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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2014
Prerequisites:
(ACCG16971)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Accounting 2
School: All Sheridan Schools
Program(s):
Business, Business Admin Accounting
Program Coordinator(s):
Multiple Coordinators
Course Leader or Contact: Maurizio Di Maio
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 28.0
Status: Approved - Under Rev (AREV)
Calendar Description
Students examine in depth current and long-term assets, property,
plant and equipment, intangible assets, current and long-term
liabilities and equity accounts.
Students learn about the structure and operations of partnerships
and corporations and how to account for business transactions within
those entities. Using interactive lectures, demonstrations and in-
class problem solving activities students learn how to account for
and report business transactions for partnerships and corporations.
Typical Instructional Format
Lecture
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42.0 |
| Total hours: |
42.0 |
Courses may be offered in other formats.
Section I Notes:
A minimum grade of "B" in this course together with a minimum grade
of "B" in ACCG16971 qualifies the student for exemption toward the
Certified General Accountant Association course FA1.
Allowable calculator: four function calculator or Texas BAII Plus.
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Detailed Description
Students examine in depth current and long-term assets, property,
plant and equipment, intangible assets, current and long-term
liabilities and equity accounts.
Students learn about the structure and operations of partnerships
and corporations and how to account for business transactions within
those entities. Using interactive lectures, demonstrations and in-
class problem solving activities students learn how to account for
and report business transactions for partnerships and corporations.
Program Context
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| Business |
Program Coordinator: Multiple |
This course is an optional
component of the first year
of the Business and Business
Administration Finance.
| Business Admin Accounting |
Program Coordinator: Multiple |
Same as above. Program
Coordinator: Sally Mitzel
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Course Critical Performance and Learning Outcomes
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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. Account for current assets using a variety of acceptable methods
to report their balances on the financial statements.
2. Describe long-term assets and apply the cost principle to
calculate their costs.
3. Calculate and record amortization using straight-line, units-of-
production and declining balance methods.
4. Prepare journal entries for the disposition of assets.
5. Describe the characteristics of current and long-term liabilities.
6. Calculate interest with respect to notes payable.
7. Prepare journal entries to account for all aspects of
partnerships.
8. Prepare the shareholders' equity section of a corporate balance
Sheet.
9. Record the issuance and retirement of common and preferred shares
and account for the distribution of a variety of dividends. .
10.Record closing entries for a corporation.
11.Calculate earnings per share and describe its uses.
12.Record issuance of bonds.
13.Prepare a simple cash flow statement.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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Online tutorials 7.5%
Quizzes (pre-chapter, best 11 of 12) 10%
Homework Assignments (post-class) 7.5%
Mid Term Test (Module 1-6) 35%
Final Exam Comprehensive 40%
Total 100%
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Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:
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Essential Employability
Skills
Essential Employability Skills emphasized in the course:
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Communication
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X
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Critical Thinking & Problem Solving
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Interpersonal
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X
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Numeracy |
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Information
Management |
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Personal
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Notes: N/A
Prior Learning Assessment and Recognition
PLAR Contact: Multiple PLA Contacts
Students may apply to receive credit by demonstrating achievement
of the course learning outcomes through previous life and work experiences.
This course is eligible for challenge through the following
method(s):
| Challenge Exam |
Portfolio |
Interview |
Other |
Not Eligible for PLAR |
| X |
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Notes: N/A
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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): Key Accounting Principles Volume 2, 3rd Canadian edition, Neville
Joffe, AME Publishing.
Applicable student group(s): Business General, Business Accounting, Business Finance, Business
Administration Accounting, Business Administration Finance
Course Details:Module 1: Accounting Information Systems
- Using sub-ledger accounts
Text Reference: Joffe Chapter 1
On line Chapter 1 tutorials
Quiz #1
Module 2: Cash and Short-Term Investments
- Prepare a Bank Reconciliation in good form
- Classification of investments
- Accounting for short-term investments
Text Reference: Joffe Chapter 2
On line Chapter 2 tutorials
Quiz #2
Module 3: Accounts and Notes Receivable
- Credit customers and bad debts
- Promissory notes
- Converting receivables into cash before maturity
- Accounts Receivable turnover
- Days' sales outstanding analysis
Text Reference: Joffe Chapter 3
On line Chapter 3 tutorials
Quiz #3
Module 4: Inventory
- Assigning costs to inventory items
- Lower of cost and net realizable value
- Inventory errors
- Estimating inventory
- Inventory costing methods- periodic inventory system
- Merchandise turnover ratio
- Days' sales in inventory analysis
Text Reference: Joffe Chapter 4
On line Chapter 4 tutorials
Quiz #4
Module 5: Prepaid Expenses and Other Current Assets
- Text Reference: Joffe Chapter 5
On line Chapter 5 tutorials
Quiz #5
Module 6: Non-Current Assets
- Property, plant and equipment
- Costs subsequent to acquisition of property, plant &
equipment
- Depreciation
- Impairment of Property, plant & equipment
- Disposals of Property, plant & equipment
- Intangible assets
- Asset turnover ratio
- Return on Total Assets ratio
Text Reference: Joffe Chapter 6
On line Chapter 6 tutorials
Quiz #6
Midterm Exam - 35% Modules 1 - 6
Module 7: Current Liabilities & Non-current Liabilities
- Determinable liabilities
- Short-term notes payable
- Estimated and contingent liabilities
- Bonds payable and other long-term liabilities
- Issuing bonds at par
- Time value of money
- Issuing bonds at discount and premium
- Retiring bonds
Text Reference: Joffe Chapter 7 & 8
On line tutorials Chapter 7 & 8 due
Quiz #7 & #8
Module 8: Partnerships
- Characteristics of partnerships
- Division of partnership earnings
Text Reference: Joffe Chapter 9
On line Chapter 9 tutorials due
Quiz #9
Module 9: Corporations: Share Capital, Dividends & Financial
Statements
Internal control over cash
- Corporate organization
- Issuance of shares
- Classes of shares
- Cash dividends
- Closing entries for a corporation
- Book value per share
- Earnings per share
- Reporting income
- Retained earnings
- Corporate Financial Statements
Text Reference: Joffe Chapter 10 & 11
On line Chapter 10 & 11 tutorials
Quiz #10 & 11
Module 10: The Cash Flow Statement
- Classify operating, investing and financing activities
- Create a simple cash flow statement
Text Reference: Joffe Chapter 12
On line Chapter 12 tutorials
Quiz #12
Final Exam - Cumulative - 40%
Academic Honesty
The principle of academic honesty 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 faculty member, or otherwise submitting work that is not
the student's own violates this principle and will not be tolerated. Instances of academic dishonesty, including
assisting another student to cheat, will be penalized as detailed in the Student Handbook.
Students who have any questions regarding whether or not specific circumstances involve a breach of academic
honesty are advised to discuss them with the faculty member prior to submitting the assignment in question.
Discrimination and Harassment
Sheridan is committed to provide a learning environment that respects 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 are available in the Student Handbook.
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