ACCTG 219

Professor: Tom Phillips

Graded Material Overview:
Financial Accounting Exam – In Person @ Hub 160, closed book 35%
Managerial Accounting Exam – In Person @ Hub 160, closed book 35%
Module Quizzes – Online Via Canvas Open Book, Open Notes 10% (4 total, lowest score dropped)
Company Project – Submit via Canvas 10%
Test Your Knowledge (Weekly Homework) – Submit via Canvas 5% (2 Lowest scores dropped)
Professionalism 5

Class Schedule & Lecture Notes

Date	Topic
Wed - 09/30	First Day In today's class, I'll introduce myself and then go over the logistics of the course (assignments, quizzes, exams, grading policies, etc.) along with an introduction to the world of accounting. I'll talk brief about the two main areas of accounting we'll be focusing on in this class (Financial Accounting and Managerial Accounting) along with a brief discussion of tax. Please note, and I cannot stress this enough, that the best and most efficient way to study for this class is to do problems. While I do take a lot of pride in the quality of my lecture notes, at the end of the day what you'll be tested on in both the 4 Quizzes and the 2 Exams is your ability to take the concepts from my lecture notes and apply them to solve numerical problems. Please note your Test Your Knowledge - Syllabus assignment is due Friday, October 9, at 12pm. Please review the materials below before for our next lecture. Video #1: Introduction to Financial AccountingLinks to an external site. Video #2: Overview of the Financial StatementsLinks to an external site. Video #3: Interview with Adam Rodgers, VP of Commercial Credit at BECULinks to an external site. Once you have completed the watching the videos, please complete these concept check questions. Concept checks are recommended but optional, and will not count towards your course grade.
Wed - 10/07	Module 1: Introduction to Financial Statements The practice of accounting goes back thousands of years and affects individuals, not-for profit organizations, large for-profit corporations, government entities, professional sports teams, and many other entities. Whatever profession you choose to pursue, you will be exposed to accounting information. In this lesson you will learn what accounting is and how financial statements are used. Next, complete the Module 1 'Test Your Knowledge' assignment to see how well you understand the concepts discussed in this module. Please note, as this is the first assignment of the class, it will not count towards your course grade. Next, I strongly recommend you attempt to complete this Module 1 Starbucks worksheet using the 2020 Financial Statements without peeking at the solutions . As mentioned previously, the best and most efficient way to study for this class is to do problems and then do more problems.
Mon - 10/12	No Formal Class Today Now is a good time to get going on the Company Project which is due Thursday, November 5 at 5pm. *Big Picture - What's the Point of this Project?* Now that you have a basic understanding of Financial accounting - it's time to put your newfound knowledge to work for you in order to make some money. Let's assume that, 3 years from now after graduating from the UW with your Business Minor, you have $25,000 to invest. The question now becomes, "OK, what company should I invest in?" For purposes of this assignment, your only two choices are McDonald's and Wendy's . Furthermore, your decision must be limited to the data shown on each company's financial statements, the links to which are above. To get started in the world of investing, please watch the videos below which will introduce you to the topic of financial statement ratios. Introduction to Financial RatiosLinks to an external site. Profitability RatiosLinks to an external site. Liquidity RatiosLinks to an external site. Leverage RatiosLinks to an external site. Inventory Ratios So, what exactly do you need to do for this project? Long story short, you will be answering a series of questions which basically involve you calculating a whole bunch of Financial Ratios. Once you've calculated these ratios, you'll be able to compare both companies side by side to (hopefully) see which investment will hopefully make the most money. The questions you'll be answering on the Canvas quiz are shown on this Word document . Also, to help make quicker work of this project, may wish to use the attached Excel templateDownload Excel template to calculate the various financial ratios. Please open the above Word file now and save it to your laptop. As you go start plowing through these questions by doing your calculations, save your answers on your local Word document. Once all the questions have been answered to your satisfaction, you can open up in Company Project quiz in Canvas, transfer your answers there, then submit. A few grounds rules for this project: Rule #1: When a question asks you to calculate a ratio, you must calculate the ratio manually by relying on numbers from the financial statements. Please note that in some cases, companies refer to ratios in the body of their annual report and cite figures which are slightly different that those calculated from the actual numbers. Again, you must actually crunch numbers from the financial statements, using either your calculator or Excel, when computing your answers. Rule #2: This is an individual assignment. However, as with your homework, feel free to collaborate with you classmates and friends by comparing and/or sharing answers and/or working in groups. Please note, however, that the topic of financial ratios is fair game on Exam 1 which is closed book, closed notes, and in-person. Rule #3: Pay attention to how your answers are formatted. Like your weekly homework assignments (Test Your Knowledge) most of these questions will be auto graded by Canvas. Hence, note the format requirements for each question for there's no good reason for you to lose points due to formatting issues. Rule #4: You Canvas quiz must be submitted by 5pm on Thursday, November 5. If you submit after this 5pm deadline, a 5 point penalty will be applied. If you don't submit your assignment by November 6 at 5pm, your score will be 0. Hope you'll believe me when I say it doesn't get any more "Real-World" than this! Have fun!
Wed - 10/14	Module 2: How To Record Transactions In the last class, we looked at the finished financial statements. But how does a company get to those results? In this lesson you will learn how a company keeps track of its transactions, how transactions are recorded, and assess how different transactions impact the different financial statements. Put another way, where do the numbers on the financial statements come from? To get you started, please watch the 5 videos and take notes as needed. Video 1 Overview of the Accounting ProcessLinks to an external site. ( Slides to follow along) Video 2 Accounting in Action and Parties InvolvedLinks to an external site. Video 3 Financing and Investing TransactionsLinks to an external site. ( Slides to follow along) Video 4 Operating Transactions Links to an external site.(Slides to follow along) Video 5 Financing Transactions Expanded (Stock and Dividend Transactions)Links to an external site. (Slides to follow along) Once you have completed the watching the videos, please complete these concept check questions. Concept checks are recommended but optional, and will not count towards your course grade. Next, complete the Module 2 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due on tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. The correct answers to these problems are scheduled to be released one minute after the due date. Next, I strongly recommend you attempt to complete this worksheet Download worksheet without peeking at the solutions . As mentioned previously, the best and most efficient way to study for this class is to do problems and then do more problems. I suggest you also attempt this practice quiz too.
Fri - 10/16	Optional TA Review Session at noon. Click this Zoom link to join. This is a totally optional session to help you prepare for our upcoming quiz on Monday. There will be PPT slides available here, but rest assured NO NEW MATERIAL will be introduced. Feel free to come with any and all questions you may have. This optional session will probably last anywhere from 30-60 minutes - it all depends on how many (or how few) questions are asked. Like our regular class sessions, this optional session will be recorded on Panopto and posted to Canvas website.
Mon 10/19	Quiz #1 This is a 30 minute, individual quiz which will be administered on Canvas. It will "open" at the regularly scheduled beginning class time and automatically "close" at the regularly scheduled ending class time. However, once you open the quiz, the 30 minute clock starts running. As stated in the syllabus, no make-up quizzes will be given as all students get to drop their lowest quiz score.
Wed - 10/21	Module 3: When to Record Transactions In the last class, we saw how companies track financial information. Today, we’ll expand on those transactions but now focus on situations where cash is received at a different time than the revenue or expense is recorded. These transactions fall into the categories of accrued revenues/expenses and deferred revenues/expenses and will often require adjusting entries at the end of the accounting period. Put another way, the essence of this class addresses questions such as: What happens if cash is received/paid at a different time than the revenue/expense is incurred? What is the difference between cash and accrual accounting? How do financial statements reflect accrual accounting? To get you started, please watch the 5 videos and take notes as needed. ` Links to an external site.Video 1 Accounting Examples at the UWLinks to an external site. Video 2 When to Recognize Revenues and Expenses Video 3 Deep Dive: Deferred Revenues to an external site. (Slides to follow along) Video 4 Deep Dive: Deferred Expenses to an external site.Links to an external site. (Slides to follow along) Links to an external site. Video 5 Deep Dive: Deferred Expense (Supplies and Depreciation)Links to an external site. (Slides to follow along) Video 6 Deep Dive: Accrued RevenueLinks to an external site. (Slides to follow along) Video 7 Deep Dive: Accrued ExpenseLinks to an external site. (Slides to follow along) Once you have completed the watching the above videos, please complete the high level concept check questions as well as the more detailed concept check questions. Concept checks are recommended but optional, and will not count towards your course grade. Next, complete the Module 3 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due on tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. The correct answers to these problems are scheduled to be released one minute after the due date. Next, I strongly recommend you attempt to complete this worksheet Download worksheet without peeking at the solutions . As mentioned previously, the best and most efficient way to study for this class is to do problems and then do more problems. Still want more problems to practice? Check out this Comprehensive Module 3 Concept Check questions non-graded quiz.
Mon - 10/26	No Formal Class Today. Please use this time to study the materials for our next lecture and watch the three videos below. Please be advised that information in these videos is fair game on Exam 1. WorldCom FraudLinks to an external site. Washington Mutual FraudLinks to an external site. The Fraud TriangleLinks to an external site.
Wed 10/28	Module 4: Valuing & Reporting Assets In prior classes, we examined the framework for recording transactions and reporting the information financial statements. In the next two classes, we will expand the calculations and explanations for certain asset, liability, and equity accounts. In this module, we’ll determine how to value and report certain assets including inventory and long-lived assets. Put another way, we'll explore such questions such as: How is inventory tracked and measured? How do you value expenditures for long-term assets at purchase date and after purchase date? How are financial statements impacted when you sell a long-term asset and how is this different than selling inventory? Why would a company buy a company for more than the purchase company’s net asset value? To get you started, please watch the videos below and take notes as needed. Refresher: The Income StatementLinks to an external site. Video 1 Inventory OverviewLinks to an external site. Video 2 Deep Dive: Inventory Methods Links to an external site.(Slides to follow along) Video 3 Intangible Assets (Types and Impairment)Links to an external site. (This video includes an overview of intangibles such as goodwill) Video 4 Tangible Assets (Depreciation and Sale of Assets)Links to an external site. (Slides to follow along) Once you have completed the watching the above videos, please complete the inventory related concept check questions as well as the long term assets concept check questions. I also strongly suggest you do these Comprehensive Concept Check questions as well. Concept checks are recommended but optional, and will not count towards your course grade. Next, complete the Module 4 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due on tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. The correct answers to these problems are scheduled to be released one minute after the due date. Next, I strongly recommend you attempt to complete this worksheet without peeking at the solutions . As mentioned previously, the best and most efficient way to study for this class is to do problems and then do more problems. Our second quiz is on Monday. Aside from doing the regular stuff, I suggest you also attempt this practice quiz too.
Fri - 10/30	Optional TA Review Session at Noon. Click this Zoom link to join. This is a totally optional session to help you prepare for our next quiz. It'll be put on by two of your TA's. There will be PPT slides available here, but rest assured NO NEW MATERIAL will be introduced. Feel free to come with any and all questions you may have. This optional session will probably last anywhere from 30-60 minutes - it all depends on how many (or how few) questions are asked. Like our regular class sessions, this optional session will be recorded on Panopto and posted to Canvas website.
Mon - 11/02	Quiz #2 This is a 30 minute, individual quiz which will be administered on Canvas. It will "open" at the regularly scheduled beginning class time and automatically "close" at the regularly scheduled ending class time. However, once you open the quiz, the 30 minute clock starts running. As stated in the syllabus, no make-up quizzes will be given as all students get to drop their lowest quiz score.
Wed - 11/04	Module 5 Deeper Dive on Stockholder's Equity In prior classes, we examined the framework for recording transactions and reporting the information financial statements. Today, we’ll dive into comparing different financing options for companies and related stock market concepts. Questions we'll address include the following: What are the differences between financing with debt vs. equity? What are the characteristics of common stock shares and dividends? How are stock buybacks used in the economy today? How do stock buybacks impact the financial statements? What types of investments are there and why would someone choose to invest in a stock? How do stock splits and stock dividends impact the financial statements? To get you started, please watch the videos below and take notes as needed. (Optional) It might be helpful to re-watch the below equity videos from Module 1 - 2 to refresh yourself before diving in to the Module 5 videos: Review Video: What is an IPO?Links to an external site. Review Video: Deep Dive: Stock and Dividend TransactionsLinks to an external site. Video 1 Financing with Debt vs. EquityLinks to an external site. Video 2 Equity Terms: Types of Stock and SharesLinks to an external site. (Slides to follow along) Video 3 Equity Terms: Cash Dividends, Stock Dividends, and Stock SplitsLinks to an external site. (Slides to follow along) Video 4: Dividends are NOT an expenseLinks to an external site. Video 5 Treasury Stock ProblemLinks to an external site. (Slides to follow along) Video 6 Stock SplitsLinks to an external site. (Slides to follow along) Once you have completed the watching the above videos, please complete the first set and second set of Concept Check questions. I also strongly suggest you do these Comprehensive Concept Check questions as well. Concept Checks are recommended but optional, and will not count towards your course grade. Next, complete the Module 5 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. Next, I strongly recommend you attempt to complete this worksheet without peeking at the solutions . As mentioned previously, the best and most efficient way to study for this class is to do problems and then do more problems.
Mon - 11/09	Module 6: In-Person Financial Accounting Exam: Location: Oak Hall, Denny Meeting Room The exam will be worth a total of 80 points. Please see the Exam 1 Study GuideDownload Exam 1 Study Guide for further details and a brief description of each question on the exam. Again, if you're thinking to yourself "What's the best and most efficient way to study for the exam?" my answer today is the same as it was on Day 1 - DO PROBLEMS, DO PROBLEMS, DO MORE PROBLEMS! What do I mean by do problems? It's what we've been doing all along which is 1) The Concept Check Questions 2) The Weekly Test Your Knowledge Homework Assignments 3) The optional Weekly Worksheets in addition to the Test Your Knowledge Assignments plus 4) The Quizzes. If you're still wanting more practice problems after this, you may try this practice financial accounting exam as well. Also, for exam security purposes, you will be assigned to specific table number as shown on this *Exam 1 Seating Chart (to be posted later)Download Exam 1 Seating Chart (to be posted later)*. These table numbers will be clearly marked and easily visible once you enter the room. Please also keep your UW Husky Card ID out at all times during the exam. Exam will be in-person and be closed book and closed notes. No electronic devises such as laptops, pads, I-Phones, Androids, etc. are allowed. Calculators are allowed so long as they do NOT have internet capability. Again, no questions are allowed once the exams are passed out. Not trying to be mean, but this is necessary to ensure that I treat everyone equally and don't inadvertently give someone special treatment. Also, please note that if we suspect that you are cheating, or if you are engaged in some kind of questionable behavior, I'm obligated under UW Policy to report the matter to the Dean of Undergraduate Education for investigation. So please, do us both a favor and don't cheat. Good luck guys - I'll be rooting for you. When you study this weekend, please don't rely on ChatGPT, or some other AI program, or even my lecture notes, as you won't have access to these during the exam.
Wed - 11/11	Module 7: Product Costs As today is the Veteran's Day Holiday, no formal class today. However, at your earliest connivence, please watch this pre-recorded video. In Part 2 of this class, we'll now begin our study of Managerial Accounting which is a completely different animal than Financial Accounting. In Managerial Accounting, we focus on the internal workings of a company and start using the financial data to make decisions internally for a business. In almost all cases, Managerial Accounting evaluates several different alternatives and attempts to answer the question "Which alternative gives us the better deal?. In this particular class, we'll zero in on what costs to consider when making a product. In addition, you'll get to step inside a local Seattle company to see how it uses these managerial accounting principles on a daily basis. To get you started, please watch the videos below and take notes as needed. Video 1 Overview of Managerial AccountingLinks to an external site. Video 2 Cost Classifications for Manufacturing CompaniesLinks to an external site. Video 3 Cost Flow – Overview and Overhead Applicationinks to an external site. Video 4 Joe Chocolate Company Overview Links to an external site. Video 5 Deep Dive: Cost Flow ExampleLinks to an external site. After you've watched the above videos, check your understanding via the first and second set of concept questions. I also suggest you attempt the Comprehensive Concept Check questions as well. Concept Checks are recommended but optional, and will not count towards your course grade. Next, complete the Module 7 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due on tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. Next, I strongly recommend you attempt to complete this worksheet Download worksheet without peeking at the solutions . As mentioned previously, the best and most efficient way to study for this class is to do problems and then do more problems.
Mon - 11/16	No formal class today. However, if you wish to view your Exam 1, you may do so today during regular class hours in Paccar Hall Room 546. Please note that, for exam security reasons, you may NOT take the exam home with you. Rather, you must return both your exam, and the answer key, to one of the TA's when you leave the room.
Wed - 11/18	Module 8: Profitability Analysis Today, we'll focus on how financial data can be used to make future decisions such as forecasting and estimating how many sales you need to cover all your costs. This module introduces quite a few new formulas to help you analyze your cost structures. We'll be addressing such questions like: How do costs change when volume changes? How many units do I need to sell to cover all my costs or meet a target profit amount? Do different margins impact the breakeven point and income? How do changes in costs impact various analyses, such as breakeven, margin of safety, and leverage? To get you started, please watch the videos below and take notes as needed: Video 1 Cost BehaviorLinks to an external site. (Slides to follow along) Video 2 Deep Dive: Breakeven Point, Margin of Safety, and LeverageLinks to an external site. (Follow along with a blank version of the problem sets in the video.) After you've watched the above videos, check your understanding via these concept checks. Concept Checks are recommended but optional, and will not count towards your course grade. Next, please watch these videos as well: *Optional: Excel Overview VideoLinks to an external site. Video 3 Deep Dive: Sales Mix*Links to an external site. (Feel free to follow along with a blank version of the problem sets Download blank version of the problem setsin the video. Here is a filled in version of the problem sets Download filled in version of the problem sets.) *Video 4 Deep Dive: Forecasting Methods* Links to an external site.(Feel free to follow along with a blank version of the problem sets Download blank version of the problem setsin the video. Here is a filled in version of the problem sets Download filled in version of the problem sets. Here is also a summary of the equation for the high-low method in PowerPoint form. *Note, you will only be required to do the high-low method for quizzes/exams.) Optional: Video 5 Change in Cost Structure ExampleLinks to an external site.*** (helpful for a TYK question!) 8.5 Slides to follow along. After you have finished watching these videos, check your understanding via these concept check questions. I also suggest you attempt the Comprehensive Check questions for this section as well. Next, complete the Module 8 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. Next, I strongly recommend you attempt to complete this worksheet Download worksheet without peeking at the solutions . Our third quiz is on Monday. If you'd like, you can also try out this practice quiz as well.
Fri - 11/20	Optional TA Review Session at Noon. Click this Zoom link to join. This is a totally optional session to help you prepare for our next quiz. It'll be put on by two of your TA's. There will be PPT slides available here, but rest assured NO NEW MATERIAL will be introduced. Feel free to come with any and all questions you may have. This optional session will probably last anywhere from 30-60 minutes - it all depends on how many (or how few) questions are asked. Like our regular class sessions, this optional session will be recorded on Panopto and posted to Canvas website.
Mon - 11/23	Quiz 3 This is a 30 minute, individual quiz which will be administered on Canvas. It will "open" at the regularly scheduled beginning class time and automatically "close" at the regularly scheduled ending class time. However, once you open the quiz, the 30 minute clock starts running. As stated in the syllabus, no make-up quizzes will be given as all students get to drop their lowest quiz score.
Wed 11/25	Module 9: Budgets & Variances The act of budgeting can be applied to many different situations. An individual can budget their personal finances out for the next year to understand cost flow and limit spending. Companies can use budgeting to plan for future spending or to make sure it has enough cash flow to pay workers, interest on debt, and other operational items. Government agencies can use budgeting to determine allocation of spending across departments. The concept of budgeting is all around us whether that be in our personal or professional lives. In this section, you will use financial information to compile various operational budgets for a company. After preparing various operational budgets, we’ll then practice assessing the differences between budgets and actual amounts that come in. Remember how we looked at the difference between actuals and applied overhead in the product costing module? Well, that was a form of comparing budgets to actuals! Get ready to take a deep dive into the causes behind why your actuals might be different than your budget and how that data impacts future decisions. We'll also address questions such as: How do you estimate how many materials and labor you need for future periods? How do cash flows change when sales or purchases are made on account and how does this impact a company’s planning for future periods? Why are budgets useful and why do companies prepare them? Why is it important to evaluate budgets vs. actuals and what can you learn from this analysis? How do you determine what variances are related to activity versus spending? What can you learn from activity and spending variances to be applied to future periods? To get you started, please watch the videos below on budgeting taking notes as needed. Video 1: Budget OverviewLinks to an external site. (Topic: What are budgets and when are they used) Video 2: Deep Dive: Sales and Cash Receipt BudgetLinks to an external site. (Topics: creating a sales budget and a cash receipt budget) Video 3: Deep Dive: Production, Direct Materials, and Direct Labor Budgets Links to an external site.(Topics: creating a production, DM, and DL budget) Video 4: Deep Dive: Cash BudgetLinks to an external site. (Topics: Creating a cash budget and accounting for inflows and outflows) Video 5: Cash Budgets at NetflixLinks to an external site. (Topic: Example of budgets for Netflix) (Optional: You can follow along with this blank version of problem sets Download blank version of problem setsused in videos 2 - 4, PDF version) After you've watched the above videos on budgeting, check your understanding via these concept checks. Concept Checks are recommended but optional, and will not count towards your course grade. Next, watch the videos below on how to quantify variances when actual results are different than budgeted results. Video 6: Flexible BudgetsLinks to an external site. (Slides to follow along, topics: calculating flexible budgets and impact of variable/fixed cost on flexing budget) Video 7: Activity and Spending VariancesLinks to an external site. (Slides to follow along, topics: calculating and interpreting activity and spending variances) Video 8: Variance ExampleLinks to an external site. Optional: Vide 9 Flexible Budget Example for mixed costs (Slides to follow along, topics: calculating flexible budgets and activity variances for mixed costs) After you've watched the above videos on variances check your understanding via these concept checks. l also suggest you try to Comprehensive Concept check questions as well. Concept check questions are recommended but optional, and will not count towards your course grade. Next, complete the Module 9 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due on tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. Next, I strongly recommend you attempt to complete this worksheet Download worksheet without peeking at the solutions . For this particular second, there is also a second worksheet along with the solutions . As mentioned previously, the best and most efficient way to study for this class is to do problems and then do more problems.
Mon - 11/30	No formal class today. However, please review the materials below to prepare for our next lecture on Incremental Analysis. You are making decisions consistently throughout the day. Should I take the bus or light rail to downtown? Should I order take-out or make dinner tonight? Organizations also have thousands of decisions to make and this module focuses on some key principles to apply when making various financial decisions. We’ll apply the concepts behind incremental analysis to such decisions as make vs. buy and assessing unprofitable segments. In this section, we'll address questions such as: When is a cost relevant to a decision? What costs should we evaluate when looking at opportunities to buy a component rather than make it? What costs should we evaluate when deciding to add or drop a product or segment? To get you started, watch the video's below and take notes as needed: Video 1: Incremental Analysis Overview and Dropping a SegmentLinks to an external site. (Slides to follow along, Topics: Relevant costs, add/drop segment, traceable and common fixed costs) Video 2: Deep Dive: Make or BuyLinks to an external site. (Slides to follow along, Topics: Make or buy, traceable and common fixed costs) Video 3: Making Decisions at Joe Chocolate ShopLinks to an external site. (Topic: Applying managerial accounting concepts to Joe Chocolate) After you've watched the above videos on variances check your understanding via these concept check questions. l also suggest you try to Comprehensive Concept check questions as well. Concept check questions are recommended but optional, and will not count towards your course grade.
Wed - 12/02	Module 10: Incremental Analysis Complete the Module 10 Test Your Knowledge assignment to see how well you understand the concepts discussed in this module. You can take this Test Your Knowledge assignment as many times as you like and only your highest attempt will be included in your final grade. This assignment is due tomorrow at 5pm. As stated in the syllabus, no make-ups or extensions will be granted as all students get to drop their two lowest scores. Next, I strongly recommend you attempt to complete this worksheet without peeking at the solutions . Our fourth and last quiz is on Monday. If you'd like, you can also try out this practice quiz as well.
Fri - 12/04	Optional TA Review Session at Noon. Click this Zoom link to join. This is a totally optional session to help you prepare for our next quiz. It'll be put on by two of your TA's. There will be PPT slides available here, but rest assured NO NEW MATERIAL will be introduced. Feel free to come with any and all questions you may have. This optional session will probably last anywhere from 30-60 minutes - it all depends on how many (or how few) questions are asked. Like our regular class sessions, this optional session will be recorded on Panopto and posted to Canvas website.
Mon - 12/07	Quiz 4 This is a 30 minute, individual quiz which will be administered on Canvas. It will "open" at the regularly scheduled beginning class time and automatically "close" at the regularly scheduled ending class time. However, once you open the quiz, the 30 minute clock starts running. As stated in the syllabus, no make-up quizzes will be given as all students get to drop their lowest quiz score.
Wed - 12/09	Module 11: In-Person Managerial Exam: Location: Dempsey Hall, Anthony's Forum: *(Note: This is a non-Cumulative Exam. It will only cover the material since our first midterm. It will not contain any questions on Financial Accounting.)* The exam will consist of 17 questions and be worth a total of 63 points. Please see the Exam 2 Study GuideDownload Exam 2 Study Guide for further details and a brief description of each of the 17 questions. To help you prepare for our upcoming Exam, might want to check out this Practice Managerial Accounting Exam. Also, for exam security purposes, you will be assigned to specific table number as shown on this Exam 2 Seating Chart (to be posted later). These table numbers will be clearly marked and easily visible once you enter the room. Please also keep your UW Husky Card ID out at all times during the exam. Exam will be in-person and be closed book and closed notes. No electronic devises such as laptops, pads, I-Phones, Androids, etc. are allowed. Calculators are allowed so long as they do NOT have internet capability. Again, no questions are allowed once the exams are passed out. Not trying to be mean, but this is necessary to ensure that I treat everyone equally and don't inadvertently give someone special treatment. Also, please note that if we suspect that you are cheating, or if you are engaged in some kind of questionable behavior, I'm obligated under UW Policy to report the matter to the Dean of Undergraduate Education for investigation. So please, do us both a favor and don't cheat.
Tom's Note	The class is now ended. Hope you had fun and learned some useful information as well. Question....did you enjoy this class? If so, have you considered the possibility of maybe - just maybe - becoming a professional accountant like me? While I realize that most of you are Business Minors (not Majors), it's still possible to become a professional accountant, and subsequently a CPA, via our Accounting Certificate Program. If you're interested, check out this videoLinks to an external site. along with our Accounting Certificate website.