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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Winter 2014
Prerequisites:
(ACCG21646)
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Advanced Accounting 1
School: All Sheridan Schools
Program(s):
Business Admin Accounting
Program Coordinator(s):
Sally Mitzel
Course Leader or Contact: Michael Kaine
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 19.0
Status: Approved - Under Rev (AREV)
Calendar Description
This course examines advanced topics in financial accounting. Topics
covered are: Current and Long Term Investments, Current and Long Term
Liabilities, Shareholders Equity and Financial Instruments &
Derivatives, and Earnings per share.
Typical Instructional Format
Mobile
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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 ACCG30624 together qualifies the student to apply for exemption
towards the Certified General Accountant Association course FA3.
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Detailed Description
Students develop accounting skills via lecture, demonstration, and
group problem-solving work that relate to the liabilities and
shareholders' equity section of the Balance Sheet. These skills
consist of identifying and measuring financial obligations, preparing
a shareholders' equity section, breaking complex financial
instruments into debt and equity components, and recording and
reporting Earnings per Share.
Program Context
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| Business Admin Accounting |
Program Coordinator: Sally Mitzel |
This course is a core
component of the third year
of the Accounting Program,
building on the second year
learning experiences of
Intermediate Accounting 2.
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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 correctly apply the Conceptual Accounting Framework
underlying financial reporting as it relates to the liabilities and
shareholders' equity sections of the Balance Sheet. Both Private
Enterprise GAAP and IFRS GAAP will be covered with the major focus on
private Enterprise GAAP.
Learning Outcomes
To achieve the critical performance, students will have demonstrated
the ability to:
1. Report known and estimated current liabilities.
2. Prepare the proper accounting journal entries for Asset
Retirement Obligations (AROs) and for contingencies.
3. Properly record bond issuance and retirement transactions.
4. Record common stock issuance and repurchase
transactions.
5. Prepare a Shareholders' Equity section of the Balance
Sheet.
6. Record all types of dividends.
7. Report the issuance and retirement of complex financial
instruments.
8. Report derivatives.
9. Report stock option transactions.
10. Calculate basic and diluted earnings per share.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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Assignments 10%
Quizzes 10%
Mid-Term Exam 40% (Chapters 13 and 14)
Final Exam 40% (Comprehensive)
Total 100%
The Mid-Term and Final Exams will consist of multiple-choice, single-
subject, and multi-subject questions.
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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: Winter 2014
Professor: Multiple Professors
Textbook(s): Required: Intermediate Accounting, Tenth Canadian Edition, Volume 2
with Wiley Plus
Keiso, Weygandt, Warfield, Young, and Wiecek
John Wiley & Sons 2013
Optional: Study Guide to Accompany Intermediate Accounting Vol. 2,
10th Canadian Edition
Applicable student group(s): Business Administration- Accounting
Course Details:Module 1: Non-Financial and Current Liabilities
- Differential between financial and nonfinancial liabilities
- Account for common current liabilities such as employee-related
liabilities, unearned revenue, product guarantees, customer-program
obligations, uncertain commitments losses, contingent liabilities,
estimated liabilities and guarantees.
- With respect to environmental liabilities prepare the proper
accounting journal entries for Asset Retirement Obligations
- Determine the effect of transactions by performing ratio
calculations
Text Reference: Chapter 13
Assessment: 2 quizzes, 2 assignments
Module 2: Long-Term Financial Liabilities
- Calculate a bond price on issuance and at subsequent points
in time
- Apply the effective interest rate method
- Measure and report interest expense and explain the nature
of a discount or premium
- Account for debt restructurings, debt extinguishment through
defeasance.
- Indicate how long-term debt is presented and analyzed
Text Reference: Chapter 14
Assessment: 2 quizzes, 2 assignments
Module 3 Shareholders' Equity
- The Corporate Form and the share capital system
- Record common stock issuance and repurchase transactions
- Prepare journal entries for transactions that affect Retained
Earnings
- Calculate dividend distribution, acknowledging various dividend
entitlements
- Account for Stock Dividends and Stock Splits
- Identify the components of Contributed Surplus
- Prepare a Shareholders' Equity section of the Balance Sheet
Text Reference: Chapter 15
Assessment: 2 quizzes, 2 assignments
Mid-Term Exam Module 1 & 2 (only)
Module 4 Complex Financial Instruments
- Distinguish between debt and equity instruments
- Report the issuance and retirement of complex financial
instruments such as convertible debt
- Report derivative transactions used for hedging to manage
financial risk
- Describe the various types of share based compensation plans
Text Reference: Chapter 16
Assessment: 3 quizzes, 3 assignments
Module 5: Earnings per share
- Calculate basic earnings per share
- Identify requirements and calculation of diluted EPS
- Prepare and interpret financial statement disclosure related
to EPS
Text Reference: Chapter 17
Assessment: 2 quizzes, 2 assignments
Module 6: Review
Text Reference: (Chapters 13 - 17)
Final Exam (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.
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