Accounting Theory and Practice 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: Fall 2018
Prerequisites: N/A
Corequisites: N/A
Equivalents: ACCG70016
Pre/Co/Equiv Notes: N/A

Program(s): Accounting Practitioner
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20180904_00
Status: Approved (APPR)

Section I Notes: This course is offered on-campus and will also include online/virtual components. The total instruction time will be 42 hours. The online portions of the course are web-based and offered entirely online through Sheridan College's SLATE learning management system. Students taking this course will need a laptop computer, reliable access to the internet, 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 begin their studies by working with the fundamental framework for financial accounting. Students will apply their learning to collect, analyze and format financial information and to explain the purpose and use of financial statements. Students will: study the underlying accounting concepts applicable to business entities, complete steps of the accounting cycle using an ERP system, work through common business problems, and learn how to provide useful information to decision makers. This course serves as the basis for more advanced studies in accounting.

Program Context

Accounting Practitioner Program Coordinator(s): N/A
This course is a component of the Accounting Practitioner Certificate, 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 their comprehension and application of accounting theories to the financial accounting process and the construction of business financial statements that provide reliable, value added information to decision makers.
Learning Outcomes:

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

  1. Describe the accounting function in a typical organization.
  2. Distinguish between Financial and Managerial accounting.
  3. Explain the importance of financial reporting to internal and external users.
  4. Analyze business transactions using the accounting equation.
  5. Record transactions and prepare a trial balance using *(ERP) software.
  6. Record typical adjusting entries and an adjusted trial balance.
  7. Prepare a balance sheet, income statement and statement of owner's equity.
  8. Prepare closing entries for revenue, expense and owners, capital accounts.
  9. Classify and describe assets and liabilities as current or long-term.
  10. Construct a set of financial statements and explain their purpose
  11. Complete a self-assessment aligned to the technical job responsibilities of an Accounts Payable specialist.
  12. Define and assess your competence applying the following business skills: problem-solving, communication, teamwork, presentation and collaboration.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Mid- term25.0%
 Comprehensive Final Exam40.0%

Evaluation Notes and Academic Missed Work Procedure:
Students must achieve a minimum of 50% on the final exam in order to earn credit for the course. Students are expected to appear in person to write the final exam at specified exam locations.

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


Essential Employability Skills
Essential Employability Skills emphasized in the course:

  • Communication
  • Critical Thinking & Problem Solving
  • Information Management
  • Interpersonal
  • Numeracy
  • Personal

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.
Instruction Mode: In-class & Online Instruction
Professor: Multiple Professors
OptionalOtherOnline texts, reading and references , articles, applied assignments and navigation of enterprise resource planning software to complete activities that support the learning outcomes and critical performance requirements.

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

Module 1 - Introduction to Financial Accounting

- The Accounting Industry in Canada
- Business organizations and the accounting function
- Users of accounting Information
- Ethics and social responsibility
- Objectives of financial statement reporting
- The accounting equation
- Basic Accounting Principles
- The four main financial statements: Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of cash flows
- Define the uses and limitations of Financial Statement reporting
- Introduction to modern accounting: the Enterprise Resource Planning (ERP) system

Module 2 - The Accounting Process

- Fundamental accounting terminology
- Double entry rules
- Cash vs Accrual accounting
- The General Ledger
- Recording and posting journal entries
- Analyzing accounting transactions
- The Closing Process
- Construct an Unadjusted Trial Balance
- Construct key Financial Statements

Module 3 - Adjusting Accounts & Completing the Accounting Cycle
- Introduction to the accounting cycle, reporting intervals and constraints
- The Adjusting Process
- Correcting entries
- Worksheet Preparation
- Prepare a Classified Balance Sheet
- The Account Closing process
- Supplemental Disclosure

Module 4 - The Liabilities Section of the Balance Sheet

- Describe the characteristics of liabilities
- Explain the difference  between current and long term liabilities
- Identify and describe known current  liabilities
- Prepare entries to account for payroll liabilities
- Calculate and record interest and related notes payable
- Account for estimated liabilities:
     o Employee liabilities
     o Debt refinancing,
     o Account for losses
     o Contingent liabilities

Module 5 - The Accounts Payable Specialist

- Define the role of an Accounts Payable specialist in relation to:
     o The expenditure cycle
     o Internal Controls
     o Petty cash procedures
     o Bank Reconciliations
     o Identify unusual transactions

- Explain the typical problems handled in an Accounts Payable role
- Explain how an AP solves problems
- How can someone in an Accounts Payable role add value to the organization
- Identify how interpersonal skills, collaboration and teamwork are required for success

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.

[ Printable Version ]

Copyright © Sheridan College. All rights reserved.