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ACCT 253

Accounting (ACCT) 253
Introductory Financial Accounting (Revision 9)

Revision 9 closed, replaced by current version.

View previous syllabus.

Delivery mode: Individualized study online or
grouped study**

Credits: 3 - Applied Studies.

Prerequisite: None.

Centre: School 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 School of Business Call 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 a least a “D” (50 percent), on each of the Midterm and Final Examinations, an average mark of at least “A-” (80 percent) on the online LIFA Lab average reaches 80%, 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 Quiz 2 Online LIFA Labs Case Study Assignment Midterm Exam Final Exam Total
5% 10% 15% 5% 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.

A card with your LIFA 8-digit confidential PIN CODE is included with your textbooks.

Other Materials

All other course materials will be accessed online.

Special Course Features

The course materials for this course are shipped as a shrink-wrapped package. If the shrink wrap is broken, the materials are not returnable.

A new revision is planned for early 2009. Please contact the Call Centre for an estimated time line before registering.

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