Sheridan Course Outlines

ACCG16971
Introductory Accounting 1

I: Administrative Information II: Course Details III: Topical Outline(s) Printable Version

Section I: Administrative Information

Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2016
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business, Business Admin Accounting, Business Admin Finance, Business Admin Marketing, Business Administration Human
Program Coordinator(s): Tba, Carol Bureau, Judith Hunter, Lorraine Cipparrone, Mark Weaver
Course Leader or Contact: Maurizio Di Maio
Version: 38.0
Status: Approved (APPR)

Section I Notes: Allowable calculator: four-function or Texas Instruments BAII Plus

Section II: Course Details

Detailed Description
Students apply knowledge of basic accounting procedures and theory. This course provides an explanation of underlying accounting concepts applicable to all fields of business specialization and serves as the basis for more advanced studies in accounting. Using interactive lectures, demonstrations and in-class problem solving activities students perform the steps of the accounting cycle to provide useful information for decision makers.

Program Context

Business

Program Coordinator: Tba

This course is a compulsory component of the Business Foundation year.

Business Admin Accounting

Program Coordinator: Lorraine Cipparrone

This is a core component of the first year of all Business Administration programs and the Accounting Program and is the prerequisite for all further studies.

Business Admin Finance

Program Coordinator: Mark Weaver

Same as Business.

Business Admin Marketing

Program Coordinator: Carol Bureau

Same as Business.

Business Administration Human

Program Coordinator: Judith Hunter

Same as Business.

Course Critical Performance and Learning Outcomes

 CRITICAL PERFORMANCE:

By the end of this course, students will have demonstrated the 
ability to complete the accounting cycle for a business entity.

LEARNING OUTCOMES:

To achieve the critical performance, students will have demonstrated 
the ability to:

1. Analyze business transactions using the accounting equation.
2. Record transactions in the journal, post from the journal to the  
   ledger and prepare a trial balance.
3. Prepare a worksheet.
4. Record typical adjusting entries at the end of the accounting
   period and prepare an adjusted trial balance.
5. Prepare a balance sheet, an income statement and a statement of
   owner's equity from the adjusted trial balance.
6. Prepare closing entries for the revenue, expense and drawings
   accounts.
7. Classify assets and liabilities as current or long-term.
8. Prepare financial statements for a merchandising entity that uses
   the perpetual inventory system.
9. Prepare journal entries for a perpetual inventory system.
10.Prepare a bank reconciliation and account for petty cash
   transactions.
11.Prepare journal entries to record and pay payroll liabilities for  
   employees and for payroll costs levied on employers.
12.Identify the correct activity classification on the cash flow
   statement for a variety of business transactions.

Evaluation Plan
Students demonstrate their learning in the following ways:

Quizzes (pre-chapter) (best 10 of 12)        10.0%
On-line Tutorials                             7.5%
Homework Assignments (post-class)             7.5%
Mid Term Exam                                35.0%
Final Exam Comprehensive                     40.0%
Total                                       100.0%

Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:

Essential Employability Skills
Essential Employability Skills emphasized in the course:

	Communication	X	Critical Thinking & Problem Solving		Interpersonal
X	Numeracy		Information Management		Personal

Notes: N/A

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) : Office of the Registrar
Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):

Challenge Exam	Portfolio	Interview	Other	Not Eligible for PLAR
X

Notes: N/A

Section III: Topical Outline

Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Effective term: Spring/Summer 2016
Professor: Multiple Professors
Textbook(s):

Joffe, N. Key Accounting Principles, (4th Edition) Volume 1.  ISBN:
978-1-926751-30-6

Applicable student group(s): Business General, Business Administration Finance, Business Administration Human Resources, Business Administration Marketing, and Business Administration Accounting
Course Details:

Description:

Module 1:  Financial Statements: Personal Accounting.
- Introduction to Accounting Concepts
- The Accounting Equation
- Cash flow versus Accruals
- Fundamental principles
- Net worth

Text Reference: Joffe Chapter 1

Online Chapter 1 tutorials 
Quiz #1

Module 2: Linking Personal Accounting to Business Accounting 
- Revenue recognition
- Expense recognition
- Analyzing transactions

Text Reference: Joffe Chapter 2

Online Chapter 2 tutorials 
Quiz #2

Module 3: The Accounting Framework 
- Forms of organization
- Types of Accountants
- Generally accepted accounting principles (GAAP)
- The Conceptual Framework
- Fundamental characteristics and assumptions
- Qualitative characteristics
- Constraints on relevant and reliable information
- Elements of financial statements
- Controls in business

Text Reference: Joffe Chapter 3

Online Chapter 3 tutorials 
Quiz #3

Module 4: The Accounting Cycle: Journals and Ledgers
- Business transactions and source documents
- The accounting cycle introduced
- Journalizing and posting transactions

Text Reference: Joffe Chapter 4 

Online Chapter 4 tutorials  
Quiz #4

Module 5: The Accounting Cycle: Adjustments

- Chart of Accounts
- Trial Balance
- Adjusting entries
- Contra accounts
- Recording adjustments
- Adjusted Trial Balance
	
Text Reference: Joffe Chapter 5 

Online Chapter 5 tutorials  
Quiz #5

Module 6: The Accounting Cycle: Statements and Closing Entries
- Preparation of financial statements
- Closing entries
- Post-closing trial balance
- Classified Balance Sheet

Text Reference: Joffe Chapter 6 

Online Chapter 6 tutorials 
Quiz #6

Midterm Exam - 35%  Modules 1 - 6

Module 7: Inventory: Merchandising Transactions
- Merchandising activities (sales and cost of sales)
- Gross margin ratio
- Multi-step Income Statement
- Recording inventory transactions
- Perpetual versus periodic inventory system

Text Reference: Joffe Chapter 7
Online tutorials Chapter 7 
Quiz #7

Module 8: Inventory Valuation
- Assigning costs to inventory items using various valuation methods

Text Reference: Joffe Chapter 8

Online Chapter 8 tutorials 
Quiz #8

Module 9: Accounting Information Systems
- The Sales Journal
- The Cash receipts Journal
- The Purchases Journal
- The Cash Payments Journal

Text Reference: Joffe Chapter 9

Online Chapter 9 tutorials 
Quiz #9

Module 10: Cash Controls
- Internal control over cash
- Bank reconciliations
- Accounting for Petty Cash
- Ethics and cash transactions

Text Reference: Joffe Chapter 10
On line Chapter 10 tutorials 
Quiz #10


Module 11 : Payroll
- Record payroll liabilities
- Record employer's contributions
- Record payroll payments

Text Reference: Joffe Chapter 11

Online Chapter 11 tutorials 
Quiz #11 

Module 12: Using Accounting Information: Cash Flow Identification and 
Financial Statement Analysis
- Identify the content of the Statement of Cash Flow
- Determine the inflow or outflow of cash classified by activity
- Identify the activity classification for a variety of transactions
- Analyze profitability, cash flow and management performance using 
ratio analysis

Text Reference: Joffe Chapter 12
Online Chapter 12 Tutorials
Quiz #12

Final Exam - Cumulative - 40%

Sheridan Policies

All Sheridan policies can be viewed on the Sheridan policy website.

Academic Integrity: The principle of academic integrity requires that all work submitted for evaluation and course credit be the original, unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on work, except for group projects arranged and approved by the professor, or otherwise submitting work that is not the student's own, violates this principle and will not be tolerated. Students who have any questions regarding whether or not specific circumstances involve a breach of academic integrity are advised to review the Academic Integrity Policy and procedure and/or discuss them with the professor.

Copyright: A majority of the course lectures and materials provided in class and posted in SLATE are protected by copyright. Use of these materials must comply with the Acceptable Use Policy, Use of Copyright Protected Work Policy and Student Code of Conduct. Students may use, copy and share these materials for learning and/or research purposes provided that the use complies with fair dealing or an exception in the Copyright Act. Permission from the rights holder would be necessary otherwise. Please note that it is prohibited to reproduce and/or post a work that is not your own on third-party commercial websites including but not limited to Course Hero or OneNote. It is also prohibited to reproduce and/or post a work that is not your own or your own work with the intent to assist others in cheating on third-party commercial websites including but not limited to Course Hero or OneNote.

Intellectual Property: Sheridan's Intellectual Property Policy generally applies such that students own their own work. Please be advised that students working with external research and/or industry collaborators may be asked to sign agreements that waive or modify their IP rights. Please refer to Sheridan's IP Policy and Procedure.

Respectful Behaviour: Sheridan is committed to provide a learning environment that supports academic achievement by respecting the dignity, self-esteem and fair treatment of every person engaged in the learning process. Behaviour which is inconsistent with this principle will not be tolerated. Details of Sheridan's policy on Harassment and Discrimination, Academic Integrity and other academic policies are available on the Sheridan policy website.

Accessible Learning: Accessible Learning coordinates academic accommodations for students with disabilities. For more information or to register, please see the Accessible Learning website (Statement added September 2016)

Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Any changes to course curriculum and/or assessment shall adhere to approved Sheridan protocol. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.

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