Accounting (ACCT) 351
Intermediate Financial Accounting I (Revision 7)

This version of ACCT 351 closed, September 24, 2003.

Delivery modes: Individualized study (May be offered online or online-enhanced. Confirm status before registering.)

Grouped study

**e-Class® (Availability is subject to a minimum number of registrations. Students registered in an e-Class® offering that must be cancelled due to insufficient registrations will be notified by December 12 for January start dates and August 12 for September start dates.
Credits: 3 - Applied Studies
Prerequisite: ACCT 253 Note: The American version of this course is ACCT 341.
Centre: School of Business
Challenge for Credit: ACCT 351 has a Challenge for Credit option

**Note: Students registering in the e-Class® delivery should note that there may be some differences in the Evaluation and Course Materials information indicated below. To obtain the most up to date e-Class® information, contact the School of Business Call Centre at 1-800-468-6531.

>> Overview | Outline | Evaluation | Course Materials | Course Fees | Course Availability


Overview

Accounting 351 begins with a review of material on the accounting cycle and present value calculations. This is followed by coverage of the environment of and conceptual framework for financial reporting. The next three lessons deal with the preparation of the four required financial statements: the Income Statement, the Statement of Retained Earnings, the Balance Sheet, and the Cash Flow Statement. Lessons five and six cover revenue and expense recognition. The remaining lessons deal with individual items on the asset side of the balance sheet. The lessons deal with these topics in considerable depth, covering both the conceptual issues associated with each asset, as well as procedures that will be required in the application of these concepts.

Outline

  • Lesson 1 Things You May Have Learned in Introductory Financial Accounting
  • Lesson 2 The Environment and Conceptual Framework for Financial Reporting
  • Lesson 3 The Income Statement and Statement of Retained Earnings
  • Lesson 4 The Balance Sheet
  • Lesson 5 The Cash Flow Statement
  • Lesson 6 Revenue Recognition
  • Lesson 7 Expense Recognition
  • Lesson 8 Current Monetary Balances
  • Lesson 9 Inventories
  • Lesson 10 Capital Assets - Acquisitions, Exchanges, and Disposals
  • Lesson 11 Introduction to Long-Term Investments in Debt and Equity Securities

Evaluation

To receive credit for ACCT 351, students must achieve a course composite mark of at least a "D" (50 percent) and a grade of at least 50 percent on each of the examinations. The weighting of the composite mark is as follows:

Assignment 1 Assignment 2 Mid-term Exam Assignment 3 Assignment 4 Final Exam Total
10% 10% 25% 10% 10% 35% 100%

Note: A composite mark of 67 percent is required for transfer credit to the Society of Management Accountants of Alberta. A composite mark of 65 percent is required for transfer credit to the Certified General Accountants' Association of Alberta and the Institute of Chartered Accountants of Alberta.

Course Materials

Textbook

Thomas H. Beechy and Joan E. D. Conrod. Intermediate Accounting Volume 1. 1st ed. Toronto: McGraw-Hill Ryerson.

Other material

The course materials include a study guide, a course manual, and a solutions manual.

Athabasca University reserves the right to amend course outlines occasionally and without notice.
Courses offered by other delivery methods may vary from their individualized-study counterparts.

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Open in Revision 7 Sept. 6, 2001. To archived version.
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This page was updated by G. Zahara