Accounting (ACCT) 253

Introductory Financial Accounting (Revision 12)

ACCT 253

Revision 12 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** (check locations) - both options with eTextbook

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 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%

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

Course Materials


Registration in this course includes electronic textbooks. For more information on electronic textbooks, please refer to the eText Initiative site.

Larson, K. D., & Jensen, T. (2013). Fundamental accounting principles (14th Can. ed.). Toronto: McGraw-Hill Ryerson. (Volumes 1 and 2) ISBN: 978-0-07-105157-6 and 978-0-07-105150-7.

A print version of the eTexts may be available for purchase from the publisher through a direct-to-student link provided on the course website; you can also acquire the textbooks on your own if you wish.

Other Resources

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.

Current Grouped Study Locations

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 12, October 10, 2013.

View previous syllabus