Dr FRANK HENRY WADE, CPA (USA), CIA,CMA,CISA,

North South University, School of Business

Office NAC 739, Office Hours 5:00 -7:00 M,Wed,Thur, Fri, Sat; Day of
Classes, Sun and Tues ; 3-4 :30 pm and 5:50-7:00 pm Telephone 01706310786

Homework to be Handwritten
BUS505Sec 1,M 7-10:10 pm, Sec 2,W 7-10:10pm: Principles of
Accounting,FALL 2016 Semester, NAC620 Classroom
Course Description :Accounting & Finance are very fundamental tools for an
executive to record, report, analyze and utilize information on all business
economic activities to determine the past, present and future performances of
the company. Irrespective of an executives expertise &/or position; everyone
needs a clear understanding of the basic principles of accounting and finance in
order to achieve company objectives. Accounting is a data processing and
information system. All the data are processed into Accounting/ Financial
statements, like income statement, the balance sheet and the cash flow
statement.
Course Content: Accounting Part
1. Accounting: An Overview and Analysis : SOX (5 points), Company Legal
Entity (Pg 11), Basic Equations, Ten Standard Transactions (Pg 15-19),
Financial Statements (Pg 20-24),: (Chapter #1, wk1&2) Homework : Pg 28
Self-Test Ques #5, B-1-5, E-1-6, E-1-7, Define the Ten Standard Accounting
Transactions (Pg 15-19), Define the 18 Accounting Principles (Pg 110-113),
and Define the four financial statements and the three interrelationships
between them Due 2nd meeting
2. Understanding the Recording Process : Chart of Accounts (First 3 pages of
book), Debit (Dr) Credit (Cr) Effects (Pg 48-52), Accounting Cycle (Pg 58-65):
Chapter #2, wk2 &3) Homework : BE2-1, E2-6, E2-7, E2-14, P2-1A, and P23A, Complete Handout 1(Pages 19-34 NSUHandout book) Due 3 rd meeting
3. The Adjusting Process: Reversing Accruals, Standard List of Adjusting
Entries, Deferrals Effect on the Own Entity and Outside Entity, (Chapter #3,
wk4). And There will be a Quiz in Week 4 covering the first three sessions.
Homework on Chapter 3: E3-6, E3-7, E-3-9,P3-1A, P 3-5A Compete Handout
2 (Page 38 NSUHandout book) (Due Session 5) Due 5 th meeting

4. Accounting Cycle: Components for Completion : Homework: BE 4-8, BE 410, BE 4-11, E 4-2, P 4-2A, & Prepare General Journal Entries for Excel
Worksheet Handout 4(Pg 45 of NSUHandout book),(Chapter #4, wk5)Due 6 th
meeting

5. Accounting for the Merchandising Inventory: Go through Basic Entries

Retail Merchandise Inventory Cycle for Perpetual Retail Inventory system.
Note: Ignore Pg 208 Appendix 5A and B through Pg 218 because it will be
explained in Chapter 6.Homework: Complete Handout 5(Pg 56-61
NSUHandout book),E5-3, E5-4, E5-9, P5-4A(using perpetual inventory
method, MU=1.6), P5-8A (using perpetual inventory method, MU=1.6)
(Chapter #5, wkk)Due 7th meeting
6.INVENTORIES: Pg 215 FIRST FOOTNOTE to Financial Statements, Pg
208 Appendix 5A and B through Pg 218 .Homework: Self Test question: #7
(add period of lowering prices), E6-17, P5-4A using periodic inventory method,
P5-8A using periodic inventory method,P6-5A (add weighted average cost (4)
in a and b), Complete Handout 6 (Page 68 NSUHandout book).(Chapter #6,
wkk) Due 8th meeting
7. Accounting Information System: Homework:Write out 11 glossary terms.
(Chapter #7, wkk) Due 9th meeting
8. Internal Accounting Control, Petty Cash, Bank Reconcliation. Homework:
Write out the 6 major principles of IAC (Pg 328), 2 principles of Segregation of
duties, 3 principles of independent internal verification, 3 principles of HR
controls,Self test questions #8,BE8-8, E8-2, E8-11, E8-13 , On Illustration 8-9,
of the numbers: 01210497;457923;02;448 what is check number, account
number, and bank routing number? Handout 3 (Page 43-44 NSUHandout
book)Due 9th Meeting
9. Chapter 9 and 10; ASSETS, AR and Plant Assets Natural Resources and
Intrangible Assset ; Discounting AR, Allowance for Bad Debts, USED
Automobile Method, Depreciation Method, Disposition of Assets, Homework:
BE9-1, BE9-10, E 9-10 (add: all instruments discounted at 10% at date of
issue) , E10-6, E10-2(Chapter #9+10, wkk) Due 10th Meeting

10. Chapter 11 and 15 Liabilities, Interest on Notes Payable, Issuance of

Bonds, Straightline and Effective Interest amortization of premium and
discount on Bonds, Leases:Homework: E11-12, E15-16, E15-16 (price is
750,841 not 750,150)using SL Interest amortization rates, E15-18 (sold at 109
not 103), E15-19, Complete Handout 7 ( Pg 88-93 NSUhandout book) Due 11th
Meeting
11. Chapter 13 Stockholder Equity,Paid In in Excess of Par, Treasury Stock,
Cash+Stock+Property Dividends, Homework: P13-2a, P13-5, P13-6A, P13-3A,
E13-13, Due 12th Meeting
12. Chapter 17 and 18Understanding the Cash Flows Statement and Ratio
Analysis of Financial Statements (Chapter #17 and 18, wkk), Homework :
Write out the 21 ratios by handwritten, On an exel worksheet, List the Balance
Sheet and Income statement of Computer Services Company Pg 673 (Ill 17-4)
construct the SCF Direct Method Pg 689 (Ill 17A-16) and SCF Indirect Method
Pg 679 (Ill 17-13) using adjustment columns.
13. NSU Handout Pg 103-163.Error Correction, Income statement Presentation,
Statement of Changes To Accounting Methods, Audit Opinions, Understanding
Audit opinions on underlying financial statements: unqualified, except for
qualifications, adverse opinions, disclaimers (3 negatives) subject to
qualifications, additional information paragraphs (2 not negative
qualifications), footenotes, Homework: Write the opinion paragraphs of Audit
Report where: a) Inventory was not presented in accordance with GAAP, b)
Scope was limited in audit as auditors were not allowed to see acquisition files,
c) There is a pending lawsuit which will have a material effect on the firm.
Follow format on Pg 138-139.
Required Texts
1. Accounting Principles, 11th Edition, 2008, Jerry J Weygandt, Donald E
Kieso, Paul D Kimmel, John Wiley & Sons, Inc. (wkk)
2. Handout book Pages 1-163 obtained at NSUCopy Shop #2

Exam Schedule
Class Test 1 On Chap #1,and 2, (wk1-3) on Day 4 covering NSUHandout
book Pages 1-35)

Class Test 2 On Chap # 3, 5, (wk4-5) on Day 7 (NSUHandout book pages

36-61)
Class Test 3 On Chap #6, 7,8,9 (wk6-7) on Day 9 (NSUHandout book Pages
62-87)
Class Test 4- On Chap #11, 15,13(Wk 8-9) on Day 11 (NSUHandout book
Pages 88-109)
Final As per university schedule.(NSUHandout book Pages 110-163)
Grading:
Class Participation, homework, handouts 1-7 and attendance 10%
Class Tests 70%
Term Paper 10%
Final Exam 10%
Course Rules:
NO MAKE-UP EXAMS. Scores may be average from other exams if
considered by the instructor on the basis of documented illness or emergency
situation. Selected problems and questions from the text will be reviewed in
class. However, the student is solely responsible for undertaking all assigned
(end-of-the-chapter) problems and questions. Please strive to get clarifications
as much as necessary, in and out of class. Class participation is highly
encouraged for learning. All of the above are subject to change.
Term Paper:
In addition to class lectures, student can choose seven (7) topics to write about
to perform in groups; 4-5 pages. Draft paper must be presented by Fourth
exam. Final report due by Final exam. There are six topics to choose from
Difference between GAAP and IFRS: Assets, Liabilities, Revenue, Expenses,
Stockholders Equity , Business Combinations , and Financial Statement
Presentation, Bankruptcy and other topics. Group members will show the
difference between GAAP and IFRS in a given area such as assets, Statement
of Cash Flows, derivatives, etc .There must be a reference page listing
sources used such as below.

http://www.pwc.com/us/en/cfodirect/assets/pdf/accounting-guides/pwc-ifrs-usgaap-similarities-and-differences-2015.pdf
Individual groups of 4 people must inform me through the calss monitor,what
sections you will write on.