Curriculum Guideline

Intermediate Accounting I

Effective Date:
Course
Discontinued
No
Course Code
ACCT 3310
Descriptive
Intermediate Accounting I
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
Not Specified
PLAR
No
Semester Length
15 Weeks
Max Class Size
35
Contact Hours

Lecture: 4 Hrs.

OR

Lecture/Seminar: 2 hours lecture, 2 hours seminar

Method Of Instruction
Lecture
Seminar
Methods Of Instruction

Lectures and demonstrations.

Course Description
This course builds on the foundation of accounting techniques and theory covered in Accounting 1110 and 1210 or Accounting 1235. The focus will be an in-depth study of assets and revenues. Topics will include current assets, capital assets, and investments. Additional topics will include the conceptual framework for financial reporting, and the measurement of revenue. The course includes a major group project, which requires the preparation of a comparative Balance Sheet and Income Statement, and Notes to the Financial Statements in accordance with the CPA Handbook using an accounting software package. The project requires the integration of ACCT 3310 material with material from the course prerequisites.
Course Content

 

Part 1 of the CPA Handbook - Accounting (IFRS) will be used to illustrate the evolving nature of accounting standards versus the static nature of the textbook.

1.1     A general overview of the environment of accounting including the relationship of managerial versus financial accounting and GAAP versus CPA Handbook.

1.2     An in-depth examination of the conceptual framework of accounting, its objectives, as well as environmental assumptions and implementation principles and constraints.

2.1     An in-depth examination of the issues, valuation, entries, and statement presentation surrounding current assets.

2.2     The factoring, assigning and pledging of receivables under notification/non-notification and with/without recourse.

2.3     The determination of notes receivable using present value techniques when the market and stated rates differ.

2.4      Valuation of inventories under the perpetual system using Moving Average, LIFO and FIFO assumptions.

2.5      Application of lower of cost or market (LCM) rules to inventories using the direct and allowance methods.

2.6      Application of alternative inventory valuation methods including replacement cost value, selling price value, and relative sales value.

2.7      Recognition, valuation, entries, and statement presentation of capital assets and other issues such as, but not limited to, capitalization costs versus non-capitalization costs, similar and dissimilar exchanges, self-constructed plant assets, interest during construction, and amortization.

2.8      Application of special amortization methods such as inventory appraisal system, group and composite systems, and retirement and replacement systems.

2.9      Recognition, valuation, amortization, and entries surrounding the accounting for intangible assets and natural resources.

2.10    Accounting for financial assets, namely strategic equity investments and non-strategic investments.

 

3.1      An in-depth analysis of the timing of revenue recognition for single and multiple performance obligations and the accounting for costs arising from the contracts including; related expenses; contract costs; warranties; and onerous contracts.

3.2      Consignment sales, instalments sales, and bill and hold arrangements.

4.1      Entries and financial statement presentation for unusual gains and losses and discontinued operations. 

5.1      Preparation of the statement of cash flows using the direct and indirect methods.

6.1      Completion of a major project that requires students to use a software accounting program to:

  • create a chart of accounts;
  • record opening balances;
  • record transactions and adjusting entries, which relate to ACCT 3310 course content; and
  • prepare a comparative Balance Sheet and Income Statement including Notes to the Financial Statements in accordance with IFRS
Learning Outcomes

At the end of the course, the successful student should be able to:

  1. examine and discuss in depth the conceptual framework of accounting and its relationship to accounting principles and practice;
  2. analyze and record complex situations in asset accounting, both current and long term;
  3. analyze and record complex issues related to the accounting for revenue and expense recognition;
  4. examine and discuss in-depth the accounting for special items affecting the statements of income and retained earnings;
  5. integrate accounting theory, financial statement analysis, financial statement format and disclosure requirements in accordance with the CPA Handbook.
Means of Assessment
Assignment(s) and/or test(s)  20%
Term project  10%
Midterm(s) and Final Examination  70%*
  100%

*The maximum weighting that can be accorded to a specific examination is 40%.

STUDENTS MUST WRITE THE MIDTERM EXAMINATION(S) AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR THE COURSE.

To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.

 

Invigilated assessments include, in-class test(s), midterm examination(s) and the final examination.

Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.

Textbook Materials

 

Lo Fisher. Intermediate Accounting Volume I, Latest Edition. Pearson Canada.; or, Kieso et al. Intermediate 
Accounting Volume I, Latest Edition. John Wiley and Sons.; or, other textbooks as approved by the 
department.
Instructor compiled materials (if applicable)
Only Faculty of Commerce and Business approved calculators may be used for tests and examinations

Lo Fisher. Intermediate Accounting Volume I, Latest Edition. Pearson Canada.; or other textbooks as approved by the department.

Instructor compiled materials (if applicable) 

 

Only Faculty of Commerce and Business approved calculators may be used for tests and examinations

Prerequisites

 

 

(ACCT 1210 OR ACCT 1235 with a minimum grade of C OR currently active in the PDD Accounting program)

AND

(ENGL 1130 OR CMNS 1115 with a minimum grade of C OR currently active in any PDD/PBD program)

 

ACCT 1222 highly recommended.


 

Equivalencies

Courses listed here are equivalent to this course and cannot be taken for further credit:

  • No equivalency courses
Which Prerequisite