ACCG32004D
Intermediate Accounting 1
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: ACCG12001D
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: 45 credits including ACCG12001D

Program(s): Bach Bus Admin Market Manage, Bach Business Admin Accounting, Bach Business Admin Finance, Bach Human Resources, BachBus Admin Spply Chain Mgmt
Program Coordinator(s): Sean O'Flynn, Carol Bureau, Francis Fasanu, Maryam Hafezi, Mark Weaver
Course Leader or Contact: Lorraine Alyea
Version: 20220906_00
Status: Approved (APPR)

Section I Notes: The pre-requisite for this course for students registered in the Bachelor of Business Administration-Accounting and Bachelor of Business Administration Finance program prior to Fall 2020 is ACCG 12000D- Financial Accounting.

 
 
Section II: Course Details

Detailed Description
Students examine the financial accounting theory which forms the basis for current financial accounting standards and its application to specific financial statement components. Topics include general financial statement presentation (Statement of Financial Position, Income Statement, Cash Flow Statement), revenue and expense recognition and specific components of the asset side of the Statement of Financial Position (Cash, Receivables, Notes Receivable, Temporary and Long-term Investments in debt and equity securities, Inventory and Capital Assets), as well as their related Income Statement effects. A combination of interactive lectures, classroom problem-solving activities and case-study assignments will be employed to facilitate student learning.

Program Context

 
Bach Bus Admin Market Manage Program Coordinator(s): Carol Bureau
This is a required course within the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It provides an introduction to financial accounting theory and begins the detailed study of its application to external financial reporting as required under GAAP. As such, it provides a foundation for subsequent courses and is designed to meet the requirements of the professional program of study.

Bach Business Admin Accounting Program Coordinator(s): Francis Fasanu
This is a required course within the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It provides an introduction to financial accounting theory and begins the detailed study of its application to external financial reporting as required under GAAP. As such, it provides a foundation for subsequent courses and is designed to meet the requirements of the professional program of study.

Bach Business Admin Finance Program Coordinator(s): Mark Weaver
This is a required course within the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It provides an introduction to financial accounting theory and begins the detailed study of its application to external financial reporting as required under GAAP. As such, it provides a foundation for subsequent courses and is designed to meet the requirements of the professional program of study.

Bach Human Resources Program Coordinator(s): Sean O'Flynn
This is a required course within the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It provides an introduction to financial accounting theory and begins the detailed study of its application to external financial reporting as required under GAAP. As such, it provides a foundation for subsequent courses and is designed to meet the requirements of the professional program of study.

BachBus Admin Spply Chain Mgmt Program Coordinator(s): Maryam Hafezi
This is a required course within the Bachelor of Business Administration (BBA) Accounting program and an elective course in BBA Finance, BBA Human Resources, BBA Marketing and BBA Supply Chain Management. It provides an introduction to financial accounting theory and begins the detailed study of its application to external financial reporting as required under GAAP. As such, it provides a foundation for subsequent courses and is designed to meet the requirements of the professional program of study.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course students will have demonstrated the ability to prepare external financial statement components and disclosures consistent with financial accounting theory and generally accepted accounting principles, with an emphasis on accounting for financial assets.
 
Learning Outcomes:

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

  1. Describe the essential characteristics of accounting and the conceptual framework for financial reporting.
  2. Explain the various steps in the accounting cycle.
  3. Prepare a multi-step income statement, classified statement of financial position and cash flow statement in accordance with generally accepted accounting principles.
  4. Compare alternative revenue recognition policies and performance obligations.
  5. Determine how current and long- term assets are reported, recognized, measured, presented and analyzed in accordance with generally accepted accounting principles and the conceptual framework.
  6. Identify the use of fair market values, lower of cost & net realizable value and tests for impairment, in the valuation of various assets for financial reporting purposes.
  7. Apply rules related to the de-recognition of various assets.
  8. Contrast how the costs of various assets (including inventory, tangible and intangible long-term assets) are charged/allocated to expenses over the period of benefit.
  9. Differentiate the valuation and income recognition methods employed to account for various current and long-term investments in securities.
  10. Use data and analytics tools to make and communicate decisions.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS & ONLINE INSTRUCTION
 Quizzes (Best 10 of 11 x 1%)10.0%
 Assignments (Best 10 of 11 x 2.5%)25.0%
 Midterm Exam30.0%
 Comprehensive Final Exam35.0%
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.



Evaluation Plan: IN-CLASS
 Quizzes (Best 10 out of 11 x 1%)10.0%
 Assignments (Best 10 out of 11 x 2.5%)25.0%
 Midterm Exam30.0%
 Comprehensive Final Exam35.0%
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:


 

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.
Print Instruction Mode Professor Applicable Student Group(s)
In-Class Multiple Professors Bachelor of Business Administration
In-class & Online Instruction Multiple Professors Bachelor of Business Administration

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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