CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA ACC 3120: Intermediate Accounting II Summer 2021

CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA

ACC 3120: Intermediate Accounting II

Summer 2021

INSTRUCTOR: Dr. Nancy Fan, CPA

E-MAIL: [email protected] (Best Way of Communication)

OFFICE HOURS: Immediately before/after each Zoom class.

CLASS HOURS: ACC3120-E01, TuTh10:15AM-12:20PM,

ACC3120-E02, TuTh 12:30-2:35PM.

ZOOM MEETING ID: 974 7281 7396

REQUIRED MATERIALS

1. Intermediate Accounting, Spiceland, Nelson & Thomas, 10th Edition. (McGraw Hill)

2. Connect Online Access (McGraw Hill)

COURSE PREREQUISITE

C or better in ACC3110, and meet other prerequisite requirements.

COURSE DESCRIPTION

Fundamental financial accounting concepts that underlie U.S. GAAP and IFRS, and their application to liabilities, equity, and special topics including income taxes, leases, pensions, share-based compensation, EPS, accounting changes, error corrections, and cash flows statement.

OBJECTIVES OF THE COURSE

This course is aimed primarily toward those who will be providers of financial information for external use—those who will be primarily responsible for observing, selecting, measuring, and reporting financial information for external decision making. Upon successful completion of this course, you should able to:

Prepare financial statements for external users, using the U.S. GAAP;

Develop the use of appropriate accounting concepts, standards, and techniques to account for advanced economic transactions (e.g., lease, income tax, defined benefit pension plans, and share-based compensation);

Analyze how the behavior of the users may be influenced by financial accounting information.

Synthesize basic knowledge and understanding of economics, general business, contemporary laws and regulations and GAAP;

Identify and explain similarities and differences in accounting standards between the US GAAP and IFRS;

Identify the role and impact of ethical accounting and reporting in economic decision-making;

Dr. Fan enhances the course by incorporating CPA Exam Review.

COURSE PHILOSOPHY

Intermediate accounting courses are designed to provide the students with an understanding of the theory of financial accounting and the practice necessary to permit the students to function effectively as a professional (management accountant, public accountant, internal auditor, or any other business endeavor). It will emphasize the underlying theory and concepts of financial accounting and will be particularly concerned with a student’s ability to reason why a particular solution is preferable. Intermediate accounting will focus on the preparer’s role in providing accounting information.

PLAGIARISM/ACADEMIC DISHONESTY

The College of Business Administration expects the highest level of ethical behavior from its students, both in the classroom and in their future careers. Students should be familiar with the Standards of Academic Conduct (including Plagiarism and Academic Dishonesty), described on the webpage below:

http://www.cpp.edu/~studentconduct/student-conduct-code.shtml

DROPPING THE COURSE

Students must go through the official procedures to drop the course and check on a regular basis to verify the course has been dropped. Withdrawal policy is described on the webpage below:

http://www.cpp.edu/~studentsuccess/oss/academic-advising/university-policy-information/withdrawals.shtml

GRADING

Final grades will be awarded on the basis of individual achievement, computed from the following allocation:

Problem Solving/Critical Thinking 36%

Intelligent Learning: 28%

CPA Exam Review: 26%

Paper: 10%

Total 100%

* All work completed individually by the very enrolling student.

** Problem Solving/Critical Thinking, Intelligent Learning and CPA Exam Review assigned on Connect, please observe the due dates carefully, late submission not accepted;

GRADING SCALE

Passing grades for ACC3120:

A(90%+); A-(89-89.99%); B+(87-88.99%); B(80-86.99%); B-(79-79.99%); C+(77-78.99%); C(70-76.99%);

Failing grades for ACC3120:

C-(69-69.99%); D+(67-68.99%); D(60-66.99); D-(59-59.99%); F(0-58.99%)

If you had any questions regarding the final grade, please get back with me as soon as the Fall Semester of 2021 begins.

SCHEDULE OF CLASSES

Class No.

Date

Chapter

Reading & Preparation for Next Class

(Addition varies in each class)

Jun 3

Syllabus & Course Introduction

Chapter 13

Ch13 Reading & SBCh13

Jun 8

Chapter 13

E13-3, 5, 6, 7, 13, 20P13-1, 2

Ch14 Reading & SBCh14

Jun 10

Chapter 14

E14-9, 12, 20, 23, 24, 28, 30

P14-4, 5

Jun 15

Chapter 14

Ch15 Reading & SBCh15

Jun 17

Chapter 15

E15-2, 3, 4, 5, 11, 14, 15

P15-7

Jun 22

Chapter 15

Ch16 Reading & SBCh16

Jun 24

Chapter 16

E16-8, 12, 13, 16, 19, 25, 26

P16-7

Jun 29

Chapter 16

Ch17 Reading & SBCh17

Jul 1

Chapter 17

E17-11, 13, 19, 21, 25

P17-6, 7, 20

Jul 6

Chapter 17

Ch18 Reading & SBCh18

Jul 8

Chapter 18

E18-5, 11, 12, 13, 23

P18-2, 5, 10

Jul 13

Chapter 18

Ch19 Reading & SBCh19

Jul 15

Chapter 19

E19-4, 8, 13, 19

P19-2, 8, 9, 13

Jul 20

Chapter 19

Ch20 Reading & SBCh20

Jul 22

Chapter 20

E20-10, 18, 19, 22, 25

P20-4, 8, 11, 12

Jul 27

Chapter 20

Ch21 Reading & SBCh21

Jul 29

Chapter 21

E21-1, 14, 27, 32

P21-1, 4, 8, 13

Aug 3

Chapter 21

CPA Exam Review

Aug 5

CPA Exam Review

It is your responsibility to be informed of any change to the syllabus that may occur.

Writing Requirement

Double-spaced, 12 font, the body of the paper longer than 3 pages but no more than 4 pages;

If the body of the paper was less than 3 pages, it’s considered under-developed and percentage of grade would be deducted accordingly;

Demonstrate critical-thinking skills;

Focus on one current/recent accounting issue;

Must include citations/reference at the end;

No need to use cover page, please put your name on the top of the title to the paper;

A research and quotation into the FASB Accounting Standards Codification (ASC) would enhance your theoretical part of the paper, below is the info. for you to access to FASB ASC:

http://aaahq.org/Resea7zrch/FASB-GARS

Username – AAA52482
Password – dB7Rq8H

Due Date: Sunday, August 1, 2021.

Some Topics for Your Consideration

The Pandemic Impact on Accounting Related Issues;

Accounting for Deferred Tax Asset (Liabilities);

Accounting for Cryptocurrencies;

Corporate Social Responsibility;

Sustainability;

Artificial Intelligence Impact on Accounting (Auditing);

Blockchain;

GAAP & IFRS Differences on Any Particular Area;

Forensic Accounting (White Color Crime/Money Laundering/Bankruptcy);

Special Industrial Accounting (Cannabis/Casino/Medicare);

Budgeting to Combat Homeless;

Governmental Spending.

Please don’t be limited to the above, instead, write the topic you are passionate about.

ACC3120 Summer 2021 Syllabus Dr. Nancy Fan, CPA Page 2[supanova_question]

Capital Formation

An investment company of 35b usd Aum named (XYZ) , use to fund each project and Investment by itself since they have the financial muscle and land access. Now they change the strategy where they want to partner with High Neche Family offices and Investment Companies who will invest with equity as well, that’s why they want to establish the Capital Formation Department to build the relationship with these Investment and equity partners.

In Few Pages can you please provide the content for the attached file.[supanova_question]

Capital Formation

In Few Pages can you please provide the content for the attached file.[supanova_question]

Capital Formation

Writing Assignment Help An investment company of 35b usd Aum named (XYZ) , use to fund each project and Investment by itself since they have the financial muscle and land access. Now they change the strategy where they want to partner with High Neche Family offices and Investment Companies who will invest with equity as well, that’s why they want to establish the Capital Formation Department to build the relationship with these Investment and equity partners.

In Few Pages can you please provide the content for the attached file. [supanova_question]

ACC 202 Milestone Three: Actual Costs and Revenue Data Appendix At the

ACC 202 Milestone Three: Actual Costs and Revenue Data Appendix

At the end of the first month of opening your business, you calculate the actual operating costs of the business and the income you earned. You also notice and document the difference in what you budgeted for certain materials and labor against the actual amounts you spent on the same.

For your statement of cost of goods sold, use the following data regarding the actual costs incurred by the business over the past month:

Materials purchased: $20,000

Consumed 80% of the purchased materials

Direct labor: $8,493.33

Overhead costs: $3,765

Note: Assume that the beginning materials and ending work in process are zero for the month.

Use the following revenue and cost information for the income statement. Note that the revenue you use will depend on the pricing level options you chose in Milestone Two. Also, assume that after accounting for weekends and other holidays, there were 20 business days in the first month of operation. For example, if you chose a sales price of $20 per collar, the actual number of collars sold in the month was 33 per day or 33 x 20 = 660 per month.

Established Sales Price

Number of Items Sold per Day

Collars

$20

$24

$28

Leashes

$22

$26

$30

Harnesses

$25

$30

$35

The other costs incurred by the business include:

General and administrative salaries

Receptionist: $1,950

Owner salary: $500

Depreciation: $165

Rent: $750

Utilities and insurance: $600

Scissors, thread, and cording: $1,200

Loan repayment: $550

Variance

At the end of the month, you find that the labor and materials spent on manufacturing collars was different from what you estimated:

The collar maker had to work nine hours a day instead of eight due to an increased demand for collars.

Because of the increased demand, the hourly rate you paid your employee for making the collars increased to $16.50.

An increase in the cost of raw material led the direct material cost per collar to increase to $10.

However, you also made and sold 60 more collars than you expected to sell in the month.

You now need to determine the variance in the materials and labor cost from what you estimated in Milestone Two based on the market research data.

1[supanova_question]

Capital Formation

In Few Pages can you please provide the content for the attached file.[supanova_question]