416 289 5000
1-800-268-4419 (in Ontario)

P.O. Box 631 Station A
Toronto, ON, M1K 5E9

Intermediate Accounting 1

Course Code ACCT-256
Course Name Intermediate Accounting 1
Category Accounting
Description Intermediate Financial Accounting 1 will examine advanced financial accounting topics related to balance sheets, income statements and statements of cash flows.

During the course, you will partake in a discussion of conceptual framework, generally accepted accounting principles, accounting processes and alternate revenue recognition methods. Balance sheet topics will include cash, receivables and inventories.

Intermediate Financial Accounting 1 will also examine the uses of earnings per share and disclosure notes to facilitate comparisons between companies and the role of accounting standards in improving the quality of earnings information available to financial statement users.

You will learn through lectures, class discussions, problem solving and research as well as assignments, quizzes and tests with a focus on theory and application.

You will obtain the knowledge to:

•Describe the environment of financial accounting and the development of accounting standards;
•Describe the conceptual framework of accounting theory and the accounting processes;
•Prepare a statement of income, a balance sheet, a statement of cash flows and a statement of retained earnings in good form;
•Explain and apply the principles of income recognition and the impact of revenue recognition accounting choices on reported earnings and earnings per share information;
•State the issues involved in recording, valuing and reporting items classified as inventory, accounts receivable, current financial liabilities, temporary and long-term investments, with the required disclosures;
•Apply various depreciation and depletion methods related to tangible capital and revalued assets, recognizing gains and losses on the sale or exchange of tangible capital assets;
•Summarize accounting issues and valuation problems associated with the acquisition and disposal of tangible capital assets (property, plant and equipment);
•Apply principles of valuation using the revaluation model and describe accounting procedures including amortization methods related to intangible capital asset.
Notes Prerequisite: Financial Accounting 2 ACCT-221 or permission of the department. Required course for the following outside certifications: CGA
Required course for the two year diploma and the following outside certification: CGA

This course is offered in both CE and Distance Learning formats.

Please note that ACCT 255 has now been replaced with ACCT 256
For more information, please email .
Contact Telephone 416-289-5207
Contact E-mail
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