ACC220 - Accounting Basics II

Outline information
Semester
Schools offering this subject
Last revision date Mar 18, 2019 8:40:41 AM
Last review date Mar 18, 2019 8:40:53 AM

Subject Title
Accounting Basics II

Subject Description
In this second of the two introductory accounting courses, students will expand their understanding of accounting principles and concepts while covering specific topics including: capital assets, corporations' shareholders' equity, and bonds payable. Preparation of the Statements of Retained Earnings and Cash flows will also be covered. Finally, the students will expand their understanding of the role of financial statement users by studying financial statement analysis.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see:
https://cdn.agilitycms.com/cpa-ontario/become-a-cpa/pdfs/2017/Seneca%20College.pdf

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate an understanding of financial accounting concepts, principles and procedures, including internal control.

2. Account for the specific items that appear in general purpose financial statements, including the analysis and recording of transactions, year-end adjusting entries and the financial statement presentation of the various accounts included in:

a. Current Assets;(review)
b. Long-Lived Assets.
c. Liabilities-Current and Long-Term
d. Shareholders' Equity.

3. Prepare the statements included in general-purpose financial reporting. These statements include the Statement of Financial Position and the Statements of Comprehensive Income, Changes of Shareholders Equity, and Cash Flows.

4. Apply financial statement analysis to business decisions including specific analytical tools (eg. ratio analysis) as well as communicating findings.

5. Identify international GAAP,(IFRS) and private GAAP,(ASPE) for topics covered in ACC220.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.