AC 441 - Intermediate Accounting I

3 Credits
Outline Effective Date: Academic Year 2025/2026
Revised Date: Sep 3, 2025
Date Approved: Sep 3, 2025

Lecture Hours: 73

Course Description:
Theoretical aspects of accounting are studied in-depth. Topics emphasize external financial reporting standards and the underlying accounting assumptions, concepts and principles pertaining to the accounting model. The course content includes accounting for operational assets, deferred and intangible assets, and long-term intercorporate investments.

Rationale:
This is a required core course for Business Administration Accounting major students. Subsequent to the introductory course, students further their ability to work with accounting principles and concepts as they relate to assets. The course is designed for the Professional Accounting student who intends to pursue a career in accounting or who uses accounting information.

Credit transferability has been negotiated with the Chartered Professional Accountants (CPA).

Prerequisites: AC 230
Corequisites: None

Course Learning Outcomes:
A student who successfully completes the course will have reliably demonstrated the ability to

1.recognize and apply standards and objectives of external financial reporting to financial information.

2.discuss accounting policy choices and apply them to specific transactions or events with the purpose of preparing reliable financial information and statements.

3.analyze financial statements/data for the purpose of making business decisions and advising stakeholders

Required Resource Materials:
Beechy, T. H., Conrod, J. E. D., Farrell, E. J., McLeod-Dick, I., Sevel, R., & Tomulka, K. (2022).

Intermediate Accounting Volume One (8th ed. update). McGraw-Hill Ryerson Limited.

Optional Resource Materials:
None

Conduct of Course:
This course consists of 73 hours of lectures.

Students are expected to read topical material prior to lectures. Students are encouraged to participate in discussions.

The lectures provide the student with the background information necessary to complete course-related problems and assignments; Excel is used extensively to demonstrate related problems.

Accounting is a practical subject and can only be mastered by practice. Therefore, time is required in and out of class time for working through questions and assignments.

Regular attendance is essential for success in any course. Absence for any reason does not relieve a student of the responsibility of completing course work and assignments to the satisfaction of the instructor. Poor attendance may result in the termination of a student from a course(s).

The instructor recommends that the Registrar withdraw any student who does not meet the established attendance requirements. A failing grade of RW (Required to Withdraw) appears on the student’s transcript.

In cases of repeated absences due to illness, the student may be requested to submit a medical certificate.

Instructors have the authority to require attendance at classes.

Content of Course:

The Framework for Financial Reporting
Accounting Judgments
Statements of Income and Comprehensive Income
Statements of Financial Position and Changes in Equity; Disclosure Notes
The Statement of Cash Flows
Revenue Recognition
Financial Assets: Cash and Receivables
Cost-Based Inventories and Cost of Sales
Long-Lived Assets
Depreciation, Amortization, and Impairment
Financial Instruments: Investments in Bonds and Equity Securities

Course Assessments:
Students are tested primarily on material assigned and discussed in the class. The final grade is an aggregate of the following components:

Assignments	15%
Data Analytics Assignment	10%
Chapter Exam 1 (Ch. 1-4)	20%
Chapter Exam 2 (Ch. 5-7)	25%
Chapter Exam 3 (Ch. 8-11)	30%
Total	100%

All marks are recorded as percentages and then converted to a letter grade as follows:

Official final grades will be available on My Lakeland. Grades posted in D2L should be considered interim grades.
“Lakeland College is committed to the highest academic standards. Students are expected to be familiar with Lakeland College policies and to abide by these policies. Violations of these policies are considered to be serious and may result in suspension or expulsion from the College.”

Course Pass Requirements:
A minimum grade of D (50%) (1.00) is required to pass this course.

Letter	F	D	D+	C-	C	C+	B-	B	B+	A-	A	A+
Percent Range	0-49	50-52	53-56	57-59	60-64	65-69	70-74	75-79	80-84	85-89	90-94	95-100
Points	0.00	1.00	1.30	1.70	2.00	2.30	2.70	3.00	3.30	3.70	4.00	4.00

Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.

Every effort has been made to ensure that information in this course outline is accurate at the time of publication. Lakeland College reserves the right to change courses if it becomes necessary so that course content remains relevant.

In such cases, the instructor will give students clear and timely notice of changes.

No part of this course outline may be reproduced in any form or resold without written permission from Lakeland College.

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