Intermediate Financial Accounting I
Students learn to prepare the income statement, a statement of retained earnings, and the asset side of the statement of financial position. Topics include the conceptual framework; reporting financial performance; financial position; revenue recognition; cash and receivables; inventory; investments; property, plant, and equipment; deprecation, impairment and disposition; and intangible assets and goodwill.
Recommended: ACCT 1211-Accounting 1 and ACCT 1221-Accounting 2 or ACCT 2211-Financial Accounting; and CMNS 1290-Introduction to Professional Writing
Upon completing this course, students will be able to:
- Describe what generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) are and how to apply them.
- Explain the application of the basic principles of accounting.
- Explain the uses and limitations of an income statement.
- Explain the uses and limitations of the balance sheet.
- Apply the correct revenue recognition method to different situations.
- Indicate how cash is reported on the balance sheet.
- Explain accounting issues related to the recognition, valuation, and disposition of accounts receivable.
- Distinguish between perpetual and periodic inventory systems.
- Identify items that should be included as inventory cost.
- Demonstrate the application of lower of cost and net realizable value.
- Apply the appropriate accounting treatment for short-term and long-term investments.
- Identify the acquisition costs of land, buildings, and equipment.
- Apply the various methods of amortization.
- Prepare financial statement disclosures for capital assets and their related amortization.
- Explain the accounting issues related to asset impairment.
- Describe the characteristics of intangible assets.
- Apply the procedure for valuing and amortizing intangible assets.
- Understand the International Accounting Standards.
- Module 1: A Conceptual Framework
- Module 2: Reporting Financial Performance
- Module 3: Financial Position
- Module 4: Revenue Recognition
- Module 5: Cash and Receivables
- Module 6: Inventory
- Module 7: Investments
- Module 8: Property, Plant, and Equipment
- Module 9: Depreciation, Impairment, and Disposition
- Module 10: Intangible Assets and Goodwill
Maximum Completion30 weeks.
Required Text and Materials
Kieso, D. E., Weygandt, J. J., Warfield, T. D., Young, N. M., & Wiecek, I. M. Intermediate Accounting (Volume 1). 10th Canadian Edition. John Wiley and Sons Canada Ltd, 2013.
Type: Textbook. ISBN: 978-1-118-30084-8
A computer with Internet access is required.
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Primary communication is through the Learning Environment's "Mail" tool or by phone. Students will receive the necessary contact information when they start the course.
In order to successfully complete this course, students must obtain at least 50% on the mandatory final examination and 50% on the course overall.
|Assignment 1: Conceptual framework and accounting review||6%|
|Assignment 2: Income statement and Statement of financial position||7%|
|Assignment 3: Revenue recognition, cash and receivables||7%|
|Assignment 4: Inventory and investments||7%|
|Assignment 5: Property, plant, and equipment||7%|
|Assignment 6: Intangible assets and goodwill||6%|
|Final Exam *||60%|