COMM 353 - Financial Accounting: Intermediate I

COMM 353 is the first in a sequence of two courses in financial reporting. Students should expect to develop a thorough understanding of (i) the fundamentals of accounting theory and the conceptual framework that underlies financial reporting in Canada, and (ii) the procedures currently used in accounting for assets, revenues, and expenses. Each student is expected to work toward developing his or her ability to evaluate and to choose among competing accounting methods. Students should strive to attain a level of understanding equal to that of a professional accountant. As this course sets the foundation of financial accounting, students should expect to study not only for the purpose of passing exams in the course, but also for the long-term development of competency as a professional accountant. Therefore, maintaining an inquisitive attitude toward learning is essential in this course.

Learning objectives

Upon successful completion of this course, students will have the knowledge and skills to:

• apply the accounting theory to explain accounting standards and practices.
• apply accounting standards and procedures using accrual accounting methods for assets, revenues, and expenses.
• evaluate accounting alternatives and recommend accounting policies by applying the conceptual frameworks for financial reporting.

Prerequisite: All of COMM 293, COMM 294.
Corequisite: Either (a) all of COMM 297, COMM 397 or (b) COMM 298.