ACT4052 Intermediate Accounting II

PREREQUISITES:

COURSE DESCRIPTION:

This course covers the development of intermediate accounting theory and practice
including such topics as debt and equity financing and securities, leases, income taxes,
employee compensation, earning per share, derivative, U.S. GAAP, and IFRS. It
combines the Learner's practical knowledge of the accounting process with the theoretical
foundations of accounting.

NUMBER OF ACTIVITIES: 12

LEARNING OUTCOMES:

1.0 - Differentiate between debt and equity financing and investments.

2.0 - Distinguish between capital and operating leases.
3.0 - Summarize presentation and disclosure of income taxes and pensions in the
financial statements.
4.0 - Outline the different types of derivatives.
5.0 - Identify the key differences between U.S. Generally Accepted Accounting Principles
(GAAP) and International Financial Reporting Standards (IFRS).
6.0 - Recognize the various types of accounting changes and errors.

COURSE CONCEPTS:

1. Debt financing
2. Equity financing
3. Investments in debt and equity securities
4. Leases
5. Income taxes
6. Employee compensation
7. Earnings per share
8. Derivatives
9. Differences between U.S. GAAP and IFRS

PRIMARY RESOURCES:

These resources are required to complete the course.

Please make sure that you purchase the primary textbook(s) that match the syllabus
you are issued. Please let your assigned Mentor know through the NCU messaging
 system what text(s) you have purchased. NCU cannot be responsible for Learner
purchase of books that do not match assigned syllabi.

Book
Stice, James / Stice, Earl/Skousen, K. Fred (2007) Intermediate Accounting Thomson
South-Western ISBN: 0324312148

You may purchase books at EdMap.

ADDITIONAL RESOURCES:

These resources must be used to complete the assignments.

Website
CPA web page http://www.aicpa.org
Website
Accounting Standard Board http://www.iasb.co.uk

MENTOR RESOURCES

The mentor has not provided any additional resources for this syllabus.

SUPPLEMENTAL REFERENCES & READINGS:

These resources are not required, but may provide assistance in completing your work for
this course. Please copy and paste any web links listed below into your browser to view
the websites.

Gibson, C.(2002) Financial Reporting and Analysis using Financial Accounting

Information, 8th edition, South Western College Publishing, ISBN # 0-324-02353-7

Diamond, M (1996) Financial Accounting, 4th editon, South Western College Publishing,
ISBN 3 0-538-84073-0

On-line resources:

http://stice.swlearning.com which contains PowerPoint slides and other support material

for the learner

Http://www.swcollege.com/acct/insidelook/insidelook.html gives a very good analysis of

some of the major issues confronting the accounting profession. If you are interested in
the question of What was going on with Enron? This is a good site to visit.

The FASB provisions are found at http://www.fash.org

GENERAL INFORMATION:

COURSE PARTICIPATION: Learners are ultimately responsible for participating in a

course through the following academic activities: uploading assignments, posting to
discussion folders and responding to Mentor and Academic Advisor inquiries. Learners
are expected to be involved in ongoing instructional activities based on the recommended
schedule for course completion as detailed in the syllabus. In order to actively participate
in a course, Learners must make contact with their faculty Mentor on a regular basis
through one of the following methods:

• Posting of an assignment (e.g., a paper or project) in the Course Work area of the
course web site.
• Posting of an assignment to share with the faculty Mentor and other Learners in
the course web site (e.g., a review of a book or article, a proposal for a research
study, a presentation in the form of a PowerPoint presentation file, reporting on
participation in a research study).
• Participation in a threaded discussion in the course web site (e.g., commenting on
a discussion question posted by the faculty Mentor, providing feedback to another
Learner).
• Viewing instructional materials (e.g., a PowerPoint presentation prepared by the
faculty Mentor, a streaming audio or video presentation).

Learners must use the NCU messaging system on the course web site to contact
faculty Mentors. Learners who are unable to regularly participate in their course
should contact their faculty Mentor.

PRELIMINARIES/PRE-COURSE SURVEY: Review the Learner Area web site

http://learners.ncu.edu. Access and review the Course Catalog, which contains all
relevant policies and procedures applicable to Learners, and complete the Pre-Course
Survey. Please read the entire course syllabus before beginning course work. The survey
goes directly to the Mentor and gives the Mentor information about new Learners
entering the course.

ASSIGNMENT SUBMISSIONS: When you "create" new assignments, use headers and
footers to indicate your name, course, assignment number. For instructions about creating
headers and footers, go to the Help file for the word processing program you use. Name
the file using this format: DoeJXXX0000-1. The "1" stands for the assignment number.
Save the file in RTF (Rich Text Format). Open the Learner Area, click on the course
code. Find the Course Work area. Read the Help file by clicking on the "?". When ready,
click on the "+" and select your assignment file by browsing. Your file will be uploaded
to the server. Your Mentor will receive a message that homework has arrived. When the
Mentor grades your work, the Mentor will upload the graded assignment and you will
receive a message that course work has arrived. You may then view your graded
assignment in the Assignment area. If you have questions, please contact your Learner
Advisor at 1-888-327-2877. Bulk assignments are not acceptable. Assignment Cover
Sheets are required for all assignments that you upload into the Assignment area. The
NCU Assignment cover sheet can be found under University Documents from your
Learner site. It is suggested that you download and save a copy of this cover sheet.

Learners may submit assignments early, but may not submit the next assignment until
they have received a grade on the previous one. Assignments must not be submitted
together. Submitting assignments in the order assigned will insure that you are
progressing according to academic standards and following the design of the course.

ACADEMIC INTEGRITY: All work submitted in each course must be the Learner’s
own. This includes all assignments, exams, term papers, and other projects required by
the Faculty Mentor. The submission of another person’s work represented as that of the
Learner’s without properly citing the source of the work will be considered plagiarism
and will result in an unsatisfactory grade for the work submitted or for the entire course,
and may result in academic dismissal. To avoid plagiarism, do not "copy and paste" into
any assignments without using quotations marks and citing in APA format the source of
the material. Your work may be submitted to TurnItIn.com for originality evaluation.

SUBMITTAL TURN-AROUND SCHEDULE:

Course Length Time Allotted for Mentors to
Return Assignments
4 weeks 2 calendar days
8 weeks 3 calendar days
12 weeks 5 calendar days
Note: Courses in dissertation sequence excluding CMP courses range from 5-14 calendar
days; see syllabus for details.

CONTACT INFORMATION: Please contact your Mentor through the university

message system found on your Learner site, rather than by personal email.

INTRODUCTION ACTIVITY: Your first assignment in each course is to send a

message to your Mentor via the NCU messaging system introducing yourself. Include
your name, educational background and at least one expectation you have for this course.
You may add other information that will provide insight into your professional and
educational goals.

PERFORMANCE REQUIREMENTS / COURSE GRADE: Your grade for this

course will be based on mastery of course concepts as demonstrated by successfully
completing the performance requirements. Following directions in the syllabus provides
the best avenue for success. Read directions very carefully and follow all suggestions and
requirements.

COURSE LEARNING ASSESSMENT: Learners are expected to complete all

performance requirements for the course and to demonstrate mastery of the course
concepts and course learning outcomes. This may require Learners to use library
resources and to document research with citations, bibliographies, and references as
applicable in completing their coursework. Mastery of course concepts may require
demonstration of critical thinking and communication skills by a combination of term
papers, self-assessments, quantitative reasoning, interviews, and observations, written
assignments or other activities.

NCU LIBRARY: The NCU Library website provides access to academic databases,
electronic books, dissertations, reference materials, a host of web pages supporting
coursework, and much more. In addition, you can obtain library research assistance as
well as request articles and books through the NCU Interlibrary Loan (ILL). Accessing
the NCU Library is simple, just browse to your Learners page (http://learners.ncu.edu)
and click on NCU Library or any of the other library quick links appearing under the
NCU Library heading.

RECOMMENDED SCHEDULE FOR COURSE COMPLETION: Following

directions in the syllabus, provides the best avenue for success. Read directions very
carefully and follow all suggestions and requirements. Learners may submit assignments
early, but may not submit the next assignment until they have received a grade on the
previous one. Assignments must not be submitted together. Submitting assignments in the
order assigned will insure that you are progressing according to academic standards and
following the design of the course.

GRADING SCALE: If a letter grade is awarded for an NCU course, the following chart
shows the percentages of points awarded to the letter grade for Undergraduate and
Graduate grades.

Undergraduate
Graduate Scoring
Scoring
Numerical Points Letter Grade Numerical Points Letter Grade
100-94 A 100-94 A
93-90 A- 93-90 A-
89-87 B+ 89-87 B+
86-83 B 86-83 B
82-80 B- 82-80 B-
79-77 C+ 79-77 C+
76-73 C 76-73 C
72-70 C- 72-0 F
69-67 D+

If a course is graded using the Satisfactory/Unsatisfactory method, specific instructions

will be given in the syllabus indicating how S/U grades are assigned.

NCU Grading Rubric

Grading based on 100 Total Points per Course is determined using the
percentages listed in the following rubric. This percentage is determined by
dividing the total number of points possible for an activity by the actual points
earned, with the resulting percentage determining the letter grade for the activity
or course according to the NCU Grading Rubric. 70% of each grade represents
Learner’s content understanding, and 30% of each grade represents Learner’s
ability to convey such understanding in academic format

70% of grade 30% of grade

- Content - Presentation

Discussion Activities Coursework Activities Style and Conventions

Includes evaluation of Focus, Includes evaluation of Focus, Includes evaluation of Style and
Development, and Organization – Development, and Organization – Conventions – See NCU Writing
See NCU Writing Terms* for See NCU Writing Terms* for more Terms* for more information
more information information.
Learner demonstrates a well- Learner demonstrates a well- Learner demonstrates exemplary
developed focus, thorough points developed focus, thorough points accomplishment of task.
of development, and a logical of development, and a logical
pattern of organization of ideas pattern or organization of • Consistently appropriate and
and concepts. The original posting discussion ideas and concepts precise language for the
covers the topic thoroughly, required in assigned activity. assignment
demonstrates substantial • Consistently clear divisions
reflection and/or self assessment, • Substantially achieved stated between the writer’s voice and
Excellent exhibits a broad integration of learning outcome(s) the sources used to support
readings, and reveals conceptual • Substantially integrated key claims
knowledge and skills. concepts and terms from • Consistent and clear use of
100%- course materials standard American English in
94% • Substantially evaluated, grammar and punctuation
concluded, and applied • Consistent use of APA
concepts learned- formatting
demonstrated learning
through use of examples
and/or illustrations
• Supported insights and
assertions through research
and use of additional outside
academic resources
Learner demonstrates a clear Learner demonstrates a clear Learner demonstrates above
focus, substantive points of focus, substantive points of average accomplishment of the
development, and a logical development, and a logical pattern task.
pattern of organization of of organization of ideas and
discussion ideas and concepts. Theconcepts required in assigned • Appropriate and precise
original posting covers the topic inactivity. language with occasional lapses
some detail, demonstrates • Mostly clear divisions between
reflection and/or self assessment, • Above-average achievement the writer’s voice and the
exhibits integration of readings, of stated learning outcome(s) sources used to support claims
Above Average and reveals adequate conceptual • Above-average integration of • Somewhat consistent use of
knowledge. key concepts and terms from standard American English in
93%-87% course materials grammar and punctuation
• Above-average evaluation, • Somewhat consistent use of
conclusion, and application of APA formatting
concepts learned-
demonstrated learning
through use of examples
and/or illustrations
• Above-average support of
insights and assertions
through research and use of
outside academic resources
Learner demonstrates noticeable Learner demonstrates a noticeable Learner demonstrates adequate
Adequate
focus, adequate points of focus, adequate points of accomplishment of task.
development, and a noticeable development, and a noticeable
86%-80% pattern of organization of pattern of organization of ideas • Somewhat precise language
discussion ideas and concepts. Theand concepts required in assigned • Irregular divisions between
original posting partially covers activity.
 the topic, demonstrates some the writer’s voice and the
reflection and/or self-assessment, • Adequately achieved learning sources used to support claims
exhibits a sporadic integration of outcomes • Lapses in use of standard
readings, and reveals incomplete • Partially integrated key American English in grammar
conceptual knowledge and skills. concepts and terms from and punctuation
course materials • Lapses in use of APA
• Analyzed and applied formatting
concepts learned-limited use
of examples and illustrations
• Limited use of outside
references or use of non-
academic resources
Learner demonstrates some focus, Learner demonstrates some focus, Learner demonstrates incomplete
irregular points of development, irregular points of development, attempt to address the task.
and lapses in the pattern of and lapses in the pattern of
organization of discussion ideas organization of ideas and concepts • Frequent lapses in concrete
and concepts. The original posting required in assigned activity. language,
Needs is unrelated to the assigned topic, • Consistent irregularity in
demonstrates little to no reflection • Minimal to no learning divisions between the writer’s
Improvement or self-assessment, exhibits little outcomes achieved voice and the sources used to
to no integration of readings, and • Key concepts and terms from support claims
79%-70% reveals deficient conceptual
knowledge and skills.
course materials lacking or • Consistent lapses in use of
omitted standard American English in
• Does not describe and/or grammar and punctuation
summarize course materials • Consistent lapses in use of
• No references or inclusion of APA formatting
additional outside academic
sources
Learner demonstrates no clear Learner demonstrates no clear Learner demonstrates incomplete
focus, no clear development, and focus, no clear development, and attempt to address the task.
no clear organizational pattern of no clear organizational pattern of
discussion ideas and concepts. ideas and concepts required in • Consistent lapses in concrete
Not acceptable Learner fails to post or original assigned activity. Learner fails to language; regular use of slang,
posting demonstrates no reflection submit or submission fails to etc.
69% or or self-assessment, did not exhibit demonstrate learning outcome(s). •
integration of reading, is deficient
Little to no division between
the writer’s voice and the
below in conceptual knowledge and/or sources used to support claims
skills. • Failure to use standard
American English in grammar
and punctuation
• Failure to use APA formatting

Exceptions to the Rubric

Activities that do not require a written
response will be evaluated without use of the
rubric. Certain courses/activities do not
warrant a written product. Examples include
math courses involving solving equations or
courses that contain multiple choice exams. In
these cases, the writing portion of the rubric
does not apply. Scoring for these courses will
be based on how many items were answered
correctly out of the total number of items
possible.
RECEIVING YOUR FINAL GRADE: The final grade should be posted by your
Mentor within one week following the course end date. The registrar will send you an e-
mail notifying you of your grade and the grade will also appear on your Learner site,
under the COURSE REVIEW section.

POST COURSE SURVEY: Complete the Post Course Survey after you finish your final
assignment. The Post Course Survey goes directly to the University and provides
information used in both course and Mentor evaluation and assessment. The Post Course
Survey is located in the Course Review section of the Learner Website THE
RESPONSES ARE ANONYMOUS.

COURSE SPECIFIC INFORMATION:

INSTRUCTIONS FOR RESPONDING TO ACTIVITIES:

For syllabi with an Effective/Approved Date of 1/1/2007 or later, the following

instructions are to be used to respond to Discussion and Course Work Activities.

To respond to each activity in a course with a syllabus dated 1/1/2007 or later, go to

your course page and click the Activities Tab.

For Discussion responses:

1. Click on the corresponding Activity.

2. Enter your discussion response under Add a New Entry Message. Do not load
a file in response to a discussion, unless it is a supporting resource for your
discussion comments that you would like all participants to view.
3. Click Add New Discussion Entry. This will send an alert to your Mentor that
your discussion response is complete.
4. If you want to make a private comment or load a file for your Mentor, please
do so at the bottom of the Activity screen in the Course Work posting area.

For Course Work responses:

1. Click on the corresponding Activity.

2. Go to the bottom of the Activity screen to Course Work posting area, click the
+ sign.
3. Type in the Assignment name.
4. Browse for and load your file.
5. Enter any appropriate comments, click the Academic Integrity Agreement,
and then click Send.
For courses with a syllabus Effective/Approved Date prior to 1/1/2007, you will
respond to Discussion Activities in the Course Discussion Forum. If you want
to send comments or supporting files to your Mentor, do so on the Activities Tab,
click on the appropriate discussion Activity, and enter your comments and/or load
you file at the bottom in the Course Work area.

The Effective/Approved Date for every NCU syllabus appears at the bottom
of all web based syllabi, which you can see by clicking on “Display Syllabus
on the Screen” on your Learner Course page.

If you do not have an Activity listed below to provide an introduction in a discussion

format, your first assignment is to send a message to your Mentor via the NCU
messaging system introducing yourself. Include your name, educational background
and at least one expectation you have for this course. You may add other information
that will provide insight into your professional and educational goals. This activity is
not graded but provides valuable information to your Mentor regarding your
participation in the course. Please limit your response to 300 characters or less.
Overview
Section 1: Utilization & Retirement and Debit Financing
Activity 1: Exercises - Debt Restructuring 10 Points
Activity 2: Discussion - Deferred Interest 5 Points
Section 2: Investments
Activity 3: Exercise - Treasury Stock Transactions 5 Points
Activity 4: Discussion - Debt and Equity Securities 5 Points
Section 3: Leases
Activity 5: Exercise - Case Flow & CPA Exam Questions 10 Points
Activity 6: Discussion - Leases 5 Points
Section 4: Income Taxes
Activity 7: Exercises - Income Taxes 10 Points
Section 5: Employee Compensation
Activity 8: Exercises - Employee Compensation 15 Points
Section 6: Derivatives
Activity 9: Exercises - Derivatives 10 Points
Section 7: Financial Reporting Dimensions
Activity 10: Exercises - Derivatives & Accounting Charges 10 Points
Activity 11: Discussion - Contingent Liabilities 5 Points
Section 8: Reflective Summary
Activity 12: Discussion - Reflective Summary 10 Points
Section 1: Utilization & Retirement and Debit Financing
The text, Intermediate Accounting, is the basis for two courses: ACT451 -
Intermediate Accounting I and ACT452 - Intermediate Accounting II. It presents the
principles of business accounting in a logical format. Chapters 1 through 10 are
required for Intermediate Accounting I, Chapters 11 through 21 are required for
Intermediate Accounting II.
The format of the text is conducive to student mastery. Each chapter begins with
Chapter Topics. Included in the chapters are the following study aids: Key Terms,
Questions, Discussion Cases, Exercises and Problems. These sections serve as
excellent means of student review.
Supplementing the text is a Study Guide. This book provides excellent material to
help in mastering the course. The self-help activities serve as immediate
reinforcement of the information and should be used to enhance learning.

Required Reading:
Chapters 11 -12

Activity 1: Exercises - Debt Restructuring 10

Points
Complete the following exercises:
Chapter 11: Complete Exercises 11-24, 11-27
Chapter 12: Complete Exercises 12-26
Learning Outcomes 1, 2

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Distinguish between capital and operating leases.

Activity 2: Discussion - Deferred Interest 5 Points

Discussion Questions require substantive responses to the initial question and to
others’ responses. Your initial response to each question should be 150-200 words in
length and are supported by documentation from text and other resource materials
following APA style and format guidelines.
1. Discuss Case 12-67.
Learning Outcomes 1, 2

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Distinguish between capital and operating leases.

Section 2: Investments

Required Reading:
Read Chapters 13 and 14

Activity 3: Exercise - Treasury Stock

Transactions 5 Points
Chapter 13: Complete Problem 13-54
Learning Outcome 2

Activity Outcomes

• Distinguish between capital and operating leases.

Activity 4: Discussion - Debt and Equity
Securities 5 Points
Discussion Questions require substantive responses to the initial question and to
others’ responses. Your initial response to each question should be 150-200 words in
length and are supported by documentation from text and other resource materials
following APA style and format guidelines.
1. Discuss Case Study 14-59
Learning Outcomes 1, 3, 4

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Summarize presentation and disclosure of income taxes and pensions in the
financial statements.
• Outline the different types of derivatives.

Section 3: Leases

Required Reading:
chapter 15

Activity 5: Exercise - Case Flow & CPA Exam

Questions 10 Points
Problems 15-58, 15-61
Learning Outcomes 1, 2, 5

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Distinguish between capital and operating leases.
• Identify the key differences between U.S. Generally Accepted Accounting
Principles (GAAP) and International Financial Reporting Standards (IFRS).

Activity 6: Discussion - Leases 5 Points

Discussion Questions require substantive responses to the initial question and to others’
responses. Your initial response to each question should be 150-200 words in length and
are supported by documentation from text and other resource materials following APA
style and format guidelines.
1. Discuss Case 15-63.
Learning Outcomes 1, 2, 5

Activity Outcomes

• Differentiate between debt and equity financing and investments.

 • Distinguish between capital and operating leases.
• Identify the key differences between U.S. Generally Accepted Accounting
Principles (GAAP) and International Financial Reporting Standards (IFRS).

Section 4: Income Taxes

Required Reading:
chapter 16

Activity 7: Exercises - Income Taxes 10 Points

Discussion responses require substantive responses to the initial question and to others’
responses. Your initial response to each question should be 150-200 words in length and
are supported by documentation from text and other resource materials following APA
style and format guidelines.
1. Case 16-55: Answer question concerning tax liabilities and deferred tax assets
2. Discuss Case 16-56: Write a response to your friend as directed in the case study.
Learning Outcomes 1, 2, 5

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Distinguish between capital and operating leases.
• Identify the key differences between U.S. Generally Accepted Accounting
Principles (GAAP) and International Financial Reporting Standards (IFRS).

Section 5: Employee Compensation

Required Reading:
Chapter 17

Activity 8: Exercises - Employee Compensation 15

Points
Complete Exercises 17-23, 17-32, 17-33
Learning Outcomes 1, 6

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Recognize the various types of accounting changes and errors.

Section 6: Derivatives

Required Reading:
Chapter 18
Activity 9: Exercises - Derivatives 10 Points
Complete Exercises 18-25, 18-32
Learning Outcomes, 1, 6

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Recognize the various types of accounting changes and errors.

Section 7: Financial Reporting Dimensions

Required Reading:
Chapters 19-20

Activity 10: Exercises - Derivatives & Accounting

Charges 10 Points
Chapters 19 and 20:
Complete Problems 19-42, 20-48
Learning Outcomes 1, 7

Activity Outcomes

• Differentiate between debt and equity financing and investments.

Activity 11: Discussion - Contingent Liabilities 5

Points
Discussion Questions require substantive responses to the initial question and to others’
responses. Your initial response to each question should be 150-200 words in length and
are supported by documentation from text and other resource materials following APA
style and format guidelines.
1. Problem 19-48
Learning Outcomes 1, 7

Activity Outcomes

• Differentiate between debt and equity financing and investments.

Section 8: Reflective Summary

Required Reading:
Review Chapters 10-21
Activity 12: Discussion - Reflective Summary 10
Points
Reflective Summary
Summarize your learning points from the course material.
Your responses should show how the coursework is relevant to your experiences. Apply the
coursework, or you will apply the coursework to your own situation. The purpose is two
fold: (a) to demonstrate mastery of the course material, and (b) to apply this knowledge to
the real world. Your response should demonstrate your ability to think critically using the
terminology and relationships presented in the textbook.
Learning Outcomes 1, 2, 3, 4, 5, 6, 7 and 8

Activity Outcomes

• Differentiate between debt and equity financing and investments.

• Distinguish between capital and operating leases.
• Summarize presentation and disclosure of income taxes and pensions in the
financial statements.
• Outline the different types of derivatives.
• Identify the key differences between U.S. Generally Accepted Accounting
Principles (GAAP) and International Financial Reporting Standards (IFRS).
• Recognize the various types of accounting changes and errors.

Effective Date: 7/8/2009

Copyright (C) 2009 Northcentral University