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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2011
Prerequisites:
N/A
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Financial Accounting
School: Business
Program(s):
Global Business Management
Program Coordinator(s):
Charles Minken
Course Leader or Contact: Francis Fasanu
Originator: Cheryl-Anne Shirley
Designate: Cheryl-Anne Shirley
Version: 3.0
Status: Approved - Under Rev (AREV)
Calendar Description
In introduction to financial accounting students acquire the skills
to be informed users of accounting information, through understanding
underlying accounting concepts and accounting systems. Financial
accounting is presented in a broader business context, emphasizing
what information is important, why it is important, and its
use in making economic decisions.
Typical Instructional Format
Lecture
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42.0 |
| Total hours: |
42.0 |
Courses may be offered in other formats.
Section I Notes:
It is not necessary to have completed any high school courses in
accounting prior to taking this course; although students with no
accounting or business background at all will have to necessarily
work somewhat harder in the course than students with high school
accounting. There is not usually a measurable difference in the
performance of students with accounting backgrounds and those without
by the end of the course.
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Detailed Description
The course is an introduction to financial accounting. Students learn
how to be informed users of accounting information. This course
presents financial accounting in a broader business
context-emphasizing what accounting information is important, why it
is important, and how it is used to make economic decisions.
Students learn about underlying accounting concepts such as business
transactions, data vs. information, revenue recognition and accruals
versus cash flows. Students learn how the major parts of the
financial statements are interrelated, namely the balance sheet,
income statement, and cash flow statement; and how to make sense of
all them together when performing a financial statement analysis.
Given the complexity of the global business environment, students are
introduced to international differences in accounting reporting.
Emphasis is placed in International Financial Accounting Standards.
In this course, interactive lectures, case studies and student-led
investigations are used to provide an overview of the accounting
discipline, the uses of accounting information and an overview of
financial reporting.
Program Context
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| Global Business Management |
Program Coordinator: Charles Minken |
This is a core program course
in semester three and
prepares the students for a
critical business stream in
accounting and finance which
will be fundamental to the
economic and strategic
courses within the curriculum.
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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 analyze financial statements and accounting related
information - whether local or international - at a fundamental user
level in order to make informed decisions, while recognizing the
ethical issues that may be present in financial documents.
Learning Outcomes
To achieve the critical performance, students will have demonstrated
the ability to:
1. Locate the relevant data for making business decisions.
2. Describe the financial accounting elements to consider when
evaluating a firm or making a decision.
3. Discuss the information communicated in the different parts
of the financial statements.
4. Analyze decision making by using professional and theoretical
knowledge.
5. Analyze all decisions with an ethical perspective on
corporate responsibilities.
6. Communicate effectively in correct financial terminology.
7. Detect biases in the way in which financial accounting
information is communicated by applying skills, knowledge,
and insights to effectively respond to accounting fraud.
8. Assess the impact on human behaviour of different financial
accounting measures and forms of reporting.
9. Analyze the process of making a decision based on financial
statements attending to the existing organizational
structure, strategy, culture, and external environment.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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3 mid terms, each worth 15% 45%
1 group case study assignment (financial statement analysis) 15%
Student's participation in in-class discussions of case studies 5%
1 Final comprehensive exam (to include mini-case study) 35%
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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Critical Thinking & Problem Solving
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Interpersonal
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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 |
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X |
Notes: The student writing the challenge exam must achieve a minimum of 60%
in the final exam regularly written by the students that take the
course.
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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 2011
Professor: Francis Fasanu
Textbook(s): Hoskin, Financial Accounting (Canadian Edition) 5th, John wiley and
Sons Canada Ltd ISBN: 9780470156759; ISBN: 9780470154816
Applicable student group(s): Global Business Management (Bachelor of Applied Business)
Course Details:Week Read before Topics Exams, Reports and
each class Tasks to be done
for each class
1 Chapter 1: book Introduction to the Download financial
Hoskin et al. course and brief statements from:
overview of corporate http://
financial reporting www.daimlerchrysler
in an international .com
context. Solve the
following
exercises: 1.28,
1.29, 1.39
2 Chapters 2 & 3: Business Solve the
book Hoskin et Transactions:economic following
al. effects and exercises:
transforming 2.19, 2.37,
data from business 2.39, 2.49
transactions into 3.41, 3-51
information for
financial statements
3 Chapter 4: Revenue recognition: Solve the
book Hoskin et the accounting dilemma following
al. exercises:
4.16, 4.23, 4-
28, 4.46
4 Chapter 5 (LO Interpretation of Solve the
1-5) book Hoskin the cash flow following
et al. statement (1st exercises:
hour of class) 5.14, 5.39
Mid term 1 (last 2
hours of the
class). Chapters
1, 2, 3 and 4
5 Chapters 6 & 7: Current Assets: Solve the
book Hoskin et nature and importance following
al. of cash, inventory, exercises:
temporary investments, 6.33, 6.39,
accounts and notes 7.15, 7.29,
receivables in the 7.41
decisions
6 Chapter 8: Non-current Assets: Solve the
book Hoskin differences following
et al. and particularities exercises:
8.14, 8.27,
8.33, 8.35, 8.48
7 Cash flow, income Mid term 2
and asset side of (last 2 hours of
the balance sheet the class).
review (1st hour Chapters 5
of class) (LO 1 to 5),
6, 7 and 8
8 Chapters 9 & 10: Liabilities: nature Solve the
book Hoskin and decision making following
et al. implications exercises:
9.18, 9.26,
9.36, 10.26, 10.43
9 Chapters 11 & 5 Shareholders' Solve the
(LO 6-7): book equity: residual following
Hoskin et al. nature exercises:
Construction of the 11.26, 11.34,
Cash Flow Statement 11.49 5.49, 5.55,
6.30
10 Chapter 12 Basics of financial Solve the
(LO 1-2): book statement analysis following
Hoskin et al. (1st hour of class) exercises:
12.13 Mid term 3
(last 2 hours of
the class).
Chapters 5 (LO 6
and 7), 6, 7, 8,
9, 10 and 11
11 Chapter 12: Comprehensive Solve the
book Hoskin Financial following
et al. Statement Analysis: exercises:
explain the mechanics 12.15, 12.18,
12.19, 12.25,
12.37
12 Review chapters Solve and discuss Hand in the
1 to 12: book the financial group case study
Hoskin et al. statement analysis assignment:12.44
done by the students. financial
statement
analysis (before
the start of the
class)
13 Visit: http: Introduction to Download
//www.iasb.org/ IFRS (International financial
CICA handbook12 Financial Reporting statements:
Standards) http://www.
nokia.com
/investors
Solve the
following
exercises:
12.49, 12.50
14 Overview of the course Final exam
and introduce the (last 2 ½ hours).
students to a career in Comprehensive
accounting (first ½ evaluation
hour of class) of all the
topics covered in
the course.
Chapters 1 to 12.
To include mini-
case study
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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