AC 441 - Intermediate Accounting I

3 Credits

Outline Effective Date 2023 Fall
25 (2024-2025)

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

recognize and apply standards and objectives of external financial reporting to financial information.
discuss accounting policy choices and apply them to specific transactions or events with the purpose of preparing reliable financial information and statements.
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.

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).

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:

Unit	Course Content	Chapter
1	The Framework for Financial Reporting	1
2	Accounting Judgments	2
3	Statements of Income and Comprehensive Income	3
4	Statements of Financial Position and Changes in Equity; Disclosure Notes	4
5	The Statement of Cash Flows	5

6	Revenue Recognition	6
7	Financial Assets: Cash and Receivables	7
8	Cost-Based Inventories and Cost of Sales	8
9	Long-Lived Assets	9
10	Depreciation, Amortization, and Impairment	10
11	Financial Instruments: Investments in Bonds and Equity Securities	11

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%

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.