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: ACCG21627
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: Lavan Puvaneswaran
Version: 20230109_00
Status: Approved (APPR)

Section I Notes: Allowable calculator: Texas Instruments BAII Plus

Section II: Course Details

Detailed Description
This course focuses on the in-depth study of the accounting and reporting of the accounts that comprise the Asset section of the Balance Sheet. Using lectures, demonstrations and in-class problem solving activities students investigate the effect of the conceptual framework on the Asset accounts and learn to accurately account for and disclose asset transactions in accordance with generally accepted Canadian accounting principles.

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
This course studies in detail the asset accounts that comprise the Balance Sheet that students prepared in Intermediate Accounting 1A. A complete understanding of the conceptual framework and how it affects the asset accounts will prepare the students for more advanced concepts of accounting.
Business Admin. Accounting	Program Coordinator(s): Orlando Brown
This course studies in detail the asset accounts that comprise the Balance Sheet that students prepared in Intermediate Accounting 1A. A complete understanding of the conceptual framework and how it affects the asset accounts will prepare the students 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 accurately report asset 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:

Determine how current and long-term assets should be reported, recognized, measured, presented and analyzed in accordance with GAAP and the conceptual framework.
Identify the use of fair market values, lower of cost and net realizable value, and tests for impairment, in the valuation of assets for financial reporting purposes.
Apply rules related to the de-recognition of assets.
Contrast how the costs of assets (including inventory, tangible and intangible long-term assets) are charged/allocated to expense over the period of benefit.
Differentiate between the valuation and income recognition methods employed to account for current and long-term investments in securities.
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 x 4%)	20.0%
	Quizzes (Best 5 out of 6 x 2% each)	10.0%
	Midterm Examination	30.0%
	Comprehensive Final Exam	40.0%
	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:

Communication Skills - Communicate clearly, concisely and correctly in the written, spoken, visual form that fulfills the purpose and meets the needs of the audience.
Communication Skills - Respond to written, spoken, or visual messages in a manner that ensures effective communication.
Numeracy - Execute mathematical operations accurately.
Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.
Critical Thinking & Problem Solving Skills - Use a variety of thinking skills to anticipate and solve problems.
Information Management Skills - Analyze, evaluate, and apply relevant information from a variety of sources.
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, Canada Ltd., 13th Canadian Edition with Wiley Plus, 2022
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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 1, 2, 3, 6

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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 1, 2, 3, 4, 6

Module 3 - 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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 1, 2, 3, 4, 6

MIDTERM EXAM (30%)

Module 4 - 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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 1, 2, 3, 4, 6

Module 5 - 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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 1, 2, 3, 4, 6

Module 6 - 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
Assessments: Quiz (2%), Assignment (4%)
Learning Outcomes: 1, 2, 3, 5, 6

COMPREHENSIVE FINAL EXAM (40%)

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.

[ Printable Version ]