Accounting (ACCT) 351
Intermediate Financial Accounting I (Revision 10)
Revision 10 closed, replaced by current version.
View previous syllabus.
A new version of the course will be available in the fall of 2010. The 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.
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 the course until the IFRS compliant version (ACCT 351 version 11) will be available in the fall of 2010. If you require revision 11, DO NOT register for the course until Rev. 11 is posted as available. 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
Area of Study:Applied Studies
Prerequisite:ACCT 253 (or an equivalent introductory financial accounting course). Students are strongly advised not to register in ACCT 253 and ACCT 351 simultaneously. Course coordinator approval is required to register in ACCT 253 and ACCT 351 concurrently.
Centre:Faculty of Business
ACCT 351 is not available for challenge.
**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
Accounting 351 is the first course in the two-course intermediate accounting sequence. It provides in-depth coverage of
- the environment of and conceptual framework for financial reporting.
- accounting information processing systems.
- the application of present value concepts in accounting.
- preparing the four basic financial statements—the statement of income, the cash flow statement, the retained earnings statement, and the balance sheet, including presentation and disclosure issues.
- accounting issues related to the asset side of the Balance Sheet, both procedural and conceptual issues.
Many of these topics were covered in introductory financial accounting and are repeated here in a much more comprehensive fashion. The prerequisite for ACCT 351 is Accounting 253: Introductory Financial Accounting.
ACCT 351 is an option in the Bachelor of Commerce degree program, as well as a required course in the University Certificate in Accounting. It meets the requirements of all three professional accounting bodies in Canada (CA, CGA, CMA) with respect to a first intermediate financial accounting course.
The content of this course complies with IFRS (International Financial Reporting Standards).
Outline
Lesson 1: The Environment of and Conceptual Framework for Financial Reporting and Review of the Accounting Cycle
Lesson 2: Reporting Financial Performance
Lesson 3: Financial Position and Cash Flows
Lesson 4: Revenue Recognition
Lesson 5: Cash and Receivables
Lesson 6: Inventory
Lesson 7: Investments
Lesson 8: Acquisition of Property, Plant, and Equipment
Lesson 9: Amortization, Impairment, and Disposition
Lesson 10: Goodwill and Other Intangible Assets
Evaluation
To receive credit for ACCT 351, you must achieve a course composite mark of at least a “D” (50 percent), a grade of at least “D” (50 percent) on each of the examinations, and an average mark of at least “A” (80 percent) on the online LIFA Labs. The weighting of the composite mark is as follows:
| Online LIFA Labs | Case Study | Mid-term Exam | Final Exam | Total |
|---|---|---|---|---|
| 20% | 5% | 30% | 45% | 100% |
To learn more about assignments and examinations, please refer to Athabasca University's online Calendar.
Note: Students planning to transfer this course to a Professional Accounting designation (i.e., CMA, CGA, CA) are advised that they will be required to achieve a grade higher than the minimum passing grade. See the Professional Accounting Designation Web site for details.
Course Materials
Textbook
Kieso, D. E., Weygandt, J. J., Warfield, T. D., Young, N. M., & Wiecek, I. M. (2007). Intermediate accounting, volume 1 (8th Can. ed.). Mississauga, ON: John Wiley and Sons Canada Ltd. ISBN 978-0-470-83979-9
Other Material
A Sharp EL-738/EL-738C calculator is included in your package. This is the only calculator permitted for use while writing the mid-term and final examinations. You will access all other course materials online.
Software Requirement
Microsoft Office.
Athabasca University reserves the right to amend course outlines occasionally and without notice. Courses offered by other delivery methods may vary from their individualized-study counterparts.
Opened in Revision 10, September 26, 2008.
View previous syllabus
Last updated by gloriaz 04/24/2015 12:45:10