ACC415 - Intermediate Accounting I

Outline info
Semester
School
Last revision date 2017-05-29 00:29:50.962
Last review date 2017-07-17 00:15:25.537


Subject Title
Intermediate Accounting I

Subject Description
This subject is the first of two in the program on Intermediate Accounting (ACC415/517). It examines fundamental accounting assumptions, concepts and principles. Income determination is stressed through a review of revenue and expense recognition principles and the underlying conceptual support. It integrates an in-depth study of asset items on the Statement of Financial Position (including cash, receivables, inventories and capital assets) with emphasis upon generally accepted accounting principles that apply to these items.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see https://www.gocpaontario.ca/Content/Attachments/Seneca%20College.pdf
.

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

1.Explain the financial reporting environment.

2. Explain the objectives and fundamental concepts of financial reporting.

3. Apply the basic accounting concepts and generally accepted accounting principles(GAAP) to a wide range of situations in order to determine the most appropriate method of accounting, including the IFRS equivalent standards.

4. Prepare and interpret the Income Statement and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows and accompanying notes in accordance with GAAP, including the IFRS equivalent standards.

5. Apply revenue recognition criteria to a number of situations and account for related transactions, including the IFRS equivalent standards.

6. Account for monetary balances including cash, accounts receivable, notes receivable and notes payable.

7. Account for inventory costs, including the application of various cost flow assumptions, valuing inventory at year end and estimating inventory, including the IFRS equivalent standards..

8. Identify and account for investments.

9. Identify types of long-term assets and account for the acquisitions, repairs and improvements of tangible and intangible capital assets, including the IFRS equivalent standards.

10. Account for the amortization, impairment and disposition of tangible and intangible capital assets.

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 http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
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 student.conduct@senecacollege.ca.

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.

Prerequisite(s)
ACC220 - Accounting Basics II 

Topic Outline

  • The Environment of Financial Accounting the Development of Accounting Standards
  • The Accounting Process (review)
  • The Conceptual Framework
  • Underlying Financial Accounting
  • Statement of Income and Retained Earnings
  • Balance Sheet and Statement of Cash Flows
  • Revenue Recognition
  • Cash and Receivable
  • Accounting and Time Value of Money
  • Valuation of Inventories
  • Cash Flows Methods
  • Inventories:  Additional Valuation Problems
  • Investments:  Temporary and Long Term
  • Acquisition and Disposition of Tangible Assets
  • Depreciation and Depletion of Tangible Assets
  • Intangible Capital Assets

Mode of Instruction
In-Class

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

Prescribed Texts
Title: Intermediate Accounting Volume 1 with Connect with Smartbook
Edition:
2017 - 7th
Author: Beechy
Publisher: McGrawHill Ryerson
ISBN:
9781259256134

E-Book:
Connect with Smartbook (365 days)
Beechy Intermediate Accounting 7e, Volume 1
ISBN: 9781259108877

Required Supplies
None.

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)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) 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:

http:/senecacollege.ca/library

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: 

In-class
  

Quiz 20%
Term Test 35%
Final Examination 45%


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

 
 





Program Coordinator
Cynthia Duncan

Approved by: Academic Program Manager - Business Studies Danielle Mercier