Instruction Mode: In-class & Online Instruction
Professor: N/A
Resource(s): | | Type | Description | | Required | Textbook | Financial Accounting: Tools for Business Decision Making with Wiley Plus, Kimmel, Weygandt, et al., Wiley, 7th Edition, ISBN 9781119372738 |
| Required | Textbook | CPA Handbook (Available Through Library) |
Applicable student group(s): CAPS students
Course Details: Module 1 - Canadian Financial Reporting
• Identify the uses and users of accounting.
• Describe the primary forms of business organization.
• Explain the three main types of business activity.
• Describe the purpose and content of each of the financial statements.
• Identify the sections of a classified statement of financial position.
• Describe the framework for the preparation and presentation of financial statements.
Learning Outcome: 1, 2, 3, 5, 6, 7
Quiz 1%
Module 2 - The Accounting Information System
• Analyze the effects of transactions on the accounting equation.
• Explain how accounts, debits and credits are used to record transactions.
• Journalize and post transactions to the general ledger.
• Prepare a trial balance.
• Explain the accrual basis of accounting and the reasons for adjusting entries.
• Prepare adjusting entries for prepayments and accruals.
• Prepare an adjusted trial balance.
• Prepare closing entries and a post-closing trial balance.
Learning Outcome: 1, 2, 3, 4, 8
Quizzes (2 x 1% each), Assignments (2 x 1% each)
Module 3 - Income Measurement, Inventory, Cost of Goods Sold
• Identify the differences between service and merchandising companies.
• Prepare entries for purchases and sales under a perpetual inventory system.
• Prepare a single-step and a multiple-step income statement.
• Calculate the gross profit margin and profit margin.
• Describe the steps in determining inventory quantities.
• Apply the methods of cost determination using specific identification, FIFO, and average cost under a perpetual inventory system.
• Explain the financial statement effects of choosing each of the inventory cost formulas.
• Identify the effects of inventory errors on the financial statements.
• Demonstrate the presentation and analysis of inventory.
Learning Outcome: 1, 2, 3, 5, 6, 8
Quizzes (2 x 1% each), Assignments (2 x 1% each), Midterm exam 35%
Module 4 - Current Assets
• Explain the components of an internal control system, including its control activities and limitations.
• Apply the key control activities to cash receipts and payments.
• Prepare a bank reconciliation.
• Explain the reporting and management of cash.
• Explain the types of receivables and record accounts receivable transactions.
• Account for bad debts.
• Account for notes receivable.
• Explain the statement presentation of receivables.
• Apply the principles of accounts receivable management.
Learning Outcome: 1, 2, 3, 4, 5, 8
Quizzes (2 x 1% each), Assignments (2 x 1% each)
Module 5 – Long-Lived Assets and Intangibles
• Determine the cost of property, plant, and equipment.
• Calculate depreciation for plant and equipment.
• Account for the de-recognition of property, plant, and equipment.
• Identify the basic accounting issues for intangible assets and goodwill.
• Illustrate how long-lived assets are reported in the financial statements.
• Describe the methods for evaluating the use of assets.
Learning Outcome: 1, 2, 3, 4, 5, 8
Quiz 1%, Assignment 1%
Module 6 - Current and Long-Term Liabilities
• Account for current liabilities.
• Account for instalment notes payable.
• Identify the requirements for the financial statement presentation and analysis of liabilities.
Learning Outcome: 1, 2, 3, 4, 5, 8
Quiz 1%, Assignment 1%
Module 7 - Shareholders' Equity
• Discuss the major characteristics of a corporation.
• Record share transactions.
• Prepare the entries for cash dividends, stock dividends, and stock splits.
• Indicate how shareholders' equity is presented in the financial statements.
• Evaluate dividend and earnings performance.
Learning Outcome: 1, 2, 3, 4, 5, 8
Quiz 1%, Assignment 1%
Module 8 - Statement of Cash Flow and Financial Statement Analysis
• Describe the purpose and content of the statement of cash flows.
• Prepare the operating activities section of a statement of cash flows using the indirect method.
• Prepare the investing and financing activities sections of a statement of cash flows.
• Use the statement of cash flows to evaluate a company’s financial performance.
• Calculate ratios that are used to analyze liquidity, solvency and profitability.
Learning Outcome: 1, 2, 3, 4, 5, 6, 8
Quiz 1%, Assignment 1%, Comprehensive Final Exam 45%