Accounting (ACCT) 351

Intermediate Financial Accounting I (Revision 11)

ACCT 351

Revision 11 is closed for registrations, replaced by current version

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Delivery Mode: Individualized study online or grouped study.**

Credits: 3

Area of Study: Applied Studies
(Business and Administrative 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.

Faculty: Faculty of Business

ACCT 351 is not available for challenge

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**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.


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 basic financial statements—the statement of income, the cash flow statement, the retained earnings statement, statement of changes in shareholders’ equity, and the balance sheet, including presentation and disclosure issues.
  • accounting issues (both procedural and conceptual) related to the asset side of the balance sheet.

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).


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: Property, Plant, and Equipment

Lesson 9: Depreciation, Impairment, and Disposition

Lesson 10: Intangible Assets and Goodwill


To receive credit for ACCT 351, you must achieve a course composite grade of at least “D” (50 percent) and a grade of at least “D” on each of the Midterm and Final Examinations. The following chart describes the credit weight associated with each course requirement. The weighting of the composite grade is as follows:

Online Assignments Mid-term Exam Final Exam Total
20% 35% 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 Website for details.

Course Materials


Kieso, D. E., Weygandt, J. J., Warfield, T. D., Young, N. M., & Wiecek, I. M. (2010). Intermediate accounting, volume 1 (9th Can. ed.). Mississauga, ON: John Wiley and Sons Canada Ltd. ISBN - 9781118012635

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 midterm and final examinations. You will access all other course materials online.

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, October 5, 2010.

View previous syllabus