vcc.ca
ACCT 2055: Intermediate Accounting 2
Effective date
September 2021
Department
Accounting Diploma
School
Hospitality, Food Studies and Applied Business
Description
This course builds on the skills learned in ACCT 2045, Intermediate Accounting 1. Students develop skills working with liabilities, equities, pensions, leases, taxes and accounting for errors and changes in accounting policy. Generally Accepted Accounting Principles (GAAP) used in recording and presenting financial statements are emphasized throughout the course.
Credits
3.0
Year of study
2nd Year Post-secondary
Prerequisites
ACCT 2045.
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Describe the Conceptual Framework for Accounting Reporting (Conceptual Framework), and its impact on accounting principles and practices
- Analyze and record complex situations in accounting for current and non-current liabilities
- Analyze and record complex issues related to accounting for equity
- Use IFRS (International Financial Reporting Standards) standards to account for errors and changes in accounting policy
- Integrate accounting theory, financial statement analysis, financial statement format and disclosure requirements in accordance with the standards of IFRS (International Financial Reporting Standards) and ASPE (Accounting Standards for Private Enterprise)
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
Lectures, Lab Work, Group Projects and Case Studies
Grading System
Letter Grade (A-F)
Passing grade
C
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Assignments |
10 |
|
|
Project |
20 |
Group project |
|
Midterm Exam |
35 |
Midterm may consist of more than one exam |
|
Final Exam |
35 |
|
Course topics
- Non-Financial and Current Liabilities
- Long-Term Financial Liabilities
- Shareholder's Equity
- Complex Financial Instruments
- Earnings per Share
- Accounting for Income taxes
- Pensions and Other Post-Employment Benefits
- Leases
- Accounting Changes and Error Analysis
- Cash Flow Statements
- Other Measurement and Disclosure Issues
Learning resources
Students will require a financial calculator for this course. A Texas Instruments BA-II Plus is recommended, but any brand or model of non-programmable financial calculator, which can perform time-value-of-money calculations, is acceptable.
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.