ACCT 3201: 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.
Learning outcomes
- Apply the conceptual framework of objectives and principles in selecting appropriate accounting policies and preparing financial statements in accordance with IFRS.
- Demonstrate the ability to assess a situation, identify issues and alternatives, and provide a recommendation using ethical professional judgment.
- Classify and account for investments in various financial instruments using the cost/amortized cost, fair value-net income, fair value-OCI, and equity methods in accordance with IFRS standards.
- Demonstrate an understanding of revenue recognition, including issues of measurement and collectability.
- Prepare an income statement in various formats that contains discontinued items and unusual gains and losses and EPS calculations for both basic and fully diluted EPS.
- Prepare a classified Statement of Financial Position, including supplementary disclosures.
- Account for the recognition, measurement, and derecognition of accounts receivable and notes receivable, including non-interest bearing and discounted notes.
- Use various cost flow methods to account for inventory, including items to include in inventory, impairment, lower of cost and NRV, and correcting prior period inventory errors.
- Calculate the initial recognition, depreciation, impairment, and derecognition of tangible assets using the cost model, fair value model, and revaluation model.
- Calculate and account for the recognition, derecognition, and impairment of intangible assets and goodwill.
Course topics
Module 1: The Conceptual Framework, Measurement, and Review of Accounting
Module 2: Reporting Financial Performance
Module 3: Revenue Recognition
Module 4: Cash and Receivables
Module 5: Inventory
Module 6: Investments
Module 7: Property, Plant, and Equipment
Module 8: Intangible Assets and Goodwill
Required text and materials
The following material is required for the course:
- Kieso, D. E., Weygandt, J. J., Warfield, T. D., Wiecek, I. M., & McConomy, B. J. (2022). Intermediate Accounting (13th Canadian. Looseleaf ed., Vol. 1) with WileyPLUS. John Wiley & Sons Canada.
Type: Textbook. ISBN: 978-1119740513
Additional requirements
A financial calculator is required. Recommended calculators include the Hewlett Packard 10BII+ or the Texas Instruments BA II Plus. Of the two, the Hewlett Packard is much more user-friendly.
Assessments
Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact exams@tru.ca with any questions about this.
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 mandatory final exam.
| Assignment 1: Conceptual Framework, Measurement, and Review of Accounting | 10% |
| Assignment 2: Statement of Income and Statement of Financial Position | 10% |
| Assignment 3: Revenue Recognition, Cash and Receivables | 10% |
| Assignment 4: Inventory and Investments | 10% |
| Assignment 5: Property, Plant, and Equipment Including Depreciation, Impairment, Disposition, Intangible Assets, and Goodwill | 10% |
| Mandatory Final Exam | 50% |
| Total | 100% |
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.
