Intermediate Accounting 2
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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: Winter 2004
Prerequisites: (ACCG3005)
Corequisites: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Admin - Accounting
Program Coordinator(s): Multiple Coordinators
Course Leader or Contact: Multiple Course Leaders
Status: Approved (APPR)

Section I Notes: N/A

Section II: Course Details

Detailed Description
The emphasis in this course is on financial accounting theory. Topics covered include: Accounting for cash and receivables,inventories and the cost of goods sold; acquisition and disposition of property and equipment; amortization and depletion; intangible assets and expense recognition. This course along with ACCG3005 qualifies for exemption towards the Certified General Accountants Association course FA2 with a grade of "B" or better.

Program Context

Business Admin - Accounting Program Coordinator: Multiple
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 and ACCG3005, Intermediate Accounting 1. This course is also a prerequisite for Advanced Accounting, (ACCG3010 and ACCG3011), in the third year of the program. Program Coordinators: Trafalgar-Alison Feierabend; Davis - Donna P. Grace

Course Critical Performance and Learning Outcomes

 Knowledge and Skills:

Students will have more potential for success if they have 
demonstrated knowledge and further development in their abilities to:

1.  Measure inventory and cost of goods sold, to identify and apply 
    departures from cost, and additional inventory issues. 
2.  Account for the acquisition and disposition of operational assets 
    and to identify and calculate the appropiate method of 
3.  Account for expense recognition and specific expense categories.
4.  Identify and account for current monetary balances including cash, 
    receivables, notes receivable and payable and current 
5.  Understand more fully the cash flow statement and prepare one 
    using a spreadsheet and/or T accounts.

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.  Test                   45%
    Missed test:  Please see your instructor

2.  Assignments and cases  10%
    To be assigned during the semester.  

3.  Final Test             45%
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: Winter 2004
Professor: Multiple Professors
Intermediate Accounting, 2nd Second Edition, Volume 1, 
Beechy and Conrad, McGraw-Hill Ryerson Ltd.


Study guide to accompany text (optional).

Applicable student group(s): Business Administration - Accounting
Course Details:
Week:            1
Emphasized:      Chapter 7 - Expense Recognition

                 - expense categories
                 - specific expense policies
                 - COGS
                 - capital assests
                 - deferred costs
Skills:          Decision making and problem solving skills 
Week:            2
Emphasized:      Chapter 7 continued      
Skills:          Decision making and problem solving skills 

Week:            3
Emphasized:      Chapter 8 - Current Monetary Balances
                 - cash
                 - receivables
                 - notes receivable and payable
                 - current liabilities
                 - foreign currency receivables and payables
                 - lower of cost/market
                 - gross profit and retail methods
                 - decision making
Week:            4
Emphasized:      Chapter 8 continued

Week:            5&6
Emphasized:      Chapter 9 - Inventories
                 - cost of flow methods
                 - lower of cost/market
                 - estimation of inventory costs
                 - guidelines
                 - criteria met before delivery
                 - criteria met after delivery
Skills:          Decision making, critical thinking and problem 
                 solving skills.

Week:            7
Emphasized:      Chapter 9 continued
Skills:          Decision making, critical thinking and problem 
                 solving skills.

Week:            8
Emphasized:      TEST 1 - 45% (Chapters 7-9)

Week:            9
Emphasized:      Chapter 10 - Acquisition, Disposition of Capital 
                 - costs associated with acquisition
                 - similar/dissimilar exchange of equipment
                 - costs subsequent to acquisition
                 - sale of assets; gains/losses
                 - intangible assets
Skills:          Critical thinking and problem solving skills 
                 developed using cases and problems.

Week:            10
Emphasized:      Chapter 10 continued

Week:            11
Emphasized:      Chapter 11 - Amortization, Impairment, Revaluation
                 - methods of cost allocation
                 - disclosure of/CCA for capital assets
                 - impairment, revaluation
Skills:          Decision making, critical thinking and problem 
                 solving skills.

Week:            12
Emphasized:      Chapter 5 - Cash Flow Statement 
                 - T-Account method and/or spreadsheet method
                 - worksheet method for more complex situations
                 - other aspects of cash flow reporting
                 - international perspective 
Skills:          Decision making, critical thinking and problem 
                 solving skills.

Week:            13
Emphasized:      Chapter 5 continued

Week:            14

                 FINAL TEST - 45% (Chapters 10, 11 & 5)


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.

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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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