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Student Information Handbook

JMAS

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JMASExecutive Team

2015-2016

Top from Left: Xavier Lessard, Lucas Fraser, Louis-Phillipe Dubé, Nick Chin, Gianni Di Mattia, Sebastian Molina Calvo, Matteo Pisano, Philippe Gauron.

Bottom from Left: Erika Kinnear, Christina Venerio, Bianca Ugolini, Caroline Escande, Erica Canale, Lillian Di Girolamo, Marina Coté

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Opening Remarks

Before you get into this handbook, I would like to give you a welcome to JMSB (if you are just starting out) or congratulate you on making it through another year. There are endless opportunities present for students at this school and you will never regret getting involved! Whether it is attending JMAS events, doing Case Competitions or even doing firm tours and networking with professionals, there are many ways to make your experience at JMSB unforgettable.

The John Molson Accounting Society Student Handbook is a great resource for accounting students at JMSB. As you will see, it outlines the CPA designation, requirements, and career paths as well as more helpful tips about academics and student life! I hope you find this handbook useful and carry what you have learned throughout your time in JMSB, because if you do it right, you will have a fantastic time here! Thanks for reading!

Lucas Fraser, Editor in Chief, Director of Marketing

Matteo Pisano, Chief Content Creator, Vice President Academic Affairs

The John Molson Accounting Society is pleased to welcome you to the 2015-2016 academic year! The beginning of every semester is often painted with excitement and filled with promise for the future. We look forward to helping you achieve your goals and bringing you the proper tools and knowledge to succeed as students, persons and future leaders.

Our society’s rise to prominence over its existence has been a result of many factors: the contributions of dedicated and talented members, the support of one of Canada’s finest universities, and most importantly the energy and enthusiasm of you, the students!

We are committed to helping you succeed personally, academically, and professionally. We provide you this Handbook to help guide you through your accounting journey. Together, we can achieve great things.

Thank You to Our Sponsors!

Table of Contents

JMAS Executive team 2

Opening remarks 3

JMAS in a Nutshell 6

What is Chartered Professional Accounting 9

How do you get your CPA? 10

Online CPA 14

CPA Pathways 15

The JMSB Advantage 16

The Mentorship Program 20

Case Writing Tips 22

Case Writing Rubric for Undergrads 30

Case Writing Tips and Tricks for CPAs 31

Health and Wellness 32

Tutorial Fever 35

Mastering your ACCO Journey 36

Course Coordination and Allocation 40

Closing Remarks 41

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JMAS in a Nutshell

The John Molson Accounting Society (JMAS) is a student run association operating as a subsidiary of the Commerce and Administration Students’ Association (CASA) of the John Molson School of Business (JMSB). As one of the oldest associations in JMSB, we have the honor to represent the largest major specific student base; the accounting student body. As part of our mandate, we organize countless events for the academic and social benefit of students. Such events allow students to build relationships with others; others who come from different walks of life, and have evolving identities. This enables students to intellectually, socially, and personally transform by identifying how they relate to their peers. As a team, we strive to enhance the overall university experience of accounting students by providing opportunities to bridge the gap between the L’Ordre des Comptables Professionnels Agreés du Québec (OCPAQ), accounting professionals, faculty members and their colleagues.

Who are we?The 2015-2016 team is composed of 15 regular, and yet special, undergraduate JMSB students. Founded by our two co-Presidents, this team strives to bring added value to the university experience of our peers. Every member plays a very specific and integral role in the success of this Society. However, as distinct as the roles may be, the execution of every event and activity is completed as one unified team. As an organization, we strive

What is JMAS? for three values: competence, excellence and character. Our team is composed of students who are on the precipice of graduation, others who are about to begin their second year, and some in between. And while each of us is at a different stage in our undergraduate studies, we all have one thing in common: working to make the most of our mandates as a means of enriching the university experience of all students.

What do we do?Our main priority is to bring as many opportunities as possible to our student body. We do so by organizing academic, social and professional events. Our annual recruitment cocktail is the highlight of the year, with over 600 students and company representatives networking together. Furthermore, we represent Concordia University at many external accounting conferences. We also represent the accountancy student body on the Board of Directors of the Commerce and Administration Students’ Association. We work hard to provide students with the proper tools and knowledge to succeed as students, persons and future leaders.

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The merger has allowed the province to have a more compelling and unified voice at the global standard-setting table. As this merger has proven to be a success, a concentrated effort to unify the profession is being explored for the rest of Canada.

The Post-Merger eraChartered Professional Accountants (CPA) hold a unique designation that positions them strongly in the business world. It is a profession that provides the highest level of strategic and financial expertise. As discussed later, obtaining a CPA allows for a number of prospective employment opportunities, both locally and globally. As one of the five largest accounting bodies in the world, CPAs enhance the ability to protect the interest of Canadian individuals and businesses.

This single-stream designation has proven to provide many more benefits compared to a segregated stream of titles. Taking the best of all three past designations, the CPA program helps to create a more well-rounded professional. The program helps individuals move beyond bean counting, and allows them to become management professionals.

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What is Chartered ProfessionalAccountancy?

Myth, accounting is for introverts who are only good at math. Myth, technology is eating up the accounting profession. Myth, the accounting field is dominated only by monotonous males. As you can see or have heard, there are many myths concerning the accounting vocation. To clarify these parables, let us define what accounting truly is. Accounting is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. The major purpose of accountants is to provide relevant and representationally faithful information to stakeholders of an entity – both public and private. Accounting is one of the key functions to any business. It is the glue that keeps these operations in tact.

The pre-CPA EraAn important milestone was reached by the Office des Professions in 2011. As a body that oversees the accounting profession in Quebec, they fought for a unification of the field. Pre 2011, three accounting designations existed: CA, CMA and CGA, all of which distinct yet similar in their own way. Soon, Bill 61 would change this. The three separate accounting bodies were unified into one designation: Chartered Professional Accountancy (CPA). As the first province in Canada to unify these accounting bodies, Quebec serves as a model to other provinces across the country.

Double Entry Deviations: Accounting Defined

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How Do You Get Your CPA?

Acco 340 - Income Taxation in Canada Acco 420 - Financial Reporting IIIAcco 425 - Financial Reporting IVAcco 435 - Integrative Management Accounting CasesAcco 440 - Advanced TaxationAcco 450 - Financial Auditing Acco 465 - Advanced Assurance Services

Post UndergraduateRequirementsAfter obtaining a qualifying undergraduate degree and being admitted into the CPA program, a number of phases remain to qualify for the designation.

The Graduate Level Professional Education ProgramThe most important item in obtaining your CPA: completing the actual program. This program is broken down into four parts, as follows:

1. Common Core Modules

The beginning of the program is comprised of two common core modules which all students in the CPA program must take. These models integrate the following core competencies: (A) Financial Reporting, (B) Strategy and Governance, (C) Management Accounting, (D) Audit and Assurance, (E) Finance, and (F) Taxation.

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UndergraduateRequirementsThe first step in anyone’s pursuit to obtain a CPA designation is completing a bachelor degree with a minimum GPA of 3.0/4.3. Any student whose primary language is not English must write a proficiency examination (TOEFL iBT) if not exempted.

Moreover, provided below is a list of 14 prerequisite courses that require a minimum grade of B- for admission into the JMSB CPA program. Applicants may repeat these courses to obtain the required letter grade of B-. It is important to note that students who have the fewest number of repeated courses have a stronger chance for admission, given they meet all the academic requirements.

Applicants with non-accounting bachelor degrees will be eligible for the program only if they complete the 14 prerequisite courses required by the Order. Ensure to verify whether your specific degree is granted an equivalency by consulting with the CPA Order.

Course Admission RequirementsComm 226 - Management Information Systems

Comm 308 - Introduction to FinanceComm 315 - Business Law and Ethics Comm 401 - Strategy and CompetitionAcco 310 - Financial Reporting IAcco 320 - Financial Reporting IIAcco 330 - Cost and Management Accounting

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2. Elective Modules

Students have the opportunity to further develop skills in an area of deeper interest by choosing two elective modules. Students wanting to pursue a career in public accounting must choose assurance and tax. Candidates choose any two modules among the following four options: (A) Assurance, (B) Performance Management, (C) Tax, and (D) Finance.

3. Capstone Integrative Module

This module focuses on the development of competencies such as leadership and professional skills and integrates all previous competencies. In this module, students will create a business report and present it to a board of directors for evaluation. Among other things, students will work in groups to research specific topic areas and complete assignments, draft and orally present a business case, as well as use their core and elective competencies while developing enabling skills.

4. Capstone Examination Preparation Module

This module focuses on preparing students for entry into the profession by requiring them to complete complex and highly integrative cases. It is a course that serves as preparation for the final common CPA examination. It is for this reason it immediately precedes the exam.

Students who are accepted as full-time students have two years (six terms) in which to complete the program. Part-time students have four years (twelve terms) to complete the program. Due to

its structure, students can only register for up to eight credits (two courses) per term. To cater to those students who work regularly, courses are normally offered Monday to Thursday evenings from 18:00 to 21:00. Friday courses may be scheduled, if necessary.

The Common Final ExaminationThe Common Final Examination (CFE) is compulsory for all candidates for the practice of the profession. It is held simultaneously in all Canadian province. To be authorized to write the CFE, all candidates must have successfully completed the CPA program deemed valid by the Order. If you do not sit for one of the two CFEs held after the end of your university graduate program, you must retake the Capstone 1 Module. This is why it is important to be timely in your CPA studies. A passing grade must be received on the CFE to receive the CPA designation.

Practical ExperienceIn addition to the completion of the examination, a future CPA is also required to gain practical experience. This provides students an opportunity to work in a real-life management and decision-making context. This paid training period must last 24 months with an accredited accounting firm. The experience enables prospective accountants to develop the CPA competencies based on their interests. The period of practical experience may be completed on a full- or part-time basis, but in either case, must last 24 months.

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Online CPA

While students always have the option of completing their CPA in a physical classroom, they now also have the option to do so online. The CPA education program delivered by The Order is now offered through distance learning on a part time basis. The minimum grade point average for this program is 2.8/4.3.

One of the major benefits of this program is the work-study balance it provides to students. This program is flexible in that it allows students to study as well as develop professionally. It provides students easy access to modules and materials at home, or wherever they may be. This online CPA program offers supervision by experienced CPA facilitators.

The structure of this program is similar to that of physical learning environments, Each module will include learning materials and weekly assignments on the appropriate subject matter. The program will also have mandatory two-day classroom sessions in each module. Furthermore, students will be required to complete evaluations at the end of each module to ensure they have gained the appropriate knowledge to move to the next phase.

There is no right or wrong answer to the question “Now what?” The choice is yours. As a Chartered Professional Accountant, you have the world in your hands. There are a number of different pathways a CPA can take in pursuit of their career. It is important to remember, however, that your every action must entail ethic, quality and integrity. Listed below are few of the many pathways a CPA can take.

For the Figure Fraterniser: Taxation

Tax accountants are responsible for preparing federal and provincial tax returns for business, organizations and individuals. These specialists will provide services based on an assessment of an organization’s potential risk. Evidently, one of the main purposes of a tax accountant is to minimize the tax liability of its client. However, their job does not end there. They are also responsible for ensuring that their clients comply with local and federal tax laws as well as inform them of any recent tax changes that can affect the functions of the business.

For the Closeted Counter: Forensic Accounting

While many might believe that the words “forensic” and “accounting” could never be paired, think again. Forensic accounting is a specialty field within the broader accounting arena. Acting as investigators, forensic accountants deal with crimes related to property. They investigate fraud cases, for instance, and gather evidence to present as experts in court.

CPA Pathways

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While forensic accounting may not sound as trendy as other investigative work, the field has received much spotlight in recent years as a result of certain large financial white-collar crimes. If analyzing accounting irregularities is of interest to you, it might be worthwhile to consider this speciality field.

For the Provisions Pedlar: Assurance Services

As a deviation of audit, assurance services are meant to provide a contracting firm with pertinent information concerning loans, financial contracts, or other transactions in order to ease decision-making. Financial assurance services often deals with the evaluation of existing information within a company. These services also help provide internal financial projections and whether a company should accept or reject a prospective project.

For the Reserved Reconciler: Audit

The purpose of accounting and financial reporting is to provide relevant and representationally faithful information to stakeholders and users. The goal of an auditor is to ensure that this information is free from error. Auditors analyze the financial reports of an organization and assess any risk which could significantly impact the financial position of the firm. It is crucial that auditors remain independent from management so that tests and judgements are made objectively. will vary, common procedures are put in place to allow forat least some standardization.

For All Accountaholics

While a number of CPAs enter fields related to audit, tax and assurance, career opportunities are not limited to such. CPAs have an exciting world of opportunities. They can work in industry, public practice, information technology, insolvency and restructuring, finance, business valuation, as well as in the entrepreneurial and economic landscapes, and many more pathways. A number of paths are open to CPAs to enhance their expertise and advance their careers.

For the Journal Jugglers: Insolvency and Restructuring

In times of distress, firms or individuals may not be able to pay back money that they have borrowed. This economic state is known as being insolvent. While the topic of insolvency is quite complex (as you will see in your future accounting courses), there are specific accountants that specialize in this field. Their main purpose is to find solutions for their clients. These situations often result in restructuring, involving re-negotiating and reducing certain debt contracts to increase liquidity of the firm. This process is dealt with specifically by accountants of this field.

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The JMSB Advantage

One of the most important decisions you will make as a student is deciding which school to enroll yourself in. Making the right decision can put you on a path toward lifelong learning and a successful career. Choosing the right school, as some may think, should not be solely contingent on the “name” - there is no colloquial designation that guarantees quality. The success and value of a University lies in an array of factors.

The John Molson School of Business ranks among the best business schools across the planet. It was the first university in Montreal to receive accreditation from the Association to Advance Collegiate Schools of Business (AACSB). This commendation represents the highest standard of achievement for business schools across the planet. Among all business schools within Canada, JMSB was the fourth to receive this endorsement.

Teachers, teachers, teachers !Having professors that you can easily meet with can mark the difference between success and failure. JMSB professors are mentors who promote and further intellectual growth both inside and outside the boundaries of a classroom. They are accessible and open towards students, which makes learning exhilarating. One of the major factors that has promoted such an environment is smaller class sizes. The average class size at the university is 50-60 students, creating a milieu that promotes individual attention.

Many professors strive to learn their students by name, which makes interactions with such instructors more comfortable. However, exchanges are not only limited to the four walls of a classroom. You can often find professors at events on campus as well as in their offices, eager to respond to student needs. The professors at JMSB are invaluable resources who help make your University experience that much more fulfilling.

The Blackboard of the FutureWhile student learning is successful in physical learning environments, JMSB has shown that students can equally thrive in digital classrooms. This has been achieved by continuously expanding the number of engaging, learning-focused and inclusive courses offered by the University’s e-learning module. Courses relating to Accounting, Finance, Economics, Marketing, International Business are, among the many, offered as part of e-Concordia.

JMSB’s online courses are structured on asynchronous learning models. This flexibility allows you to learn when you want, where you want and how you want. The model supports and promotes a unique learning style at individual pace. More importantly, though, is the accessibility of each course. In addition to the 24/7 access, courses on the module offer support for visually impaired, deaf, homebound and individuals with other physical limitations. Perhaps it is noteworthy to mention that access is supported by mobile devices.

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The 4th Floor, John Molson School of Business

Education in the digital age places a heavy focus on showing students how to sift through vast amounts of information to find the knowledge they need rather than directly transferring knowledge. JMSB’s pedagogical approach of online learning helps students learn by doing and gives them true ownership of their education

Melding Theory and PracticeJMSB has a long tradition of gracing the business world with well-rounded, educated and accomplished individuals. The majority of JMSB graduates are able to find suitable work opportunities soon after completion of their studies. While personal skill may dictate so, the quality of the education and experience gained from JMSB’s programs - both undergraduate and graduate – play a large role.

Through its interdisciplinary curriculums, students are given to opportunity to analyze, judge and solve challenging business cases. While this model is intellectually challenging, it is great preparation for the real-world business landscape. JMSB also offers a unique program known as COOP. This program provides students the opportunity to work in some of Canada’s top employers during their studies at the University.

The John Molson School of Business has pledged to provide a strong academic base for students since its conception. JMSB places its students at the core of its educational mission. Programs and curricula allow students to expand their culture and enhance their ability to question and analyze. JMSB builds strong partnerships to fulfill its social responsibilities within the community. As a world-class university, JMSB shapes its students into well-rounded, responsible citizens and future leaders of society. This is what is known as The JMSB Advantage!

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The Mentorship Program

In early September, one of largest accounting events of the year is in full effect. Known as recruitment, this event entails many of Montreal’s accounting firms striving to recruit future accountants for both summer internships and full time staff positions. Recruitment can be quite hectic and often causes endless stress for many. Preparing for recruitment effectively could alleviate some of the burden.

Among the many preparation techniques, the JMAS mentorship program is a tool to help students tackle the recruitment process. The John Molson Accounting Society wants to assist you in achieving your highest potential. As a team, JMAS has selected several mentors to guide you and answer to any questions, comments or concerns you may have. The criterion for choosing mentors is stringent. They are well-rounded, academically successful students who have successfully been through the recruitment process. This makes the program an opportunity for students to learn from and relate to others.

The John Molson Accounting Society will begin accepting applicants (both mentors and mentees) in the Winter semester. The purpose of this program, as mentioned, is to ensure students are well prepared for all facets of the recruitment process. As a result, offering students a substantial time to bond with their mentors before recruitment is crucial. The program is designed in such a way to offer much flexibility between mentors and mentees. While there will be structured events and meetings, much of the learning happens beyond these formal encounters.

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Whether it is advice about your CACEE form or recommendations about the appropriate attire for seminars and tours, mentors are available to assist you. We encourage you to meet with your mentors outside JMAS events and email them with your questions.

A mentor can also offer professional advice to ensure you stay on the right path towards a successful career. This program is a great opportunity to connect with other students and potentially build long-term relationships. The John Molson School of Business is the only school to offer this mentorship program. As a result, we advise you to take advantage of it and sign up when the program is under way in March! Recruitment can be of stress to many, but JMAS is here to ease you through it.

The registration form will be available on the JMAS website in due time.

For further information, kindly contact Matteo Pisano, Vice President of Academic Affairs at matteo.pisano@jmas.ca.

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Pierre Hilal, CPA, CMALecturer

Department of Accountancy

Case Writing Tips

We are aware that case-writing is the cause of a lot of stress for students, particularly during the first two years of their degrees. Trust me, I know what you all feel, as I’ve been there myself!

From our standpoint as instructors, the purpose of having our students write cases is to determine whether or not they can apply concepts learned during their studies to a real life situation.

Everyone understands the importance of effective case-writing. Without it, you will never earn your CPA titles, let alone make it through grad school. Writing cases also has the benefit of strengthening any areas where students are weak, technically. More on that later.

Without further ado, here are my tips for more effective case writing. The tips described are geared toward writing financial reporting cases, but the same tips apply to case-writing in general.

Tip 1: Time ManagementI tell my students to give themselves a little more time than allotted for case writing, particularly if they are weak here. For example, most instructors would tell you that a 25-mark case should require 45 minutes. Well, I tell students to give themselves an hour, and to do the remaining questions in less than the time allowed. I also tell the students to leave the case for last on their exam. This way, they can focus on the case, knowing that they have more than enough time to structure a proper case response.

Now, breathe and relax! Spend about 20-30 minutes reading and rereading the case. Do not write anything in your exam booklets for the first 20 minutes. Just soak it all in first. This is your time to read the case, understand who the players are and get a sense for what’s going on. You will then plan your case response. The rest of time should be spent writing your case response. By now, you should know what the MAJOR issues are, so spend most of your time addressing these. It’s much worse to run out of time covering a major issue than a minor one.

Tip 2: Reading the CaseAs you read the case, the first few paragraphs will usually hint at who the players are, what their constraints or pressures are, and what your role is. You’ll usually be able to “suss” this out early on. Typically, you will be asked to assume a role, such as that of an auditor, consultant, advisor and so forth.

Keep in mind your audience when you write the case. Who are you writing to and for what? What are their concerns/biases? Who are the users of the financial statements? Be sensitive to their needs. What are their options? What are you recommending and why? Make sure your recommendations are ethical, and within the rules and not just made to please management. Remember your stewardship role!

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Tip 3: Structuring your ResponseMy suggestions here are for answering cases that are worth 20-30 marks on an ACCO exam. Term papers and group projects are a whole different ball game.

My suggestions for students writing cases on an ACCO exam would be to break down your answer into the following sections:

Tip 3.1: The OverviewAs mentioned earlier, this would address biases, Constraints, Options and so on. You may want to prepare your overview within a MEMO format. Keep your memo to ½ to 2/3 of a page max. Less is more here. Also, tie in your overview throughout your analysis at least a few times to maximize marks.

You are basically setting expectations here, so make sure there are no “disconnects” between what you write here and the rest of your report.

Remember, once you’ve written your overview, you’re committed to it throughout the rest of your report. Your overview serves two roles:

A. Sets the tone of your report and tells the reader what he/she can expect to find within the report.

B. Like a good book, a good overview “lures” the reader into wanting to read the rest of your report. Don’t give away the goods on the first page of your report. If you did, no one would bother reading the rest of it!

Tip 3.2 - Part I: The AnalysisA good report should have a mixture of quantitative (where numbers are given) and qualitative analysis.

My suggestion is to tackle the more important issues first so you don’t run out of time on these. CPA Cases in particular are structured so that students NEVER have enough time to provide a complete and perfect response (no such thing by the way). But a marker will see where you’ve spent most of your time. From a marker’s standpoint, someone who spends their time addressing more important issues clearly “gets it.” So, don’t waste TOO MUCH time on trivial issues.

As you structure your case response, paint a picture and tell a story. One approach is to start out by using case facts to explain to the reader what is currently being done, what (if anything) is wrong and why. This way you are using case facts to add value to your answer without restating case facts.Put yourself in the reader’s position…after you’ve done this, the reader will be asking themselves, “Ok, now what?”

Next, set out to describe the alternatives available to the reader. You will need to have the technical aspects down here. For example, you should know that for long term construction contracts (ACCO 310) you must use the percentage of completion approach (unless the degree of completion cannot be determined). When there are alternatives available, explain the qualitative and quantitative impact of each of these.

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Case Writing Tips - Continued

When there are substantial calculations, crunch those in an exhibit at the back of your report. Be sure to tie key numbers from the exhibit into your analysis.

Next, rule out options that are not being recommended. You may want to state WHY you are ruling these out.

Now logically, you’ve set an expectation that you will recommend the correct course of action. Time to deliver! Make your recommendation, and describe the qualitative/quantitative impact of your recommendation. Done!

This is the DEPTH required to NAIL a major issue.

N.B: With respect to recommendations, you can make them at the end of each analyzed issue or one separate section for all issues. I choose to make my recommendations after analyzing each issue, but both approaches are equally valid. To state the obvious, you would only go into this much depth for your MAJOR reporting issues. You will usually have 1-3 major issues in a case.

I would leave 5-10 minutes at the end of the case to address the minor issues in the case. Less is more here. By NOT going into too much depth, you are showing the marker that you understand the important issues, but also saw and acknowledged the minor issues here. After doing this, your case will contain a good mix of DEPTH and BREADTH. Done.

Tip 3.2 - Part II: TheAnalysisWarning: If you choose to completely ignore the numbers in your case, you will not pass the case. We expect to a see a good mix of qualitative and quantitative discussion. If there are any heavy calculations, show them at the back of your report using properly labelled exhibits.

A. Know what you want to figure out. What are management’s concerns? Cash flows? Earnings? Both? Something else? Read the case or reread your own overview if this is not clear. Be selective.

B. Get in and get out - Meaning do the minimum amount of work necessary to figure out what you need to figure out! For example, if they give you two years’ worth of income statements and the case is really about a revenue recognition issue, it is usually a waste of time to recast the entire income statement (unless we ask for this). So, what I would do is use their net income, flow through any necessary adjustments to get your revised net income. Done! Now you can talk about your KEY adjustments with your general analysis at the front of your report.

C. There is usually no need to crunch several years’ worth of numbers. USUALLY, we want you to focus on the most recent year. Often, the exhibits will show two years’ worth of financials side by side. The previous year’s statements will often be “audited” and the current year’s won’t be.

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Pierre Hilal, CPA, CMALecturer

Department of Accountancy

Tip 3.3: The General ConclusionProvide one! A few sentences is enough. Just enough to lend some professionalism to your report. There are usually one or two marks for this alone, so get them while you can!

Other Important TipsTip 4: Make sure you tie in the various sections of your report together wherever possible, so that there is a common thread to your report.

Tip 5: Use headers and subtitles and clearly labelled sections. Remember, professionalism and overall presentation will score you marks. Substance matters most, but form is worth some marks too!

Tip 6: Write less but write better! Students who write too much are often compensating for their lack of understanding of the issue by writing more than necessary, hoping to score some marks.

Tip 7: Use point forms. A “point” is a mini paragraph containing 3-5 sentences outlining a key theme or idea.

Tip 8: Skip lines between points and sections in case you want to go back and window-dress your answer.

Tip 9: Do not theory-dump. By this I mean, do not attempt to teach us accounting much the way your textbooks do by making generalized statements that are not specific to the case such as “revenue should only be recognized when earned.” I can tell you that we profs absolutely HATE whenstudents do this – WITH A PASSION! It’s certainly a pet peeve of mine.

Most ImportantlyDEBRIEF, DEBRIEF and DEBRIEF some more. You MUST do this with each case you write if you want to see any improvement. Case-writing is a skill like any other, and one that you should constantly be trying to improve.

As you practice case writing, sit down in a quiet room with no distractions and attempt your first case within the specified time limit. Then, score yourselves by looking at the marking key and solution. Where did you do well? Where do you need improvement? Go back and address any weak areas before moving on to your next case. For example, if you had trouble with the revenue recognition issue in your case, go back and review the chapter on revenue recognition and maybe even do a few more problems. Then go back and rewrite the case – or at least any weak parts of it.

Then keep doing this with each subsequent case, always making your next case response better than the last. Keep doing this. You eventually want to get at least a few dozen cases under your belt across a variety of topics by the time you get through CPA school. There is no other way around it – you have to put in the time if you want to be able to pass your cases.

I used this very approach to pass my CMA Entrance Exam in 1996. Before sitting for the exam, I had written about 90-100 practice cases covering many different topics. You’ll get there. Just put in the time and stay focused.

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Case Writing Rubric For Undergrads

The following marking rubric shows how a 20 Mark case MIGHT be marked on a midterm or final examination:

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Learning Objectives

Excellent Under-standing

Very Good Under-standing

Good Un-derstand-ing

Weak Un-derstand-ing

Not Ad-dressed

Overview Outstanding overview, identify-ing biases stake-

holder preferences, reporting objec-

tives, smartly tied in throughout case wherever relevant.

Good, relevant overview

smartly tied in through-

out case wherever relevant.

Good over-view but no tie-in to rest

of case.

Superficial overview

4 3 2 1 0

Issue Analysis Most issues dis-cussed, along with

management biases and trade-offs as well. Appropriate recommendations made, accounting

treatment and effect on financial state-ments explained. Tied in analysis to

overview.

Several topics ad-dressed

– trade-offs and biases if any are

discussed.

Some topics addressed

in some depth.

Superficial discussion

Issue #3 5 4 3 2 0

Issue #2 5 4 3 2 0

Issue #3 5 4 3 2 0

Conclusion 2 2 2 1 0

Overall Profes-sionalism 2 1 0 0 0

Total 24 Marks Available, Max 20

24 18 13 8 0

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Case Writing Tips and Tricks for CPAs

Naturally, you can expect that the cases given at the CPA level will be more challenging than those from your undergrad. Moreover, cases at the CPA level often cover a mix of Financial Reporting, Taxation and Assurance issues within the same case. You will build to this.

You will no doubt come across some sample CPA Cases throughout your studies. Once you try them and debrief your answers, pay especially close attention to the following items in the solutions provided:

A. Overview/Memo: Content and tie-in throughout case.

B. Analysis of issues – writing style, explanation, tie in of overview and numbers in the exhibits.

C. Relative emphasis of major and minor issues.

D. Exhibits: Notice how I did not feel the need to recast the financial statements.

Remember, there is no such thing as a perfect case response. But you should always be striving to improve.

Pierre Hilal, CPA, CMA

Lecturer

Department of Accountancy

32

Health and Wellness

School stress is serious business. Over the past decade, university students have manifested increased signs of anxiety, stress and depression. Of course, not every student finds the classroom such a crucible. Nevertheless, today’s highly competitive academic landscape and high-stakes examination programs take a toll on many. The question, therefore, still remains: how can students ease this burden?

Opportunities Instead of ObstaclesWhile the nature of a situation cannot usually be altered, approaching it with a positive mindset can minimize the effect it has on our mental health. Known as “reframing”, optimistically targeting a situation can help us complete it more effectively. Studying for an exam, for instance, can be easily reframed into a positive learning experience. Keeping busy is easier when we plough our energy into something positive. As Winston Churchill once put it: “The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty.”

No SweatExercising regularly is imperative to maintaining a healthy lifestyle. While exercise accrues many physical benefits, it is also one of the leading methods of stress reduction and prevention. Exercise has shown to increase energy, improve concentration and improve confidence. Though we, as students, have time constraints, exercising one hour perday - only four percent of our day - can do the trick.

For the Curious CrandallsBetween the demands of studying and the temptation of a social life, many university students get far less sleep than they should. They are, as Dr. Seuss put it, Curious Crandalls. As simple as it may sound, eight to nine hours of sleep has serious positive implications on the mental health and well being of the average student. Sufficient sleep helps reduce anxiety, and results in better focus and motivation. Moreover, a significant relationship has been noted between sleep and academic performance. Scholars across Canada have confirmed that those students who sleep more have higher GPAs than those who sleep less. Don’t be a Curious Crandall walking nightly on hills with assorted-sized candles. Be one that lays in slumbering peace.

Fever to the FormStudents should never be afraid to discuss their problems. Keeping problems inside only makes things worse. It is for this reason that the university offers a number of support services for students in distress. Resources include Concordia’s Health Services, Counselling and Development as well as the Applied Psychology Center. Drop in to one of these centers to meet with a nurse who will assess your mental health needs and guide you to the right resources. While there is strength in standing alone, there is bravery in asking for help when it is needed. Use the university’s services to help you go from chaos to order, fever to the form.

Matteo Pisano

35

Tutorial Fever

As part of an initiative to increase the academic enthusiasm of accounting students, the John Molson Accounting Society will be introducing tutorials beginning in the Fall 2015 semester. For this semester, tutorials will be catered to students enrolled in Income Taxation in Canada, also known as ACCO340. These tutorials, held once per week, will complement the lectures provided by instructors. The learning goals of these sessions will be congruent with those of the course lecturers. But, why should you attend these tutorials?

Pace With the Lecture ProcessTutorials normally follow up a lecture. This allows students to familiarize themselves with the concepts before applying them. Tutorials allow for an environment of technical application. Thus, they complement theory-heavy lectures well. Using real world experiences and examples, tutorial instructors help students find context in the material they learn.

Opportunities to Clarify DoubtsWhile the student-teacher relationship at JMSB is more than warm, some students still find interactions with instructors intimidating. The informal setting of tutorials allows students to clarify any doubts they may have about course material without feeling apprehensive. Tutorials are designed to help students learn-by-doing as well as provides a climate for participation. This involves asking questions, answering questions, and working out different approaches to problems or case studies.

FREE OF CHARGETutorials offered by our Society will be free of charge to students. We hold the academic success and progress of students to the highest regard, and we are certain this continued initiative will serve all students well. As a means of reinforcing material through weekly practice, these tutorials will no doubt help students develop skills necessary for the real and academic world.

The tutorial location and time blocks will be posted at the open of the semester. For further information concerning tutorials be sure to contact Matteo Pisano, Vice President of Academic Affairs at matteo.pisano@jmas.ca.

Matteo Pisano

36

Mastering Your ACCO Journey

Bienvenue!

A warm welcome to the world of accounting!

I congratulate you for choosing “ACCO” as your major!

Accounting is a broad field with many different areas and career perspectives. To name just a few: Auditing, taxation, advisory, management accounting, financial analysis, investor relations, compliance, internal control, risk management, fraud examination, and of course not to forget accounting academia.

Below are listed some personal thoughts on how to master and enjoy your journey through the world of “ACCO”!

Master the Fundamentals & Excel in your SpecilizationAccounting is often called the language of business. In order to master this language you need to know the vocabulary. Hence, the fundamentals, such as COMM 217 and 305, lay the groundwork for a successful accounting major. The major courses deepen your insights into accounting. And don’t forget: Passing a course does not mean that you will never again use and make use of the acquired knowledge from this course. Instead, it means that you can apply this knowledge by yourself in the next course. For example, in ACCO 435 (Strategic Accounting Case Analysis) you will need to combine and apply the knowledge from many previous courses, such as ACCO 330 or ACCO 355 in order

to solve the challenging case studies. So remember: Fundamentals will always come back! Don’t make them strike back!

Engage in the LectureThe classroom might look like a movie theatre. But attending a lecture is not like going to the movies. Instead, it is your possibility to learn, discuss, reflect, and interact on (un)familiar topics. So engage in the lecture, be active, and ask questions. The principles to make most of the lectures are “the three P’s: Preparation – Participation – Practice”: Come prepared to the lecture, participate during the lecture, and practice the content of the lecture.

Start Revising Early and Continuously Through the TermIt happens to all of us: A deadline is tomorrow, but we have not started yet. Falling in this timing trap becomes particularly stressful when it comes to the exam periods, where you will write several exams within a few days. So instead of starting your exam preparation a couple of days before the exam, start revising early and continuously throughout the term.

37

Dr. Matthäus Tekathen Assistant Professor

Department of Accountancy

Memorizing does not get you Far! Reflective and Critical Thinking does!We tend to fall in the habit of solely memorizing content. Reasons for this are manifold: We might start the exam preparation too late or might have so many exams in a short period of time. However, learning is not about memorizing. It is about understanding. And exams do not test your memorizing capabilities, but your capability to apply, discuss, and reflect upon the covered content. The introductory courses are more technical, while the advanced course require to apply and transfer knowledge. In order to master these courses, you need to develop your reflective and critical thinking.

Know Your Learning TypeThere are many different ways of studying. The challenge is to find out which style fits to your learning type. For example, do you best learn through reading the material alone, through discussing the topics among peers, through summarizing the material in your own language, or through explaining the topics to others? Make sure that you think about which learning style suits you best. By experimenting with the different possibilities, you will find out your way of learning.

Connecting the Dots: See the Relationships Between Different ACCO CoursesObviously you will learn about accounting in many separate courses. You will have introductory, intermediate, and advanced courses in your accounting journey. But the fact that accounting topics are taught in separate courses does by no means imply that the content covered in one course is not relevant in another course. Quite the contrast is the truth. So remember: Look across course boundaries, connect the content between different courses, and make use of already acquired knowledge across courses.

39

Mastering Your ACCO Journey,Continued

Beyond Accounting: Connecting Accounting to Other Business DisciplinesAccounting is great! However, there are also many other interesting business disciplines like strategy, finance, operations, or marketing. In fact, accounting interacts, intersects, and intermingles with all the other business disciplines. For example, financial analysts use accounting information for assessing the value of a firm. Or sales managers use cost accounting information for pricing their products. Henceforth, studying accounting is inter-disciplinary. In order to understand the role of accounting you need to understand how accounting feeds into strategy, finance, operations, marketing etc. and how strategy, finance, operations, marketing etc. feed into accounting.

Look into Accounting Outside the ClassroomThe overall objective of your “ACCO” classes is to prepare you for a successful career in the world of accounting. However, there is accounting also outside the classroom: Internships in accounting firms or in accounting functions in industry, voluntary work, participation in business games and case competition, or being a teaching assistant or tutor will help you to learn more and apply your knowledge about accounting. Myself, for example, I learnt bookkeeping from

my financial accounting class, but I really learnt how to apply and work with this knowledge from my treasurer role in a regional association. So remember: Look into accounting outside the classroom.

Support Each OtherYou need not walk the “ACCO” journey on your own. Instead, share the experience with fellow students and make the journey a collective road to success. For example, you can form study groups to discuss the course content or support your fellow students by answering their questions.

HAVE FUN!Supposedly accounting is a dry topic. Well, I disagree and I would argue that it depends on what each and every one makes out of it. It is up to you to make accounting the topic of your choice. And remember: Studying is more than learning. It is about developing your personality, broadening your horizon, making friends for life, and of course having a good time.

I hope that these ten thoughts will help you to master and enjoy your “ACCO” journey. I wish you a successful and exciting “ACCO” time at Concordia and I am looking forward to meeting you in one of the courses!

40

Course Coordination and Allocation

While a number of personal study habits contribute to success in school, planning is also a key factor. Creating an effective schedule and ensuring that you have a manageable workload is part of the battle. Remember: not all classes are the same. It is for this reason that much effort should be put into coordinating your schedule for every academic semester.

It is very difficult to create a standardized schedule for the general student body, as each student’s situation is different. Students with very few obligations, for instance, might be inclined to take the maximum course load of five (5) classes per semester. Those students with heavier schedules might take four (4) courses. While this might delay graduation, having a manageable schedule is most important.

Matteo Pisano

Courses of greater difficulty are known as B6 courses at JMSB. These courses are typically math-based and involve dence amounts of course material. As a general rule of thumb, such courses should be paired with more theory-oriented classes. This lends to the 2/2/1 rule: 2 theory courses, 2 practical courses and 1 elective (permitting you would like to complete five courses per semester). Keep in mind, though, that “easy” classes do not exist at the university level. Every class will pose a challenge to students while melding theory and practice. Overall, planning a proper schedule is imperative to your success and peace of mind during every academic semester. Consider the following flow chart, outlining the relative difficulty level of each course required by the general accounting student.

Extremely Demanding

Moderately Demanding

Demanding

COMM 305COMM 308ACCO 310ACCO 320ACCO 340ACCO 420ACCO 440

COMM 215COMM 217COMM 220COMM 225ACCO 330ACCO 350ACCO 355ACCO 365ACCO 435ACCO 450ACCO 445

COMM 210COMM 212COMM 222COMM 223COMM 226COMM 315COMM 320COMM 401ACCO 400ACCO 425ACCO 465

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Closing Remarks

Dear Readers,

The John Molson Accounting Society would like to thank you for reading this year’s Student Information Handbook. We hope that the information within these pages will help you kick start a great year ahead.

We take the personal, professional and academic success of all students to the highest privilege. We want to effectively connect the accounting student body so that they can find better opportunity both inside and outside of the walls of their classrooms. We want you to prosper!

Success and prosperity, however, are also very personal. On average, an entrepreneur will fail 3.8 times before final success. What sets the successful ones apart is their persistence, diligence and dedication. While you may encounter certain hardships, your academic journey will nonetheless be filled with heartships and opportunity. Heed the old proverb: it is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.

As your association, we are committed to demonstrating all of the options available to you. We want to ensure you are informed of all the local and international career opportunities within the accounting profession. We strive to bring both students and faculty together into a binded community with one objective: the collective pursuit of knowledge.

We believe you will be impressed by what our Society has achieved so far and as confident as we are about its potential to accomplish great things in the future. Remember: the world will find your limitations, only you will find your opportunities. Be a part of your university experience. Live it, own it, love it.

Cheers to another successful and prosperous year.

With sincerest regards,

Matteo Pisano

Writer in Chief, Vice President of Academic Affairs

42 © Copyright John Molson Accounting Society 2015