|
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2016
Prerequisites:
(ACCG21627)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Intermediate Accounting 1B
School: All Sheridan Schools
Program(s):
Business Admin Accounting
Program Coordinator(s):
Lorraine Cipparrone
Course Leader or Contact: Sonia Dhaliwal
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 22.0
Status: Approved (APPR)
Calendar Description
This course continues to focus on the rationale behind transactions
that began in Intermediate Accounting 1. Having studied the
conceptual framework upon which financial statements are prepared
students study in detail how to account and report the main asset
categories of the Balance Sheet.
Typical Instructional Format
Mobile
|
42.0 |
Total hours: |
42.0 |
Courses may be offered in other formats.
Section I Notes:
Allowable calculator: Texas Instruments BAII Plus
|
Detailed Description
This course focuses on the in-depth study of the accounting and
reporting of the accounts that comprise the Asset section of the
Balance Sheet. Using lectures, demonstrations and in-class problem
solving activities students investigate the effect of the conceptual
framework on the Asset accounts and learn to accurately account for
and disclose asset transactions in accordance with generally accepted
Canadian accounting principles.
Program Context
|
Business Admin Accounting |
Program Coordinator: Lorraine Cipparrone |
This course studies in detail
the asset accounts that
comprise the Balance Sheet
that students prepared in
Intermediate Accounting 1A. A
complete understanding of the
conceptual framework and how
it affects the asset accounts
will prepare the students 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 accurately report asset 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 accounting issues related to cash, cash equivalents,
accounts receivable, notes receivable, loans receivable and the
disposition of receivables.
2. Use the two common techniques to control cash.
3. Explain how receivables and loans are measured, reported and
analyzed.
4. Determine the cost of inventory items to be included on an
enterprise's balance sheet.
5. Estimate inventory by using the gross profit method and retail
method.
6. Account for investments in various equity and debt instruments.
7. Apply the equity method of accounting.
8. Identify the costs to include in the initial and subsequent
valuation of property, plant and equipment.
9. Calculate amortization charges using various methods of
amortization.
10. Apply the accounting standards for capital asset impairment and
long-lived assets that will be disposed of through sale.
11. Identify the characteristics, recognition and measurement
requirements for intangible assets.
12. Record goodwill at acquisition and subsequent to acquisition.
|
Evaluation Plan
Students demonstrate their learning in the following ways:
|
12% Homework assignments (hand-in/electronic)
10% Chapter quizzes (best 5 of 6) (in-class/on-line)
40% Midterm Examination (Chapter 7, 8, 9)
38% Final Examination (Comprehensive)
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:
|
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
|
|
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: Spring/Summer 2016
Professor: Multiple Professors
Textbook(s): Intermediate Accounting, 10th Canadian Edition, Volume 1, with Wiley
Plus
Kieso, Weygandt, Warfield, Young, Wiecek
John Wiley & Sons, Canada Ltd.
Study Guide to accompany text (optional).
Applicable student group(s): Business Administration - Accounting
Course Details:Module 1 - Cash and Receivables
- Cash and cash controls
- Recognition, measurement, impairment and derecognition of
receivables
- Calculate bad debt expenses and explain the effect on financial
statements
- Recognition and measurement of short-term notes and long-term notes
and loan receivable
- Presentation, disclosure and analysis of receivables
- IFRS/Private Entity GAAP comparison
Text Reference: Chapter 7
Quiz and Homework
Module 2 - Inventory
- Determining inventory cost
- Compare the perpetual and periodic inventory systems
- Apply various inventory costing formulas
- Balance sheet valuation using lower of cost and net realizable value
- Estimating inventory
- Presentation, disclosure and analysis of inventories
- The retail method of estimating inventory
- IFRS/Private Entity GAAP Comparison
Text Reference - Chapter 8
Quiz and Homework
Module 3 - Investments
- The nature of financial instruments
- Recognition, measurement and disclosure using various accounting
models
- Impairment
- Strategic investments
- Presentation, disclosure and analysis
- IFRS/Private Entity GAAP Comparison
Text Reference - Chapter 9
Quiz & Homework
Midterm Exam 40% (Chapters 7,8,9)
Module 4 - Property, Plant and Equipment
- Recognition and cost elements at acquisition
- Measurement after acquisition
- Capitalization of borrowing costs
- IFRS/Private Entity GAAP Comparison
Text Reference - Chapter 10
Quiz & Homework
Module 5 - Depreciation, Impairment and Disposition
- Depreciation - A method of allocation
- Impairment
- Held for sale and derecognition
- Presentation, disclosure and analysis
- Capital cost allowance method
- IFRS/Private Entity GAAP Comparison
Text Reference - Chapter 11
Quiz & Homework
Module 6 - Intangible Assets and Goodwill
- Definition, recognition & measurement of intangible assets
- Types of intangibles
- Impairment and derecognition
- Goodwill
- Presentation, disclosure and analysis
- IFRS/Private Entity GAAP Comparison
Text Reference - Chapter 12
Quiz & Homework
Final Examination (38%) Comprehensive
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.
|