Instruction Mode: In-Class
Professor: Multiple Professors
Resource(s): | Type | Description | Required | Textbook | Intermediate Accounting, Volume 1, Kieso, Weygandt, et al, John Wiley & Sons, Canada Ltd., 11th Canadian Edition |
Required | Other | CPA Handbook (online via Sheridan Library database) |
Applicable student group(s): Business Administration - Accounting
Course Details: Module 1 - Cash and Receivables
- Understand cash and accounts receivable from a business perspective.
- Define financial assets and identify items that are considered cash and cash equivalents and how they are reported
- Define receivables and identify the different types of receivables from an accounting perspective.
- Account for and explain the accounting issues related to the recognition and measurement of accounts receivable
- Account for and explain the accounting issues related to the impairment in value of accounts receivable.
- Account for and explain the accounting issues related to the recognition and measurement of notes and loans receivable.
- Account for and explain the basic accounting issues related to the de-recognition of receivables.
- Explain how receivables and loans are reported and analyzed.
- Explain common techniques for controlling cash.
Chapter Reading: Chapter 7, Appendix 7A
Assessment: Quiz (2%), Assignment (2%)
Learning Outcomes: 1, 2, 3
Module 2 - Inventory
- Understand inventory from a business perspective.
- Identify which inventory items should be included in ending inventory
- Identify the effects of inventory errors on the financial statements and adjust for them.
- Determine the components of inventory cost.
- Distinguish between perpetual and periodic inventory systems and account for them.
- Identify and apply GAAP cost formula options and indicate when each cost formula is appropriate.
- Explain why inventory is measured at the lower of cost and market and apply the lower of cost and net realizable value standard.
- Identify inventories that are or may be valued at amounts other than the lower of cost and net realizable value.
- Apply the gross profit method of estimating inventory.
- Identify how inventory should be presented, disclosed and analyzed
Chapter Reading: Chapter 8
Assessment: Quiz (2%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4
Module 3 - Investments
- Understand the nature of investments including which types of companies have significant investments.
- Explain and apply the cost/amortized cost model of accounting for investments.
- Explain and apply the fair value through net income model of accounting for investments.
- Explain and apply the fair value through other comprehensive income model of accounting for investments.
- Explain and apply the incurred loss, expected loss, and fair value loss impairment models.
- Explain the concept of significant influence and apply the equity method.
- Explain the concept of control and when consolidation is appropriate.
- Explain how investments are presented and disclosed in the financial statements noting how this facilitates analysis.
Chapter Reading: Chapter 9
Assessment: Quiz (2%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 5
Module 4 - Property, Plant and Equipment
- Identify the business importance and characteristics of property, plant, and equipment and explain the recognition criteria.
- Identify the costs to include in the measurement of property, plant, and equipment at acquisition.
- Determine asset cost when the transaction has delayed payment terms or is a lump-sum purchase, a non-monetary exchange, or a contributed asset.
- Identify the costs included in specific types of property, plant, and equipment.
- Understand and apply the cost model, the revaluation model using the asset adjustment method and the fair value model.
- Explain and apply the accounting treatment for costs incurred after acquisition.
Chapter Reading: Chapter 10
Assessment: Quiz (2%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4
Module 5 - Depreciation, Impairment and Disposition
- Understand the importance of depreciation, impairment, and disposition from a business perspective.
- Explain the concept of depreciation and identify the factors to consider when determining depreciation charges.
- Identify how depreciation methods are selected: calculate and recognize depreciation using the straight-line, decreasing charge, and activity methods.
- Explain the accounting issues for depletion of mineral resources.
- Explain and apply the accounting procedures for partial periods and a change in depreciation rate.
- Explain the issues and apply the accounting standards for capital asset impairment under both IFRS and ASPE.
- Account for derecognition of property, plant and equipment and explain and apply the accounting standards for long-lived assets that are held for sale.
Chapter Reading: Chapter 11
Assessment: Quiz (2%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4
Module 6 - Intangible Assets and Goodwill
- Understand the importance of goodwill and intangible assets from a business perspective and describe their characteristics.
- Identify and apply the recognition and measurement requirements for purchased intangible assets.
- Identify and apply the recognition and measurement requirements for internally developed intangible assets.
- Explain how intangible assets are accounted for after initial recognition.
- Identify and explain the accounting for specific types of intangible assets.
- Explain and account for impairment and derecognition of limited-life and indefinite-life intangible assets.
- Explain how goodwill is measured and accounted for after acquisition.
- Explain and account for impairment of goodwill.
Chapter Reading: Chapter 12
Assessment: Quiz (2%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4
Final Examination (36%) Comprehensive