ACCT 1221: Accounting II

Building on ACCT 1211: Accounting 1, students develop the ability to prepare and analyze increasingly complex financial statements. Topics include partnership accounting, corporate accounting; long-term liabilities; investments and international operations; the cash flow statement; and financial statement analysis.

Objectives

  • Account for partnerships.
  • Account for corporations.
  • Account for long-term liabilities.
  • Account for investments and international foreign currency transactions.
  • Prepare cash flow statements.
  • Analyze financial statements.
  • Understand the impact of International Finance Reporting Standards (IFRS).

Course outline

  • Module 1: Review & IFRS
  • Module 2: Partnerships
  • Module 3: Corporations: Share Capital and the Balance Sheet
  • Module 4: Corporations: Retained Earnings and the Income Statement
  • Module 5: Long-Term Liabilities
  • Module 6: Investments and International Operations
  • Module 7: The Cash Flow Statement
  • Module 8: Financial Statement Analysis

Required text and materials

Students will receive the following:

  1. Miller-Nobles, T. L., Mattison, B., Matsumura, E. M., Meissner, C. A., Johnston, J. L., & Norwood, P. R. (2020). Horngren's Accounting: Volume 2 plus MyAccountingLab (11th Cdn. ed.). Toronto, ON: Pearson.
    Type: Textbook: ISBN 978-0-13-663167-5.

Note: This textbook comes with access to a companion website: MyAccountingLab that is not required but recommended for activities and additional practice.

Students who did not take TRU-OL ACCT 1211 will be required to review key concepts covered in the first part of the introductory accounting course from any introductory accounting textbook.

Additional requirements

Hand calculator: a calculator may be helpful for basic calculations. However, if you intend to continue with more advanced accounting courses in the future, you might consider buying a financial calculator, such as the Texas Instruments. "Business Analyst" calculator, now.

Assessments

To successfully complete this course, students must achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final mandatory exam.

Assignment 1: Partnerships 6%
Assignment 2: Corporations 11%
Assignment 3: Liabilities and Investments 12%
Assignment 4: The Cash Flow Statement 6%
Assignment 5: Financial Statement Analysis 5%
Final Exam (mandatory) 60%
Total 100%

Open Learning Faculty Member

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 at the start of the course.

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