ACAF70040
Introductory Financial Accounting
Sheridan
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
 
Section I: Administrative Information
  Total hours: 63.0
Credit Value: 4.5
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): Adv Cert Accounting & Finance
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20200519_00
Status: Approved (APPR)

Section I Notes: This course is offered in two formats - online (OntarioLearn) and blended (on-campus and Slate). For the blended section, there will be an on-campus session each week along with online sessions. The online portion of the blended course is offered through Sheridan's Learning and Teaching Environment (SLATE). Online learning often involves assigned weekly readings, research, assignments, quizzes, journal writing and discussion boards. Some courses may include live online class sessions that allow students and the instructor to engage and share resources as a group. A laptop computer is required for this course. Students will need reliable access to the internet. A Texas Instruments BAII Plus (Business Analyst) or equivalent calculator is required for this course. To be considered for the Advanced Certificate in Accounting and Finance (ACAF) National Examination eligibility, students must earn a minimum grade of 50% in the ACAF Introductory Financial Accounting course and meet the additional standards of achievement as required by CPA Ontario's National Examination Policies.

 
 
Section II: Course Details

Detailed Description
Students prepare financial statements that summarize an entity's economic events through the use of Generally Accepted Accounting Principles (GAAP) reporting standards. Students critically examine and interpret financial statements including the balance sheet, income statement, statement of retained earnings and cash flow statement. Through a combination of various learning techniques including interactive lectures, inquiry based learning and in-class individual and group work, students assess the financial performance of an entity.

Program Context

 
Adv Cert Accounting & Finance Program Coordinator(s): N/A
This course is part of the ACAF cluster of course offerings.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course students will have demonstrated the ability to analyze financial statements, whether local or international, at a fundamental user level.
 
Learning Outcomes:

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

  1. Identify relevant financial data used in making business decisions.
  2. Examine the financial accounting elements to be considered when making a decision that impacts an entity's financial position.
  3. Explain the purpose of information communicated in financial statements and annual reports.
  4. Prepare financial statements using Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
  5. Analyze financial accounting information to assist in effective management decision-making.
  6. Determine the impact on business analysis of different financial accounting measures and forms of reporting.
  7. Assess financial decisions from an ethical perspective.
  8. Use appropriate financial software features to complete financial analyses.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS & ONLINE INSTRUCTION
 Quizzes (Best 10 out of 11 x1%)10.0%
 Assignment10.0%
 Midterm35.0%
 Final Exam Comprehensive45.0%
Total100.0%



Evaluation Plan: ONLINE
 Quizzes (Best 10 out of 11 x1%)10.0%
 Assignment10.0%
 Midterm35.0%
 Final Exam Comprehensive45.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
TEST AND ASSIGNMENT PROTOCOL The following protocol applies to every course offered by 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 instructor. 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. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding Sundays 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. An extension or make-up opportunity may be approved by the instructor at his or her discretion.

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

  • Not Eligible for PLAR

 
 
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.
Instruction Mode: In-class & Online Instruction
Professor: N/A
Resource(s):
 TypeDescription
RequiredTextbookFinancial Accounting: Tools for Business Decision Making with Wiley Plus, Kimmel, Weygandt, et al., Wiley, 7th Edition, ISBN 9781119372738
RequiredTextbookCPA Handbook (Available Through Library)

Applicable student group(s): CAPS students
Course Details:
Module 1 - Canadian Financial Reporting
 
Identify the uses and users of accounting.
Describe the primary forms of business organization.
Explain the three main types of business activity.
Describe the purpose and content of each of the financial statements.
Identify the sections of a classified statement of financial position.
Describe the framework for the preparation and presentation of financial statements.
 
Learning Outcome: 1, 2, 3, 5, 6, 7
Quiz 1%
 
Module 2 - The Accounting Information System
 
Analyze the effects of transactions on the accounting equation.
Explain how accounts, debits and credits are used to record transactions.
Journalize and post transactions to the general ledger.
Prepare a trial balance.
Explain the accrual basis of accounting and the reasons for adjusting entries.
Prepare adjusting entries for prepayments and accruals. 
Prepare an adjusted trial balance.
Prepare closing entries and a post-closing trial balance.
 
Learning Outcome: 1, 2, 3, 4, 8
Quizzes (2 x 1% each), Assignments (2 x 1% each)
 
Module 3 - Income Measurement, Inventory, Cost of Goods Sold
 
Identify the differences between service and merchandising companies.
Prepare entries for purchases and sales under a perpetual inventory system.
Prepare a single-step and a multiple-step income statement.
Calculate the gross profit margin and profit margin.
Describe the steps in determining inventory quantities.
Apply the methods of cost determination using specific identification, FIFO, and average cost under a perpetual inventory system.
Explain the financial statement effects of choosing each of the inventory cost formulas.
Identify the effects of inventory errors on the financial statements. 
Demonstrate the presentation and analysis of inventory.
 
Learning Outcome: 1, 2, 3, 5, 6, 8
Quizzes (2 x 1% each), Assignments (2 x 1% each), Midterm exam 35%
 
 
Module 4 - Current Assets
 
Explain the components of an internal control system, including its control activities and limitations.
Apply the key control activities to cash receipts and payments.
Prepare a bank reconciliation.
Explain the reporting and management of cash.
Explain the types of receivables and record accounts receivable transactions.
Account for bad debts.
Account for notes receivable.
Explain the statement presentation of receivables.
Apply the principles of accounts receivable management.
 
Learning Outcome: 1, 2, 3, 4, 5, 8
Quizzes (2 x 1% each), Assignments (2 x 1% each)
 
Module 5 – Long-Lived Assets and Intangibles
 
Determine the cost of property, plant, and equipment.
Calculate depreciation for plant and equipment.
Account for the de-recognition of property, plant, and equipment.
Identify the basic accounting issues for intangible assets and goodwill.
Illustrate how long-lived assets are reported in the financial statements.
Describe the methods for evaluating the use of assets.
 
Learning Outcome: 1, 2, 3, 4, 5, 8
Quiz 1%, Assignment 1%
 
Module 6 - Current and Long-Term Liabilities
 
Account for current liabilities.
Account for instalment notes payable.
Identify the requirements for the financial statement presentation and analysis of liabilities.
 
Learning Outcome: 1, 2, 3, 4, 5, 8
Quiz 1%, Assignment 1%
 
Module 7 - Shareholders' Equity
 
Discuss the major characteristics of a corporation.
Record share transactions.
Prepare the entries for cash dividends, stock dividends, and stock splits. 
Indicate how shareholders' equity is presented in the financial statements.
Evaluate dividend and earnings performance.
 
Learning Outcome: 1, 2, 3, 4, 5, 8
Quiz 1%, Assignment 1%
 
Module 8 - Statement of Cash Flow and Financial Statement Analysis
 
Describe the purpose and content of the statement of cash flows.
Prepare the operating activities section of a statement of cash flows using the indirect method.
Prepare the investing and financing activities sections of a statement of cash flows.
Use the statement of cash flows to evaluate a company’s financial performance.
Calculate ratios that are used to analyze liquidity, solvency and profitability.
 
Learning Outcome: 1, 2, 3, 4, 5, 6, 8
Quiz 1%, Assignment 1%, Comprehensive Final Exam 45%
 


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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