Applied Studies (Business and Administrative Studies)
Prerequisites:
ACCT 253 (or an equivalent introductory financial accounting course). Students are strongly advised not to register in ACCT 253 and ACCT 351 simultaneously. Course coordinator approval is required to register in ACCT 253 and ACCT 351 concurrently.
Course start date:
If you are a:
Self-funded student: register by the 10th of the month, start on the 1st of the next.
Accounting 351: Intermediate Financial Accounting I is the first course in the two-course intermediate accounting sequence. It provides in-depth coverage of
the environment of and conceptual framework for financial reporting;
accounting information processing systems;
the application of present value concepts in accounting;
preparing the basic financial statements—the statement of income, the cash flow statement, the retained earnings statement, the statement of changes in shareholders’ equity, and the statement of financial position—including presentation and disclosure issues; and
accounting issues (both procedural and conceptual) related to the asset side of the statement of financial position.
Many of these topics were covered in introductory financial accounting and are repeated here in a much more comprehensive fashion. The prerequisite for ACCT 351 is ACCT 253: Introductory Financial Accounting (or its equivalent from another post-secondary institution).
If you have gaps in your prerequisite knowledge, it is your responsibility to review the relevant introductory financial accounting material. Academic Experts for this course will not review and/or teach prerequisite material but may direct you to review the relevant introductory financial accounting topic(s) available in Chapter 1 of this course.
Outline
Chapter 1: Review of Introductory Financial Accounting
Chapter 2: Why Accounting?
Chapter 3: Financial Reports (Statement of Income, Comprehensive Income and Changes in Equity)
Chapter 4: Financial Reports (Statement of Financial Position and Statement of Cash Flows)
Chapter 5: Revenue
Chapter 6: Cash and Receivables
Chapter 7: Inventory
Chapter 8: Intercorporate Investments
Chapter 9: Property, Plant, and Equipment
Chapter 10: Depreciation, Impairment, and Derecognition of PPE
The following chart summarizes the evaluation activities for this course.
Activity
Weight
Complete by
Lyryx Assignments
20%
ongoing in Lyryx
Midterm Examination
35%
after Chapter 5
Final Examination
45%
after Chapter 11
Total
100%
The midterm and final examinations for this course must be requested in advance and written under the supervision of an AU-approved exam invigilator. Invigilators include either ProctorU or an approved in-person invigilation centre that can accommodate online exams. Students are responsible for payment of any invigilation fees. Information on exam request deadlines, invigilators, and other exam-related questions, can be found at the Exams and grades section of the Calendar.
To learn more about assignments and examinations, please refer to Athabasca University’s online Calendar.
Note: Students planning to transfer this course to a Chartered Professional Accountant designation are advised that they will be required to achieve a grade higher than the minimum passing grade. See CPA Requirements for details.
Materials
Arnold, G., & Kyle, S. (2021). Intermediate financial accounting (Vol. 1, revision A edition). (eText)
The eTextbook is available in multiple formats through Lyryx.
Other Resources
All other learning resources will be available online.
Students re-registering in this course should be aware that any work previously completed in Lyryx will not carry forward.
The Sharp EL-738 series calculators are recommended. The TI-BAII Plus, HP-10BII+, Casio FC-200V, or Casio FX-300MS non-programmable calculators may be used when writing examinations in this course.
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.