ACCG70016
Financial 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: Spring/Summer 2020
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Accounting and Finance Profess, Business, Office Administration, Payroll Compliance Practitione, Small Business Bookkeeping, Tax Accounting
Program Coordinator(s): Ruxandra Dunn
Course Leader or Contact: N/A
Version: 20200519_00
Status: Approved (APPR)

Section I Notes: This course is offered in a classroom version and an online version. In the classroom version, there are three hours per week of classroom instruction. The online version is a web-based course offered entirely online through Sheridan College. Students taking this course will need reliable access to the internet, and should have a basic level of comfort using computers as well as the self- discipline to study independently. Students can expect to spend an additional three hours per week for online activities such as postings, discussions, reading, homework and assignments.

 
 
Section II: Course Details

Detailed Description
Students use basic accounting procedures and theory to analyze financial information and explain financial statements. Students review underlying accounting concepts applicable to all fields of business, perform the steps of an accounting cycle, and provide useful information for decision makers. This course serves as the basis for more advanced studies in accounting. Students engage in interactive lectures, demonstrations and problem solving activities.

Program Context

 
Accounting and Finance Profess Program Coordinator(s): N/A
This course is part of the Accounting and Finance cluster of course offerings.

Business Program Coordinator(s): N/A
This course is a compulsory component for the Business Certificate program.

Office Administration Program Coordinator(s): N/A
This course is a compulsory component for the Office Administration Certificate program.

Payroll Compliance Practitione Program Coordinator(s): N/A
This course is a compulsory component for the Payroll Compliance Practitioner program.

Small Business Bookkeeping Program Coordinator(s): Ruxandra Dunn
This course is a compulsory component for the Small Business Bookkeeping Certificate program.

Tax Accounting Program Coordinator(s): Ruxandra Dunn
This course is a compulsory component for the Tax Accounting Certificate program.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course students will have demonstrated the ability to process an accounting cycle for a business entity.
 
Learning Outcomes:

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

  1. Analyze business transactions using the accounting equation.
  2. Record transactions in the journal, post from the journal to the ledger and prepare a trial balance.
  3. Prepare and balance a ten-column worksheet.
  4. Record typical adjusting entries at the end of the accounting period and prepare an adjusted trial balance.
  5. Prepare a balance sheet, an income statement and a statement of owner's equity from the adjusted trial balance
  6. Prepare closing entries for the revenue, expense and owners, capital accounts.
  7. Classify assets as current or long-term, and liabilities as current or non-current.
  8. Record sales and purchase transactions for a merchandising entity using the perpetual inventory system.
  9. Compute the cost of inventory and cost of goods sold using a variety of methods to determine appropriate reporting of inventory.
  10. Account for petty cash transactions and reconcile banking activity.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: ONLINE
 Online Quizzes15.0%
 Online Assignments25.0%
 Mid-Term Test (Modules 1 - 3)25.0%
 Comprehensive Final Exam35.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
Please note that for the online course section, the completion of assignments, discussions, quizzes and exams will be done online.



Evaluation Plan: IN-CLASS
 Quizzes and/or homework10.0%
 Assignments15.0%
 Mid-Term Test (Modules 1 - 3)35.0%
 Final Exam (comprehensive)40.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
The midterm and final exam will be administered in a classroom. Students are expected to appear in person to write the final exam.

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
Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):

  • Challenge Exam
    Notes:  

 
 
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 For in-class students in Continuing and Professional Studies.
Online Multiple Professors For online students in Continuing and Professional Studies.

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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