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.

Learning outcomes

  • 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 topics

  • 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

Please be aware that due to COVID-19 safety guidelines all in-person exams have been suspended. As such, all final exams are currently being delivered through ProctorU, which has an approximate fee of $35 involved. There will be more information in your course shell, on how to apply, if your course has a final exam.

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. Students will receive the necessary contact information at the start of your course.

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