1. Advanced Accounting, ACCT 311
Queens College - Department of Accounting & Information Systems
Syllabus —
Introduction and Course Summary: This course covers accounting theory and practice for
business combinations, segment and interim reporting, foreign exchange and partnerships.
Business combinations cover most forms of mergers and acquisitions, which are common among
business entities. Segment reporting is how management disaggregates financial results into
meaningful business performance. Foreign exchange covers the basics of currency transactions
and translation including hedging, which are common in the global economy. Finally,
partnerships cover the formation, operation and dissolution of general partnerships, the most
prevalent form of business in the United States. You will find the first six chapters to build on
each other, so it is necessary to master the course material as the class proceeds, not just before
exams.
Required Text: Advanced Accounting, 111h
Ed. www.mhhe.com/hoyle11e
© 2013 by Hoyle, Schaefer and Doupnik, McGraw-Hill/Irwin including access code to
CONNECT, the publisher’s online homework software. A separate looseleaf edition, with
only the chapters covered in this course is available at the Queens College bookstore (ISBN:
9780077772932). For those of you preferring the hard cover edition, the ISBN is
9780078025402. You may also rent the text from the bookstore at approximately ½ the cost of
the hardcover edition. Do not use an earlier edition, as you will find that the page numbers,
chapter content, homework and examples do not correspond.
The publisher (McGraw Hill) provides free online resources (www. mhhe.com/hoyle11e)
including chapter outlines, power point slides and sample questions and solutions.
Required Supplies: You must purchase a Sharp E233SB pocket calculator. NO OTHER
calculators will be allowed for use in exams. Please bring calculator, text and pencils to class.
Intended Audience and course prerequisite: Undergraduate, junior students who have met the
prerequisite of successful completion of Intermediate Acct 202 (with a minimum grade of C-).
Mode of Instruction: Lecture and illustration, required textbook reading and preparation of
homework assignments using CONNECT, the publisher’s online software, and class discussions.
Policies and Procedures: No cell phone use, calls or texting, permitted during class.
Attendance is imperative for success in this course, and as such, more than 3 unexcused absences
may result in a reduction in your class participation grade for the semester. CUNY Policy on
Academic Integrity: Academic Dishonesty is prohibited in The City University of NY and is
punishable by penalties, including failing grades, suspension, and expulsion as provided per
appropriate policies.
Student Responsibilities: Everyone is expected to arrive timely and to attend all classes. If a
class is missed, student is responsible for the work. Students must read the chapters and complete
the homework assignments prior to the class meetings. Students must be prepared to participate
in class discussions of the various topics and the related assignments. There may be online
quizzes during the semester.
Homework: Assignments and due dates will be announced in class and/or on Blackboard.
Homework assignments will be checked and graded by Connect, which MUST BE purchased
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2. Advanced Accounting, ACCT 311
Queens College - Department of Accounting & Information Systems
Syllabus —
from the textbook publisher. It is expected that you attempt to answer all the problems assigned
at the end of each chapter. Students should be prepared to discuss the problems assigned for each
class session. Homework is counted toward your grade. Print before you submit your
homework in Connect. Bring COPY TO CLASS for review and discussion. Assignments are
subject to change during the course of the semester. LATE HOMEWORK WILL NOT BE
ACCEPTED. CONNECT HAS DEADLINES WHICH MUST BE MET. Time permitting;
homework solutions will be reviewed in class. All ‘passing’ homework assignments are
combined toward the following 10% homework grade component. Passing grade for homework
assignment purposes only is 55 in Connect. A student may OMIT or FAIL a maximum of TWO
homework assignments in the semester without affecting the 10% homework grade.
Class Participation: Students are expected to complete assigned readings before class and be
able to respond to questions on that day’s material. In addition, students are expected to
participate in solving homework problems in class. Finally, you will be judged by the
contribution you make to class discussion. Class participation is an important element of the
learning process and will count toward your grade: YOU DO NEED TO BE HERE (BUT note
that you do not need to have correct answers in class; good preparation, questions and comments
are what is expected).
Annual Report Project: Students will gain familiarity with the form and content of financial
statements, footnotes and other supplementary material filed with the Securities and Exchange
Commission. Working in small groups, students will submit answers to questions associated with
the annual report (Form 10-K) of a public corporation.
Grading: Midterm [Quizzes through Connect ADD to exam grade] 40%
Homework [MUST be submitted on time for credit] 10%
Annual Report Project 5%
Class Participation 5%
Final Exam [Quizzes through Connect ADD to exam grade] 40%
Total 100%
Exams and Quizzes: Two exams are given during the semester. Quizzes in CONNECT have
deadlines similar to homeworks. There are no makeups for quizzes. Unless otherwise told, you
are responsible for all material in each chapter as well as everything covered in class. Exams may
consist of a combination of numerical problem solving, worksheet preparation and accounting
theory questions. The format may be multiple choice or you may be required to show your work
and solution.
THERE WILL BE NO MAKE UP EXAMS GIVEN. Missed exams will receive a failing grade.
Incomplete will be given as a grade only when a student has been passing the course and has not
completed all requirements for a valid reason.
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3. Advanced Accounting, ACCT 311
Queens College - Department of Accounting & Information Systems
Syllabus —
Date Chapter Description (Subject to Change)
Homework assignments are ONLINE, in Connect, and will be checked and graded by
Connect, which MUST BE purchased from the textbook publisher. Links are in Bb.
Week 1 Introduction, Chapter 1 The Equity Method of Accounting for Investments
Learning Objectives- Reporting of investments in corporate equity securities; application of the
equity method; excess of investment cost over book value acquired; elimination of unrealized
profits in inventory; fair-value reporting option for equity method investments.
Chapter 1 The Equity Method of Accounting for Investments
.
Week 2 & 3 Chapter 2, Consolidation of Financial Information Learning Objectives- The
consolidation process; financial reporting for business combinations; procedures for consolidating
financial information; acquisition-date fair-value allocations (additional issues); convergence
between U.S. and International Accounting Standards.
.
Chapter 2, Consolidation of Financial Information
. **CH 1/ 2 QUIZ DUE 9/13/12 **
Week 4 Chapter 3, Consolidations – Subsequent to the Date of Acquisition Learning
Objectives- Investment accounting by the acquiring company; subsequent consolidation:
investments by the equity method; testing for goodwill impairment; comparison with
international accounting standards; push-down accounting.
Chapter 3, Consolidations – Subsequent to the Date of Acquisition
.
Chapter 3, Consolidations – Subsequent to the Date of Acquisition
Problems concluding….
Week 5 Chapter 4, Consolidated Financial Statements and Outside Ownership
Learning Objectives- Consolidated financial reporting with noncontrolling interest; allocating the
subsidiary’s net income to the parent and the noncontrolling interests; consolidation under
acquisition method; revenue and expense for mid-year acquisitions; step acquisitions; reporting
with a noncontrolling interest.
.
Week 5 Chapter 4, Consolidated Financial Statements and Outside Ownership
. **CH 3 / 4 QUIZ DUE 10/16/12 **
Week 6 Chapter 5, Consolidated Financial Statements--Intra-Entity Asset
Transactions Learning Objectives- Intra-Entity inventory transactions; intra-entity land
transactions; intra-entity transfer of depreciable assets.
.
Chapter 5, Consolidated Financial Statements--Intra-Entity Asset
Transactions
.
Week 7- Chapter 6, Variable Interest Entities, Intra-Entity Debt, Consolidated CF &
Other Issues Learning Objectives- Consolidation of variable interest entities; intra-entity debt
transactions; subsidiary preferred stock; subsidiary stock transactions.
MIDTERM Exam (Chapters 1, 2, 3, 4 & 5) – Tuesday, 10/23/12
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4. Advanced Accounting, ACCT 311
Queens College - Department of Accounting & Information Systems
Syllabus —
Week 8 Chapter 6, Variable Interest Entities, Intra-Entity Debt, Consolidated CF &
Other Issues .
Week 8 Chapter 8, Segment and Interim Reporting Learning Objectives- Operating
segments; operating segment disclosures; IFRS segment reporting; Interim reporting disclosures.
Week 9 Chapter 8, Segment and Interim Reporting
.
ANNUAL REPORT PROJECT – IN CLASS Thursday 11/8/12 –
no make-ups!
Week 9 Chapter 14, Partnerships: Formation and Operation Learning Objectives-
Partnership accounting—capital accounts; accounting for partnership dissolution.
Week 10 Chapter 14, Partnerships: Formation and Operation
.
Chapter 15, Partnerships: Termination and Liquidation Learning
Objectives- Schedule of Liquidation; deficit capital balance—contribution by partner, loss to
remaining partners; preliminary distribution of partnership assets.
Week 11 Chapter 15, Partnerships: Termination and Liquidation
.
Week 12 Chapter 9: Foreign Exchange Transactions and Hedging Foreign Exchange
Risk Learning Objectives- Foreign exchange rates; spot and forward rates, option contracts,
foreign currency transactions, hedges of foreign exchange risk.
.
Week 14 Chapter 10: Translation of Foreign Currency Financial Statements
Learning Objectives- Exchange rates used in translation; translation methods—current rate,
temporal method; translation adjustment; hedging balance sheet exposure; consolidation of a
foreign subsidiary. {subject to change}
Dec 20 approximate date FINAL EXAM (Chapters 6, 8, 14, 15, FOREIGN EXCH.)
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