Accounting (ACCT) 351

Intermediate Financial Accounting I (Revision 12)

ACCT 351

Revision 11 is closed for registrations, replaced by current version

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Delivery Mode: Individualized study online (with eTextbook)

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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Accounting 351 is the first course in the two-course intermediate accounting sequence. It provides in-depth coverageof

  • 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 a three-credit option or elective in Athabasca University's Bachelor of Commerce degree program, as well as a required course in the University Certificate in Accounting. It meets the requirements of the newly unified Chartered Professional Accountants of Canada (CPA) 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 Midterm 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 Chartered Professional Accountant designation are advised that they will be required to achieve a grade higher than the minimum passing grade. See CPA Requirements for details.

Course Materials


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

Kieso, D. E., Weygandt, J. J., Warfield, T. D., Young, N. M., Wiecek, I. M., & McConomy, B. J. (2013). Intermediate accounting, volume 1 (10th Can. ed.). Mississauga, ON: John Wiley and Sons Canada Ltd. ISBN - 9781118300848

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

Other Resources

All other learning resources will be available online.

The Sharp EL-738/EL-738C and 738FC calculators are recommended. The TI-BAII Plus, HP-10BII+, or Casio FC-200V non-programmable calculators may be used when writing examinations in this course

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, November 26, 2013.

View previous syllabus