Program(s): Global Business Management
Program Coordinator(s): Francis Fasanu
Course Leader or Contact: Francis Fasanu
Version: 4.0
Status: Approved (APPR)

Section I Notes: It is not necessary to have completed any high school courses in accounting prior to taking this course; although students with no accounting or business background at all will have to necessarily work somewhat harder in the course than students with high school accounting. There is not usually a measurable difference in the performance of students with accounting backgrounds and those without by the end of the course.

Detailed Description
The course is an introduction to financial accounting. Students learn how to be informed users of accounting information. This course presents financial accounting in a broader business context-emphasizing what accounting information is important, why it is important, and how it is used to make economic decisions. Students learn about underlying accounting concepts such as business transactions, data vs. information, revenue recognition and accruals versus cash flows. Students learn how the major parts of the financial statements are interrelated, namely the balance sheet, income statement, and cash flow statement; and how to make sense of all them together when performing a financial statement analysis. Given the complexity of the global business environment, students are introduced to international differences in accounting reporting. Emphasis is placed in International Financial Accounting Standards. In this course, interactive lectures, case studies and student-led investigations are used to provide an overview of the accounting discipline, the uses of accounting information and an overview of financial reporting.

Program Context

 Critical Performance

By the end of this course, students will have demonstrated the 

ability to analyze financial statements and accounting related 

information - whether local or international - at a fundamental user 

level in order to make informed decisions, while recognizing the 

ethical issues that may be present in financial documents.

Learning Outcomes

To achieve the critical performance, students will have demonstrated 

the ability to:

1.	Locate the relevant data for making business decisions.

2.	Describe the financial accounting elements to consider when

         evaluating a firm or making a decision.

3.	Discuss the information communicated in the different parts 

         of the financial statements.

4.	Analyze decision making by using professional and theoretical

        knowledge.

5.	Analyze all decisions with an ethical perspective on 

         corporate responsibilities. 

6.	Communicate effectively in correct financial terminology.

7.	Detect biases in the way in which financial accounting 

        information is communicated by applying skills, knowledge, 

        and insights to effectively respond to accounting fraud. 

8.	Assess the impact on human behaviour of different financial 

        accounting measures and forms of reporting. 

9.	Analyze the process of making a decision based on financial 

        statements attending to the existing organizational 

        structure, strategy, culture, and external environment.

Mid-term Test                                                    25%

Pre & Post-class Quizzes & Activities                            20% 

Group case study assignment (financial statement analysis)       15% 

Student's participation in in-class discussions of case studies   5% 

Final comprehensive exam (to include mini-case study)            35%

Total 		                                                100%

Financial Accounting, First Canadian Edition with MyAccountingLab by 
Jeffrey Waybright, Liang-Hsuan Chen, & Rhonda Pyper, ISBN-10: 
0132889714, ISBN-13: 9780132889711, Publisher: Pearson Education 
Canada, Copyright: 2013

Week 1

Topics: Chapter 1: Introduction to the course and brief overview of 

financial reporting in an international context.            

Pre-Class Activities: Read Chapter 1, page 1- 38. Review tutorial/ 

animation video. Take the pre-class online quiz for chapter 1. 

Post-Class Activities: Online Quiz and reflective journal on 

financial statements and decision making.


Week 2

Topics: Business Transactions: Economic effects and transforming data

from business transactions into information for financial statements. 

Pre-Class Activities: Read Chapter 2, page 68-101. Review tutorial 

video/slides. Online pre-class lab for chapter 2.

Post-Class Activities: Perform reflective activity on the accounting

cycle.  Take the online lab assignment for chapter 2.


Week 3

Topics: Revenue Recognition: the accounting dilemma. 	

Pre-Class Activities: Read chapter 3, page 136-171, Review tutorial 

video/slides and complete the pre-class quiz for chapter 3.	

Post-Class Activities: Reflect on the revenue recognition 

principle. Complete the post-class online quiz for chapter 3.


Week 4

Topics: Current Assets: Cash and temporary investments. The control 

and ethical issues.	

Pre-Class Activities: Read Chapter 4 page 215-241, tutorial 

video/slides and online pre-class lab.

Post-Class Activities: Reflective journal on a recent financial 

fraud. Take the online post-class quiz for chapter 4.


Week 5	

Topics: Accounting for merchandising business: Multi-step income 

statement & classified balance sheet.

Pre-Class Activities: Read Chapter 5, page 274-306. Review tutorial 

videos. Take the online pre-class quiz for chapter 5.

Post-Class Activities: Reflective journal on merchandising, 

manufacturing and service companies¿ financial statements. Take the 

post-class online quiz.


Week 6 

Topics: Current assets: The nature and importance of inventory in 

business decisions.

Pre-Class Activities: Read Chapter 6, page 334-366. Review tutorial 

videos & take the online pre-class quiz for chapter 6.

Post-Class Activities: Post class online lab.


Week 7: Mid-Term Test (25%) 


Week 8

Topics: Current Assets: Accounts and note receivables.

Pre-Class Activities: Read Chapter 7, page 400-424, review tutorial 

video and complete online pre-class lab for chapter 7. 

Post-Class Activities: Online take post class quiz for chapter 7 

and reflective journal on doubtful accounts.


Week 9

Topics: Non-current Assets: Differences and particularities. 

Pre-Class Activities: Read Chapter 8 page 452-486. Review the video 

tutorial and complete the online quiz for chapter 8.

Post-Class Activities: Post-class online quiz for chapter 8. 

Reflection on income impact of straight-line, units-of-production 

and declining balance method of depreciation.


Week 10

Topics: Liabilities: nature and decision making implications.

Pre-Class Activities: Read Chapter 9 page 516-548. Review video 

tutorial and complete the online lab assignment for chapter 9.

Post-Class Activities: Reflect on the pros and cons of financing a 

business with 100% liabilities. Complete post class online lab for 

chapter 9. 


Week 11

Topics: Shareholders¿ equity: residual nature construction of the 

cash flow statement.

Pre-Class Activities: Read chapter 10 page 576-599, review pre-

class video and complete the online lab for chapter 10.

Post-Class Activities: Reflect on the pros and cons of financing a 

business with 100% equity. Online lab for chapter 10.


Week 12

Topics: Preparation and Interpretation of the cash flow statement.

Pre-Class Activities: Read Chapter 11 page 628-662. Review the pre-

class video tutorial and complete the pre-class lab for chapter 11.

Post-Class Activities: Review a cash flow statement for a business 

of your choice and comment on the company¿s cash from operating 

activities.


Week 13

Topics: Financial statement analysis: Explain the mechanics.

Pre-Class Activities: Read Chapter 12 page 700-732. Review the pre-

class video tutorial and complete the lab for chapter 12.

Post-Class Activities: Financial Statement analysis group 

assignment  15%). 


Week 14

Final comprehensive exam (35%)