ACC220 Timetable 2013 Essay

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ACC220 - Accounting Basics II
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Last revision date
Nov 27, 2012 12:12:12 PM
Last review date
Nov 27, 2012 12:12:12 PM

Subject Title
Accounting Basics II
Subject Description
In this second of the two introductory accounting courses, students will expand their understanding of accounting principles and concepts while covering specific topics including: capital assets, corporations' shareholders' equity, and bonds payable. Preparation of the Statements of Retained Earnings and Cash flows will also be covered. Finally, the students will expand their understanding of the role of financial statement users by studying financial statement analysis.
Credit Status
1. Accounting II (ACC220) is one credit of the "ACC" professional requirement in the Accounting Diploma programs.
2. Accounting II (ACC220) is one credit towards the Canadian Institute of Bookkeeping designation. Minimum grade of "B" required.
3. Accounting II (ACC220), coupled with Accounting I (ACC120) is accredited as the equivalent of Financial Accounting I (FA1) by the CGA. A "B" grade or higher must be obtained for accreditation eligibility.
Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate an understanding of financial accounting concepts, principles and procedures, including internal control.

2. Account for the specific items that appear in general purpose financial statements, including the analysis and recording of transactions, year-end adjusting entries and the financial statement presentation of the various accounts included in:

a. Current Assets;(review)
b. Long-Lived Assets.
c. Liabilities-Current and Long-Term
d. Shareholders' Equity.

3. Prepare the statements included in general-purpose financial reporting. These statements include the Statement of Financial Position and the Statements of Comprehensive Income, Changes of Shareholders Equity, and Cash Flows.

4. Apply financial statement analysis to business decisions including specific analytical tools (eg. ratio analysis) as well as communicating findings.

5. Identify international GAAP,(IFRS) and private GAAP,(ASPE) for topics covered in ACC220.
Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.
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
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 Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Co-requisite in ESL934 or EAC149 or EAC150.
Topic Outline
1 Jan. 7
Introduction & G.A.A.P.
Chapter 11
IAS 18/11
Financial Reporting Concepts Chapter 11
IAS 18/11
2 Jan.14
Long-Lived Assets Chapter 9
IAS 1/16/17/36/38/40