ACC416 - Intermediate Accounting I, Part 1

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Last revision date May 25, 2020 12:07:07 AM
Last review date Jul 6, 2020 9:40:32 AM

Subject Title
Intermediate Accounting I, Part 1

Subject Description
This subject is the first of two in the program on Intermediate Accounting (ACC416/417). It examines fundamental accounting assumptions, concepts and principles. Income determination is stressed through a review of revenue and expense recognition principles and the underlying conceptual support. It integrates an in-depth study of asset items on the Statement of Financial Position (including cash, receivables, inventories and capital assets) with emphasis upon generally accepted accounting principles that apply to these items.

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

1. Explain the financial reporting environment.
2. Explain the objectives and fundamental concepts of financial reporting.
3. Apply the basic accounting concepts and generally accepted accounting principles (GAAP) to a wide range of situations in order to determine the most appropriate method of accounting, including the IFRS equivalent standards.
4. Prepare and interpret the Income Statement and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows and accompanying notes in accordance with GAAP, including the IFRS equivalent standards.
5. Apply revenue recognition criteria to a number of situations and account for related transactions, including the IFRS equivalent standards.
6. Account for monetary balances including cash, accounts receivable, notes receivable and notes payable.

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.