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: Spring/Summer 2022
Prerequisites: ACCG17937
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business, Business Accounting, Business Admin. Accounting
Program Coordinator(s): Orlando Brown, Vanessa Robinson
Course Leader or Contact: Lorraine Alyea
Version: 20220509_00
Status: Approved (APPR)

Section I Notes: 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	Program Coordinator(s): Vanessa Robinson
This course is an elective course for the Business program.
Business Accounting	Program Coordinator(s): Orlando Brown
Same as Business Admin. Accounting
Business Admin. Accounting	Program Coordinator(s): Orlando Brown
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:

Describe the essential characteristics of accounting, the objective of financial reporting and the standard setting process in Canada.
Define the elements of the conceptual framework for financial reporting
Explain the various steps in the accounting cycle.
Prepare a multi-step income statement, classified balance sheet and cash flow statement in accordance with GAAP for an entity.
Compare alternative revenue recognition policies and performance obligations.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan: IN-CLASS

	Homework assignments (5 at 4% each)	20.0%
	Quizzes (best 5 of 6 at 2% each)	10.0%
	Midterm Examination (Chapter 1,2,3)	30.0%
	Comprehensive Final Exam	40.0%
	Total	100.0%

Evaluation Notes and Academic Missed Work Procedure:

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 - Apply a systematic approach to solve problems.
Information Management - Locate, select, organize and document information using appropriate technology and information systems.

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	Textbook	Intermediate Accounting, Volume 1, Kieso, D., Weygandt, J. Warfield, T., Young, N., Wiecedk, I., McConomy, B., John Wiley & Sons Ltd., 12th Canadian Edition with Wiley Plus, 2019
Required	Other	CPA Handbook (online via Sheridan Library database)

Applicable student group(s): Business Administration - Accounting
Course Details:

Module 1 - The Canadian Financial Reporting Environment

Understand the financial reporting environment.
Explain the need for accounting standards and identify the major entities that influence standard setting and financial reporting.
Explain the meaning of generally accepted accounting principles (GAAP) and the significance of professional judgement in applying GAAP.
Discuss some of the challenges and opportunities for accounting.
Discuss current trends in standard setting for the conceptual framework.

Chapter Reading: Chapter 1

Assessment: Quiz (2%)

Learning Outcome: 1

Module 2 –The Conceptual Framework

Indicate the usefulness and describe the main components of a conceptual framework for financial reporting.
Identify the qualitative characteristics of accounting information.
Define the basic elements of financial statements.
Describe the foundational principles of accounting.
Explain the factors that contribute to choice and/or bias in financial reporting decisions.

Chapter Reading: Chapter 2

Assessments: Quiz (2%), Assignment (4%)

Learning Outcome: 2

Module 3 - Measurement and the Accounting Cycle

Understand basic accounting terminology, double-entry rules and the accounting equation.
Identify the steps in the accounting cycle and the steps in the recording process.
Explain the reasons for and prepare adjusting entries.
Explain how the type of ownership structure affects the financial statements.
Prepare closing entries and consider other matters relating to the closing process.
Use valuation techniques to measure financial statement elements.
Use IFRS 13 to measure fair value.
Understand and apply present value concepts.

Chapter Readings: Chapter 3 and Appendix C

Assessments: Quiz (2%), Assignment (4%)

Learning Outcome: 3

Mid Term Exam - 30% (Chapters 1-3)

Module 4 - Reporting Financial Performance

Understand the statement of financial position and statement of cash flows from a business perspective.
Identify the uses and limitations of a statement of financial position.
Identify the major classifications of a statement of financial position.
Prepare a classified statement of financial position.
Identify statement of financial position information that requires supplemental disclosure.
Identify major disclosure techniques for the statement of financial position.
Indicate the purpose and identify the content of the statement of cash flows.
Prepare a statement of cash flows using the indirect method.
Understand the usefulness of the statement of cash flows.

Chapter Reading: Chapter 4

Assessment: Quiz (2%), Assignment (4%)

Learning Outcome: 4

Module 5 - Financial Position and Cash Flows

Understand the statement of financial position and statement of cash flows from a business perspective.
Identify the uses and limitations of a statement of financial position.
Identify the major classifications of a statement of financial position.
Prepare a classified statement of financial position.
Identify statement of financial position information that requires supplemental disclosure.
Identify major disclosure techniques for the statement of financial position.
Indicate the purpose and identify the content of the statement of cash flows.
Prepare a statement of cash flows using the indirect method.
Understand the usefulness of the statement of cash flows.

Chapter Reading: Chapter 5

Assessment: Quiz (2%), Assignment (4%)

Learning Outcome: 4

Module 6 - Revenue Recognition

Understand the economics and legalities of selling transactions from a business perspective.
Identify the five steps in the revenue recognition process.
Identify the contract with customers.
Identify the separate performance obligations in the contract.
Determine the transaction price.
Allocate the transaction price to the separate performance obligations.
Understand how to recognize revenue when the company satisfies its performance obligation.
Analyze and determine whether a company has earned revenues under the earnings approach.
Identify other revenue recognition issues.
Describe presentation and disclosure regarding revenue.

Chapter Reading: Chapter 6

Assessment: Quiz (2%), Assignment (4%)

Learning Outcome: 5

FINAL EXAM - 40% (Chapters 1-6)

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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