Financial Accounting
Sheridan College Logo
  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 2014
Prerequisites: N/A
Corequisites: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Global Business Management
Program Coordinator(s): Francis Fasanu
Course Leader or Contact: Francis Fasanu
Status: Approved (APPR)

Section I Notes: It is not necessary to have completed any high school courses in accounting prior to taking this course; although students with no accounting or business background at all will have to necessarily work somewhat harder in the course than students with high school accounting. There is not usually a measurable difference in the performance of students with accounting backgrounds and those without by the end of the course.

Section II: Course Details

Detailed Description
The course is an introduction to financial accounting. Students learn how to be informed users of accounting information. This course presents financial accounting in a broader business context-emphasizing what accounting information is important, why it is important, and how it is used to make economic decisions. Students learn about underlying accounting concepts such as business transactions, data vs. information, revenue recognition and accruals versus cash flows. Students learn how the major parts of the financial statements are interrelated, namely the balance sheet, income statement, and cash flow statement; and how to make sense of all them together when performing a financial statement analysis. Given the complexity of the global business environment, students are introduced to international differences in accounting reporting. Emphasis is placed in International Financial Accounting Standards. In this course, interactive lectures, case studies and student-led investigations are used to provide an overview of the accounting discipline, the uses of accounting information and an overview of financial reporting.

Program Context

Global Business Management Program Coordinator: Francis Fasanu
This is a core program course in semester three and prepares the students for a critical business stream in accounting and finance which will be fundamental to the economic and strategic courses within the curriculum.

Course Critical Performance and Learning Outcomes

 Critical Performance

By the end of this course, students will have demonstrated the 

ability to analyze financial statements and accounting related 

information - whether local or international - at a fundamental user 

level in order to make informed decisions, while recognizing the 

ethical issues that may be present in financial documents.

Learning Outcomes

To achieve the critical performance, students will have demonstrated 

the ability to:

1.	Locate the relevant data for making business decisions.

2.	Describe the financial accounting elements to consider when

         evaluating a firm or making a decision.

3.	Discuss the information communicated in the different parts 

         of the financial statements.

4.	Analyze decision making by using professional and theoretical


5.	Analyze all decisions with an ethical perspective on 

         corporate responsibilities. 

6.	Communicate effectively in correct financial terminology.

7.	Detect biases in the way in which financial accounting 

        information is communicated by applying skills, knowledge, 

        and insights to effectively respond to accounting fraud. 

8.	Assess the impact on human behaviour of different financial 

        accounting measures and forms of reporting. 

9.	Analyze the process of making a decision based on financial 

        statements attending to the existing organizational 

        structure, strategy, culture, and external environment.

Evaluation Plan
Students demonstrate their learning in the following ways:

Mid-term Test                                                    25%

Pre & Post-class Quizzes & Activities                            20% 

Group case study assignment (financial statement analysis)       15% 

Student's participation in in-class discussions of case studies   5% 

Final comprehensive exam (to include mini-case study)            35%

Total 		                                                100%
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 2014
Professor: Francis Fasanu
Financial Accounting, First Canadian Edition with MyAccountingLab by 
Jeffrey Waybright, Liang-Hsuan Chen, & Rhonda Pyper, ISBN-10: 
0132889714, ISBN-13: 9780132889711, Publisher: Pearson Education 
Canada, Copyright: 2013

Applicable student group(s): Global Business Management (Bachelor of Applied Business)
Course Details:
Week 1

Topics: Chapter 1: Introduction to the course and brief overview of 

financial reporting in an international context.            

Pre-Class Activities: Read Chapter 1, page 1- 38. Review tutorial/ 

animation video. Take the pre-class online quiz for chapter 1. 

Post-Class Activities: Online Quiz and reflective journal on 

financial statements and decision making.

Week 2

Topics: Business Transactions: Economic effects and transforming data

from business transactions into information for financial statements. 

Pre-Class Activities: Read Chapter 2, page 68-101. Review tutorial 

video/slides. Online pre-class lab for chapter 2.

Post-Class Activities: Perform reflective activity on the accounting

cycle.  Take the online lab assignment for chapter 2.

Week 3

Topics: Revenue Recognition: the accounting dilemma. 	

Pre-Class Activities: Read chapter 3, page 136-171, Review tutorial 

video/slides and complete the pre-class quiz for chapter 3.	

Post-Class Activities: Reflect on the revenue recognition 

principle. Complete the post-class online quiz for chapter 3.

Week 4

Topics: Current Assets: Cash and temporary investments. The control 

and ethical issues.	

Pre-Class Activities: Read Chapter 4 page 215-241, tutorial 

video/slides and online pre-class lab.

Post-Class Activities: Reflective journal on a recent financial 

fraud. Take the online post-class quiz for chapter 4.

Week 5	

Topics: Accounting for merchandising business: Multi-step income 

statement & classified balance sheet.

Pre-Class Activities: Read Chapter 5, page 274-306. Review tutorial 

videos. Take the online pre-class quiz for chapter 5.

Post-Class Activities: Reflective journal on merchandising, 

manufacturing and service companies¿ financial statements. Take the 

post-class online quiz.

Week 6 

Topics: Current assets: The nature and importance of inventory in 

business decisions.

Pre-Class Activities: Read Chapter 6, page 334-366. Review tutorial 

videos & take the online pre-class quiz for chapter 6.

Post-Class Activities: Post class online lab.

Week 7: Mid-Term Test (25%) 

Week 8

Topics: Current Assets: Accounts and note receivables.

Pre-Class Activities: Read Chapter 7, page 400-424, review tutorial 

video and complete online pre-class lab for chapter 7. 

Post-Class Activities: Online take post class quiz for chapter 7 

and reflective journal on doubtful accounts.

Week 9

Topics: Non-current Assets: Differences and particularities. 

Pre-Class Activities: Read Chapter 8 page 452-486. Review the video 

tutorial and complete the online quiz for chapter 8.

Post-Class Activities: Post-class online quiz for chapter 8. 

Reflection on income impact of straight-line, units-of-production 

and declining balance method of depreciation.

Week 10

Topics: Liabilities: nature and decision making implications.

Pre-Class Activities: Read Chapter 9 page 516-548. Review video 

tutorial and complete the online lab assignment for chapter 9.

Post-Class Activities: Reflect on the pros and cons of financing a 

business with 100% liabilities. Complete post class online lab for 

chapter 9. 

Week 11

Topics: Shareholders¿ equity: residual nature construction of the 

cash flow statement.

Pre-Class Activities: Read chapter 10 page 576-599, review pre-

class video and complete the online lab for chapter 10.

Post-Class Activities: Reflect on the pros and cons of financing a 

business with 100% equity. Online lab for chapter 10.

Week 12

Topics: Preparation and Interpretation of the cash flow statement.

Pre-Class Activities: Read Chapter 11 page 628-662. Review the pre-

class video tutorial and complete the pre-class lab for chapter 11.

Post-Class Activities: Review a cash flow statement for a business 

of your choice and comment on the company¿s cash from operating 


Week 13

Topics: Financial statement analysis: Explain the mechanics.

Pre-Class Activities: Read Chapter 12 page 700-732. Review the pre-

class video tutorial and complete the lab for chapter 12.

Post-Class Activities: Financial Statement analysis group 

assignment  15%). 

Week 14

Final comprehensive exam (35%)

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.

[ Printable Version ]

Copyright © Sheridan College. All rights reserved.