Sheridan Course Outlines

ACCG30624
Advanced 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: Fall 2014
Prerequisites: (ACCG35141)
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: Michael Kaine
Version: 16.0
Status: Approved - Under Rev (AREV)

Section I Notes: A minimum grade of B in this course together with a minimum grade of B in ACCG35141 qualifies the student to apply for exemption toward the Certified General Accountant of Ontario FA 3 course.

Section II: Course Details

Detailed Description
Students are provided the opportunity to develop accounting skills that relate to accounting for more complex liabilities, preparing a Cash Flow Statement, dealing with accounting changes and other measurement items.

Program Context

Business Admin Accounting

Program Coordinator: Sally Mitzel

This course is a core component of the third year of the Accounting Program, building on the second year learning experiences of ACCG 23627 (Intermediate Accounting 1) and ACCG 23646 (Intermediate Accounting 2) and the ACCG 35141 (Advanced Accounting 1) course.

Course Critical Performance and Learning Outcomes

 Critical Performance
By the end of this course, students will have demonstrated the 
ability to correctly apply the Conceptual Accounting Framework 
underlying financial reporting as it relates to the liabilities and 
shareholders' equity sections of the Balance Sheet.  Both Private 
Enterprise GAAP and IFRS GAAP will be covered with the major focus on 
Private Enterprise GAAP.
   
Learning Outcomes
To achieve the critical performance, students will have demonstrated 
the ability to: 
 

1.  Report the effect of permanent and temporary
    differences between accounting income and taxable income
2.  Report tax loss carryback and carryforward transactions
3.  Determine the correct amount of pension expense for a 
    defined benefit pension plan
4.  Report the effects of past service contributions, actuarial gains 
    and losses and post retirement benefits
5.  For lessees prepare the appropriate journal entries 
    for capital and non-capital leases
6.  For lessors, prepare the journal entries for sale-type leases and 
    direct financing leases
7.  Prepare journal entries and financial statement
    changes for prior year errors and for accounting policy changes
8.  Prepare financial statement error analysis
9.  Prepare a cash flow statement using the direct and 
    indirect methods
10. Report a company's operations by major segments
11. Report related party transactions and subsequent events

Evaluation Plan
Students demonstrate their learning in the following ways:

Assignments             10%
Quizzes                 10%
Mid-Term Exam           40% (Chapters 18 and 19)
Final Exam              40% (Comprehensive)
Total                  100%

The Mid-Term and Final Exams will consist of multiple-choice, single-
subject, and multiple-subject questions.

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: Fall 2014
Professor: Multiple Professors
Textbook(s):

Required: Intermediate Accounting, Tenth Canadian Edition, Volume 2 
with Wiley Plus 
Keiso, Weygandt, Warfield, Young, Wiecek 
John Wiley & Sons 2013

Optional: Study Guide to Accompany Intermediate Accounting Volume 2 - 
10th Canadian Edition

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

Module 1 - Income Taxes
- Identify and report the effect of permanent and temporary   
  differences 
- Prepare analyses of future income tax balances and record future  
  income tax expense.
- Report tax loss and carry-back and carry-forward transactions
- Analyze the extensive disclose related to current and future income 
  taxes

Text reference: Chapter 18

Assessment: 2 quizzes, 2 assignments

Module 2: Pensions and Other Employee Future Benefits
- Outline the characteristics of pension plans, and define the key  
  variables used to measure pension amounts.
- Determine the correct amount of pension expense for a defined  
  benefit pension plan
- Report the effects of past service contributions, actuarial gains  
  and losses, and post-retirement benefits
- Calculate a benefit plan¿s funded status and identify events that  
  change its amount
- Account for post-employment benefits and other long-term employee  
  benefit plans 

Text reference: Chapter 19

Assessment: 2 quizzes, 2 assignments

Midterm (Module 1 & 2)

Module 3: Leases
- Calculate lease liability amortization using a schedule/worksheet
- For lessees, report the appropriate journal entries for capital and 
  non-capital leases
- For lessor, prepare journal entries for sales-type leases 
  and direct financing leases
- Account for sale-leaseback transactions

Text reference: Chapter 20

Assessment: 2 quizzes, 2 assignments

Module 4: Accounting Changes and Error Analysis
- Identify and differentiate among the types of accounting changes
- Prepare journal entries to apply the retrospective method of  
  accounting for a change in accounting policy  and identify  
  disclosure requirements
- Prepare journal entries to apply the retrospective restatement for  
  the correction of accounting errors and identify the disclosure  
  requirements
- Apply the prospective application method for a change in an 
  accounting estimate and identify disclosure requirements
- Prepare financial statement error analysis

Text reference: Chapter 21

Assessment: 2 quizzes, 2 assignments

Module 5: Cash Flow Statement
- Analyze the informational content of a cash-flow statement
- Prepare a cash flow statement using the direct method and the  
  indirect method 

Text reference: Chapter 22

Assessment: 2 quizzes, 2 assignments

Module 6: Other Measurement and Disclosure Items 
- Report a company operations by major segments
- Report related party transactions and subsequent events

Text reference: Chapter 23

Assessment: 1 quiz, 1 assignment

Final Exam (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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