Financial 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 2020
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Accounting and Finance Profess, Business, Office Administration, Payroll Compliance Practitione, Small Business Bookkeeping, Tax Accounting
Program Coordinator(s): Ruxandra Dunn
Course Leader or Contact: N/A
Version: 20200519_00
Status: Approved (APPR)

Section I Notes: This course is offered in a classroom version and an online version. In the classroom version, there are three hours per week of classroom instruction. The online version is a web-based course offered entirely online through Sheridan College. Students taking this course will need reliable access to the internet, and should have a basic level of comfort using computers as well as the self- discipline to study independently. Students can expect to spend an additional three hours per week for online activities such as postings, discussions, reading, homework and assignments.

Section II: Course Details

Detailed Description
Students use basic accounting procedures and theory to analyze financial information and explain financial statements. Students review underlying accounting concepts applicable to all fields of business, perform the steps of an accounting cycle, and provide useful information for decision makers. This course serves as the basis for more advanced studies in accounting. Students engage in interactive lectures, demonstrations and problem solving activities.

Program Context

Accounting and Finance Profess Program Coordinator(s): N/A
This course is part of the Accounting and Finance cluster of course offerings.

Business Program Coordinator(s): N/A
This course is a compulsory component for the Business Certificate program.

Office Administration Program Coordinator(s): N/A
This course is a compulsory component for the Office Administration Certificate program.

Payroll Compliance Practitione Program Coordinator(s): N/A
This course is a compulsory component for the Payroll Compliance Practitioner program.

Small Business Bookkeeping Program Coordinator(s): Ruxandra Dunn
This course is a compulsory component for the Small Business Bookkeeping Certificate program.

Tax Accounting Program Coordinator(s): Ruxandra Dunn
This course is a compulsory component for the Tax Accounting Certificate program.

Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course students will have demonstrated the ability to process an 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 and balance a ten-column 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 owners, capital accounts.
  7. Classify assets as current or long-term, and liabilities as current or non-current.
  8. Record sales and purchase transactions for a merchandising entity using the perpetual inventory system.
  9. Compute the cost of inventory and cost of goods sold using a variety of methods to determine appropriate reporting of inventory.
  10. Account for petty cash transactions and reconcile banking activity.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: ONLINE
 Online Quizzes15.0%
 Online Assignments25.0%
 Mid-Term Test (Modules 1 - 3)25.0%
 Comprehensive Final Exam35.0%

Evaluation Notes and Academic Missed Work Procedure:
Please note that for the online course section, the completion of assignments, discussions, quizzes and exams will be done online.

Evaluation Plan: IN-CLASS
 Quizzes and/or homework10.0%
 Mid-Term Test (Modules 1 - 3)35.0%
 Final Exam (comprehensive)40.0%

Evaluation Notes and Academic Missed Work Procedure:
The midterm and final exam will be administered in a classroom. Students are expected to appear in person to write the final exam.

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


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

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.
Print Instruction Mode Professor Applicable Student Group(s)
In-Class Multiple Professors For in-class students in Continuing and Professional Studies.
Online Multiple Professors For online students in Continuing and Professional Studies.

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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