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: ACCG21646
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

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

Section I Notes: N/A

Section II: Course Details

Detailed Description
Students develop accounting skills via lecture, demonstration, and group problem-solving work that relate to the liabilities and shareholders' equity section of the Balance Sheet. These skills consist of identifying and measuring financial obligations, preparing a shareholders' equity section, breaking complex financial instruments into debt and equity components, and recording and reporting Earnings per Share.

Program Context

Business Admin. Accounting	Program Coordinator(s): Orlando Brown
This course is a core component of the third year of the Business Administration Accounting Program, building on the second year learning experiences of Intermediate Accounting 1A and 1B.

Course Critical Performance and Learning Outcomes

	Critical Performance:
	By the end of this course, students will have demonstrated the ability to correctly apply the Conceptual Accounting Framework underlying financial reporting as it relates to the liabilities and shareholders' equity sections of the Balance Sheet. Both ASPE and IFRS will be covered with a major focus on being the difference between two frameworks.

Learning Outcomes:

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

Report known and estimated current liabilities.
Prepare the proper accounting journal entries for long term liabilities and for contingencies.
Properly record bond issuance and retirement transactions.
Record common stock issuance and repurchase transactions.
Prepare a Shareholders' Equity section of the Balance Sheet.
Record all types of dividends.
Report the issuance and retirement of complex financial instruments.
Calculate basic and diluted earnings per share.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan: IN-CLASS

	Assignments (5 @ 4% each)	20.0%
	Quizzes (5 @ 2% each)	10.0%
	Mid-Term Exam (Module 1-2)	30.0%
	Comprehensive Final Exam	40.0%
	Total	100.0%

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 Skills - Use a variety of thinking skills to anticipate and solve problems.
Critical Thinking & Problem Solving - Apply a systematic approach to 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.
Personal Skills - Manage the use of time and other resources to complete projects.
Personal Skills - Take responsibility for one's own actions, decisions, and consequences.

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 2, Kieso, D., Weygandt, J., Warfield, T., Young, N., Wiecek, I., McConomy, B, John Wiley & Sons Canada, Ltd: Toronto, 12th Canadian Edition, 2019
Required	Other	CPA Handbook (online via Sheridan Library database)

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

Module 1: Non-Financial and Current Liabilities

Understand the importance of non-financial and current liabilities from a business perspective.
Define liabilities, distinguish financial liabilities from other liabilities, and identify how they are measured.
Define current liabilities and identify and account for common types of current liabilities.
Identify and account for the major types of employee-related liabilities.
Explain the recognition, measurement, and disclosure requirements for decommissioning and restoration obligations.
Explain the issues and account for product guarantees, other customer program obligations, and unearned revenues.
Explain and apply two approaches to the recognition of contingencies and uncertain commitments and identify the accounting and reporting requirements for guarantees and commitments.

Text Reference: Chapter 13
Assessments: Quiz 2%, Assignment 4%
Learning Outcomes: 1, 2

Module 2: Long-Term Financial Liabilities

Understand the nature of long-term debt financing arrangements.
Understand how long-term debt is measured and accounted for.
Understand when long-term debt is recognized and derecognized, including how to account for troubled debt restructurings.
Explain how long-term debt is presented disclosed and analyzed.

Text Reference: Chapter 14
Assessments: Quiz 2%, Assignment 4%
Learning Outcomes: 2, 3

Mid-Term Exam Modules 1 & 2 (30%)

Module 3 Shareholders' Equity

Discuss the characteristics of the corporate form of organization, rights of shareholders, and different types of shares.
Explain how to account for the issuance, reacquisition, and retirement of shares, stock splits, and dividend distribution.
Understand how shareholders' equity is presented, disclosed, and analyzed.

Text Reference: Chapter 15
Assessments: Quiz 2%, Assignment 4%
Learning Outcomes: 4, 5, 6

Module 4 Complex Financial Instruments

Understand what derivatives are and how they are used to manage risks and how to account for them.
Analyze and account for hybrid/compound instruments from an issuer perspective.
Describe and account for share-based compensation.

Text Reference: Chapter 16
Assessments: Quiz 2%, Assignment 4%
Learning Outcome: 7

Module 5: Earnings per share

Calculate basic earnings per share.
Calculate diluted earnings per share.
Earnings per share presentation and disclosure

Text Reference: Chapter 17
Assessments: Quiz 2%, Assignment 4%
Learning Outcome: 8

Final Exam –Comprehensive (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 ]