AC 230 - Accounting II

3 Credits

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:
Upon successful completion of this course, students will be able 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.

Larson, K., Dieckmann, H., & Harris, J. (2022) Fundamental accounting principles: Volumes 1 & 2 (17th Canadian ed.). McGraw-Hill, 2022.

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.

The student should come to class having adequately prepared for 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 discussion.

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

Attendance

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).

If you do not meet the established attendance requirements, your instructor will recommend that the Registrar withdraw you from the course. A failing grade of RW (Required to Withdraw) will appear on your 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:

1. Inventory Costing and Valuation
2. Property, Plant and Equipment and Intangibles
3. Current Liabilities
4. Partnerships
5. Corporations:
   1. Organization and Operation
   2. Corporate Reporting
   3. Profit
   4. Earnings per share
   5. Retained Earnings
6. Reporting and Analyzing Cash Flows
7. Analyzing Financial Statements

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

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 instructor’s consent prior to due date. Absence for any reason does not relieve a student of the responsibility of completing assignments.

Course Pass Requirements:
A minimum grade of D (50%) (1.00) is required to pass this course. Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.