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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2014
Prerequisites:
(ACCG17937)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Intermediate Accounting 1
School: All Sheridan Schools
Program(s):
Business Admin Accounting
Program Coordinator(s):
Sally Mitzel
Course Leader or Contact: Sally Mitzel
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 15.0
Status: Approved - Under Rev (AREV)
Calendar Description
This course focuses on financial accounting theory. Students learn
the conceptual framework upon which financial statements are prepared
and apply the principles of this framework to produce financial
statements that meet professional accounting standards.
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
or "B" in ACCG21646 qualifies the student for exemption toward the
Certified General Accountant course FA2.
Allowable calculator: Texas Instrument BAII Plus
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Detailed Description
This course focuses on the study of the rationale behind the
accounting and reporting of business transactions. Students learn
the conceptual framework upon which financial statements are produced
and apply the principles of this framework to prepare financial
statements that meet professional accounting standards. Using
lectures, demonstrations and in-class problem solving activities
students learn how to account for and report business transactions in
the context of the Canadian financial reporting environment.
Program Context
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Business Admin Accounting |
Program Coordinator: Sally Mitzel |
This course builds on the
foundation of introductory
level accounting and teaches
students to appreciate the
challenges, value and
limitations of accounting
theory and practice in
preparation for more advanced
concepts of accounting.
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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 business transactions by applying the principles of
the underlying conceptual framework in the context of the Canadian
financial reporting environment.
Learning Outcomes
To achieve the critical performance, students will have demonstrated
the ability to:
1. Explain the objectives of financial reporting and the need for
generally accepted accounting principles.
2. Define the basic elements of financial statements.
3. Describe the basic foundational concepts and constraints in
accounting.
4. Explain the steps of the accounting cycle.
5. Prepare a single-step and multiple-step income statement with
irregular items and discontinued operations.
6. Prepare a retained earnings statement and explain how
comprehensive income is reported.
7. Explain the difference between the cash basis of accounting and
the accrual basis of accounting.
8. Prepare a classified balance sheet and identify information that
requires supplemental disclosure.
9. Prepare the operating activities section of the cash flow
statement.
10.Analyze financial performance using ratios.
11.Apply the revenue recognition principle to various types of sales
and service contracts.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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Homework assignments (5 at 2% each) 10%
Quizzes (best 5 of 6 at 2% each) 10%
Midterm Examination (Chapter 1, 2, 3) 40%
Final Examination (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:
X
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Communication
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X
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Critical Thinking & Problem Solving
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X
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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): Keiso, Weygandt et al., Intermediate Accounting, Volume 1, Tenth
Canadian Edition with Wiley Plus, John Wiley & Sons Canada Ltd.
Study Guide (Volume 1) to accompany text (optional).
Applicable student group(s): Business Administration - Accounting
Course Details:Module 1 - The Canadian Financial Reporting Environment
- The role of financial reporting
- Objectives of financial reporting
- Standard setting and alternative sets of GAAP
- Generally accepted accounting principles (GAAP)
- Ethics in Accounting
- Challenges facing financial reporting using a simple case analysis
Text Reference: Chapter 1
Quiz #1
_____________________________________________________________________
Module 2 - Conceptual Framework Underlying Financial Reporting
- The usefulness of the conceptual framework
- Underlying assumptions and qualitative characteristics of
accounting information
- Fundamental Concepts for measurement and recognition of the basic
elements of the financial statments
- Foundational principles and conventions
- Financial reporting issues and the exercise of professional judgment
- IFRS/Private GAAP comparison
- Fair value measurement
Text Reference: Chapter 2, Homework Assignment
Quiz #2
_______________________________________________________________
Module 3 - The Accounting Information System
- Accounting Information System
- The accounting cycle
- Using a worksheet
- Using reversing entries
Text Reference: Chapter 3, Homework Assignment
Quiz #3
_____________________________________________________________________
Mid Term Exam - 40% (Chapters 1-3)
______________________________________________________________________
Module 4 - Reporting Financial Performance
- Income statement usefulness and limitations
- Access the Quality of Earnings and the ethical considerations of
earnings management
- Format of the income statement and statement of Comprehensive
Income; Retained Earnings Statement and Statement of Shareholders'
Equity
- Reporting irregular items including discontinued operations and
unusual items
- Special reporting issues including Intra period tax allocations and
earnings per share
- IFRS/Private GAAP comparison
- Cash Basis versus Accrual Basis of Accounting
Text Reference: Chapter 4, Homework Assignment
Quiz #3
______________________________________________________________________
Module 5 - Financial Position and Cash Flows
- Balance sheet usefulness and limitations
- Statement of Cash Flows - purpose,format and content
- Clarifications and format of the balance sheet
- Supplemental Balance Sheet disclosure
- IFRS/Private GAAP comparison
- Ratio Analysis to assess operating performance
Text Reference: Chapter 5, Homework Assignment
Quiz #4
______________________________________________________________________
Module 6 - Revenue Recognition
- Economics and legality of business transaction
- Accounting for a variety of sales transactions - recognition and
measurement
- Account for Consignment Sales
- Apply the percentage of completion method of accounting for revenue
from long-term contracts
- Accounting - Presentation and disclosure
- IFRS/Private Entity GAAP comparison
Text Reference, Chapter 6
Quiz #5
_______________________________________________________________
FINAL EXAM - 40% (Chapters 1-6)
______________________________________________________________________
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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