ACC220 - Accounting Basics II

Outline info
Last revision date 2018-09-07 11:33:13.085
Last review date 2018-09-07 11:33:13.087

Subject Title
Accounting Basics II

Subject Description
In this second of the two introductory accounting courses, students will expand their understanding of accounting principles and concepts while covering specific topics including: capital assets, corporations' shareholders' equity, and bonds payable. Preparation of the Statements of Retained Earnings and Cash flows will also be covered. Finally, the students will expand their understanding of the role of financial statement users by studying financial statement analysis.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see:

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate an understanding of financial accounting concepts, principles and procedures, including internal control.

2. Account for the specific items that appear in general purpose financial statements, including the analysis and recording of transactions, year-end adjusting entries and the financial statement presentation of the various accounts included in:

a. Current Assets;(review)
b. Long-Lived Assets.
c. Liabilities-Current and Long-Term
d. Shareholders' Equity.

3. Prepare the statements included in general-purpose financial reporting. These statements include the Statement of Financial Position and the Statements of Comprehensive Income, Changes of Shareholders Equity, and Cash Flows.

4. Apply financial statement analysis to business decisions including specific analytical tools (eg. ratio analysis) as well as communicating findings.

5. Identify international GAAP,(IFRS) and private GAAP,(ASPE) for topics covered in ACC220.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

ACC 120 - Accounting Basics I 

Topic Outline

  • Accounts receivable
  • Temporary investment
  • Notes receivable
  • Merchandise inventory
  • Capital Assets, Intangible capital assets, Natural resources
  • Current liabilities
  • Shareholders’ Equity
  • Income statement and statement of retained earnings
  • Cash flow statement
  • Financial statement analysis

Mode of Instruction

A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work.


This subject is delivered online. This may involve the use of digital materials and/or a text, group discussions, interaction with your instructor and online activities.

Prescribed Texts

TITLE: Accounting Principles, Volume 2 with WileyPLUS
Edition: 7
Author: Weygandt, Kieso, Kimmel, Trenholm, Warren  Novak
Publisher: Wiley
ISBN: 9781119333845 includes Accounting Principles, Volume 2 with WileyPLUS Blackboard Card for Volumes 1 and 2.

TITLE: Accounting Principles, Volume 2 with WileyPLUS
Edition: 7
Author: Weygandt, Kieso, Kimmel, Trenholm, Warren  Novak
Publisher: Wiley
ISBN: 9781119333845 includes Accounting Principles, Volume 2 with WileyPLUS Blackboard Card for Volumes 1 and 2.

Reference Material

Required Supplies

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online ( or at Seneca's Registrar's Offices.

Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:


Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this subject in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme:


Comprehensive Assignment 10%
Mid Term Test 40%
Final Exam 50%


Assignments 20%
Mid Term Test 40%
Final Exam** 40%

** Final Exams: The final exam for online subjects must be written at the Test Centre of the College at which you registered. If you are unable to do so, please make alternative arrangements through the College at which you registered. All the academic policies of the College at which you registered apply. This includes, but is not limited to policies related to grading, supplemental exams, deferred exams and accommodations.

Please retain this course outline document for future educational and/or employment use.

Program Coordinator
Cynthia Duncan

Approved by: Chair - Business Studies Danielle Mercier