AC 218 - Agribusiness Accounting II

3 Credits

AC 218 is a continuation of AC 118. Topics included in AC 218 Agribusiness Accounting II are: inventories; capital assets; current liabilities; owner’s equity in partnerships and corporations; analyzing financial statements; the statement of cash flows, and accounting information systems. 

Rationale:

AC218 is a compulsory course for students in the Agribusiness program (all majors). This course goes in depth into sections of the financial statements while a practical lab emphasizes real life agriculture businesses accounting records while providing students with experience in maintaining an accounting system.

Prerequisites: AC 118  
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.
6. identify and apply accounting concepts related to different types of business entities (sole proprietor, partnerships & corporations).

Larson, K. D., & Dieckmann, H. (2022). Fundamental accounting principles: volumes 1 and

II (17th Canadian ed.). McGraw Hill Ryerson.

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.

Lecture Hours: 42 (3 hours per week)

Lab Hours: 14 (2 hours every other week)

The student should come to class having adequately prepared for topics to be dealt with that day. The instructor provides specific readings; otherwise, the readings provided in the course calendar acts as a guide to what is covered. Lectures are supplemented with hand out materials, use of boards, 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.

Classroom and laboratory attendance is considered vital to the learning process and as significant to the students’ evaluation as examinations and reports.

1. Students having a combination of excused and/or unexcused absence of 20 percent or higher for the scheduled course hours will be required to withdraw and will automatically receive a “RW” (required withdrawal) for the course, regardless of any other evaluation results. (RW is a failing grade.).

2. An excused absence is one that is verified with your instructor. Verification should be prior to the absence or the next class day following the absence. Verification of the absence may take the form of a note from your doctor/College nurse regarding illness, or a note from another instructor regarding a field trip or other activity, or authorization by your instructor. An unexcused absence is anything NOT verified by the instructor prior to the absence or the next class day following the absence.

It is the students’ responsibility to know their own absentee record.

Normal hours are 8:30 a.m. to 6:30 p.m., with potential for evening courses, exams or extended field trips. Students are expected to be available for classes during these times.

Content of Course:
 

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. 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.

Any alternate method of evaluation and/or mark breakdown is given at the commencement of class. All marks are recorded as percentages and then converted to a letter grade as follows:

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.