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

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: Fall 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, Irene Plavcic, Vanessa Robinson
Course Leader or Contact: Lavan Puvaneswaran
Version: 20220906_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, Irene Plavcic
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.

Business Admin. Accounting Program Coordinator(s): Orlando Brown, Irene Plavcic
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. Describe the essential characteristics of accounting, the objective of financial reporting and the standard setting process in Canada.
  2. Define the elements of the conceptual framework for financial reporting.
  3. Explain the various steps in the accounting cycle.
  4. Prepare a multi-step income statement, classified balance sheet and cash flow statement in accordance with GAAP for an entity.
  5. Compare alternative revenue recognition policies and performance obligations.
  6. Use data and analytics tools to make and communicate decisions.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS
 Assignments (Best 5 out of 6 at 4% each)20.0%
 Quizzes (Best 5 of 6 at 2% each)10.0%
 Midterm Exam30.0%
 Comprehensive Final Exam40.0%
Total100.0%

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 - 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):
 TypeDescription
RequiredTextbookIntermediate Accounting, Volume 1, Kieso, D., Weygandt, J., Warfield, T., Young, N., Wiecedk, I., McConomy, B., John Wiley & Sons Ltd., 13th Canadian Edition with Wiley Plus, 2022
RequiredOtherCPA Handbook (online via Sheridan Library database)

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

Module 1 - The Canadian Financial Reporting Environment and the Conceptual Framework

  • 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.
  • 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.
  • Discuss current trends in standard setting for the conceptual framework.


Chapter Readings: Chapter 1 and 2
Assessment: Quiz (2%), Assignment (4%)
Learning Outcomes: 1 and 2

Module 2 – 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.


Chapter Reading: Appendix C
Assessments: Quiz (2%), Assignment (4%)
Learning Outcome: 3

Module 3 – Data, Decisions, Measurement

  • Understand how data and analytics tools are used in making and communicating decisions.
  • 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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcome: 6

MIDTERM EXAM - 30% (Chapters 1-3 and Appendix C)
 
Module 4 - Reporting Financial Performance

  • Understand how firms create value, manage performance and communicate useful information to users.
  • Understand the concept of and be able to assess quality of earnings/information.
  • Understand the differing perspectives on how to measure income.
  • Measure and report results of discontinued operations.
  • Measure income and prepare the income statement and the statement of comprehensive income using various formats.
  • Prepare the statement of retained earnings and the statement of changes in equity.
  • Understand how disclosures and analysis help users of financial statements assess performance.


Chapter Reading: Chapter 4
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 4, 6

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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 4, 6

Module 6 - Revenue Recognition

  • Identify the five steps in the revenue recognition process. 
    • Step 1 - Identify the contract with customers
    • Step 2 - Identify the separate performance obligations in the contract
    • Step 3 - Determine the transaction price
    • Step 4 - Allocate the transaction price to the separate performance obligations
    • Step 5 - 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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 5, 6

FINAL EXAM - 40% (Chapters 1-6 and Appendix C)

 



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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