AC 230 - Accounting II

3 Credits
Outline Effective Date: Academic Year 2025-2026
Revised: Aug 5, 2025
Approved: Aug 5, 2025

Lecture Hours: 59

Course Description:
AC 230 is a continuation of AC 130. Topics included in AC 230 provide the fundamentals of accounting concepts and practice, in key areas: inventories; capital assets; current liabilities; owner’s equity in partnerships and corporations; analyzing financial statements; and the statement of cash flows. Emphasis is placed on problem solving and application of financial accounting to real life situations. It also provides students with experience in maintaining a manual accounting system.

Rationale:
AC 230 is a compulsory course for students in the two-year Business Administration program (all majors), as well as the Accounting Technician certificate program. The course is of particular interest to those who intend to pursue a career in accounting and/or those who intend to pursue careers that use accounting information.

Credit transferability has been negotiated with the Chartered Professional Accountants (CPA) and the Canadian Institute of Bookkeeping (CIB).

Prerequisites: AC 130
Corequisites: None

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

1.apply the concepts and principles that guide the preparation of accounting information.

2.demonstrate competence in the recording of business transactions and their presentation in acceptable accounting statement format.

3.apply accounting information to business decisions.

4.explore the validity and limitations of current accounting practice from the points of view of the users of financial accounting information as well as that of the data preparer.

5.maintain a comprehensive manual accounting system.

Required Resource Materials:
Larson, K., Dieckmann, H., & Harris, J. and Creagh, Erin. (2025) Fundamental accounting principles: Volumes 1 & 2 (Current Canadian ed.). McGraw-Hill, 2025.

Instructor class notes.

Optional Resource Materials:
None

Conduct of Course:
Class time is comprised of lectures and practice sessions each week. The lectures focus on topics general to all students, with practice sessions geared to dealing with issues requiring individualized attention.

Students are expected to come to class having adequately prepared topics to be dealt with that day. The instructor may provide specific readings; otherwise, the readings provided in the course calendar act as a guide to what is covered. Lectures are supplemented with hand out materials, use of whiteboards, Smartboards, and visual media as needed. Students are encouraged to participate in class discussions.

Accounting is a practical subject and can only be mastered by practice.

Content of Course:

Inventory Costing and Valuation
Property, Plant and Equipment, and Intangibles
Current Liabilities
Partnerships
Corporations: Organization and Operation;
Corporate Reporting: Profit, Earnings Per Share, and Retained Earnings
Reporting and Analyzing Cash Flows
Analyzing Financial Statements

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

Midterm Examinations (3)	60%
Final Examination	20%
Assignments/Quizzes	20%
Total	100%

Students missing an exam without an acceptable excuse receive a zero on that exam. Students are not able to improve their marks through retests.

Assignments are due on the dates as specified. Late assignments are not marked unless the student obtains the instructor’s consent prior to the due date. Absence for any reason does not relieve a student of the responsibility of completing assignments.

Any alternate method of evaluation and/or mark breakdown is given at the commencement of class.

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.

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.”

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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