ACCG21627
Intermediate Accounting 1A
Sheridan
 
  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 2020
Prerequisites: ACCG17937
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business Accounting, Business Admin. Accounting
Program Coordinator(s): Jennifer Peterson
Course Leader or Contact: Lorraine Alyea
Version: 20200914_00
Status: Approved (APPR)

Section I Notes: Allowable calculator: Texas Instrument BAII Plus

 
 
Section II: Course Details

Detailed Description
This course focuses on the study of the rationale behind the accounting and reporting of business transactions. Students learn the conceptual framework upon which financial statements are produced and apply the principles of this framework to prepare financial statements that meet professional accounting standards. Using lectures, demonstrations and in-class problem solving activities students learn how to account for and report business transactions in the context of the Canadian financial reporting environment.

Program Context

 
Business Accounting Program Coordinator(s): Jennifer Peterson
Same as Business Admin. Accounting

Business Admin. Accounting Program Coordinator(s): Jennifer Peterson
This course builds on the foundation of introductory level accounting and teaches students to appreciate the challenges, value and limitations of accounting theory and practice in preparation for more advanced concepts of accounting.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course, students will have demonstrated the ability to report business transactions by applying the principles of the underlying conceptual framework in the context of the Canadian financial reporting environment.
 
Learning Outcomes:

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

  1. Describe the essential characteristics of accounting, the objective of financial reporting and the standard setting process in Canada.
  2. Define the elements of the conceptual framework for financial reporting
  3. Explain the various steps in the accounting cycle.
  4. Prepare a multi-step income statement, classified balance sheet and cash flow statement in accordance with GAAP for an entity.
  5. Compare alternative revenue recognition policies and performance obligations.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS
 Homework assignments (5 at 2% each)10.0%
 Quizzes (best 5 of 6 at 2% each)10.0%
 Midterm Examination (Chapter 1,2,3)40.0%
 Comprehensive Final Exam40.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:

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.
  • Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.
  • Information Management - Locate, select, organize and document information using appropriate technology and information systems.

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
Professor: Multiple Professors
Resource(s):
 TypeDescription
RequiredTextbookIntermediate Accounting, Volume 1, Kieso, D., Weygandt, J. Warfield, T., Young, N., Wiecedk, I., McConomy, B., John Wiley & Sons Ltd., 12th Canadian Edition with Wiley Plus, 2019
RequiredOtherCPA Handbook (online via Sheridan Library database)

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

Module 1 - The Canadian Financial Reporting Environment

  1. Understand the financial reporting environment.
  2. Explain the need for accounting standards and identify the major entities that influence standard setting and financial reporting.
  3. Explain the meaning of generally accepted accounting principles (GAAP) and the significance of professional judgement in applying GAAP.
  4. Discuss some of the challenges and opportunities for accounting.

Discuss current trends in standard setting for the conceptual framework.
Chapter Reading: Chapter 1 

Assessment:  Quiz 1
Learning Outcome: 1

_____________________________________________________________________

Module 2 – The Conceptual Framework

  1. Indicate the usefulness and describe the main components of a conceptual framework for financial reporting.
  2. Identify the qualitative characteristics of accounting information.
  3. Define the basic elements of financial statements.
  4. Describe the foundational principles of accounting.
  5. Explain the factors that contribute to choice and/or bias in financial reporting decisions.


Chapter Reading: Chapter 2

Assessments:  Quiz 2, Homework Assignment 1
Learning Outcome: 2

_______________________________________________________________

Module 3 - Measurement and the Accounting Cycle 

  1. Understand basic accounting terminology, double-entry rules and the accounting equation.
  2. Identify the steps in the accounting cycle and the steps in the recording process.
  3. Explain the reasons for and prepare adjusting entries.
  4. Explain how the type of ownership structure affects the financial statements.
  5. Prepare closing entries and consider other matters relating to the closing process.
  6. Use valuation techniques to measure financial statement elements.
  7. Use IFRS 13 to measure fair value.
  8. Understand and apply present value concepts.


Chapter Readings: Chapter 3 and Appendix C

Assessments:  Quiz 3, Assignment 2
Learning Outcome: 3
_____________________________________________________________________

Mid Term Exam - 40% (Chapters 1-3)
______________________________________________________________________

Module 4 - Reporting Financial Performance

  1. Understand the statement of financial position and statement of cash flows from a business perspective.
  2. Identify the uses and limitations of a statement of financial position.
  3. Identify the major classifications of a statement of financial position.
  4. Prepare a classified statement of financial position.
  5. Identify statement of financial position information that requires supplemental disclosure. 
  6. Identify major disclosure techniques for the statement of financial position.
  7. Indicate the purpose and identify the content of the statement of cash flows.
  8. Prepare a statement of cash flows using the indirect method.
  9. Understand the usefulness of the statement of cash flows.

Chapter Reading: Chapter 4

Assessment: Quiz 4, Assignment 3
Learning Outcome: 4


______________________________________________________________________

Module 5 - Financial Position and Cash Flows

  1. Understand the statement of financial position and statement of cash flows from a business perspective.
  2. Identify the uses and limitations of a statement of financial position.
  3. Identify the major classifications of a statement of financial position.
  4. Prepare a classified statement of financial position.
  5. Identify statement of financial position information that requires supplemental disclosure. 
  6. Identify major disclosure techniques for the statement of financial position.
  7. Indicate the purpose and identify the content of the statement of cash flows.
  8. Prepare a statement of cash flows using the indirect method.
  9. Understand the usefulness of the statement of cash flows.

Chapter Reading: Chapter 5

Assessment: Quiz 5, Assignment 4
Learning Outcome: 4


______________________________________________________________________

Module 6 - Revenue Recognition

  1. Understand the economics and legalities of selling transactions from a business perspective.
  2. Identify the five steps in the revenue recognition process.
  3. Identify the contract with customers.
  4. Identify the separate performance obligations in the contract.
  5. Determine the transaction price.
  6. Allocate the transaction price to the separate performance obligations.
  7. Understand how to recognize revenue when the company satisfies its performance obligation.
  8. Analyze and determine whether a company has earned revenues under the earnings approach.
  9. Identify other revenue recognition issues.
  10. Describe presentation and disclosure regarding revenue.

Chapter Reading: Chapter 6

Assessment: Quiz 6, Assignment 5
Learning Outcome: 5

_______________________________________________________________

FINAL EXAM - 40%  (Chapters 1-6)



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.


[ Printable Version ]

Copyright © Sheridan College. All rights reserved.