AC 541 - Intermediate Accounting II

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

Lecture Hours: 73

Course Description:
This course is an in-depth study of accounting and reporting of long-term liabilities and corporation equities. It also deals with the implications of taxation, leases, pensions, and financial statement analysis.

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

Credit transferability has been negotiated with the Chartered Professional Accountants of Alberta.

Prospective employers expect accountants to have an understanding of the accounting principles and concepts that are covered in the course.

Prerequisites: AC 441
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. (2019). Intermediate

Accounting Volume Two (7th ed. update). McGraw-Hill Ryerson Limited.

Optional Resource Materials:
None

Conduct of Course:
Course consists of 73 lecture hours.

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

The classroom sessions consist of lectures and application questions. Some questions are done by the students individually with the instructor available to answer specific questions. The lectures provide the student with the background information necessary to do the questions.

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.

Content of Course:

Financial Liabilities and Provisions
Financial Instruments: Long-term Debt
Shareholders’ Equity
Financial Instruments: Complex Debt and Equity Instruments
Corporate Income Taxes
Tax Losses
Leases
Post-employment Benefits
Earnings per Share
Accounting Changes
Financial Statement Analysis

Course Assessments:
Students are primarily tested 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. 12-14)	20%
Chapter Exam 2 (Ch. 15-17)	20%
Chapter Exam 3 (Ch. 18-20)	20%
Chapter Exam 4 (Ch. 21&22)	15%
Total	100%

All marks are recorded as percentages and then converted to a final 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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