Intermediate Accounting I

Curriculum Guideline

Effective Date:
Course Code
ACCT 3310
Intermediate Accounting I
Commerce & Business Administration
Start Date
End Term
Semester Length
15 Weeks X 4 Hrs. per week = 60 Hrs.
Max Class Size
Contact Hours
Lecture: 4 Hrs.
Method Of Instruction
Methods Of Instruction

Lectures and demonstrations.

Course Description
This course builds on the foundation of accounting techniques and theory covered in Accounting 1110 and 1210 or Accounting 1235. The focus will be an in-depth study of assets and revenues. Topics will include current assets, capital assets, and investments. Additional topics will include the conceptual framework for financial reporting, the measurement of revenue, the correction of errors, and the accounting for changes in accounting policies and estimates. Selected sections of the CPA Handbook will be covered in-depth. The course includes a major group project, which requires the preparation of a comparative Balance Sheet and Income Statement, and Notes to the Financial Statements in accordance with the CPA Handbook using an accounting software package. The project requires the integration of ACCT 3310 material with material from the course prerequisites.
Course Content

The Handbook will be used to illustrate the evolving nature of accounting standards versus the static nature of the textbook.  In preparation for each academic year the instructor will update the text material to match current Accounting Recommendations contained in the CPA Handbook.  A minimum of 5 Accounting Recommendations and a selection of EIC Abstracts will be explored in-depth.

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 under simple and compound rate assumptions and when 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    Valuation and entries related to temporary and long-term investments under direct and allowance LCM methods.

2.11    Cost versus equity bases in accounting for long-term equity investments including basic elimination entries for consolidation purposes at date of acquisition.

2.12     Recording stock splits, stock dividends, convertibles, and stock rights as they relate to temporary and long-term investments.

3.1      Expense recognition and an in-depth analysis of the timing of revenue recognition; namely, before delivery, at delivery, and after delivery.

3.2      Deferral of revenue recognition under installment sales and cost recovery methods.

4.1      Entries and financial statement presentation for the following: extraordinary gains and losses, unusual gains and losses, discontinued operations, accounting errors and changes in accounting policies and estimates.

5.1      Throughout the course, the selected Accounting Recommendations and EIC Abstracts will be integrated with the appropriate text material.

6.1      To prepare for the major project the importance, structure, and nature of Notes to the Financial Statements will be discussed.

6.2      Prepare a comparative Balance Sheet and Income Statement including Notes to the Financial Statements which are in accordance with the CPA Handbook using an accounting software program.

6.3      The major project will require the student to:

   6.3.1  create a chart of accounts;

   6.3.2  record opening balances;

   6.3.3  record routine transactions and adjusting entries, which relate to Acct 3310 course content.

Learning Outcomes

At the end of the course, the successful student should be able to:

  1. examine and discuss in depth the conceptual framework of accounting and its relationship to accounting principles and practice;
  2. analyze and record complex situations in asset accounting, both current and long term;
  3. analyze and record complex issues related to the accounting for revenue and expense recognition;
  4. examine and discuss in-depth the accounting for special items affecting the statements of income and retained earnings;
  5. discuss current topical issues including CPA Handbook sections and Emerging Issues Committee Abstracts;
  6. integrate accounting theory, financial statement analysis, financial statement format and disclosure requirements in accordance with the CPA Handbook.
Means of Assessment
Assignment(s) and/or test(s) and/or project(s) and/or case analysis  40%
Midterm(s) and Final Examinations  60%*

*The maximum weighting that can be accorded a specific exam is 35%.


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 quizzes, in-class tests, midterm exam(s) and the final exam.

Textbook Materials

Textbooks and Materials to be Purchased by Students

Lo Fisher. Intermediate Accounting Volume I, Latest Edition. Pearson Canada.; or, Kieso et al. Intermediate 
Accounting Volume I, Latest Edition. John Wiley and Sons.; or, other textbooks as approved by the 
Instructor compiled materials (if applicable)
Only Faculty of Commerce and Business approved calculators may be used for tests and examinations

Lo Fisher. Intermediate Accounting Volume I, Latest Edition. Pearson Canada.; or, Kieso et al. Intermediate Accounting Volume I, Latest Edition. John Wiley and Sons.; 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 with a grade of C or better OR ACCT 1235 with a grade of C or better).

OR currently active in the PDD Accounting

ACCT 1222 highly recommended



Courses listed here must be completed either prior to or simultaneously with this course:

  • No corequisite courses

Courses listed here are equivalent to this course and cannot be taken for further credit:

  • No equivalency courses
Which Prerequisite