Intermediate Accounting 1
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  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
Section I: Administrative Information
  Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Fall 2003
Prerequisites: (ACCG3004) AND (ACCG2004)
Corequisites: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Admin - Accounting
Program Coordinator(s): Donna P Grace
Course Leader or Contact: Multiple Course Leaders
Status: Approved - Under Rev (AREV)

Section I Notes: N/A

Section II: Course Details

Detailed Description
The emphasis in this course is on financial accounting theory. Topics covered include: a review of the accounting process, the accounting model, the four basic financial statements, the conceptual framework and accounting theory, and cash flow reporting. Learning experiences include Case Studies and the use of recent annual reports of Public Companies. Please note: ACCG3005 and ACCG3006 together qualify for exemption toward the CGA course of study.

Program Context

Business Admin - Accounting Program Coordinator: Donna P Grace
This course is a core component of the second year of the Accounting Program, building on the first year learning experiences of ACCG2004 and ACCG3004. This course is also a prerequisite for Intermediate Accounting 2, ACCG3006. Program Coordinator: Donna P. Grace

Course Critical Performance and Learning Outcomes

 Knowledge and Skills:

Successful students will have demonstrated 
knowledge of:

1. Appreciate the conceptual framework of 
   Accounting and have the ability to apply relevant 
   principles in decision making.

2. Create and evaluate the four basic financial 
   statements of a complex business organization.

3. Prepare balance sheet presentations.

4. Utilization of the concept relating to the 
   earnings process.


Successful students will have demonstrated 
attitudes of:

1. Commitment to thorough problem analysis 
   processes and the development of creative 
   accounting solutions.

2. Responsibility, as demonstrated by behaviours 
   such as attending, participating and learning in 
   classroom and home study.

3. Responsibility in meeting test and assignment 
   due dates.

Evaluation Plan
Students demonstrate their learning in the following ways:

1. Mid-Term Exam  - 45%
      Missed tests:  Please see your instructor
2. Assignments and Cases - 10%
      To be assigned during the semester.  

3. Final Exam - 45%


Students are expected to make a reasonable effort to attend classes 
and to get involved.  It is the student's responsibility to know where 
they are in the course and to be prepared for the upcoming class 
sessions.  The course schedule should be consulted on a regular basis. 
Absence due to special circumstances should be discussed with the 
professor in advance wherever possible.
Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:


Generic Skills
Generic Skills emphasized in the course:

  communication - written   communication - oral   communication - visual
X analytical X creative thinking X decision making
X interpersonal X numeracy   organizational
X problem solving   technological   other (see below)

Notes: N/A

General Education
This General Education course relates to the following themes as specified by the Ministry of Training, Colleges and Universities.

  asthetic appreciation   social understanding
  civic life   understanding science
  cultural understanding   understanding technology
  personal development   work and the economy

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 Portfolio Interview Other Not Eligible for PLAR

Notes:  N/A

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.
Effective term: Fall 2003
Professor: Multiple Professors
Intermediate Accounting, 2nd Edition, Volume 1,  
Beechy and Conrod, McGraw-Hill Ryerson Ltd.
(ISBN 0070890234)

Study guide to accompany text (optional).

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

Chapter 1 - The Environment of Accounting
- Introduction to Intermediate Accounting
- Public vs. Private Corporations
- Objectives of Financial Accounting

- Analytical and critical thinking skills applied in 
  group work and class discussions


Chapter 2 - Criteria for Accounting Choices
- The conceptual framework
- Basic elements of Fin's. Statements

WEEK 3 - The Income Statement & The Retained Earnings Statement

Chapter 3

WEEK 4&5
- Nature of income
- Format issues
- Retained Earnings statement	

- Decision making and problem solving skills 
  developed from problem solving and cases.

TEST #1 - 45% (Chapters 1-3 + Appendix)


Chapter 4 - The Balance Sheet and Disclosure Notes
- Purpose of the balance sheet
- Specific balance sheet items
- Disclosure notes	

- Critical thinking and problem solving skills 
  developed using cases and problems.

Chapter 4 continued	
WEEK 9 & 10

Chapter 5 - The Cash Flow Statement
- Cash flow reporting (excluding worksheet and T - account method)
- Introduction to preparing the cash flow statementusing direct and 
  indirect methods

- Critical thinking and problem solving skills
  developed using cases and problems

WEEK 11 & 12

Chapter 6 - Revenue Recognition
- Revenue recognition and measurement
- Long-term contracts	

- Decision making, critical thinking and problem 
  solving skills


FINAL EXAM - 45%  (Chapters 4-6)

Sheridan Policies

All Sheridan policies can be viewed on the Sheridan policy website.

Academic Integrity: The principle of academic integrity requires that all work submitted for evaluation and course credit be the original, unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on work, except for group projects arranged and approved by the professor, or otherwise submitting work that is not the student's own, violates this principle and will not be tolerated. Students who have any questions regarding whether or not specific circumstances involve a breach of academic integrity are advised to review the Academic Integrity Policy and procedure and/or discuss them with the professor.

Copyright: A majority of the course lectures and materials provided in class and posted in SLATE are protected by copyright. Use of these materials must comply with the Acceptable Use Policy, Use of Copyright Protected Work Policy and Student Code of Conduct. Students may use, copy and share these materials for learning and/or research purposes provided that the use complies with fair dealing or an exception in the Copyright Act. Permission from the rights holder would be necessary otherwise. Please note that it is prohibited to reproduce and/or post a work that is not your own on third-party commercial websites including but not limited to Course Hero or OneNote. It is also prohibited to reproduce and/or post a work that is not your own or your own work with the intent to assist others in cheating on third-party commercial websites including but not limited to Course Hero or OneNote.

Intellectual Property: Sheridan's Intellectual Property Policy generally applies such that students own their own work. Please be advised that students working with external research and/or industry collaborators may be asked to sign agreements that waive or modify their IP rights. Please refer to Sheridan's IP Policy and Procedure.

Respectful Behaviour: Sheridan is committed to provide a learning environment that supports academic achievement by respecting the dignity, self-esteem and fair treatment of every person engaged in the learning process. Behaviour which is inconsistent with this principle will not be tolerated. Details of Sheridan's policy on Harassment and Discrimination, Academic Integrity and other academic policies are available on the Sheridan policy website.

Accessible Learning: Accessible Learning coordinates academic accommodations for students with disabilities. For more information or to register, please see the Accessible Learning website (Statement added September 2016)

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. Any changes to course curriculum and/or assessment shall adhere to approved Sheridan protocol. 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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