Accounting (ACCT) 253

Introductory Financial Accounting (Revision 11)

ACCT 253

Revision 11 is closed for registrations, replaced by current version

View previous syllabus

This course is 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.

Delivery Mode: Individualized study online or grouped study**

Credits: 3

Area of Study: Applied Studies
(Business and Administrative Studies)

Prerequisite: None

Faculty: Faculty of Business

PDF image Sample Course Pages

ACCT 253 is not available for challenge.

check availability

**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.


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 are reviewed in detail, including

  • internal control and cash
  • accounts receivable
  • property, plant and equipment assets
  • short- and long-term liabilities.

Financial accounting issues specific to the corporate form of organization are examined, 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. Finally, you will learn to apply basic tools for analyzing financial statements.


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: Property, Plant and Equipment, and Intangibles

Lesson 9: Current and Long-term Liabilities

Lesson 10: Accounting for Corporations

Lesson 11: Reporting and Analyzing Cash Flows

Lesson 12: Analyzing Financial Statements


To receive credit for ACCT 253, you must achieve

  • at least “D” (50%) on the Final Examination
  • an average mark of “A-” (80%) on the online LIFA labs (once your LIFA lab average reaches 80%, you will be awarded full marks for this activity)
  • an overall composite grade of “D” (50%).

The following chart summarizes the evaluation activities and scheme for this course.

Quiz 1 LIFA Case Study Quiz 2 Quiz 3 Final Exam Labs Total
5% 5% 10% 15% 45% 20% 100%

Note: Weighting in grouped-study offerings may be altered to accommodate a classwork component.

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

Course Materials


Larson, K. D., & Jensen, T. (2010). Fundamental accounting principles (13th Can. ed.). Toronto: McGraw-Hill Ryerson. (Volumes 1 and 2) ISBN: 978-0-07-096827-1.

Other Materials

All other course materials, including LIFA (Lyryx Interactive Financial Accounting), will be accessed online. LIFA is a web-based tool used in ACCT253 to complete assessments worth 55% of the final grade. LIFA runs on Windows and Macs. However, a small number of Mac users have experienced unresolvable issues when running LIFA Labs. We encourage students to try a Windows PC if they run into problems with their Mac or contact LIFA Tech Support at: for assistance.

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

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 11, August 6, 2010.

View previous syllabus