Financial 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 2020
Prerequisites: ACCG70016
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Accounting and Finance Profess, Business, 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, and homework.

Section II: Course Details

Detailed Description
Students expand their knowledge of accounting principles and concepts related to accounts and notes receivable, capital assets, intangible assets, current liabilities and notes payables. Emphasis in this course is placed on the structure and operations of partnerships and corporations, including how to account for business transactions within those entities. Using interactive lectures, demonstrations and problem solving activities students learn how to account for and report business transactions for partnerships and corporations.

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.

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 report a variety of business transactions to users of financial statements.
Learning Outcomes:

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

  1. Record accounts receivable and apply the direct method and allowance method for recording uncollected amounts.
  2. Account for tangible and intangible long-term assets, including acquisition, disposition and various methods of calculating asset depreciation.
  3. Prepare journal entries to record and pay payroll liabilities for the employees and for payroll costs levied on employers.
  4. Describe the characteristics of current and long-term liabilities.
  5. Calculate interest with respect to notes payable.
  6. Account for Partnerships, including recognition of initial investment by partners, admission/ withdrawal of a partner, allocation of income/losses & liquidation of partnership.
  7. Account for corporation organizations including, issuance of common and preferred shares, declaration and distribution of various kinds of dividends to various classes of shares, retirement of shares and presentation of the shareholders' equity section of the corporate balance sheet.
  8. Calculate earnings per share and describe its uses.
  9. Record the issuance of bonds between interest dates.
  10. Prepare and present a simple cash flow statement.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: ONLINE
 Online Quizzes15.0%
 Online Assignments25.0%
 Final Exam (Comprehensive)60.0%

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 Test35.0%
 Final Exam Comprehensive40.0%

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 In-class Students
Online Multiple Professors Online Students

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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