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ACCT 253

Accounting (ACCT) 253
Introductory Financial Accounting (Revision 8)

Revision 8 closed February 11, 2008, replaced by current version.

View previous syllabus.

Delivery mode: Individualized study online or
grouped study**

Credits: 3 - Applied Studies.

Prerequisite: None.

Centre: School of Business

ACCT 253 has a Challenge for Credit option.

**Note: Students registering in grouped study, or grouped study international mode are advised that there may be some differences in the evaluation and course materials information indicated below. To obtain the most up-to-date information, contact the School of Business Call Centre at 1-800-468-6531.

Overview

Upon completion of ACCT 253, you will be able to analyze and prepare a set of basic financial statements. To accomplish this, you will begin by examining the accounting cycle of a sole proprietorship in the service sector: learning how financial transactions are processed through the accounting information system each accounting period.

Accounting for merchandise operations as well as inventory and cost of sales will then be examined. Next, special issues regarding balance sheet components will be reviewed in detail: internal control and cash, accounts receivable, capital assets, and short- and long-term liabilities. Financial accounting issues specific to the corporate form of organization are then examined in detail followed by the introduction of the cash flow statement. Generally accepted accounting principles and ethics are examined through­out the course as they relate to each area. Finally, you will learn to apply basic tools needed to analyze financial statements.

Outline

Lesson 1: Introduction to Financial Accounting and Financial Statements

Lesson 2: Analyzing and Recording Transactions

Lesson 3: Adjusting Accounts

Lesson 4: Closing Entries and the Classified Balance Sheet

Lesson 5: Accounting for Merchandising Activities and Merchandise Inventory

Lesson 6: Internal Control and Cash

Lesson 7: Receivables

Lesson 8: Capital Assets and Goodwill

Lesson 9: Current and Long-term Liabilities

Lesson 10: Accounting for Corporations

Lesson 11: Reporting and Analyzing Cash Flows

Lesson 12: Analyzing Financial Statements

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Evaluation

To receive credit for ACCT 253, you must achieve a course composite mark of at least a “D” (50 percent), a mark of at least 50 percent on each of the examinations, and an average mark of at least “A-” (80 percent) on the online LIFA labs. The weighting of the composite grade is as follows:

Quiz 1 Quiz 2 Online LIFA Labs Case Study Assignment Midterm Exam Final Exam Total
5% 5% 15% 5% 30% 40% 100%

To learn more about assignments and examinations, please refer to Athabasca University's online Calendar.

Course Materials

Textbook

Larson, K. D., & Jensen, T. (2005). Fundamental accounting principles (11th Can. ed.). Toronto: McGraw-Hill Ryerson. (Volumes 1 and 2) ISBN 0-07-091649-7 and ISBN 0-07-091652-7 respectively

Included with your textbook, is a card with your LIFA registration PIN code.

Other Materials

All other course materials will be accessed online.

Special Course Features

You will require Microsoft Office to complete the case study assignment.

The course materials for this course are shipped as a shrink-wrapped package. If the shrink wrap is broken, the materials are not returnable.

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