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ACCT 253

Accounting (ACCT) 253
Introductory Financial Accounting (Revision 10)

Revision 10 is closed for registrations, replaced by current version

View previous syllabus.

A new version of the course will be available in the fall of 2010. This new version will be fully compliant with International Financial Reporting Standards (IFRS), the ‘new’ accounting rules adopted by Canada. As of January 1, 2011, all publically accountable enterprises (PAEs) in Canada must prepare financial statements that comply with IFRS. Private enterprises (PEs) in Canada will be permitted to use either IFRS or Generally Accepted Accounting Principles (GAAP) for PEs as detailed in a new section of the revised CICA Handbook.

Although this change in accounting standards does not impact ACCT253 significantly, students planning on majoring in accounting with the goal of becoming a professional accountant (i.e., CA, CGA, or CMA) might want to defer their registration in ACCT253 until revision 11 of the course is available in the fall of 2010. If you require clarification, contact the Student Support Centre at 1-800-468-6531 or email: business-support@athabascau.ca.

Delivery mode: Individualized study online or grouped study**

Credits: 3 - Applied Studies.

Prerequisite: None.

Centre: Faculty of Business

ACCT 253 has a Challenge for Credit option.

**Note: Students registering in grouped study, or grouped study international mode are advised that there may be some differences in the evaluation and course materials information indicated below. To obtain the most up-to-date information, contact the Faculty of Business Student Support Centre at 1-800-468-6531.

Overview

After completing this course, you will be able to analyze and prepare a set of basic financial statements. You will begin by examining the accounting cycle of a sole proprietorship in the service sector, learning how financial transactions are processed through the accounting information system each accounting period. You will then examine accounting for merchandise operations as well as inventory and cost of sales. Special issues regarding balance sheet components—internal control and cash, accounts receivable, capital assets, and short- and long-term liabilities—are reviewed in detail. Financial accounting issues specific to the corporate form of organization are examined, followed by an introduction to the cash flow statement. Generally accepted accounting principles and ethics are examined throughout the course as they relate to each area. Finally, you will learn to apply basic tools for analyzing financial statements.

Outline

Lesson 1: Introduction to Financial Accounting and Financial Statements

Lesson 2: Analyzing and Recording Transactions

Lesson 3: Adjusting Accounts

Lesson 4: Closing Entries and the Classified Balance Sheet

Lesson 5: Accounting for Merchandising Activities and Merchandise Inventory

Lesson 6: Internal Control and Cash

Lesson 7: Receivables

Lesson 8: Capital Assets and Goodwill

Lesson 9: Current and Long-term Liabilities

Lesson 10: Accounting for Corporations

Lesson 11: Reporting and Analyzing Cash Flows

Lesson 12: Analyzing Financial Statements

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Evaluation

To receive credit for ACCT 253, you must achieve at least “D” (50 per cent) on each of the midterm and final examinations, an average mark of “A-” (80 per cent) on the online LIFA Labs (once your LIFA Lab average reaches 80 per cent, you will be awarded full marks for this activity), and an overall composite grade of “D” (50 percent). The following chart summarizes the evaluation activities and scheme for this course.

Quiz 1 Case Study 2 Quiz 2 Discussion Questions Online LIFA Labs Midterm Exam Final Exam Total
5% 5% 5% 5% 15% 30% 35% 100%

To learn more about assignments and examinations, please refer to Athabasca University's online Calendar.

Course Materials

Textbook

Larson, K. D., & Jensen, T. (2007). Fundamental accounting principles (12th Can. ed.). Toronto: McGraw-Hill Ryerson. (Volumes 1 and 2) ISBN-13: 9780070951716 and ISBN-13: 9780070951723.

Other Materials

All other course materials will be accessed online.

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