Accounting Notes
1. The final exam will be held from 9:30 to 11:30 am on Wednesday, October 19 in EX 200 (255 McCaul).
2. It is a closed book and closed note exam. No aid sheet is allowed. You will need a calculator, but no other electronic devices will be allowed during the exam.
3. The exam covers materials in classes 1 through 11 inclusive (i.e., topics 1 through 8), with more emphasis on topics 3 through 8. It will have both problem-solving and essay-type questions. It is not going to be an easy exam, so you will not waste time studying for it.
4. I suggest that you prepare for the exam by reading my lecture notes and the textbook. Also, be sure that you are comfortable with the homework problems, in-class exercises, problem sets, and practice final exams. I personally do not think that it will be helpful to do additional practice questions, but it is up to you (2 copies of the solution manual to the textbook are on reserve at the Rotman library).
5. The exam will not ask questions directly about the cases or assigned readings in the course package.
However, you are expected to be able to apply the concepts you learned from those readings and cases to other settings.
6. You will need to know both IFRS and U.S. GAAP, as discussed in the textbook and my lecture notes.
However, you are NOT responsible for the following materials from the textbook:
b) Chapter 7: The journal entries discussed on pages 333-339.
c) Chapter 9: Asset revaluations (p. 434), IFRS treatment of asset impairment discussed on pages
435-437; and IFRS & US GAAP treatment of goodwill impairment on pages 437-439.
a) Chapter 14 (listed in the course outline under Topic 6)
7. You are not required to memorize the financial ratios, but you need to know how to interpret them.
The exam will not ask you to identify firms using financial ratios as in Problems 3.36 and 4.33.
8. The scholars will go over Practice Final Exam #1 in the following special review sessions:
Thursday, October 13,
2. It is a closed book and closed note exam. No aid sheet is allowed. You will need a calculator, but no other electronic devices will be allowed during the exam.
3. The exam covers materials in classes 1 through 11 inclusive (i.e., topics 1 through 8), with more emphasis on topics 3 through 8. It will have both problem-solving and essay-type questions. It is not going to be an easy exam, so you will not waste time studying for it.
4. I suggest that you prepare for the exam by reading my lecture notes and the textbook. Also, be sure that you are comfortable with the homework problems, in-class exercises, problem sets, and practice final exams. I personally do not think that it will be helpful to do additional practice questions, but it is up to you (2 copies of the solution manual to the textbook are on reserve at the Rotman library).
5. The exam will not ask questions directly about the cases or assigned readings in the course package.
However, you are expected to be able to apply the concepts you learned from those readings and cases to other settings.
6. You will need to know both IFRS and U.S. GAAP, as discussed in the textbook and my lecture notes.
However, you are NOT responsible for the following materials from the textbook:
b) Chapter 7: The journal entries discussed on pages 333-339.
c) Chapter 9: Asset revaluations (p. 434), IFRS treatment of asset impairment discussed on pages
435-437; and IFRS & US GAAP treatment of goodwill impairment on pages 437-439.
a) Chapter 14 (listed in the course outline under Topic 6)
7. You are not required to memorize the financial ratios, but you need to know how to interpret them.
The exam will not ask you to identify firms using financial ratios as in Problems 3.36 and 4.33.
8. The scholars will go over Practice Final Exam #1 in the following special review sessions:
Thursday, October 13,