This document outlines the requirements for students to earn up to nine extra credit points by submitting up to three current event articles from specified periodicals. To receive credit, students must submit a printed or online copy of the article along with details such as the publication name and date, which class topic the article pertains to, and a one to two paragraph summary. Each acceptable article is worth up to three points, for a maximum of nine extra points. The articles must relate to the topics covered in the Financial Accounting course.

1. Each student can earn up to nine (9) extra points by finding a
total of (3) articles of a current event from The Wall Street
Journal or another nationally circulated periodical. To receive
credit, you must turn in a printed copy of the article or provide
the URL link, state the name and date of the newspaper or
magazine, an indication of the chapter/topic in our class to
which the item or story pertains and a one or two paragraph
printed summary of the article. Each item that is accepted by
the instructor will be worth up to three (3) points. A maximum
of three (3) articles can be submitted for extra credit.
Remember, the item or story must pertain to Financial
Accounting subject matter to be acceptable (ask when in doubt).
Chapter 1 – Financial Accounting & Accounting Standards
This chapter discusses how GAAP is established, why GAAP is
necessary, and the challenges facing FASB and IFRS in working
towards one global set of accounting standards. This chapter
also introduces you to the FASB Codification Research System.
Chapter 2 – The Conceptual Framework
FASB’s Conceptual Framework serves as a foundation for
insights into the “what,” “why,” and ”how” of financial
statements and disclosures.
Chapter 3 – The Accounting Information System: Review of
Accounting Basics
· Financial statements and their interrelationships
· Debits and Credits
· The Accounting Cycle
· Adjusting Entries
· The Closing Process
· Conversion from Accrual Basis to Cash Basis
Chapter 4 – Income Statement and Related Information
· Income Statement Contents and Format
· Discontinued Operations

2. · Earnings per Share
· Reporting Accounting Principle Changes, Changes in
Estimates, and Correction of Prior Period Errors
· Comprehensive Income and AOCI
Chapter 5 – The Balance Sheet and the Statement of Cash
Flows
· This chapter covers the Balance Sheet, including major
classifications and supplemental disclosure; and the Statement
of Cash Flows, including understanding the statement, and
preparation using the Indirect and Direct Methods.
Chapter 6 –Accounting and the Time Value of Money
· This chapter presents TVM calculations, and shows how they
are used in both accounting and personal applications.
Chapter 7 – Cash and Receivables
· This chapter covers Cash and Cash Equivalents, Bank
Reconciliations, and the Recording, Valuation and Disposition
of Accounts and Notes Receivable
Chapter 8 – Inventories
· Inventory Control Systems: Periodic vs. Perpetual
· What is included in Inventory?
· Cost Flow Assumptions: Specific Identification; Weighted
Average; FIFO; and LIFO
· LIFO Reserve
· LIFO Liquidation
· Dollar Value LIFO
Chapter 9 – Additional Inventory Valuation Issues
· Lower of Cost or Net Realizable Value
· Lower of Cost of Market
· Valuation at Net Realizable Value
· Valuation using Relative Sales Value
· Purchase Commitments
· Presentation and Analysis of Inventories
Chapter 10 – Property, Plant and Equipment
· Determining Original Cost
· Self-Constructed Assets and Interest Capitalization
· Valuation of Long-Lived Fixed Assets

3. · Lump Sum (Group) Purchases
· Sale and Exchange of Fixed Assets
· Expenditures After Acquisition
Chapter 11 – Depreciation, Impairments, and Depletion of
Long-Lived Assets
· Depreciation, Amortization and Depletion as Cost Allocation
· Methods of Depreciation for Financial Accounting Purposes
· Depreciation for Tax Purposes
· Changes in Estimates
· Impairment of Fixed Assets
· Depletion
Chapter 12 – Intangible Assets
· Types of Intangibles
· Valuation of Intangibles
· Amortization of Intangible Assets
· Goodwill: A Special Intangible Asset
· Research & Development
· Impairment of Intangibles
Chapter 13 – Current Liabilities and Contingencies
· Liabilities
· Current Liabilities
· Examples of Current Liabilities
· Contingent Liabilities
· Current Maturities of Long-Term Debt
Chapter 14 – Bonds and Long-Term Notes
· Bonds: Issuing, valuation and accounting, and extinguishment
of debt
· Long-Term Notes Payable: Exactly the same as Chapter 6 and
7… no new coverage
· Fair Value Option for Bonds, Notes, and most other financial
assets and liabilities
Chapter 18 – Revenue Recognition
· New FASB Revenue Recognition Standard
Chapter 22 – Accounting Changes and Error Analysis
· Accounting Changes
· Changes in Accounting Principles

4. · Report using retrospective restatement of affected financial
statements
· Changes in Accounting Estimates
· Report using prospective adjustment of affected financial
statements
· Changes in Reporting Entity
· Restate presented financial statements
· Correction of Accounting Errors
· Not considered an accounting change
· Restate affected financial statements to correct error
June 13, 2017
1
-op Model
-ops
-op Organizational Chart
-op Act

5. -op
-laws & Membership
l Co-ops
2
Business Models
s are risked if business fails

6. – “persons” under the law
by-laws
-for-profit
3
The Co-operative Model
iness
producers
4

7. Co-op Model
and principles
share; or with membership fee
5
Types of Co-ops
-op insurance
companies
producers, Granny’s
Poultry, artists co-ops
-ops, Mountain Equipment, Red
River Co-op
ble

8. cost – day
cares, housing, Peg City Car Co-op, health care co-ops
provides
employment to owners, members provide financial capital
-ops: include more than one
stakeholder and are
effective in providing relation-based services
-op, is a legal entity, which owns real estate
consisting of one or
more residential buildings; a distinctive form of home
ownership where
members have shares and participate in governance
6
Members
Board of Directors
Management
Employees
Elect

9. Hire
&
Supe
r-
vise
Hire
&
Supe
r-
vise
President
Vice-President
Secretary
Treasurer
Other Officers
Elect
Appoint
Appoint
Committees

10. Committees
Committees
Co-op Organization
7
Legal Matters: Co-op Act
entities can incorporate a co-op
-op
-laws prepared
8
Financing &

11. Sources of Capital $
-ops file annual returns
common shares, investment shares, special investment
shares, securities (bonds and debentures), debt capital
(loans, mortgages, lines of credit, loans from
members); surpluses
– issued by the co-op;
membership may require purchase of shares
9
Board of Directors
leadership
-laws

12. ard sets agenda & presides over meetings
10
Other Positions
over funds, assets, expenditures; monitors finances
communicates Board decisions to manager for
implementation; prepare share certificates, serve notice
of meetings
according to directions as set forth by Board; formulate
development plans for Board Approval; implement
plans, submit reports to Board, represent co-op in
business dealings, ensure compliance with regulations
11
Training Requirements for
Officers of Co-op

13. -op Course on:
-laws
-op vision, Mission, Strategic Plan
-ops
-ops
-op Code of 2008
-op Management and Governance
12
Training Requirements in your
Co-op’s sector
and it may be formal and informal
-ops require members to have hospitality
training
-op has members with degrees

14. in Design and members who have lifetime experience
13
Articles of Incorporation
registered office in Manitoba
without membership share capital
share
cooperative may carry on
14
Articles cont’d
strictions on or qualifications for membership in the
cooperative
membership shares, member loans, and patronage loans

15. upon dissolution (ie to another co-op? or to members?)
articles of incorporation must be signed by the incorporators.
15
Shares in the Co-op
required
to become co-op member
-op defines minimum amount each member has
to
invest
-operative, it might be only one $10 share
-op, where start-up costs are
higher, it
might be one hundred $10 shares (i.e. $1000 in total)
give
them greater rights in the co-operative

16. e rule of one person, one vote is a requirement
(for
example 5%) in a worker co-operative
16
By-laws & Membership
By-laws
-op
ers by resolution pass by-laws of the co-operative to
comply with the Cooperatives Act
-laws
Membership/Meetings
ch member is entitled to vote at meetings
17
The Italian Federations

17. interests of the co-ops, safeguard the needs of the
sector, make arrangements with other organizations
and promote the establishment of consortia.
-ops and their associations are part of the “Third
Sector” of the Economy in Europe. (First Sector is
Private Businesses; Second Sector is Gov’t /Public)
18
Associations: provide co-op services
-op values and
culture
few co-ops
development
social and economic
objectives: equity, integrating
immigrant people, taking
care of safety issues etc
hips among
co-ops

18. -op
system
-op model
organization
knowledge of small business
-op
sector
statistics on co-op system
-
operatives
19
What is a Social Co-op?
-ops = more than one stakeholder:
worker, consumer/client, supporter
ocial

19. care because they can transform people
from being merely the passive recipients of
care, to being active agents in the design
and delivery of their care.
20
Italy’s Law 381(1991) estab. Social Co-ops
ise with explicit social aim
-stakeholder)
-A (undertaking delivery of services) and Type-B (for
work integration of
disadvantaged)
non-offenders
community and social
integration of citizens (contrast to traditional co-ops devoted
members)
-ops cannot demutualise nor adopt a different co-op
form
f work force in Type-B co-op must be

20. disadvantaged
according to a European Commission definition
-ops include exemption from
payroll taxes on
disadvantaged workers; disadvantaged workers exempt from
social security
taxes
21
Social Co-ops in Canada?
-op model can help
address the following issues:
social care
privatization on the other
caregivers and care recipients
quality and responsiveness of social care
22
La Giotto, Padua

21. Prison members of the catering, bicycle and luggage
manufacturing,
telephone surveying co-ops in La Giotto – same pay as outside
workers 23
Co-op Bakery for PWD
24
Co-op for Seniors Care
25
Le Coste, Trento
Le Coste is a laundry co-operative for people transitioning
from prison
26
Social Co-ops: Welfare State to
Caring Society

22. - the creation of a
caring society
-operative Economy is a realignment of sectors
he maturation of the social economy
27
Include in Co-op
Design & Zine
roles in the co-op
-operative: address
each of the co-op principles? (7)
w is your product unique/set
apart from others who may be
competitors?

23. disadvantages of product or
service?
serve?
–
benefits and challenges of
location?
be needed (start up, year 1)
Union loan, assistance from MCA,
memberships, supporters
you could establish with other co-
ops? Any in our class?
community?
needs?
to organize around?

24. 28
29