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 corporation 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 are reviewed in detail, including
- internal control and cash;
- accounts receivable;
- property, plant, and equipment assets; and
- short-and long-term liabilities.
Additional financial accounting issues related to the corporate form of organization are examined later in the course, followed by an introduction to the statement of cash flows. Generally accepted accounting principles and ethics are examined throughout the course as they relate to each area. You will learn to apply basic tools for analyzing financial statements. Finally, you will be introduced to basic accounting issues related to the sole proprietorship and partnership forms of business organization.
Evaluation
To receive credit for ACCT 253, you must achieve
- at least 50 percent on the Midterm Examination,
- at least 50 percent on the Final Examination, and
- an overall composite grade of D (50 percent).
The following chart summarizes the evaluation activities and scheme for this course.
| Activity | Weight |
| Case Study | 10% |
| Midterm Exam | 30% |
| Final Exam | 40% |
| Labs | 20% |
| Total | 100% |
The midterm and final examinations for this course must be requested in advance and written under the supervision of an AU-approved exam invigilator. Invigilators include either ProctorU or an approved in-person invigilation centre that can accommodate online exams. Students are responsible for payment of any invigilation fees. Information on exam request deadlines, invigilators, and other exam-related questions, can be found at the Exams and grades section of the Calendar.
Materials
Digital course materials
Links to the following course materials will be made available in the course:
Dauderis, H., & Annand, D., Jensen, T., & Morpurgo, M. (2023). Introduction to financial accounting (revision 2024-A edition). Lyryx Learning Inc.
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License, and is updated periodically to incorporate corrections.
eText
Registration in this course includes an electronic textbook. The eTextbook is available in multiple formats through Lyryx.
Other Resources
All other course materials, including access to web-based tools in Lyryx, will be accessed online.
Students re-registering in this course should be aware that any work previously completed in Lyryx will not carry forward.
Challenge for credit
Overview
The challenge for credit process allows you to demonstrate that you have acquired a command of the general subject matter, knowledge, intellectual and/or other skills that would normally be found in a university-level course.
Full information about challenge for credit can be found in the Undergraduate Calendar.
Evaluation
To receive credit for the ACCT 253 Challenge Option, you must achieve at least 50 percent on the Challenge Exam and at least 50% on the online case study. The overall grade is based on an online case study (20%) and an online exam (80%).
| Activity | Weight |
| Case Study | 20% |
| Exam | 80% |
| Total | 100% |
Materials
Once you register for the Challenge Option, a link will be provided for you to purchase access to the Lyryx platform. This access is mandatory as all assessments will be completed in Lyryx, including the invigilated exam. The textbook is available in multiple formats (including free download) through Lyryx.
Challenge for credit course registration form