THE UNIVERSITY OF TEXAS AT AUSTIN
                         ACC 311H—FUNDAMENTALS OF FINANCIAL ACCOUNTING
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F. Phillips                               Acc 311 H —Fall 2002                                               page 2



Cou...
F. Phillips                              Acc 311 H —Fall 2002                                      page 3

Exams
Midterm e...
F. Phillips                             Acc 311 H —Fall 2002                                           page 4

Dow Jone In...
F. Phillips                                       Acc 311 H —Fall 2002                                                    ...
F. Phillips                                       Acc 311 H —Fall 2002                                                   p...
F. Phillips                                      Acc 311 H —Fall 2002                                                 page...
F. Phillips                                      Acc 311 H —Fall 2002                                  page 8

(18)       ...
F. Phillips                                     Acc 311 H —Fall 2002                                                  page...
F. Phillips                      Acc 311 H —Fall 2002                                  page 10

                Summary of...
F. Phillips                             Acc 311 H —Fall 2002                                          page 11



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F. Phillips                             Acc 311 H —Fall 2002                                         page 12

for her shar...
F. Phillips                     Acc 311 H —Fall 2002                            page 13


              ACC311H Background...
F. Phillips                Acc 311 H —Fall 2002                  page 14

5. What is one thing you want me to know about m...
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ACC 311H, Fundamentals of Financial Accounting—Honors

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ACC 311H, Fundamentals of Financial Accounting—Honors

  1. 1. THE UNIVERSITY OF TEXAS AT AUSTIN ACC 311H—FUNDAMENTALS OF FINANCIAL ACCOUNTING FALL 2002 Unique # 02285 meets on TTh 9:30-11:00 in UTC 1.144 Professor FredPhillips E-Mail Fred.Phillips@bus.utex se u a.d Phone 232- 326(Departm nt 2 e Office:471- 5215) Office CBA6.206 Office Hours Tuesd y Thursd 11:15- a& ay 2:30 Andbyappointm nte Course Website cours s e a . d e .ut x se u Course Objectives This course provides an introduction to the preparation, use, and interpretation of financial reports. By the end of the course you should feel comfortable with reading and analyzing a company’s external financial reports. Specifically, the course objectives are for you to: (i) link the results of management decisions to information reported in financial statements, (ii) understand the concepts, principles, and methods used to prepare financial statements, (iii) become aware of the limitations of general-purpose financial statement information, (iv) apply knowledge of these areas when analyzing and interpreting financial statements, and (v) develop the ability to read independently and communicate your ideas in writing. Course Conduct The methods of instruction for this course include both instructor-led presentations and student-led discussions. The course requires significant pre-class preparation and in-class participation. Pre-Class Preparation Before every class meeting, you will read an assigned chapter and solve assigned questions, exercises, and problems from the textbook. The goal of these pre-class reading and problem-solving activities is to allow you to develop and test your understanding of course topics before coming to class, so that you can ask questions of clarification in class. These reading and problem-solving activities are summarized in the class-by-class schedule included in this syllabus. Your understanding of this textbook material will be assessed by two mid-term exams and a comprehensive final exam. Before selected class meetings, you also will be required to read assigned case problems and/or articles from the financial press. The goal of these activities is to provide a context for in-class discussions. These assignments are summarized in the class-by-class schedule and are posted at the course website. Your understanding of the cases and financial-press articles will be assessed by hand-in analyses, a group project, and the final exam. In-Class Participation During most classes, I will present a lecture on topics selected for the day. The goal of these presentations is to highlight important and/or tricky aspects of the topics. Although my presentation is likely to be structured in a way that develops topic-content understanding, it is not intended to be the primary source for your learning. The assigned textbook reading and problem-solving activities should serve this purpose. The textbook provides a comprehensive analysis of topics and covers a wider range of topics than my presentations. You should regard my presentations as opportunities to (i) refine the knowledge you acquired from the readings, (ii) ask questions to resolve any confusion, and (iii) suggest observations that will test and deepen your understanding of the topics. During selected classes, you will hand-in and discuss your responses to the assigned cases and/or articles for that day. I encourage you to present your own views and to question comments made by me and your classmates.
  2. 2. F. Phillips Acc 311 H —Fall 2002 page 2 Course Resources Required materials include a calculator that performs basic business functions, the textbook, and assigned articles and cases. Optional on-line resources and other materials are available. Textbook: Libby, Libby, Short, Financial Accounting, Third Edition, McGraw-Hill Irwin, 2001. Available at the Co-op Bookstore. Articles etc.: These are available in the “Documents” section of the course website at courses.utexas.edu. You will be informed of any new postings in this section via announcements at the course website. Note that these articles and cases are not the same as the “Acc 311 Course Packet–In Class Exercises” at the GSB Copy Center. That packet is for ACC 311 (not this section of ACC 311H) so do not buy it. The articles/cases/spreadsheets for this class are available only on the course website. Optional: Copies of the PowerPoint presentations and Excel spreadsheets that are used in class will be available for downloading and/or printing in the “Documents” section of the course website at courses.utexas.edu. Solutions to assigned textbook questions, exercises, and problems are available in the “Documents” section of the course website at courses.utexas.edu. These solutions also are available in hard copy from the GSB Copy Center. Note that this is the same package as “Acc311 Problem Solutions.” Copies of old ACC311 exams also are available from the course website (but see the disclaimer there about their applicability to ACC311H). Ancillary materials for the textbook are available online at www.mhhe.com/libby3. Course Requirements and Grading To enablemeto ass s yourlevelof understa ding,youmustcomplete followingcours require e t . es n the e m ns To compute finalgrad thes require e s beweighte asfollows: a e, e m nt will d Hand- Analys s in e 15% Midterm Exam 1 15% Midterm Exam 2 20% Compre e siv FinalExam hn e 35% Team Project 15% 100% Assigned Textbook Questions, Exercises, and Problems The textbook questions, exercises, and problems assigned for pre-class preparation are not evaluated as part of your final course grade. Although these assigned materials play a key role in building the knowledge you will need to do well in exams and other aspects of this course, this part of your pre-class preparation is intended to provide learning opportunities not grading opportunities. Since I will not be collecting or grading these assigned materials, you should feel free to work with fellow ACC 311H students on them when preparing for class. Hand-in Analyses For each of the class meetings where we discuss an assigned case or financial press article, you will be required to submit a written response to several questions. Your response is to be prepared individually and turned in at the beginning of class to provide evidence that you were prepared for the discussion that day. Your preparation will be rewarded: your writtenrespon e begrad d a scaleof 0- Evidenc s will e on 2. e thatyouattem e all of theassign d pt d e questionswill earn2 points.An incomplet attem indicatingless e pt preparationwill receive point.Respon enotturned will receive points.Theemph sis 1 ss in 0 a here on effort is andnot result.Findingthe“corre t ans e is not thepoint; workingto understan thecas and/orthe c” w r d e underlyingaccounting issue is whatit’ all about.Late responseswill not be accepted Electronic submissions will not s s . be accepted There be11 equallyweighte assign e sI will giveyoutwofreerides.Thatis, youneed . will d m nt . to turn-n only 9 completerespon e .You choos the two you want to skip. Thes questionswill be i ss e e repre e t tive som of thequestions youwill findonthefinalexa s na of e that m.
  3. 3. F. Phillips Acc 311 H —Fall 2002 page 3 Exams Midterm exam 1 will be held in-class on Tuesday, October 1, 2002. Midterm exam 2 will be held in-class on Thursday, November 7, 2002. The comprehensive final exam will be held on Saturday, December 14, 2002 from 9am-noon. All exams are closed book. You may bring a non-programmable calculator to the exams. Anyone missing an exam will automatically receive a grade of zero for that exam. Exceptions for documented medical or family reasons may be permitted. Where possible, either the department office or the professor should be contacted prior to the time of the exam. At my discretion, either a make-up exam will be scheduled or a reallocation of the weight of remaining examinations will be made. Exams will include a combination of mechanics-related questions (e.g., journal entries, financial statement preparation) and analysis-related questions (e.g., ratio computation and interpretation), although Midterm exam 1 will be weighted more heavily toward mechanics-related questions. Team Project On Septe b r youwill beassign d a team m e16, e to thatwill assu e roleof juniorfinancialanalysts m the who areconductingrese r h aclient(e.g.,anindividualinvestor aportfoliomana e Theclienthasasked a c for or g r). theclass analyze financialstate e t of sever select d to the m ns al e comp nie andyourteam a s, will performthe analys s oneof thes comp nie Immediatelyafteryourteam gn e t areannounc dyourgroup e on e a s. assi m ns e, shouldmeetto choos a comp n fromtheclient s thatyou wishto analyze.Only oneteamwill be e ay ’list allowe to analyzethatcomp n Submityourcomp n preferen e to meby email, andI will usethes d a y. ay cs e reque s assign st to comp nie onafirst- a s reque e basis. st d Theclient s is posted thecours web ’list at e site. Yourteam s ’workwill besubmitted stag s will conclud withasubmitted in e and e writtenreportanda short pres nt on thelastclass e ati on day.Thevariousmileston s theproject pres nt d thetablebelow: efor are e e in Milestone Date Points Submit your top 3 company preferences. September 18 none Submit copy of BS, IS, SCF for your company. October 3 10 points Submit common-size BS & IS and a table of ratios for November 12 15 points your company. See chapter 14 for information about common ratios. No interpretation of the data is required at this stage. Your data should cover at least two years of BS and three years of IS (and SCF) data. Submit one copy of your completed report. Guidance December 5 75 points regarding report content and format is given below. In-class presentations. December 5 50 points Total 150 points Yourcomplete reportshouldconsistof fivesections.Thefirstsectionshoulddescrib yourcomp n and d e ay theindustryin whichit operate .sThesecond sectionshouldpres nta narrativeanalysisof yourcomp n e a y. Thisnarrativeshouldprovide interpretations conclusions the and drawn fromyournumeric analys swhich al e, were submittedearlierin thecours andwhichhave e beenrevised nece s r andattach d anappen x (if s a y) e as di to your report. The third section should briefly concludeyour report, stating a conclusion about the comp n ’ ays financialhealth.Thefourthsectionshouldlistthereferen ecitedwithinthebodyof yourreport. cs Thefifthsection theappen x tables containyournumeric analys s is di of that al e. Yourfirstsectionshoulddescribe yourcomp n andindustrybyans e ng ay w ri questionssuchasthefollowing. Whatarethemajortrends theindustry Haveanysignificantevents in ? happ e atyourcomp n thatwill en d ay beimportantto consider youanalyze comp n ’ as the ays results Whoarethecomp n ’ ? ays majorcomp etitors? ItemI in PartI of yourcomp n ’ aysmostrecent10- (availableat www.fre e g r. o ) a greatplaceto K e d a c mis beginwhenlookingfor thiskindof information.Becau e 10- couldbeseveralmonthsout- dateat s the K of- thetimeyoucomplete yourreport,youwill alsoneedto consultthebusine s s pres (e.g.,BusinessWeek, the s Wall Street Journal, etc.)for morerecentinformation.I expe thatyourcomp n ct a y/industrydescriptionwill referen e leastoneof thes outside c at e sourc sYoucansearch informationfromthes sourc s e. for e e usingthe
  4. 4. F. Phillips Acc 311 H —Fall 2002 page 4 Dow Jone Interactivedatab s ,whichis online in the “Data a e and Indexe to Articles sectionof s ae bss s ” www.lib.utex se u. a.d Thesecond sectionof yourreportmustconcis ydiscus yourfirm s el s ’profitability(includingthequalityand persisten e earnings), c of cashflows,ass utilization,debtservicing et (liquidityandsolvency), otheroverall and ass s m ns e s e t froman outsideuserpersp c ve.Do not insertyour tablesinto this sectionof your report. e ti Rather,youshoulddescrib (in words) inferenc s youdraw e the ethat fromyouranalys s refertheread e and er tothetables yourappendix thenumeric detailsonwhichyourinferenc s bas d. exa ple, in for al eare e For m you mightstate “althou Comp ny hasreported gh a X EPSincrea eoverthepastthree ss years e (se row5 in Table 4),mostof thes increa ehave e ss com fromnon-ecurring e r gains (seecom o sizeincom state e t Table m n- e m nin 1).”Rem m ethattheclientwouldbepaying to interpret information.Ratioanalysis partof thisbutit e br you is is notanendin itself. Thethirdsectionof yourreportis a shortcrispconclusion.Do youjudgeyourcomp n to befinancially ay secure is it ariskyinvestm nt Whatare twoorthree reason foryourconclusion or e ? the top s ? Thefourthsectionof yourreportis thereferen elist.Forinstructions howtoformatthisreferen elist, cs on cs readthe “Docu e t on section (pag 5 of 7) of the docum ntentitled “Refer n n Style in the m nati ” e e e ci g ” “Docu e t ” m ns folderof thecours website. e Thefinal sectionof yourreportis anappendixcontainingyournumeric analys s To make easy you al e. it for to referto spe sections youranalys s cific of e when writingthesecondsectionof yourreport,youmayfindit usefultoseparat theanalys s several e einto tables, perhap numb therows and s er withinthetables. Do notinsertpage breaks Sections of yourreport.BeginSections and5 onnewpage . in 1-3 4 sYourreport is limitedto a maximum of five singlespac d - e page , susing12- pointTimesNewRomanfont andone-inch marginsall around.Do not expendtimeandenergymakinga fancycoverpage.Simply list your team mem e snam stheirID numb s, thenam of yourfocus b r’ e , er and e comp n onwhitepaper. ay Weekly Help Sessions Until thefirstmidterm m October theteaching stant(T.A.)will holddrop- helpses on ata exa on 1, assi in si s timeandlocationthatwill bepostedin the“Fa ultyInformation sectionof thecours web c ” e site. These weeklyhelpses on areoptional.At thes helpses on theTA will workanytextproble s ans e si s e si s, m and w r questions mayhave.Thehelpses on alsowill provide opportunityto review e already covered in you si s an cas s class andto clarifyanyconc pt thatyouhavenotfully grasp dTheses on arenotdesign d helpyou e s e. si s e to withupco ng e norcoveradvan e topics.To ensure TA is prepar d workspecificproble s mi cas s cd the e to m or ans especificquestions, shouldpostyourproblem wr you s/qu s ons leasttwodays advanc of thenext e ti at in e helpses on the“Te c ng si on a hi Assistant s ’ HelpSes ons discus on si ” si board thecours web at e site. Academic Dishonesty TheColleg of Busines Administrationhasnotoleran e acts scholastic e s c for of dishon sty. Therespon bilities e si of bothstudents andfacultywithregardto scholasticdishon sty des be in detailin thePolicyState e t e are cri d m non ScholasticDishone for the CBA. By teachingthis cours I haveagre dto obs eall of the faculty sty e, e erv respon bilities si describe in thatdocum nt. enrollingin thisclas youhave d e By s, agre d obs e of thestudent e to erv all respon bilitiesdescribedin that docum nt. If the applicationof that Policy State e to this clas and its si e m nt s assign e sis unclearin any way,it is your respon bility to ask mefor clarification. Policy on Scholastic m nt si Dishone Students sty: whoviolateUniversityruleson scholasticdishon s aresubjectto disciplinarypenalties, e ty includingthepossibilityof failurein thecours an/ordismiss fromtheUniversity. Since e al dishon s harms e ty the individual, all students,and the integrity of the University, policieson scholasticdishon stywill be strictly e enforce Youshouldreferto theStudent d. JudicialService website http://www.utex se u/de s at a. d pts/dos/or the GeneralInformationCatalog acc stheofficialUniversitypolicies to es andproce e onscholasticdishon sty dur s e as wellasfurtherelaboration what on constitute scholastic s dishon sty. e Let mebe clearwhatthis mean specificallyfor this cours First, becau e assign d s e. s the e home orkexercis s w e, questions,andproblem fromthetextbookarenot submitted grading,I encoura e to workon thes in s for g you e groups.In contrast,all hand- analys sare to be complet dand turned- individually. Examsare to be in e e in
  5. 5. F. Phillips Acc 311 H —Fall 2002 page 5 complete individually. The teamproject is to be complet dby memb sassign dto the teamwithout d e er e consultationwith memb s er from otherteam or otherindividuals.Doing so is not only an act of acad mi s e c dishone but it significantlyreduc s learningexperien eIf instanc s scholasticdishon sty sty, e the c. e of e come myto attention,all partiesinvolvedwill receivegrad s zerofor theassign e Repe offens s bedealtwith e of m nt. at e will more harshly. Class Web Site and PrivacyConcerns Duringthesem sewewill usea web- as d,pass o protect d et r b e w rd - e classsite.Syllabi, classnot shandouts, e, assign e t andotherresourc s types informationthatmaybeavailable m ns eare of withinthesite. Siteactivities could include exch gin e- an g mail, enga n in class discus on and chats, and exchan n files. In gi g si s gi g addition,classe-mail rosterswill be a compon ntof the sites.Studentswho do not want their nam s e e includedin thes electronicclassrostersmust restrict their directoryinformationin the Office of the e Registrar, Main Building, Room1. For online information about restrictingdirectoryinformation, see http://www.utex se u/stud nt/registrar/catalo s/gi00- 1/app/app 0 .ht a. d e g 0 c 9 ml. Students With Disabilities The University of Texasat Austin provide upon reque appropriateacad mi acco m d tion for s st e c m oa s qualifiedstudentswith disabilities.For moreinformation,conta theOfficeof theDeanof Studentsat ct 471- 6259, 4641TTY. 471- Class Schedule Session# Textbook Practice Date Day Topic and Pre-Class Preparation Questions Exercises Problems (1) TH Introduction to the Course – no pre-class preparation none none none 8-29 (2) T Reporting the Financial Results of Business Decisions 9-03 • Begin by reading Chapter 1 • Next, prepare for submission at the beginning of class questions a-i in the 9-03 mattel materials, which can be downloaded (and printed) from the course website by clicking on the “Documents” button, then clicking on the “Assigned Pre-Class Preparation” folder, then right-clicking on the Mattel materials (to save as an Excel spreadsheet) • Next, do the textbook practice problems, exercises, 3, 11, 13, 15, 17, and questions to the extent you feel you need the 19 1, 2, 5, 6, 9 3 practice • Finally, skim-read Supplements A & B (3) TH Reporting Financing and Investing Decisions on the 9-05 Balance Sheet • Begin by reading Chapter 2 • Next, prepare for submission responses to the Feva case, which is in the “Assigned Pre-Class Preparation” folder at the course website • Next, do the textbook practice exercises and 2, 3, 6, 7, 9, 1, 2, 3, 4, 8, 10 questions 12,13
  6. 6. F. Phillips Acc 311 H —Fall 2002 page 6 (4) T Reporting Financing and Investing Decisions on the 9-10 Balance Sheet • Prepare for submission responses to the Regis 1 case, which is in the “Assigned Pre-Class Preparation” folder at the course website • Next, do the textbook practice problems 2, 3 (5) TH Reporting Operating Decisions on the Income 9-12 Statement • Begin by reading Chapter 3 • Next, do the textbook practice exercises and 2, 4, 5, 7, 13 M2, M3, M4 questions (6) T Reporting Operating Decisions on the Income 9-17 Statement • Prepare for submission responses to the Regis 2 case, which is in the “Assigned Pre-Class Preparation” folder at the course website • Next, do the textbook practice exercises and 2, 3, 4, 6, 9, 10 1, 2, 3 problems (7) TH The Adjustment Process and Financial Statements 9-19 • Begin by reading Chapter 4 • Next, do the textbook practice exercises and 3, 6, 7,10,16 M3, M4, M5 questions (8) T The Adjustment Process and Financial Statements 3, 6, 7, 14, 17, 9-24 • Do the textbook practice exercises and problems 18 2, 3, 7 (9) TH Communicating and Interpreting Accounting Information 9-26 • Begin by reading Chapter 5 • Prepare for submission responses to the discussion questions for the earnings article, which is in the “Assigned Pre-Class Preparation” folder at the course M2, M8, 3, 7, website 1, 8, 9, 11, 12, 15 10 • Next, do the textbook practice exercises and questions 10-01 T Exam 1 (10) TH Reporting and Interpreting Sales Revenue, 10-03 Receivables, and Cash • Begin by reading Chapter 6 1, 6, 10, 12, • Next, do the textbook practice exercises and 7, 8, 9, 14, 15 19, 23 questions
  7. 7. F. Phillips Acc 311 H —Fall 2002 page 7 (11) T Reporting and Interpreting Sales Revenue, 10-08 Receivables, and Cash • Prepare for submission responses to the Electronic Arts case, which is in the “Assigned Pre-Class Preparation” folder at the course website • Next, do the textbook practice problems 2, 5, AP5 (12) TH Reporting and Interpreting Cost of Goods Sold and 10-10 Inventory • Begin by reading Chapter 7 • Next, do the textbook practice exercises and 4, 8, 9, 10, 11 1, 2, 3, 6, 7, 11 questions (13) T Reporting and Interpreting Cost of Goods Sold and 10-15 Inventory • Prepare for submission responses to the Tootsie Roll case, which is in the “Assigned Pre-Class Preparation” folder at the course website • Next, do the textbook practice exercises and 14, 15 4, 5, 6 problems (14) TH Reporting & Interpreting Property, Plant, & Equipment; Natural Resources; and Intangibles 10-17 • Begin by reading Chapter 8 3, 4, 12, 13 M1, M3 • Next, do the textbook practice exercises and questions (15) T Reporting & Interpreting Property, Plant, & Equipment; Natural Resources; and Intangibles 10-22 • Prepare for submission responses to the SPMC case, which is in the “Assigned Pre-Class Preparation” folder at the course website 2, 3, 7, 8, 9, 14 8, 12 • Next, do the textbook practice exercises and problems (16) TH Reporting and Interpreting Liabilities 10-24 • Begin by reading Chapter 9 1, 2, 9,14, 16, • Next, do the textbook practice exercises and 1, 12, 14, 15 19 questions (17) T Reporting and Interpreting Liabilities 8, 9, 11, 10-29 • Do the textbook practice problems AP9
  8. 8. F. Phillips Acc 311 H —Fall 2002 page 8 (18) TH Reporting and Interpreting Bonds 10-31 • Begin by reading Chapter 10 • We will cover only the effective-interest method of amortization in this course (skip the straight-line method discussed on pages 548-9 and 550-1) • Next, do the textbook practice exercises and 3, 4, 5 12, 15, 16, 17 questions (19) T Reporting and Interpreting Bonds 11-05 • Do the textbook practice problems 1, 7, 9 11-07 TH Exam 2
  9. 9. F. Phillips Acc 311 H —Fall 2002 page 9 (20) T Reporting and Interpreting Owners’ Equity 11-12 • Begin by reading Chapter 11 • Next, do the textbook practice exercises and 1, 3, 9, 11, 13 1, 3, 6, 8, 9 questions (21) TH Reporting and Interpreting Owners’ Equity 11-14 • Do the textbook practice problems and exercises 10, 12, 13, 18 1, 2, 7, 8 • Prepare for submission responses to the Accounting Conceptual Framework readings and questions, which are in the “Assigned Pre-Class Preparation” folder at the course website (22) T Statement of Cash Flows 11-19 • Begin by reading Chapter 13 • We will be covering only the indirect method for preparing/presenting the operating activities section • Next, do the textbook practice exercises and 2, 4, 5, 6, 10, 11 1, 7, 9 questions (23) TH Statement of Cash Flows 11-21 • Do the textbook practice problem 4 (Part 2) (24) T Financial Statement Analysis 11-26 • Begin by skimming Chapter 14 • Prepare for submission responses to the HFI-TCL case, which is in the “Assigned Pre-Class Preparation” folder at the course website • Be prepared to ask questions about your team project analyses in class 11-28 TH Thanksgiving Holiday (25) T Financial Reporting Review 12-03 • Prepare for submission responses to questions 1-8 in the Baywatch case, which is in the “Assigned Pre- Class Preparation” folder at the course website (26) TH Submission and Presentation of Group Projects 12-05 12-14 Sat Comprehensive Final Exam (9am-noon)
  10. 10. F. Phillips Acc 311 H —Fall 2002 page 10 Summary of Deadlines by Session Number and Class Dates Session # Calendar Date Cases, Articles, Exams, Project Deadlines 2 Mattel Case 3 Feva Case 4 Regis 1 Case 6 Regis 2 Case 7 Team Project Submission of Company Preferences 9 Earnings Article Mid-term Exam 1 10 Team Project Submission of Company BS, IS, SCF 11 Electronic Arts Case 13 Tootsie Roll Case 15 SPMC Case Mid-term Exam 2 20 Team Project Submission of Common-Sized BS, IS, SCF 21 Accounting Conceptual Framework Article 24 HFI-TCL Case 25 Baywatch Case 26 Team Submission and Presentation of Final Report Final Exam
  11. 11. F. Phillips Acc 311 H —Fall 2002 page 11 An Example Problem—Part 1 A ssume that Jill and Jack are arguing about who is better off. Jack says he is better off because he has a PlayStation2 that he bought one year ago for $450. Jill, on the other hand, argues that she is better off because she has a ‘75 Mustang that she bought two years ago for $800. Jack counters that Jill still owes $250 on her car and that Jack’s dad promised to buy him a Porsche if he aces ACC311H. Jill points out that she inherited a collection of trading cards that she figures she could sell for about $250. Jack says he’s got $6,000 in his bank account right now because he just received a $4,800 student loan. Jill knows that Jack still owes his term 2 tuition of $1,600, whereas she already has paid her term 2 tuition in advance, thus explaining why she has only $1,000 in her bank account. Jack adds that he put $1,600 Canadian dollars in a Saskatoon bank account when he went on Spring Break last year, and hasn’t spent a penny of it. So, who is right? Who is better off? An Example Problem—Part 2 J ill and Jack meet a few months later to see how each other is doing. Jill claims that she’s now much more successful than Jack. After all, she has a part-time job @ BK, where she earns $500 per month. Jack laughs at Jill because he just won $950 on a lottery ticket he bought, and that was merely for the “work” of standing in line for a minute. It was just what he needed because his apartment costs him $450 this month, plus he owes Jim $70 for concert tickets. Jill, on the other hand, pays $120
  12. 12. F. Phillips Acc 311 H —Fall 2002 page 12 for her share of the rent. Both Jill and Jack have other normal living costs that total $300 each month. Based on income for the month, who is better off?
  13. 13. F. Phillips Acc 311 H —Fall 2002 page 13 ACC311H Background Information Name: 1. Why did you choose the Business Honors Program? 2. What is your career aspiration? 3. What do you like to do in your spare time? (e.g., specific sports, televi- sion shows, other activities) 4. For what do you want to be known? That is, what is one thing you want me to know about you as a person?
  14. 14. F. Phillips Acc 311 H —Fall 2002 page 14 5. What is one thing you want me to know about me as a person?

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