Sheridan Course Outlines

ACCG21646
Intermediate Accounting 2

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 2014
Prerequisites: (ACCG21627)
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Admin Accounting
Program Coordinator(s): Sally Mitzel
Course Leader or Contact: Sally Mitzel
Version: 17.0
Status: Approved - Under Rev (AREV)

Section I Notes: A minimum grade of "B" in this course together with a minimum grade of "B" in ACCG21627 qualifies the student for exemption toward the Certified General Accountant Association course FA2. Allowable calculator: Texas Instruments BAII Plus

Section II: Course Details

Detailed Description
This course focuses on the in-depth study of the accounting and reporting of the accounts that comprise the Asset section of the Balance Sheet. Using lectures, demonstrations and in-class problem solving activities students investigate the effect of the conceptual framework on the Asset accounts and learn to accurately account for and disclose asset transactions in accordance with generally accepted Canadian accounting principles.

Program Context

Business Admin Accounting

Program Coordinator: Sally Mitzel

This course studies in detail the asset accounts that comprise the Balance Sheet that students prepared in Intermediate Accounting 1. A complete understanding of the conceptual framework and how it affects the asset accounts will prepare the students for more advanced concepts of accounting.

Course Critical Performance and Learning Outcomes

 Critical Performance
By the end of this course, students will have demonstrated the 
ability to accurately report asset transactions by applying the 
principles of the underlying conceptual framework in the context of 
the Canadian financial reporting environment.
   
Learning Outcomes
To achieve the critical performance, students will have demonstrated 
the ability to: 
 
1.  Explain the accounting issues related to cash, cash equivalents, 
    accounts receivable, notes receivable, loans receivable and the 
    disposition of receivables.
2.  Use the two common techniques to control cash.
3.  Explain how receivables and loans are measured, reported and 
    analyzed.
4.  Determine the cost of inventory items to be included on an
    enterprise's balance sheet.
5.  Estimate inventory by using the gross profit method and retail
    method.
6.  Account for investments in various equity and debt instruments.
7.  Apply the equity method of accounting.
8.  Identify the costs to include in the initial and subsequent
    valuation of property, plant and equipment.
9.  Calculate amortization charges using various methods of 
    amortization.
10. Apply the accounting standards for capital asset impairment and 
    long-lived assets that will be disposed of through sale.
11. Identify the characteristics, recognition and measurement 
    requirements for intangible assets.
12. Record goodwill at acquisition and subsequent to acquisition.

Evaluation Plan
Students demonstrate their learning in the following ways:

12%  Homework assignments (hand-in/electronic)

10%  Chapter quizzes (best 5 of 6) (in-class/on-line)

40%  Midterm Examination (Chapter 7, 8, 9)

38%  Final Examination (Comprehensive)


Total 100%

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	X	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 2014
Professor: Multiple Professors
Textbook(s):

Intermediate Accounting, 10th Canadian Edition, Volume 1, with Wiley 
Plus
Kieso, Weygandt, Warfield, Young, Wiecek
John Wiley & Sons, Canada Ltd.


Study Guide to accompany text (optional).

Applicable student group(s): Business Administration - Accounting
Course Details:

Module 1 - Cash and Receivables

- Cash and cash controls
- Recognition, measurement, impairment and derecognition of  
  receivables
- Calculate bad debt expenses and explain the effect on financial 
  statements
- Recognition and measurement of short-term notes and long-term notes 
  and loan receivable
- Presentation, disclosure and analysis of receivables
- IFRS/Private Entity GAAP comparison

Text Reference: Chapter 7

Quiz and Homework

Module 2 - Inventory

- Determining inventory cost
- Compare the perpetual and periodic inventory systems
- Apply various inventory costing formulas
- Balance sheet valuation using lower of cost and net realizable value
- Estimating inventory
- Presentation, disclosure and analysis of inventories
- The retail method of estimating inventory
- IFRS/Private Entity GAAP Comparison

Text Reference - Chapter 8

Quiz and Homework

Module 3 - Investments

- The nature of financial instruments
- Recognition, measurement and disclosure using various accounting 
  models
- Impairment
- Strategic investments
- Presentation, disclosure and analysis
- IFRS/Private Entity GAAP Comparison

Text Reference - Chapter 9

Quiz & Homework

Midterm Exam 40% (Chapters 7,8,9)

Module 4 - Property, Plant and Equipment

- Recognition and cost elements at acquisition
- Measurement after acquisition
- Capitalization of borrowing costs
- IFRS/Private Entity GAAP Comparison

Text Reference - Chapter 10

Quiz & Homework

Module 5 - Depreciation, Impairment and Disposition

- Depreciation - A method of allocation
- Impairment
- Held for sale and derecognition
- Presentation, disclosure and analysis
- Capital cost allowance method
- IFRS/Private Entity GAAP Comparison

Text Reference - Chapter 11

Quiz & Homework

Module 6 - Intangible Assets and Goodwill

- Definition, recognition & measurement of intangible assets
- Types of intangibles
- Impairment and derecognition
- Goodwill
- Presentation, disclosure and analysis
- IFRS/Private Entity GAAP Comparison

Text Reference - Chapter 12

Quiz & Homework

Final Examination (38%) Comprehensive

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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