ACCG70023
Financial Accounting Liabilities and Equities 2
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 2017
Prerequisites: ACCG70022
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Accounting
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20170508_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, assignments and homework. For the online course offering, the final examination is to be completed in person.

 
 
Section II: Course Details

Detailed Description
Students study further advanced financial accounting concepts,including complex liabilities, preparing a Cash Flow Statement,accounting for income taxes, pension plans, leases , accounting changes and error corrections. Students learn to apply these concepts through the completion of exercises and problems, participation in interactive lectures and demonstrations.

Program Context

 
Accounting Program Coordinator(s): N/A
This course may or may not be part of a Certificate, but is considered valuable additional learning opportunities in this field of study.


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 Private Enterprise GAAP and IFRS GAAP will be covered with the major focus on Private Enterprise GAAP.
 
Learning Outcomes:

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

  1. Report the effect of permanent and temporary differences between accounting income and taxable income
  2. Report tax loss carry-back and carry-forward transactions
  3. Determine the correct amount of pension expense for a defined benefit pension plan
  4. Report the effects of past service contributions, actuarial gains and losses and post-retirement benefits
  5. For lessees prepare the appropriate journal entries for capital and non-capital leases
  6. For lessors, prepare the journal entries for sale-type leases and direct financing leases
  7. Prepare journal entries and financial statement changes for prior year errors and for accounting policy changes
  8. Prepare financial statement error analysis
  9. Prepare a cash flow statement using the direct and indirect methods
  10. Report a company's operations by major segments
  11. Report related party transactions and subsequent events

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: ONLINE
 Assignments30.0%
 Quizzes10.0%
 Final Cumulative Exam60.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
To encourage behaviours that will help students to be successful in the workplace and to ensure that students receive credit for their individual work, the following rules apply to every course offered within the Faculty of Continuing and Professional Studies. 1. Students are responsible for staying abreast of test dates and times, as well as due dates and any special instructions for submitting assignments and projects as supplied to the class by the professor. 2. Students must write all tests at the specified date and time. Missed tests, in-class/online activities, assignments and presentations are awarded a mark of zero. If an extension or make-up opportunity is approved by the professor as outlined below, the mark of zero may be revised by subsequent performance. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding weekends and statutory holidays), after which, a grade of zero is assigned. Business days include any day that the college is open for business, whether the student has scheduled classes that day or not. 3. Students who miss a test or in-class/online activity or assignment or fail to submit an assignment on time due to exceptional circumstances are required to notify their professor in advance of the class whenever possible. A make-up test may be supplied for students who provide an acceptable explanation of their absence and/or acceptable documentation explaining their absence (e.g., a medical certificate). All make-up tests are to be written at a time and place specified by the professor upon the student¿s return. Alternately, students may be given an opportunity to earn the associated marks by having a subsequent test count for the additional marks. Exceptional circumstances may result in a modification of due dates for assignments. 4. Unless otherwise specified, assignments and projects must be submitted at the date and time specified by the instructor. 5. Students must complete every assignment as an individual effort, unless the professor specifies otherwise. 6. Since there may be instances of grade appeal or questions regarding the timely completion of assignments and/or extent of individual effort, etc., students are strongly advised to keep, and make available to their professor, if requested, a copy of all assignments and working notes until the course grade has been finalized. 7. There will be no resubmission of work unless this has been previously agreed to or suggested by the professor. 8. Students must submit all assignments in courses with practical lab and field components in order to pass the course.



Evaluation Plan: IN-CLASS
 Assignments10.0%
 Quizzes10.0%
 Mid-Term Exam40.0%
 Final Cumulative Exam40.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
To encourage behaviours that will help students to be successful in the workplace and to ensure that students receive credit for their individual work, the following rules apply to every course offered within the Faculty of Continuing and Professional Studies. 1. Students are responsible for staying abreast of test dates and times, as well as due dates and any special instructions for submitting assignments and projects as supplied to the class by the professor. 2. Students must write all tests at the specified date and time. Missed tests, in-class/online activities, assignments and presentations are awarded a mark of zero. If an extension or make-up opportunity is approved by the professor as outlined below, the mark of zero may be revised by subsequent performance. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding weekends and statutory holidays), after which, a grade of zero is assigned. Business days include any day that the college is open for business, whether the student has scheduled classes that day or not. 3. Students who miss a test or in-class/online activity or assignment or fail to submit an assignment on time due to exceptional circumstances are required to notify their professor in advance of the class whenever possible. A make-up test may be supplied for students who provide an acceptable explanation of their absence and/or acceptable documentation explaining their absence (e.g., a medical certificate). All make-up tests are to be written at a time and place specified by the professor upon the student¿s return. Alternately, students may be given an opportunity to earn the associated marks by having a subsequent test count for the additional marks. Exceptional circumstances may result in a modification of due dates for assignments. 4. Unless otherwise specified, assignments and projects must be submitted at the date and time specified by the instructor. 5. Students must complete every assignment as an individual effort, unless the professor specifies otherwise. 6. Since there may be instances of grade appeal or questions regarding the timely completion of assignments and/or extent of individual effort, etc., students are strongly advised to keep, and make available to their professor, if requested, a copy of all assignments and working notes until the course grade has been finalized. 7. There will be no resubmission of work unless this has been previously agreed to or suggested by the professor. 8. Students must submit all assignments in courses with practical lab and field components in order to pass the course.

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.

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 Faculty of Continuing and Professional Studies IN-CLASS students
Online Multiple Professors Faculty of Continuing and Professional Studies ONLINE students.

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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