BUSI2150U

INTRODUCTORY FINANCIAL ACCOUNTING 1

Course outline for Winter 2015
1. Course Details & Important Dates*
Term

Sectio
n

Course Type

Location

CRN #

Instructor

001

Hybrid

Wednesda
8.10 am9.30 am
y

ERC 2056

70318

Konopaski

002

Hybrid

Wednesda
9.40 am8.00 pm
y

UA 1240

70319

Konopaski

008

Hybrid

Thursday

12.40 pm 2.00
pm

UA 1220

73653

Konopaski

009

Hybrid

Thursday

3.40 pm 5.00
pm

UA 1220

73654

Friedlan

010

Hybrid

Friday

8.10 am 9.30
am

UA 1240

73655

Konopaski

Day

Time

Classes Start

Classes End

Last Day to Drop Course

Without Academic
Consequence

Final Exam Period

January 5, 2015

April 10, 2015

January 30, 2015

April 13 to April 24, 2015

* for other important dates go to: www.uoit.ca>Current Students >Important Dates

Prerequisite(s):
2. Instructor Contact Information
Instructor Name

Office

Phone

Email

Michael Konopaski

UB2002

By email only

michael.konopaski@uoit
.ca

Office Hours: Wednesdays and Fridays by appointment

Instructor Name

Office

Phone

Email

John Friedlan

UB4032

Blackboard email
only

N/A

Office

Phone

Office Hours: TBD

Laboratory/Teaching Assistant Name

Email

TBA

TBA

By email only TBA

Office Hours: TBA

3. Course Description
BUSI2150 is the first of two courses that provide an introduction to financial accounting and reporting.
Financial accounting and reporting is concerned with providing financial information about economic entities
to stakeholders in the entities. This course will develop an understanding of how to use, interpret, and
understand financial statements and other accounting information. The course will emphasize the role of
judgment in accounting and how the managers responsible for preparing accounting information have
considerable latitude in deciding how and what information to report. These choices by managers are
important because how information is reported can have economic consequences for entities and their
stakeholders. The course will explain the importance of accounting information for decision making and will
address the benefits and limitations of the information. Many people believe that accounting is
straightforward and unambiguous. This perception is far from true. Accounting is very ambiguous and highly
dependent on judgement. BUSI2150 will emphasize the ambiguity of accounting so that you will develop a
good understanding of accounting information. The recent accounting controversies and scandals emphasize
the importance of understanding financial statements and accounting information. The course is not designed
to develop accountants, but is a good start for students interested in studying accounting.
Please note: For students interested in entering the accounting major in third year, the
minimum standards are a C+ in each of 2150, 2160, and 2170 plus a cumulative GPA at the end
of second year of C+ (2.3).
4. Course Outcomes

On the successful completion of the course, students will be able to:

To be able to use accounting information effectively for decision making.
To understand the limitations of accounting information and to be able to critically evaluate the usefulness
of a set of information for a particular decision.
To be able to choose the appropriate financial information necessary to make decisions.
To develop critical thinking and problem-solving skills.
To understand the basics of recording and reporting of transactions and economic events

5. Course Design
BUSI2150 is a hard course. It takes a lot of time and effort. Dont assume that you will be able to succeed by
cramming the night before the quiz or examthere is a good chance you wont. It is very important to keep
up with the material, come to class prepared, do questions, and think about and apply what you read and
what is discussed in class. Many students will struggle with the teaching approach because knowledge recall
is only one of the skills required for success in BUSI2150. Success also requires higher level thinking skills
such as problem identification, analysis, synthesis, judgment, diagnosis, and integration.
BUSI2150 is also a frustrating course. It is frustrating because accounting, believe it or not, is an ambiguous
subject, and no attempt is made to hide the ambiguity. As a result, answers to questions are often not
straightforward. You will find that some questions have many good answers (others not the case). Accounting

is a challenging subject. There are many twists and turns, subtleties and nuances to accounting information.
BUSI2150 is designed to help you understand these twists, turns, subtleties, and nuances.
For those of you who took accounting in high school, this is not the same as your high school accounting
course! Some things may be similar but what you will be expected to know and understand will be different in
most cases.

This is a hybrid course. There are three components:

Face-to-face meetings:
1.5 hours per week These meetings are designed to help students understand, apply, and interpret
accounting information. These sessions will make extensive use of cases, discussion, and problem solving to
achieve the course objectives.
Electronic materials:
Material is posted on Blackboard for viewing that provides the foundations of the subject matter. The material
is broken into seven modules and each module is broken into segments each covering an aspect of the
material. In addition there are a number of videos with interviews that create links between your accounting
studies and the real world.
Tutorial exercises and problems:
Exercises and problems are assigned to each module. These provide the opportunity to practice some of
the technical skills necessary for the course. Solution videos are on posted on Blackboard. These materials
will be reflected on exams.
Instructor and Student Responsibilities
For a university course to work well and achieve its objectives students and instructors must fulfill their
responsibilities. Below are listed what I deliver to students and what we expect the students to give to the
course:
Instructor Responsibilities

To be reasonably available to answer student questions by email, phone, online communication and/or
during office hours.

To be responsive to student concerns about the course. We will listen to any concerns you have and
respond to them. We cant guarantee that any changes will be made in response to a concern but we
will try to explain the situation.

To make the course a valuable and interesting learning experience.

To maintain high standards and high expectations for all students in the course.
Student Responsibilities

To come to class prepared with readings completed and assigned videos viewed, and all material
thought about.

To be engaged in the class. Think about the material being discussed. Ask. Respond to questions.

Focus on the class. Dont use your laptops to send messages or emails, use the internet, play games,
or do other coursework. Dont talk with your neighbours.

6. Outline of Topics in the Course

Be sure to view the video Introduction to BUSI 2150 before the first class meeting. We assume you have
viewed the video and understand the information provided. If you have any questions you can ask them at
the first meeting. A more detailed topic schedule is available on the Blackboard course site.

Face-toface
session
#

Session
1

Topic
Class Session Dates
Wednesday
Classes
January 7th

Thursday
Classes
January 8th

Friday
Classes
January 9th

January 14th

January 15th

January 16th

January 21st

January 22nd

January 23rd

Financial Statements
Continued

January 24th

January 24th

January 24th

January 28th

January 29th

January 30th

Test 1 (Chapters 1 2)
Held on Saturday
Accounting Cycle

February 4th

February 5th

February 6th

Accounting cycle
Continued
WRITTEN ASSIGNMENT
#1 DUE

February 11th

February 12th

February 13th

Income measurement and

the objectives of financial
reporting
CONNECT ASSESSMENT
#2 DUE

February 18th
Midterm Break

February 19th

Midterm Break
February 26th

February 20th

Midterm Break
February 27th

Session
2
Session
3
Term
Test #1
Session
4
Session
5

Session
6

Midterm
Break
Session
7

February 25th

The Accounting
Environment
Financial Statements
CONNECT ASSESSMENT
#1 DUE

Income measurement and

the objectives of financial
reporting

Term
Test #2

February 28th

February 28th

February 28th

March 4th

March 5th

March 6th

March 11th

March 12th

March 13th

Cash flow, profitability,

and the cash flow
statement and UOIT
Financial Statements

March 18th

March 19th

March 20th

Cash, receivables, and the

time value of money

March 25th

March 26th

March 27th

Cash, receivables, and the

time value of money
WRITTEN ASSIGNMENT
#2 DUE

April 1st

April 2nd

Inventory

April 8th

April 9th

April 3rd
Good Friday
No lecture
April 10th

Session
8

Test 2 (Chapters 14)

Held on Saturday
Cash flow, profitability,
and the cash flow
statement
CONNECT ASSESSMENT
#3 DUE

Session
9
Session
10
Session
11
Session
12
Session
13

Inventory

7. Required Texts/Readings

Financial Accounting: A Critical Approach Fourth Edition by John Friedlan. McGraw-Hill 2013 and McGraw
Hill Connect.
* Additional readings may be assigned or recommended during the course.

8. Evaluation Method
Grades will be awarded to the various components of the course as follows:
Participation
Written Assignments (2 x 5) groups of two
Connect Assessments (3 x 5) individual
Test 1
Test 2
Final Exam
Total

10
10
15
15
20
30
100

Important: To pass the course a student must obtain a passing average on the exams (the
weighted-average mark on the midterm and final must be greater than 50%).

Please note: For students interesting in entering the accounting major in third year, the
minimum standards are a C+ in each of 2150, 2160, and 2170 plus a cumulative GPA at the end
of second year of C+ (2.3).
* Final course grades may be adjusted to conform to program or Faculty grade distribution profiles.
Further information on grading can be found in Section 5 of the UOIT Academic Calendar.
9.

Assignments and Tests

Connect Assessments: Connect assessments provide an opportunity for students to apply the technical
knowledge learned during face-to-face meetings and tutorial. Connect assessments are to be done
individually. These assessments will be completed using the Connect assessment tool which is internet
based.
Written Assignments: Written assignments provide an opportunity to apply the skills developed in the
course and are useful for monitoring progress and obtaining feedback. Assignments are important for
learning and understanding the material, and are a necessary part of preparing for exams. It is expected
that assignments will be neat, well organized, well written, and concise. There will be a total of two
assignments, all of which are to be completed in groups of two. Assignments must be submitted
on Blackboard.
Late assignments will not be accepted. Students are responsible for ensuring that their assignment
is submitted on time. You may have another student submit your assignment if you and your partner
are unable to attend class.
Term Tests: Materials eligible for testing include all assigned readings, handout material, class
discussions, lectures, and homework assignments. Do not assume that if material has not been explicitly
covered in class that it will not be on a test or exam. The final exam is cumulative.
Missed Term Test: Students who miss a Term Test for medical or compassionate grounds may submit
a request for deferral along with supporting documentation to the Faculty Advising offices within five
(5) working days. Medical deferrals will be comprised of a completed UOIT Medical Statement form
completed by the student and physician within 24 hours of the missed course work. These forms can
be found on the UOIT website or the FBIT Announcement Board on Blackboard. If a Term Test is missed
for approved reasons, the weight of the missed component will be added to the Final. If you miss a
Term Test and do not follow the procedure above, you will receive a score of zero on the missed
component.
Missed Course Work: Coursework missed for medical or serious personal reasons must be
documented and reported to the instructor within five (5) working days of the missed work. Medical
absences must be accompanied by a UOIT Medical Statement form completed by the student and
physician within 24 hours of the missed course work. Coursework includes, but is not limited to,
quizzes; written assignments; participation; case studies; etc. If missed coursework totals more than
20% of the final grade, this must be documented through the FBIT Academic Advising office. The
weight of the missed course component will be reweighted. If you miss coursework and do not notify
the instructor within the five (5) working day deadline, you will receive a score of zero on the missed
component.
Participation: 10% of the course grade is for participation in class. Your participation will be based on
you responding to questions in class and also completing face-to-face hand-in assignments. Marks will
be deducted for not passing any of the assignments. The face-to-face assignments will be graded on a
pass/fail basis. If you dont hand in a face-to-face assignment you will receive a zero for that
assignment. You are expected to come to class and be prepared to participate in the class discussion.

In many cases you will be asked to answer questions by the instructor. If you meet the requirements of
this component of the course you will receive all the marks.
10.Accessibility
To ensure that disability-related concerns are properly addressed during this course, students with
documented disabilities and who may require assistance to participate in this class are encouraged to
speak with their instructor as soon as possible. Students who require alternative testing and
examination arrangements or other academic accommodations must contact the Centre for Students
with Disabilities (B297) as early as possible to ensure that your needs can be met.
11.Academic Integrity
UOIT is committed to the fundamental values of preserving academic integrity as defined in UOIT
policies and contained in the UOIT Calendar. Students and faculty at UOIT share an important
responsibility to maintain the integrity of the teaching and learning relationship. This relationship is
characterized by honesty, fairness and mutual respect for the aim and principles of the pursuit of
education.
Academic misconduct impedes the activities of the university community and is punishable by
appropriate disciplinary action. Students are expected to be familiar with UOITs regulations on
Academic Conduct (Section 5.15 of the Academic Calendar) which sets out the kinds of actions that
constitute academic misconduct, including plagiarism, copying or allowing ones own work to copied,
use of unauthorized aids in examinations and tests, submitting work prepared in collaboration with
another student when such collaboration has not been authorized, and other academic offences. The
regulations also describe the procedures for dealing with allegations, and the sanctions for any finding
of academic misconduct, which can range from a written reprimand to permanent expulsion from the
university. A lack of familiarity with UOITs regulations on academic conduct does not constitute a
defense against its application. Further information on academic integrity is available at:
www.uoit.ca/EN/academicintegritystudent.
Academic Misconduct will not be tolerated in this class. Any student found to be involved in plagiarism
or cheating will be penalized in accordance to the UOIT Calendar Section 5.15. The standard penalty for
a first offence will be a grade of 0 on the exam or assignment. Permanent expulsion from the university
may be implemented as penalty if a student is found to be guilty of successive acts of academic
misconduct.
UOIT and faculty members reserve the right to use electronic means to detect and help prevent
plagiarism. Students agree that by taking this course all assignments are subject to submission for
textual similarity review to Turnitin.com. Assignments submitted to Turnitin.com will be included as
source documents in Turnitin.com's restricted access database solely for the purpose of detecting
plagiarism in such documents for five academic years. The faculty member may require students to
submit their assignments electronically to Turnitin.com or the faculty member may submit questionable
text on behalf of a student. The terms that apply to UOIT's use of the Turnitin.com service are described
on the Turnitin.com website. If a student does object to the use of Turnitin.com, that student must sign
and submit the Assignment Cover Sheet attached with each assignment submitted for assessment.
Further information about Turnitin can be found in Resources on the Academic Integrity link on your
laptop.
12.Final Examinations (if applicable)

The Final Exam in this course is cumulative. Final examinations are held during the final examination
period at the end of the semester and may take place in a different room and on a different day from
the regularly scheduled class. Check the published Examination Schedule for a complete list of days
and times.
Students are advised to obtain their Student ID Card well in advance of the examination period as they
will not be able to write their examinations without it. Student ID cards can be obtained at the Campus
ID Services, in G1004 in the Campus Recreation and Wellness Centre.
Students who are unable to write a final examination when scheduled due to religious publications may
make arrangements to write a deferred examination. These students are required to submit a Request
for Accommodation for Religious Obligations to the Faculty concerned as soon as possible and no later
than three week prior to the first day of the final examination period.
Further information on final examinations can be found in Section 5.26 of the Academic Calendar.
13. Course Work at the End of the Term
No final examinations, tests, or lectures may be administered in the period after the last day of lectures
(April 11th) and before the start of the final examination period (April 14th). In addition, students may
not be required to submit term papers, reports, or other assigned materials during this period.
14.Course Evaluations
Student evaluation of teaching is a highly valued and helpful mechanism for monitoring the quality of
UOITs programs and instructional effectiveness. To that end, course evaluations are administered by
an external company in an online, anonymous process during the last few weeks of classes. Students
are encouraged to participate actively in this process and will be notified of the dates via MyCampus.

Appendix: Other Policies and Expectations for the Learning Environment

1. Effective Learning in the Classroom
The following are suggestions on how to carry out effective learning in your daily studying:
Pre-Class Preparation:

Before you go to your classroom, you should allow enough time for commuting, and eat a healthy
meal or snack. Also, you should ask yourself the following questions:

Have you previewed the reading assignments?

Have you noted down key insights and questions from your reading?
* Rule of thumb: for every hour lecture, you need approximately three hours of outside class
studying to reinforce the material learnt in class.
In-Class Attitude:
In order to get the most out of your lectures, you need to:
Arrive to class On Time
Concentrate (be curious and be motivated)
Be Active:
o in class discussion
o in group activities
o in creative and critical thinking
And you should also AVOID the following:

Eating 'strong smelling' or 'noisy' food

Getting involved in side conversions

Sending signs that scheduled class time is up, i.e. closing up your laptop or standing

Answering cellular phones in class

After class

Review lecture notes; highlight key points

Consult instructors or TA for unresolved questions
Seek help when necessary
Finish assignments on time

2. The use of your laptop in the classroom

The use of laptops often enhances the learning experience. However, there are circumstances when
it can be obstructive. Instructors have the right and the responsibility to determine appropriate
classroom protocols for student use of laptops. Students refusing to comply with such requests may
be requested to remove themselves from the classroom. Students refusing to comply may also be
considered to be in violation of our University code of conduct and disciplinary action may result.
Section 5:15 of the undergraduate calendar provide additional information on these matters.

Examples of appropriate use of laptops: Examples of Inappropriate Use of Laptop

Taking lecture notes

Course related computing
Limited messaging for learning purposes
Download course material from Blackboard

Watching movies
Playing computer games
Social messaging

3. Effective team management

The following are suggestions on how to effectively manage your teamwork:

Setting clear objectives

Signing the team contract
Meeting regularly

Conducting effective meetings

Assigning roles to members
Staying in touch: meeting; emails; phones
Managing conflicts effectively

4. Managing Conflict
The following are suggestions on how to resolve conflict that could possibly happen during your
studying:

Have a team contract to guide conflict resolution.

The team "leader" might send an e-mail to the absent member, and copy all members, asking
why he or she missed the meeting.
Keep an attendance log and use this as part of your peer review process.
Try to avoid making any decisions that are known to be an issue for an absent member until
that person can be reached.

5. In the event of the illness

In the event of illness, you are suggested to:

Please stay home so as not to spread it to others

Contact your Academic Advisor by email or phone right away not your instructor.

The Academic Advisors will organize any assignment, test or lab adjustments if needed.
You can find your academic advisor contact information at:
http://businessandit.uoit.ca/EN/main/35922/142644.html

Also check the following website http://www.cdc.gov for further health and wellness information.

6. Academic Planning and General Information

Please follow the link below to view our academic resources and calendar. This link will provide you
with information pertaining to Grade point average (GPA), Academic Standing Requirements, Internship
Programs, Graduation Information, etc. http://www.uoit.ca/EN/main/11258/academic_resources.html
Other links of interest include:
http://www.uoit.ca/EN/main/11258/231915/academic_advising.html for information on Academic
Advising
http://businessandit.uoit.ca/EN/main/96618.html for information pertaining to FBIT Undergraduate
Programs
http://www.gradstudies.uoit.ca/ for information on Graduate Programs
http://www.uoit.ca/EN/main/11258/campus_services.html for information on Campus Services
http://businessandit.uoit.ca/EN/main/96624.html for information pertaining to Student Clubs

10