classmate. Do not disturb the lecture by
telling jokes and asking questions of your neighbours (unless they are reasonable brief
points of clarification on financial accounting). Questions, answers and other types of active
participation that involves the entire class will be encouraged and rewarded.

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 Lecture Assignments

For maximum benefit, students should read the assigned lecture materials and attempt all
questions before coming to class. Students should be prepared to discuss reading
assignments, attempt problems, answer questions, and participate in class discussions.

Office of Special Student Services

The University of the West Indies at Mona provides special accommodations for students with special
needs. Services are provided as needs are identified and include assistance for the hearing impaired
and those with physical disabilities. If you have a disability for which you believe you require services,
please contact your respective program coordinator.

Group Work
Full participation is expected from every group member. Failure of a
group member to participate in the work assigned will result in that
group member receiving a mark of two.

Examination
A student who does not take an examination in a course for which he or she is registered is deemed to
have failed the examination unless permission to be absent was granted. A student who on the grounds
of illness or in other special circumstances referred to in examination Regulation 25, fails to take an
examination in a course for which he or she is registered may be given special consideration by the
board of examiner to take the examination at the next available opportunity, without penalty,

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 Academic Integrity
Cheating
Cheating is any attempt to benefit oneself or another by deceit or fraud. Plagiarism is a form of
cheating. Plagiarism is the unauthorized and unacknowledged use of another person’s intellectual
efforts, ideas and creations under one’s own name howsoever recorded, including whether formally
published or in manuscript or in typescript or other printed or electronically presented form.
Plagiarism includes taking passages, ideas or structures from another work or author without
attribution of such source(s), using the conventions for attributions or citing used in this University.
Since any piece of work submitted by a student must be that student’s own work, all forms of
cheating, including plagiarism, are forbidden

Code of Conduct
1. During the conduct of any class, there shall be no activity which disturbs the assembly and
affects the order of the proceedings. Instructors have the right to require any student to
leave the classroom if she/he is involved in disorderly conduct, or alternatively instructors
have the right to leave the classroom themselves.
2. Cell phones, pagers and alarms of any type shall be turned off during classes. If there is an
emergency for which a student or instructor may need to use the phone, this shall be
indicated at/or just prior to the start of the class in a manner indicated by the instructor,
Student’s Responsibility
 Obtain a copy of the student handbook and familiarize yourself with code of student conduct
 Obtain a copy of the course outline from your instructor.
 Read the textbook and other assigned readings prior to the start of class.
 Attend all classes.
 Participate as fully as possible in class discussions.
 Be punctual for class.
 Observe due dates for assignments
 Respect the rights of others.
 Adhere to the highest standards of academic integrity
 Respect university property and the property of others
 Practice good health and safety habits
 Comply with the standards, rules, and regulations of the University

Instructor’s Responsibility
 Be fair and impartial to all students.
 Hold office hours for students to discuss issues and questions relating to the course
 Ensure that the course is delivered at the highest level of academic standard.
 Ensure that sufficient and relevant material is made available for students.
 To be punctual at all times (except in extenuating circumstances).
 Maintain ongoing consultation with the students to ensure that the course is meeting the
needs of the students at all times.

“Let us not deny future generations of a university education. Repay your student loan when you
graduate.” - Michael Williams

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