FACULTY OF BUSINESS ADMINISTRATION

Department of Accounting and Information Management

1st Semester 2022/2023
ACCT1000 – PRINCIPLES OF FINANCIAL ACCOUNTING

PRE-REQUISITE: None

CREDITS: 3 credit course

LECTURE SCHEDULE:

Course/ Section: ACCT1000/ 001

Title: Principles of Financial Accounting

Day Time from Time to Room

Friday  08:30  09:45  E22-4010(L) 

Tuesday  08:30  09:45  E22-4010(L) 

Course/ Section: ACCT1000/ 004

Title: Principles of Financial Accounting

Day Time from Time to Room

Friday  10:00  11:15  E22-4010(L) 

Tuesday  10:00  11:15  E22-4010(L) 

2022-1 ACCT1000 Course Outline

1
INSTRUCTOR’S CONTACTS:

E-mail Office Phone no. Office Hours

Mon, Thursday 12:00 to 13:00

marychai@um.edu.mo E22-3043 4169
or by appointment

TEACHING ASSISTANT:

Name E-mail Office Office Hours

Tue 15:00 - 17:30

Xinyi Zou mc14421@um.edu.mo E22-1038
or by appointment

TEXTBOOK:

FINANCIAL ACCOUNTING with IFRS, 4th Edition, by Weygandt, Kimmel, and Kieso,
from John Wiley & Sons, 2019.

ISBN: 978-111-950-4375 (WileyPLUS access code)

978-111-950-4306 (Print book)
978-111-950-4702 (Bundle: Print book + WileyPLUS access code).

** Students have to submit ONLINE assignments. Therefore, all students are required
to purchase their textbook bundled with the access code.

CLASS MOODLE SITE:

As a student in this class, you have access to two class Moodle sites. You should bookmark
this page. The combined sections of ACCT1000 (Section 001 to 010) contains all the ppt and
tutorials for each chapter. This is where we put all important announcements and the
syllabus, lecture outlines, handouts, lecture notes, in-class exercise worksheets, assignments,
and other class information.

https://ummoodle.um.edu.mo/course/view.php?id=148524
2 ACCT1000 Course Outline
You should check both of the combined and individual class websites several times a week.
The individual class Moodle site provides my specific instructions and announcements.

001

https://ummoodle.um.edu.mo/course/view.php?id=140265

004

https://ummoodle.um.edu.mo/course/view.php?id=140268

COURSE OVERVIEW:

This course introduces students to financial accounting by covering accounting concepts and
their applications. Course contents include double entry bookkeeping, transaction analysis,
accounting cycle, preparation of financial statements for service business and merchandising
business, including income statement, statement of financial position and statement of cash
flow, analysis of specific accounts such as cash, accounts receivable, notes receivable,
inventories, current liabilities and non-current liabilities, and the applications of the
International Financial Reporting Standards (IFRS) for financial reporting. It focuses on
conceptualizing and critically assessing important accounting terminologies, rules, and
standards. Students are expected to acquire the balanced accounting techniques and
theoretical knowledge through this course. Real business practices may be introduced by
guest lecturers from Big 4 accounting firms, company visits or the case of real international
companies.

ASSESSMENT AND GRADING POLICY

Weights will be assigned as follows:

Attendance, Participation and Quizzes 5%

ACCT1000 Course Outline 3

Online Assignments 10 %
Written Assignments 10 %
Mid-Term Exam* 25%
Final examination 50 %
Total 100%

Web-based assignments are performed ONLINE, you need to purchase your textbook
bundled with the access code. Written assignments are handwritten, you need to submit pdf
file in UMMOODLE.

Mid-Term Exam will cover materials from chapters 1 to 4. The final examination will cover
materials mainly but not exclusively from chapters 5, 6, 7, 8, 10 and 11.

Tentative Mid-Term Exam date is scheduled on October 12, 2022 (Wed) 6:00 – 9:00 pm.

TUTORIAL

Tutorials will be conducted by teaching assistants using Zoom recording. Further details for
tutorials will be announced by your instructor later.

COMMON GOALS AND LEARNING OUTCOMES:

Course Goals

1. To introduce students the objectives of financial reporting, and basic financial

statements.

2. To identify the steps in the accounting cycle, prepare the 4 basic types of adjusting
entries, and report the financial results.

3. To demonstrate the merchandising activities and the perpetual inventory system.

4. To illustrate preparation of a bank reconciliation, and prepare journal entries for

financial assets, current liabilities, and non-current liabilities.

5. To understand IFRS and related international practices.

6. To apply the accounting knowledge to critically analyze real business problems in an

international context.

Course Learning Outcomes

4 ACCT1000 Course Outline

LO-1. Students will be able to understand and conceptualize the objectives of financial
reporting, and basic financial statements.

LO-2. Students will be able to understand the steps in the accounting cycle, prepare the 4
basic types of adjusting entries, and report the financial results.

LO-3. Students will be able to prepare transactions for the merchandising activities and the
perpetual inventory system.

LO-4. LO-Students will be able to prepare a bank reconciliation, and prepare journal entries
for financial assets, current liabilities, and non-current liabilities.

LO-5. Students will be able to understand IFRS and related international practices.

LO-6. Students will be able to apply the accounting knowledge to critically analyze real
business problems in an international context.

COURSE EXPECTATIONS:

Examinations

There will be one mid-term examination and one final examination. No make-up exams will
be given. Medical emergencies and family emergencies are the ONLY valid reasons that will
be accepted for missing an exam.

Absences

Mid-term examination, projects and presentations of other courses are not valid reasons for
skipping class. Besides, no late assignments will be accepted. A student who is absent without
applying for leave of absence from a course for more than 20% of its scheduled teaching
periods in the aggregate will not be allowed to take the final examination and will receive a
failing grade for this course.

Classroom Courtesy

1. Turn off cell phones and other electronic devices with sounds.

2. With diversity of background, there will undoubtedly be differences of opinion and

perspective. You are not required to agree with your classmates. However, you are
required to treat your classmates and instructor with respect and courtesy.

ACCT1000 Course Outline 5

3. Be punctual is a virtue, I would encourage you come to the class on time. If you are
late, you may lose the grade for the in-class assignment/quizzes if I start with these
activities.

4. Class time is important time and I believe that it deserves your full attention, Please
do not text message, use Facebook, check email, carry on conversations, etc.,
while class is going on. Everyone will benefit when we make the best possible use of
our class time together.

Academic Integrity (A Simple Reminder)

Academic dishonesty will not be tolerated. Definitions of academic dishonesty follow:

 CHEATING: intentional usage or attempt to use unauthorized materials, information

or study aids in any academic exercise.

 FABRICATION: invention or falsification of sources, citations, data, or results and

recording or reporting them in an academic exercise.

 COLLUSION: facilitation of dishonesty by helping other students engage in academic

dishonesty.

 PLAGIARISM: appropriation of another person’s ideas, processes, results or words

without permission and/or due acknowledgment.

The academic integrity code applies to ALL class work. If you are found to have committed
any act of academic dishonesty, your grade will be severely affected. Other possible
consequences include academic probation, a notation of cheating on your university
transcript, or dismissal from the university. You can refer to the university policy regarding
student dishonesty: https://reg.um.edu.mo/download/um-academic-calendar/6gr-rhsad.pdf

SURVIVAL SKILLS FOR UNIVERSITY LIFE:

Surviving university life can be a challenge for many students. The Student Affairs Office
(SAO) and other units on campus provide ample opportunities for students to enhance their
learning experience. Below are some links on the UM website that might be helpful to you.

Student Affairs Office – Student Counselling Section:

https://www.um.edu.mo/sao/scs/en/scs_index.php

STUDENT DISABILITIES SUPPORT SERVICE:

6 ACCT1000 Course Outline

Student Affairs Office (SAO) provides disability support services for students with permanent
or temporary physical and mental disabilities so that they can have equal opportunity in
education, university life and other services in the university.

If you have physical, visual, hearing, speech, learning or psychological impairment(s) which
substantially limit your learning or activities of daily living, please contact Student Affairs
Office (SAO) directly or through your instructor. We will assess your special educational
needs and communicate with your instructor so as to provide you with the most appropriate
support.

To learn more about our services, please contact us:

E-mail: sao.disability@um.edu.mo
Tel: 8822 4901
Website: https://www.um.edu.mo/sao/scs/sds/aboutus/en/scs_mission.php

ACCT1000 Course Outline 7

TENTATIVE LECTURE SCHEDULE:

No. of
Chapter Topics Page
Meetings
Accounting in Action
2 1
1) The Building Blocks of Accounting (1-6 to 1-9)

2) The Accounting Equation (1-10 to 1-12)

3) Analyzing Business Transactions (1-13 to 1-19)

4) Financial Statements (1-20 to 1-23)

The Recording Process

2 2
1) Accounts, Debits, and Credits (2-2 to 2-7)
2) The Journal
(2-7 to 2-9)
3) The Ledger and Posting
(2-10 to 2-20)
4) The Trial Balance
(2-21 to 2-23)

Adjusting the Accounts

3 3
1) Accrual Basis Accounting and Adjusting Entries (3-2 to 3-5)
2) Adjusting Entries for Deferrals
(3-6 to 3-12)
3) Adjusting Entries for Accruals
(3-13 to 3-19)
4) Adjusted Trial Balance and Financial Statements
(3-20 to 3-24)

Completing the Accounting Cycle

2 4
1) Closing the Books (4-11 to 4-18)
2) The Accounting Cycle and Correcting Entries
(4-19 to 4-22)
3) Classified Statement of Financial Position
(4-23 to 4-28)

Mid-Term Exam: Chapter 1 to 4

Accounting for Merchandise Operations

3 5
1) Merchandising Operations and Inventory Systems (5-3 to 5-6)

2022-1 ACCT1000 Course Outline

8
 2) Recording Purchases Under a Perpetual System (5-6 to 5-10)
3) Recording Sales Under a Perpetual System
(5-11 to 5-14)
4) The Accounting Cycle for a Merchandising
(5-14 to 5-16)
Company
5) Financial Statements for a Merchandiser
(5-17 to 5-21)

Inventories
3 6
1) Classifying and Determining Inventory (6-2 to 6-6)
2) Inventory Method and Financial Effects
(6-6 to 6-10)
3) Inventory Statement Presentation
- Lower-of-Cost-or-Net Realizable value
(6-15 to 6-16)
4) Appendix 6A: Inventory Cost Flow Methods in
Perpetual Inventory Systems
- First-In, First-Out (FIFO)
- Average-Cost
5) Appendix 6B: Estimating Inventories (6-18)

- Gross Profit Method (6-19)

- Retail Inventory Method

(6-20)

(6-21)

Fraud, Internal Control, and Cash

3 7
1) Control Features of a Bank Account (7-18 to 7-21)
- Reconciling the Bank Account
(7-21 To 7-25)
2) Reporting Cash
(7-26 to 7-27)

Accounting for Receivables

3 8
1) Recognition of Accounts Receivable (8-2 to 8-4)
2) Valuing of Accounts Receivable
(8-5 to 8-10)
- Direct Write-Off Method
- Allowance Method

ACCT1000 Course Outline 9

 3) Disposing of Accounts Receivable (8-11)
4) Accounting for Credit Card Sales
(8-12 to 8-13)
5) Notes Receivable
(8-13 to 8-18)

Current Liabilities
3 10
1) Accounting for Current Liabilities (10-2 to 10-7)
2) Reporting Current Liabilities
- Recognition and Reporting a Provision
(10-8 to 10-10)

Non-Current Liabilities
3 11
1) Overview of Bonds (11-2 to 11-4)
- Determining the Market Price of a Bond
(11-4 to 11-5)
2) Bond Transactions
3) Appendix 11A: Effective-Interest Method of Bond (11-6 to 11-11)
Amortization
(11-17 to 11-19)
4) Accounting for Non-Current Liabilities
- Long-Term Notes Payable

(11-11 to 11-12)

Revision for Final Exam on Chapter 6, 7, 8, 10 and 11.

10 ACCT1000 Course Outline

WEB-BASED ASSIGNMENTS

Below are the assignments for each chapter and the respective deadline:

Chapter Assignments Deadline

E1.1 (LO-1)
1
E1.2 (LO-1)

E1.4 (LO-2)

E1.5 (LO-3)

P1.2 (LO-4, -5) [Written]

E2.2 (LO-1)
2
E2.3 (LO-2)

E2.11 (LO-3, -4)

P2.2 (LO-1, -2, -3, -4) [Written]

E3.1 (LO-1)
3
E3.4 (LO-1, -2, -3)

E3.10 (LO-1, -2, -3, -4)

P3.2 (LO-2, -3, -4) [Written]

E4.8 (LO-2)
4
E4.9 (LO-4)

P4.3 (LO-1, 2, 4)

P5.1 (LO-2, 3)
5
P5.3 (LO-4, 5)

E6.1 (LO-1)
6
E6.8 (LO-4)

E6.19 (LO-6)

2022-1 ACCT1000 Course Outline

11
 P6.9 (LO-5)

P6.10 (LO-5)

P7.4 (LO-3) [Written]

7
P7.5 (LO-3) [Written]

E8.4 (LO-1, 2)
8
P8.4 (LO-2) [Written]

P8.7 (LO-1, 2, 3) [Written]

E10.1 (LO-1)
10
E10.2 (LO-1)

E10.10 (LO-2)

P10.1 (LO-1, 2) [Written]

P10.3 (LO-1) [Written]

E11.6 (LO-2)
11
E11.12 (LO-5)

P11.1 (LO-2, 4) [Written]

P11.5 (LO-2, 5) [Written]

12 ACCT1000 Course Outline

WEB-BASED ASSIGNMENT SYSTEM - WileyPLUS

IMPORTANT!!!

Students have to be extremely careful with the followings:

 Open your browser and go to www.wileyplus.com.

 Create your account.

 You MUST use your um email address (e.g. bc01234@connect.um.edu.mo /

bc01234@um.edu.mo).

 You MUST use the real full name in English as you have registered in the university.

 You MUST input your student number in the exact format of B-C0-1234-5 (i.e.
capitalized and separated by the hyphens)

 Every class has its specific course ID, hence students have to be very careful in
performing the self-registration.

Course Code - Class Instructor Lecture Schedule WileyPlus course ID

ACCT1000 – 001 Mary Chai Tue, Fri 08:30 – 09:45 B85807

ACCT1000 – 002 Theresa Tchiang Mon, Thu 08:30 – 09:45 B85743

ACCT1000 – 003 Theresa Tchiang Mon, Thu 10:00 – 11:15 B85742

ACCT1000 – 004 Mary Chai Tue Fri 10:00 – 11:15 B85806

ACCT1000 – 005 Derek Chan Tue, Fri 13:00 – 14:15 B85740

ACCT1000 – 006 Derek Chan Tue, Fri 14:30 – 15:45 B85739

ACCT1000 – 007 Stella Sam Tue, Fri 16:00 – 17:15 B85745

ACCT1000 – 008 Stella Sam Tue, Fri 10:00 – 11:15 B85744

ACCT1000 – 009 Monica Chen Mon, Thu 11:30 – 12:45 B85741

 ALL students have to register on the WileyPlus system (using the registration code
bundled with the book) in order to submit the web-based assignments.

 Registration should be done latest by September 18, 2022 (Sunday).

ACCT1000 Course Outline 13

Your instructor will provide you a file named as “New WileyPLUS FDOC Slides –
ACCT1000 Principles of Financial Accounting”. Please refer to this file for the details on
how to register on this assignment system.

Please contact your graduate assistant (assigned to your section) if you need any assistance on
the self-registration.

ABSOLUTELY no marks will be given to the web-based assignments due to late purchase
of books and registration codes, registering in the wrong class section or incomplete
registration.

14 ACCT1000 Course Outline