ACCG21627
Intermediate Accounting 1
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version   Public
 
Section I: Administrative Information
  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
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

 
 
Section II: Course Details

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

 
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.


Course Critical Performance and Learning Outcomes

 
 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.

Evaluation Plan
Students demonstrate their learning in the following ways:

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

 

Essential Employability Skills
Essential Employability Skills emphasized in the course:

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

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        

Notes: N/A

 
 
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.
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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