Course Exam—ACCT 351 (Intermediate Financial Accounting I)

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Course Exam—ACCT 351 (Intermediate Financial Accounting I)

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ACCT 351 (Accounting 351: Intermediate Financial Account I) is the “first course in the two-course intermediate accounting sequence.” The course itself covers many topics from the Introductory Financial Accounting course but in a more comprehensive manner. The course does have a pre-requisite of ACCT 253 (or any other equivalent introductory financial accounting course from another post-secondary institution) and is not available for challenge for credit.

Why You Should Take This Course

The course is designed for Accounting Majors or students who have taken an introductory financial accounting course and are interested in learning more and expanding their knowledge. Financial Accounting can be an incredibly helpful course to take, whether you are an Accounting Major or not. For individuals who own a business, work with financial planning or budgets, or work in business administration, this course can come in handy. And if you are someone who has taken the introductory financial course and looking to increase your knowledge, this is the course for you!

Course, Assignment, Midterm and Final Exam Details

The course provides an in-depth coverage of the environment and framework of financial reporting, accounting information processing systems, applications of present value concepts in accounting, preparing financial statements and accounting issues. Many of these topics were touched on in the introductory financial accounting course and will be re-examined in this course in a much more in-depth detail.

The course itself consists of eleven chapters along with a midterm and final exam that must be taken online with an AU-approved exam invigilator or ProctorU. The midterm exam is worth 35% of the final grade and is to be completed after completing Chapter 5 and the final exam is worth 45% of the final grade and is to be completed after completing Chapter 11 of the course. Aside from exams, the course also requires students to complete LYRYX Assignments (assignments within a premade computerized accounting program included with the course materials) that are worth 20% of the final grade and completed throughout the course. It is important to note that students are required to get at least 50% on the midterm and final exam to pass the course.

How to Be Successful in the Course

Tips from the Course Coordinator

Dr. Tilly Jensen (B.Comm., CPA, CMA, M.Ed., Ed. D) is the Course Professor for ACCT 253 (Introduction to Financial Accounting) along with ACCT 351/352 (Intermediate Financial Accounting I and II). Dr. Jensen’s research interests are enhancing critical thinking skills in online accounting courses using/creating online tools. Dr. Jensen has worked closely with Lyryx Learning Inc of Calgary for the past 20 years to produce a tool that helps students learn and practice accounting in a low risk/high reward online environment.

When we asked Dr. Jensen for her advice for ACCT 351, she stated, “ACCT351, Intermediate Financial Accounting I, is an extension of ACCT253, Intro Financial Accounting. ACCT351 goes into each of the ACCT253 concepts in greater detail with an emphasis on the underlying accounting standards that guide the application of the concepts. ACCT351 requires that students have a solid understanding of the pre-requisite material covered in ACCT253 which is why there is a comprehensive review section offered as part of ACCT351. Students are strongly encouraged to study the relevant material prior to attempting the assignments. Success on the midterm and final exams is dependent on the completion of the assignments.”


If you have any further questions regarding the course, please do not hesitate to contact the Course Coordinator at  Happy studying!