HUMBER The Business School COURSE OUTLINE ACADEMIC YEAR 2010 - 2011 It is the student's responsibility 10 retain course outlines for possible future use in support of applications for transfer credit to another educational institution. PROGRAMS): COURSE NAME: COURSE NUMBER: CREDIT VALUE: PREREQUISITE(S): Accounting: 3 Year Diploma Intermediate Accounting 2 ACCT 531 Six (6) ACCT 331 Intermediate Accounting I REQUIRED TEXT(S): Intermediate Accounting 9" Canadian Edition, Volume 2 Keiso, Weygandt, Warfield, Young & Wiecek Wiley & Sons ISBN 978-0-470-16101-2 APPROVED BY: irector, Continuing Education DATE COURSE DESC IN This course is a continuation of intermediate Accounting I, placing emphasis on accounting theory and conducting an in depth study of the analysis of special problems that arise in applying these concepts to Financial Accounting. Sane 9,2010|LEARNING OUTCOMES Upon completion of this course, the successful student will be able to: 8 12. 13, 14, Understand and explain the nature of current liabilities and contingencies and classify them accurately. Recognize, record, and provide proper disclosure for a variety of current liabilities and contingencies. Understand and explain the nature of long term liabilities and classify them accurately. Recognize, record and provide proper disclosure for bonds payable: their initial issue, amortization, and retirement, with understanding of the time value of money concepts of PV and FV as required Recognize, record and provide proper disclosure for notes payable: their initial issue, amortization, and repayment, with understanding of the time value of money concepts of PV and FV as required Understand and explain the nature of future income tax assets and liabilities. Recognize, record and provide proper disclosure for future income tax assets and liabilities that arise as a result of a variety of situations. Understand and explain the nature of various types of leases, operating and capital in nature, from the point of view of both the lessee and the lessor. Recognize, record and provide proper disclosure for several types of leases with some ‘common contract terms included. ). Understand and explain the nature of company pensions and classify them accurately as. defined contribution or defined benefit, Recognize, record, and provide proper disclosure for defined contribution and defined benefit pension plans, with supplemental records kept by the plan trustee. Define the basic elements of shareholders equity: share capital, contributed surplus, retained eamings and accumulated other comprehensive income and classify them accurately. . Recognize, record and provide proper disclosure for stock rights, stock warrants, convertible stocks, convertible bonds and executive stock options. Understand and explain simple versus complex capital structures, calculate basic and fully diluted earnings per share and provide proper disclosure of earnings per share.15, Understand and explain the nature of changes in accounting policy and accounting errors and their effect on prior period results. 16. Recognize, record and provide proper disclosure for adjustments to retained eaming for a variety of changes in accounting policy and errors affecting prior periods. 17. Understand and explain the growing emphasis on disclosure and analysis of cash flows in relation to the limitations in accrual basis financial statements, 18. Calculate and provide proper disclosure for operating, investing and financing cash flows and related non-cash investing and financing activities. 19, Understand GAAP for private enterprises and IAS for publicly accountable enterprises as they relate to all of the above topics. ESSENTIAL EMPLOYABILITY SKILLS Communication Skills * communicate clearly, concisely and correctly in the written, spoken, and visual form that fulfills he purpose and meets the needs of the audience. ‘+ respond to written, spoken, or visual messages in a manner that ensures effective ‘communication, Numeracy Skills * execute mathematical operations accurately ‘+ critical thinking and problem solving skills. ‘+ apply a systematic approach to solve problems. + use a variety of thinking skills to anticipate and solve problems, Information Management Skills + locate, select, organize, and document information using appropriate technology and information systems. * analyze, evaluate, and apply relevant information from a variety of sources. Interpersonal Skills + show respect for the diverse opinions, values, belief systems, and contributions of others. * _ interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals, Personal Skills ‘+ manage the use of time and other resources to complete projects. + take responsibility for one’s own actions, decisions, and consequences,