Part 1 of the CPA Handbook - Accounting (IFRS) will be used to illustrate the evolving nature of accounting standards versus the static nature of the textbook.
1.1 A general overview of the environment of accounting including the relationship of managerial versus financial accounting and GAAP versus CPA Handbook.
1.2 An in-depth examination of the conceptual framework of accounting, its objectives, as well as environmental assumptions and implementation principles and constraints.
2.1 An in-depth examination of the issues, valuation, entries, and statement presentation surrounding current assets.
2.2 The factoring, assigning and pledging of receivables under notification/non-notification and with/without recourse.
2.3 The determination of notes receivable using present value techniques when the market and stated rates differ.
2.4 Valuation of inventories under the perpetual system using Moving Average, LIFO and FIFO assumptions.
2.5 Application of lower of cost or market (LCM) rules to inventories using the direct and allowance methods.
2.6 Application of alternative inventory valuation methods including replacement cost value, selling price value, and relative sales value.
2.7 Recognition, valuation, entries, and statement presentation of capital assets and other issues such as, but not limited to, capitalization costs versus non-capitalization costs, similar and dissimilar exchanges, self-constructed plant assets, interest during construction, and amortization.
2.8 Application of special amortization methods such as inventory appraisal system, group and composite systems, and retirement and replacement systems.
2.9 Recognition, valuation, amortization, and entries surrounding the accounting for intangible assets and natural resources.
2.10 Accounting for financial assets, namely strategic equity investments and non-strategic investments.
3.1 An in-depth analysis of the timing of revenue recognition for single and multiple performance obligations and the accounting for costs arising from the contracts including; related expenses; contract costs; warranties; and onerous contracts.
3.2 Consignment sales, instalments sales, and bill and hold arrangements.
4.1 Entries and financial statement presentation for unusual gains and losses and discontinued operations.
5.1 Preparation of the statement of cash flows using the direct and indirect methods.
6.1 Completion of a major project that requires students to use a software accounting program to:
Lectures and demonstrations.
| Assignment(s) and/or test(s) | 20% |
| Term project | 10% |
| Midterm(s) and Final Examination | 70%* |
| 100% |
*The maximum weighting that can be accorded to a specific examination is 40%.
STUDENTS MUST WRITE THE MIDTERM EXAMINATION(S) AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR THE COURSE.
To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.
Invigilated assessments include, in-class test(s), midterm examination(s) and the final examination.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
At the end of the course, the successful student should be able to:
Lo Fisher. Intermediate Accounting Volume I, Latest Edition. Pearson Canada.; or other textbooks as approved by the department.
Instructor compiled materials (if applicable)
Only Faculty of Commerce and Business approved calculators may be used for tests and examinations
(ACCT 1210 OR ACCT 1235 with a minimum grade of C OR currently active in the PDD Accounting program)
AND
(ENGL 1130 OR CMNS 1115 with a minimum grade of C OR currently active in any PDD/PBD program)
ACCT 1222 highly recommended.
No corequisite courses.
Courses listed here are equivalent to this course and cannot be taken for further credit:
Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.
| Institution | Transfer Details | Effective Dates |
|---|---|---|
| Athabasca University (AU) | AU ACCT 351 (3) | 2013/09/01 to - |
| Camosun College (CAMO) | CAMO ACCT 210 (3) | 2013/09/01 to 2018/04/30 |
| Camosun College (CAMO) | CAMO ACCT 210 (3) | 2021/09/01 to - |
| Capilano University (CAPU) | CAPU BFIN 246 (3) | 2013/09/01 to - |
| Kwantlen Polytechnic University (KPU) | KPU ACCT 3310 (3) | 2013/09/01 to - |
| Langara College (LANG) | LANG FMGT 1321 (3) | 2014/09/01 to - |
| North Island College (NIC) | NIC BUS 211 (3) | 2017/05/01 to - |
| Simon Fraser University (SFU) | SFU BUS 1XX (3) | 2013/09/01 to - |
| Thompson Rivers University (TRU) | TRU ACCT 2XXX (3) | 2015/05/01 to - |
| Thompson Rivers University (TRU) | TRU BBUS 2XXX (3) | 2013/09/01 to 2015/04/30 |
| Trinity Western University (TWU) | DOUG ACCT 2410 (3) & DOUG ACCT 3310 (3) = TWU BUSI 321 (3) | 2013/09/01 to - |
| University Canada West (UCW) | UCW ACCT 340 (3) | 2015/09/01 to - |
| University of British Columbia - Okanagan (UBCO) | UBCO ELEV 2nd (3) | 2013/09/01 to - |
| University of British Columbia - Vancouver (UBCV) | UBCV COMM 2nd (3) | 2013/09/01 to - |
| University of Northern BC (UNBC) | UNBC COMM 2XX (3) | 2013/09/01 to - |
| University of the Fraser Valley (UFV) | UFV BUS 343 (3) | 2013/09/01 to - |
| University of Victoria (UVIC) | UVIC COM 2XX (1.5) | 2013/09/01 to - |
| Vancouver Island University (VIU) | VIU ACCT 335 (3) | 2020/09/01 to - |