Sheridan Course Outlines

Land Acknowledgement

Sheridan College resides on land that has been, and still is, the traditional territory of several Indigenous nations, including the Anishinaabe, the Haudenosaunee Confederacy, the Wendat, and the Mississaugas of the Credit First Nation. We recognize this territory is covered by the Dish with One Spoon treaty and the Two Row Wampum treaty, which emphasize the importance of joint stewardship, peace, and respectful relationships.

As an institution of higher learning Sheridan embraces the critical role that education must play in facilitating real transformational change. We continue our collective efforts to recognize Canada's colonial history and to take steps to meaningful Truth and Reconciliation.

Section I: Administrative Information

Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Winter 2023
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business, Business Accounting, Business Admin. - HR, Business Admin. Accounting, Business Admin. Finance, Business Admin. Marketing, Business Finance, Business Human Resources, Business Marketing
Program Coordinator(s): Sujaykumar Vardhmane, Orlando Brown, Upinder Bajwa, Vanessa Robinson, Stacey Sheehy
Course Leader or Contact: Maurizio Di Maio
Version: 20230109_00
Status: Approved (APPR)

Section I Notes: Allowable calculator: four-function or Texas Instruments BAII Plus

Section II: Course Details

Detailed Description
Students apply knowledge of basic accounting procedures and theory. This course provides an explanation of underlying accounting concepts applicable to all fields of business specialization and serves as the basis for more advanced studies in accounting. Using interactive lectures, demonstrations and in-class problem solving activities students perform the steps of the accounting cycle to provide useful information for decision makers.

Program Context

Business	Program Coordinator(s): Vanessa Robinson
This course is a required component of the Business Foundation year.
Business Accounting	Program Coordinator(s): Orlando Brown
This is a core component of the first year of all Business Administration programs and the Accounting Program and is the prerequisite for all further studies.
Business Admin. - HR	Program Coordinator(s): Sujaykumar Vardhmane
This course is a required component of the Business Foundation year.
Business Admin. Accounting	Program Coordinator(s): Orlando Brown
This is a core component of the first year of all Business Administration programs and the Accounting Program and is the prerequisite for all further studies.
Business Admin. Finance	Program Coordinator(s): Upinder Bajwa
This course is a required component of the Business Foundation year.
Business Admin. Marketing	Program Coordinator(s): Stacey Sheehy
This course is a required component of the Business Foundation year.
Business Finance	Program Coordinator(s): Upinder Bajwa
This course is a required component of the Business Foundation year.
Business Human Resources	Program Coordinator(s): Sujaykumar Vardhmane
This course is a required component of the Business Foundation year.
Business Marketing	Program Coordinator(s): Stacey Sheehy
This course is a required component of the Business Foundation year.

Course Critical Performance and Learning Outcomes

	Critical Performance:
	By the end of this course, students will have demonstrated the ability to complete the accounting cycle for a business entity.

Learning Outcomes:

To achieve the critical performance, students will have demonstrated the ability to:

Analyze business transactions using the accounting equation.
Identify the correct activity classification on the cash flow statement for a variety of business transactions.
Prepare journal entries to record and pay payroll liabilities for employees and for payroll costs levied on employers.
Prepare a bank reconciliation and account for petty cash transactions.
Prepare journal entries for a perpetual inventory system.
Prepare financial statements for a merchandising entity that uses the perpetual inventory system.
Classify assets and liabilities as current or long-term.
Record typical adjusting entries at the end of the accounting period and prepare an adjusted trial balance.
Record transactions in the journal, post from the journal to the ledger and prepare a trial balance
Prepare a worksheet
Prepare a balance sheet, an income statement and a statement of owner's equity from the adjusted trial balance
Prepare closing entries for the revenue, expense and drawings accounts.
Analyze financial data using basic analytics.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan: IN-CLASS

	Tutorials (12 x 1.25% each)	15.0%
	Quizzes (best 10 of 12 x 1.0% each)	10.0%
	Homework Assignments (best 10 of 12 x 1.0% each)	10.0%
	Midterm Test	30.0%
	Final Exam (Comprehensive)	35.0%
	Total	100.0%

Evaluation Notes and Academic Missed Work Procedure:

Late submissions are not permitted.  Modifications for exceptional circumstances (to be determined at the discretion of the instructor) may allow for changes to the implementation of this procedure.   Note: work/personal conflicts and/or commitments & computer related problems are not valid reasons for missed work.

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

Essential Employability Skills
Essential Employability Skills emphasized in the course:

Numeracy - Execute mathematical operations accurately.
Critical Thinking & Problem Solving Skills - Use a variety of thinking skills to anticipate and solve problems.
Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.
Personal Skills - Manage the use of time and other resources to complete projects.

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

Not Eligible for PLAR

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.
Instruction Mode: In-Class
Professor: Multiple Professors
Resource(s):

	Type	Description
Required	Other	CPA Handbook (online via Sheridan Library database)
Required	Other	E-access to course material. Key Accounting Principles, Joffe, N., 6th Edition, Volume 1., www.amelearning.com DIGITAL COURSE: ISBN: 978-1-990337-11-6 Key Accounting Principles Volume 1 Version 6.0 Digital Pin Code (eText/eWorkbook/AME Engage) PRINT AND DIGITAL BUNDLE: ISBN: 978-1-990337-01-7 Key Accounting Principles Volume 1, Version 6.0 Package (textbook, workbook, Pin Code)

Applicable student group(s): Business General, Business Administration Finance, Business Administration Human Resources, Business Administration Marketing and Business Administration Accounting
Course Details:

Module 1: Financial Statements: Personal Accounting

Introduction to Accounting Concepts

The Accounting Equation
Cash flow versus Accruals
Fundamental principles
Calculating Net worth

Text Reference: Chapter 1
Learning Outcomes: 1,7
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 2: Linking Personal Accounting to Business Accounting

Revenue recognition
Expense recognition
Analyzing transactions
Debit and Credit system

Text Reference: Chapter 2
Learning Outcomes: 1,2,7
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 3: The Accounting Framework

Forms of business organizations
Types of Accountants
Generally accepted accounting principles (GAAP)
The Conceptual Framework Fundamental characteristics and assumptions
Qualitative characteristics
Constraints on relevant and reliable information
Elements of financial statements
Controls in business
Ethics of Accounting

Text Reference: Chapter 3
Learning Outcomes: 1
Tutorial (1.25%)

Quiz (1%)
Homework Assignment (1%)

Module 4: The Accounting Cycle: Journals and Ledgers

Business transactions and source documents
The accounting cycle introduced
Journalizing and posting transactions

Text Reference: Chapter 4
Learning Outcomes: 1,2,7,9
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 5: The Accounting Cycle: Adjustments

Chart of Accounts
Trial Balance
Adjusting entries
Contra accounts
Recording adjustments
Adjusted Trial Balance

Text Reference: Chapter 5
Learning Outcomes: 1, 8, 9,10,11
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 6: The Accounting Cycle: Statements and Closing Entries

Preparation of financial statements
Closing entries
Post-closing trial balance
Classified Balance Sheet

Text Reference: Chapter 6
Learning Outcomes: 1,8, 9, 10,11,12
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)
Midterm Test (Module 1 through 6) 30%

Module 7: Inventory: Merchandising Transactions

Merchandising activities (sales and cost of sales)
Gross margin ratio
Multi-step Income Statement
Recording inventory transactions
Perpetual versus periodic inventory system

Text Reference: Chapter 7
Learning Outcomes:5, 6,8
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 8: Inventory Valuation

Assigning costs to inventory items using various valuation methods

Text Reference: Chapter 8
Learning Outcomes: 5, 6,8, 9
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 9: Accounting Information Systems and Data Analytics

The Sales Journal
The Cash receipts Journal
The Purchases Journal
The Cash Payments Journal
Aggregating data

Text Reference: Chapter 9
Learning Outcomes: 9, 13
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 10: Cash and Internal Controls

Internal control over cash
Bank reconciliations
Accounting for Petty Cash
Ethics and cash transactions

Text Reference: Chapter 10
Learning Outcomes: 4
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 11: Payroll

Record payroll liabilities
Record employer's contributions
Record payroll payments

Text Reference: Chapter 11
Learning Outcomes: 3
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Module 12: Analyzing Accounting Information

Identify the content of the Statement of Cash Flow
Determine the inflow or outflow of cash classified by activity
Identify the activity classification for a variety of transactions
Analyze profitability, cash flow and management performance using ratio analysis

Text Reference: Chapter 12
Learning Outcomes: 2
Tutorial (1.25%)
Quiz (1%)
Homework Assignment (1%)

Final Exam – Comprehensive - 35%

Sheridan Policies

It is recommended that students read the following policies in relation to course outlines:

Academic Integrity
Copyright
Intellectual Property
Respectful Behaviour
Accessible Learning

All Sheridan policies can be viewed on the Sheridan policy website.

Appropriate use of generative Artificial Intelligence tools: In alignment with Sheridan's Academic Integrity Policy, students should consult with their professors and/or refer to evaluation instructions regarding the appropriate use, or prohibition, of generative Artificial Intelligence (AI) tools for coursework. Turnitin AI detection software may be used by faculty members to screen assignment submissions or exams for unauthorized use of artificial intelligence.

Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.

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