ACCT 433: Advanced Financial Accounting Master Syllabus
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Course Description
This course begins with business combinations: Mergers and Stock Acquisitions. We learn the accounting process to consolidate (combine) the general ledger accounts of a Parent corporation and its controlled Subsidiary into a single Consolidated Income Statement and Balance Sheet for the one economic entity. We also study inter-company transaction activity for the sale of inventory at a profit between two affiliated companies.
Multinational accounting and reporting topics include foreign currency transactions, and the translation or re-measurement of a subsidiary’s foreign currency financial statements for consolidation with a U.S. parent corporation. We learn GAAP accounting for derivative financial instruments including forward exchange contracts.
We study Interim period, Segment, ESG reporting topics, Non-GAAP reporting, and Partnership characteristics and accounting for the formation, operation, and dissolution of Partnership entities. The course concludes with Securities and Exchange Commission (SEC) reporting and securities regulation.
All topics covered in this course are regularly tested on the Uniform CPA Exam.
Important Dates
semester, year. Advanced Financial Accounting. Acct 433 and 630
| January 21, Tuesday | First day of class |
| February 4, Tuesday | Last day to drop with 100% tuition refund |
| February 11, Tuesday | Last day to drop with 50% tuition refund |
| February 25, Tuesday | End of unrestricted withdrawal period |
| March 7, Friday | Mid-Term Exam |
| March 10 to March 16 | Spring Recess – no classes |
| March 31, Monday | End of selective withdrawal period |
| May 5, Monday | Last day of Spring classes |
| May 12, Monday | Final Exam |
Canvas
Course information and all supporting materials are available through our Canvas course website, including important class Announcements, the Syllabus, all chapter Modules, Quiz and Exam information, and other course material.
The Chapter Modules contain most of our course learning material, including chapter Lecture Notes and LN Videos, Class Exercises and CE Videos, access to your textbook in eBook format, and Assignments to Submit for points. Current media coverage of course topics will also be available on Bb and discussed in class video.
Check for Canvas Announcements frequently. This is the primary way your professor will communicate with students about class status and activity. All students are responsible for reading course announcements on a timely basis.
Introduction to Your Classmates
In the Canvas “Start Here” menu section, please respond to the two questions. We are asking all students to briefly introduce themselves to their classmates and professor, and for each student to help everybody else in the class by sharing any study tips or study methods which you found to be helpful in other accounting courses.
Grading
Grades will be assigned based on the absolute number of points a student earns during the semester. Total course points earned will be reported on Canvas after the final exam. Course letter grades are reported by the registrar on Patriot Web. There are no extra credit assignments available in Acct 433.
Grade components and their related points are as follows:
| Points | Percent (rounded) | |
| SmartBook to Submit | 25 | 6% |
| Problems to Submit | 70 | 18% |
| ASC Research Assignment | 15 | 4% |
| Quizzes (2 quizzes, 10 points each) | 20 | 5% |
| Mid-term Exam | 130 | 33% |
| Final Exam | 140 | 35% |
| Total | 400 | 100% |
Course grading will use the following allocation and letter grades will be assigned based on a final ranking of all students in the course. A- and B- grades may be assigned for borderline students.
| Grade | % Earned | Points Earned |
| A | 90-100 | 360-400 |
| B+ | 87-89 | 348-359 |
| B | 80-86 | 320-347 |
| C+ | 77-79 | 308-319 |
| C | 70-76 | 280-307 |
| D | 60-69 | 240-279 |
| F | Below 60 | 0-239 |
All Assigned Problems and SmartBook Questions are scored on Connect and point scores earned are reported to the student on Connect. Student scores earned for the ASC Research Assignment, Self-Assessment Quizzes and Exams are reported in “My Scores” on Canvas.
Self-Assessment Quiz
A Self-Assessment Quiz is scheduled prior to each of the 2 exams and is given on Connect during an availability window. The online SA Quiz is given under exam conditions (this means the Honor Code applies, Proctorio Plus is enabled, limited time, and no student use of course materials or other help). The SA Quiz provides important practice and review of chapter topics and will help with exam preparation. Detailed SA Quiz information and brief chapter topic outlines will be available on Canvas.
The Self-Assessment Quiz gives students the ability to see how well they understand chapter topics and is very helpful experience for answering questions under the pressure of exam conditions. Incorrect responses indicate topics where more study is needed before the exam. The Quiz includes many of the same topics as may be tested in the exam. The point value of each SA Quiz is relatively low (at 10 points per Quiz). Full solutions are available for student self-assessment and review.
If a student has a justifiable conflict with a scheduled SA Quiz availability window, the student must contact the professor at least 4 days before the scheduled Quiz. A documented and approved Quiz start time extension will apply for completion of the Quiz on the scheduled Quiz day. Please note it is the student’s responsibility to seek approval for an extension request in advance of the Quiz.
If an emergency arises which prevents a student from taking a Quiz, the student must notify the professor by email as soon as possible. Acceptable documentation regarding the emergency is required to support the request for extension. An unapproved absence will result in a grade of zero on the Quiz.
Midterm Exam and Final Exam
During the semester there will be a midterm exam and a final exam. The exams are administered using Connect with Proctorio Plus. The Midterm exam is scheduled for Friday, March xx, and the Final exam is scheduled for Monday, May xx. The exam time limit is approximately 120 minutes. Detailed exam information and brief chapter topic outlines will be available on Canvas. Any necessary change in the exam date will be announced.
If a student has a justifiable conflict with a scheduled Exam availability window, the student must contact the professor at least 4 days before the scheduled Exam. A documented and approved Exam start time extension will apply for completion on the scheduled Exam day. Please note it is the student’s responsibility to seek approval for an extension request in advance of the Exam.
If an emergency arises and prevents a student from taking an exam at the scheduled time, the student must notify the professor by email as soon as possible. The student will provide acceptable documentation regarding the emergency to support any request for excused absence. Please note it is the student’s responsibility to make the required arrangements for an excused extended exam start time. An unapproved exam absence will result in a grade of zero on the exam.
Proctorio Plus – Learning Integrity Resource
Proctorio Plus is a browser-locking and remote camera-based proctoring solution designed to protect academic integrity in this course. Use of Proctorio is required during Self-Assessment Quizzes and Examinations. Proctorio Plus is used to ensure accounting education is equal and fair for all students by allowing each student to earn the grades they deserve.
For any student who has not previously used Proctorio, an Orientation assignment (0 points) will be available to walk you through the process of using it.
All students are required to submit a Proctorio Practice Quiz (2 points). This is assigned for students to become familiar with using Proctorio Plus (a pre-check is used to verify your computer, camera and microphone are working properly). This Practice Quiz is worth 2 points and the points earned are included with the Problems to Submit point score. The Practice Quiz is a excellent PRACTICE for topics which are tested on SA Quiz #1 and the Midterm Exam.
Note: For any SA Quiz or Exam, Proctorio Plus must be enabled with video operating for the entire length of a student’s Quiz or Exam. The student is responsible for ensuring the video is functioning properly for the full length of a quiz or exam until all answers are submitted.
ASC Research Assignment
Students will learn to research the Accounting Standards Codification (ASC) and submit a written memorandum in response to ASC research questions (15 points). Students will identify the ASC Section citation which provides authoritative GAAP guidance for the proper treatment of selected research questions. Assignment information and due date will be available on Blackboard after the midterm exam.
Learning Material within each Module
4 Steps to follow in each chapter.
We have 11 Learning Modules in this course and each module has multiple opportunities for students to learn and understand chapter topics. Here is the order of work to follow in each Module, in this order: step 1, 2, 3, 4.
Step 1. Chapter Lecture Notes
The chapter Lecture Notes (LN) used in the class LN videos and the Class Exercises (CE) used with the CE videos are the primary learning components for this course. The LN and CE use a visual learning method which makes it easier for students to learn and understand all chapter topics.
All Acct 433 students are expected to print a paper copy of the Lecture Notes and especially the Class Exercises to use with the class video as you take notes, make calculations, prepare schedules, record journal-form entries (dr = cr) and prepare worksheets. We use paper and pencil because it makes you remember what you are learning. The tactile pressure of pencil on paper is the proven best way for you to remember essential concepts and calculations. When you learn to complete a solution on paper it is much easier to correctly recall solution steps needed when you take your exam.
Before watching the LN and CE videos all students read (or skim) their copy of both documents to discover the new terminology and topic structure of each chapter. Students who read (or skim) their copy of the LN and CE before watching the class video always learn much better and more quickly as they move through the LN videos and solve Class Exercises.
Step 2. Christensen Textbook in eBook Format
Our course Lecture Notes have the same topic structure as used in your eBook. The new Christensen 13 th edition textbook is an excellent learning source, and it is used with the SmartBook questions to Submit (described in Step 4 below). As you study chapter topics using the Lecture Notes, you can frequently refer to the eBook for additional guidance on challenging chapter topics. Refer to the relevant section of a chapter for helpful and clear textbook explanations and examples.
Step 3. Class Exercises
You will use the Class Exercises (CE) document with the CE video to solve exercises and learn chapter topics. Students print their paper copy of the Class Exercises to solve using pencil. The Class Exercises are enhanced with notes and partial solutions to make in-class learning with CE videos easier and quicker.
These exact same Class Exercises are also available for additional practice on Connect. Access these online class exercises using the CE folder on Bb. The Connect exercises are not enhanced, and additional exercises are also included. CE solutions are immediately available to check your work.
Step 4. Chapter Assignments to Submit for Points
- SmartBook to Submit: All students will respond to financial accounting questions in multiple-choice format using the SmartBook adaptive learning technology.
- SmartBook is an important leaning component of our course and gives all students essential practice with answering multiple-choice questions. This is very useful because exams always include numerous multiple-choice questions. SmartBook will show you a specific section of an eBook chapter to help you learn topics and answer questions correctly.
- Students access the SmartBook questions using the Assignments to Submit folder. Due dates are indicated Connect. The assignments are scored and your earned points for each assignment are reported to students on Connect.
- For SmartBook, you can accumulate up to a maximum of 25 points (even though the total cumulative points provided for all SmartBook assignments may exceed this number). You can consult with others or work in groups on these assignments, but the actual submission of a solution must be your own work.
- Problems to Submit: For each chapter, all students will complete Problems to Submit.
- Problems to Submit are exercises from your Christensen textbook. Students access these using the Assignments to Submit folder. Due dates are indicated on Connect. Late submission is penalized 25% per day after the due date. Because late submission is allowed, assignments are not automatically submitted on the due date. Assignments are scored and your earned points for each assignment are reported on Connect. Note: only a student’s highest score among all attempts is recorded for grade.
- You can accumulate up to a maximum of 70 points (even though the total cumulative points provided for all assignments may exceed this number). You can consult with others or work in groups on these assignments, however the actual submission of a solution must be your own work.
- The Problems include textbook multiple-choice and exercises with various requirements, such as preparing journal entries for mergers & stock acquisitions and preparing journal format dr = cr worksheet entries with supporting calculations. These entries are used to prepare consolidation worksheets and consolidated financial statements.
- We see foreign currency transaction journal entries, foreign currency translation worksheets, partnership formation and operations calculations, and dissolution journal entries. An understanding of these assignments is very important for effective exam preparation.
Contact Technical Support for help with Connect issues:
Your professor does not have access to your account and cannot answer technical questions about Connect. If you experience any problems with Connect, please contact Connect Technical Support at: (800) 331-5094. They will receive your call and are very helpful. You can also use Chat to message a technician. They can most likely resolve any access issue you may encounter.
| Tentative Course Schedule | |||
|---|---|---|---|
| ACCT 433 and 630 - semester, year | |||
| Week | Date Monday | Module | Chapter |
| 1 | January 21 | 0 1 |
Course Introduction Ch 1: Inter-Corporate Acquisitions (Mergers & Stock Acquisitions) and Investments in Other Entities |
| 2 | January 27 | 1 2 |
Ch 1 continued Ch 2: Reporting Inter-corporate Investments and Consolidation of 100% Owned Subsidiary No Differential (Acquired at Book Value of Sub Net Assets) |
| 3 | February 3 | 2 | Ch 2: continued |
| 4 | February 10 | 3 | Ch 3: The Reporting Entity, and Consolidation of Less-than-100% Owned Subs with a Non-Controlling Interest No Differential (Acquired at Book Value of Sub NA). Variable Interest Entities (in Appendix 3A). |
| 5 | February 17 | 3 | Ch 3: continued |
| 6 | February 24 February 28, Friday |
4 | Ch 4 - Consolidation of 100% Owned Subsidiary Acquired at more than Book Value (with a Differential) Self-Assessment Quiz #1 - Modules 1, 2, 3, 4 (which include chapters 1, 2, 3, 4). Availability window will be announced. |
| 7 | March 3 |
4 5 |
Ch 4 - continued Ch 6: Intercompany Inventory Transactions – Not tested on Midterm Exam. Ch.6 is tested only on Final Exam |
| March 7, Friday | Midterm Exam - Modules 1, 2, 3, 4 (chapters 1, 2, 3, 4). Availability window will be announced. | ||
| March 10 to 16 | Spring Recess | ||
| 8 | March 17 | 5 | Ch 6: Intercompany Inventory Transactions - continued |
| 9 | March 24 | 6 | Ch 11, Part 1 of 2: Multinational Accounting: Foreign Currency Transactions and Forward Exchange Derivatives (Hedging) Ch 11, Part 2 of 2: Derivative Financial Instruments |
| 10 | March 31 | 7 | Ch 12: Multinational Accounting: Foreign Currency Translation and Remeasurement of Subsidiary Statements |
| 11 | April 7 | 8 | Ch 13: Segment and Interim Reporting, ESG and Sustainability Reporting |
| 12 | April 14 | 9 | Ch 15: Partnerships: Formation, Operation, and Dissolution (Admit new Partner-Owner) |
| 13 | April 21 | 10 | Ch 16: Partnerships: Incorporation, Liquidation, Personal Financial Statements (in Appendix 16A) |
| 14 | April 28 | 11 | Ch 14: SEC reporting and Securities regulation |
| 15 | May 5, Monday | Self-Assessment Quiz #2 - Modules 5 through 11 (which include chapters 6, 11, 12, 13, 15, 16, and 14) | |
| 15 | May 12, Monday | Final Exam - Modules 5 through 11 (which include chapters 6, 11, 12, 13, 15, 16, and 14) Availability window will be announced | |
The professor reserves the right to make any necessary changes to the syllabus or class schedule with appropriate announcements on Canvas.
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