Accounting Theory and Practice 2
  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 2018
Prerequisites: ACCG70028
Corequisites: N/A
Equivalents: ACCG70017
Pre/Co/Equiv Notes: N/A

Program(s): Accounting Practitioner
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20180904_00
Status: Approved (APPR)

Section I Notes: This course is offered on-campus and will also include online/virtual components. The total instruction time will be 42 hours. The online portions of the course are web-based and offered through Sheridan College's SLATE learning management system. Students taking this course will need a laptop computer, reliable access to the internet, and should have a basic level of comfort using computers as well as the self- discipline to study independently. Students can expect to spend an additional three hours per week for online activities such as postings, discussions, reading, homework and assignments.

Section II: Course Details

Detailed Description
Students build on their knowledge and application of accounting principles and concepts by focusing on the Asset side of the balance sheet. Through interactive lessons, application of transactions within an ERP system, assignments and problem solving activities students learn how to account for and report business transactions. This course is based on the Accounts Receivable Specialist job role. Students examine the value that the AR role brings to an organization and some of the critical skills required to succeed.

Program Context

Accounting Practitioner Program Coordinator(s): N/A
This course is a component of the Accounting Practitioner Certificate, offered through the Faculty of Continuing and Professional Studies.

Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course, students will have demonstrated the ability to identify, record and analyze assets by performing critical Accounts Receivable processes.
Learning Outcomes:

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

  1. Classify and describe the different type of business assets.
  2. Describe the characteristics of current and long-term assets.
  3. Identify the components of the accounting cycle that pertain to the AP and AR functions.
  4. Record accounts receivable and apply the direct method and allowance method for recording uncollected amounts.
  5. Prepare journal entries to record and pay payroll liabilities for the employees and for payroll costs levied on employers.
  6. Calculate interest with respect to notes payable.
  7. Analyze the Quote-to-Cash business process.
  8. Perform the A/R role in the Quote to Cash Business cycle from invoicing to A/R sub-ledger reconciliations.
  9. Identify customer relations issues that arise from accounts past due, and devise strategies to effectively deal with them.
  10. Identify the critical technical skills and performance expectations for an Accounts Receivable Specialist
  11. Self -assess your competence in applying the following business skills: problem-solving, communication, teamwork, presentation and collaboration.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Mid- term25.0%
 Comprehensive Final Exam40.0%

Evaluation Notes and Academic Missed Work Procedure:
Students must achieve a minimum of 50% on the final exam in order to earn credit for the course. Students are expected to appear in person to write the final exam at specified exam locations.

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
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

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: Multiple Professors
OptionalOtherOnline texts, reading and references , articles, applied assignments and navigation of enterprise resource planning software to complete activities that support the learning outcomes and critical performance requirements of the course and overall program objectives.

Applicable student group(s): All Students in the Faculty of Continuing and Professional Studies
Course Details:

Module 1 - The Asset Section of the Balance Sheet

- Type of Assets
- Classify cash items
- Explain the role of Cash Management
- Apply basic techniques to increase cash flow
- Identify cash control features within an ERP System

Module 2 - Accounts Receivable

- Value Accounts Receivable using the direct and indirect method
- Account for short-term Notes Receivable
- Explain the characteristics of property, plant and equipment
- Apply the cost principle to record costs at acquisition and subsequent to acquisition.
- Calculate and record depreciation using straight-line, units-of production and declining balance methods 
- Prepare journal entries for the disposition of long-term assets
- Explain the characteristics of intangible assets

Module 3 - The Quote-to-Cash Accounting Cycle

- Identify the invoicing process within an ERP accounting system
- Record a series of invoices
- Perform Invoice reconciliation
- Perform the five stages of the expenditure cycle
- Requisitions (Purchase Requisition)
- Ordering (Purchase Orders)
- Receiving
- Approve Supplier Invoices
- Cash Disbursements

Module 4 - The Accounts Receivable (AR) Role in an Organization
- Define the role of the  AR Specialist in an organization
- Identify the responsibilities of the AR role
- Discuss the challenges and problem solving requirements of the AR Specialist role
- Create AR sub-ledger account in the ERP system
- Define and record AR sub-ledger entries

Module 5 - Past- Due Accounts and Handling Customer Related Issues

- Examine the potential impact of Past Due Accounts on the business cash flow
- Evaluate the profitability of relationships with delinquent clients 
- Identify collection strategies applicable to various situations- write offs, collection agencies
- Apply issue resolution skills: in person, over the phone, and through email with clients
- Recognize opportunities for creative problem-solving and deepening customer relationships through issue resolution

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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