Sheridan Course Outlines

ACCG70016
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 2015
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Accounting
Program Coordinator(s): Brent Koritko
Course Leader or Contact: Multiple Course Leaders
Version: 5.0
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. Note: a minimum "B" grade in both ACCG70016 and ACCG70017 is needed to apply for exemption for Certified General Accountants of Ontario (CGA) FA1 course.

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. Note: a minimum "B" grade in both ACCG70016 and ACCG70017 is needed to apply for exemption for Certified General Accountants of Ontario (CGA) FA1 course.

Program Context

Accounting

Program Coordinator: Brent Koritko

This course is a component of the Accounting, Credit Union Institute, Tax Accounting and Business programs offered through the Faculty of Continuing and Professional Studies.

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 and liabilities as current or long-term.
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 for in-class delivery:
Quizzes and/or homework         10%
Assignments                     15%
Mid-Term Test (Modules 1 - 3)   35%
Final Exam (comprehensive)      40%
Total                           100%
	 	
Evaluation for on-line delivery.
On-line Quizzes                 15%
On-line Assignments             25%
* Comprehensive Final Exam      60%
Total                          100%

* Students must achieve a minimum of 50% on the final exam in order 
to earn credit for this  course. The 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 Training, Colleges and Universities requirements:

Essential Employability Skills
Essential Employability Skills emphasized in the course:

	Communication		Critical Thinking & Problem Solving		Interpersonal
	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 2015
Professor: Multiple Professors
Textbook(s):

Fundamental Accounting Principles, Volume 1 (14th Canadian Edition
2013), bundled with on-line learning portal Connect. 
Authors: Larson & Jensen. Publisher: McGraw-Hill Ryerson.

NOTE: Please retain this text book for future use.
Selected chapters of this text book (Volume 1) will be used for
ACCG70017 Financial Accounting 2.

Applicable student group(s): For in-class and online students in the Faculty of Continuing and Professional Studies
Course Details:

Module 1 (LO #1) - Introduction & Purpose of Financial Accounting
- Forms of Business Organizations
- Users of Accounting Information
- Ethics and Social Responsibility
- Accounting Principles
- The Accounting Equation

Text Reference - Chapter 1
____________________________________________________________________

Module 2 (LO #2)  Analyzing, Recording & Balancing Transactions
- Analyzing Accounting Transactions
- Recording and Posting Transactions
- Unadjusted Trial Balance
- Financial Statements

Text Reference - Chapter 2
____________________________________________________________________

Module 3 (LO's #3 to #7) - Adjusting Accounts, Completing the
Accounting Cycle & Classifying Accounts for Financial Presentation
- The Adjusting Process
- Correcting Entries
- Worksheet Preparation
- The Closing Process
- Classified Balance Sheet

Text Reference - Chapter 3 & 4
____________________________________________________________________

Module 4 (LO's #8 & #9) - Accounting for Merchandising Activities &
Inventory Costs
- Perpetual vs. Periodic Inventory Systems
- Sales and Purchase Transactions
- Assigning Costs to Inventory
- Estimating and Valuing Inventory
- Classified Income Statement

Text Reference - Chapter 5 & 6
____________________________________________________________________

Module 5 (LO #10) - Internal Controls & Cash Concepts
- Internal Control Principles
- Petty Cash Procedures
- Bank Reconciliations

Text Reference - Chapter 8

Retain this course outline during the course and for future use when
applying for credit
at other educational institutions.

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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