Course Name (short): Accounting 1
School: All Sheridan Schools
Program(s): Banking and Wealth Management, Business, Business Admin Accounting, Business Admin Finance, Business Admin Marketing, Business Administration Human
Program Coordinator(s): Multiple Coordinators
Course Leader or Contact: Maurizio Di Maio
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 32.0
Status: Approved - Under Rev (AREV)

Calendar Description
Students apply knowledge of basic accounting procedures and theory. This course provides an explanation of underlying accounting concepts applicable to all fields of business specialization and serves as the basis for more advanced studies in accounting. Using interactive lectures, demonstrations and in-class problem solving activities students perform the steps of the accounting cycle to provide useful information for decision makers.

Typical Instructional Format

Courses may be offered in other formats.

Section I Notes: A minimum grade of "B" in this course together with a minimum grade of "B" in ACCG17937 qualifies the student for exemption toward the Certified General Accountant FA1 course. Allowable calculator: four-function or Texas Instruments BAII Plus

Detailed Description
Students apply knowledge of basic accounting procedures and theory. This course provides an explanation of underlying accounting concepts applicable to all fields of business specialization and serves as the basis for more advanced studies in accounting. Using interactive lectures, demonstrations and in-class problem solving activities students perform the steps of the accounting cycle to provide useful information for decision makers.

Program Context

 CRITICAL PERFORMANCE:

By the end of this course, students will have demonstrated the 
ability to complete the accounting cycle for a business entity.

LEARNING OUTCOMES:

To achieve the critical performance, students will have demonstrated 
the ability to:

1. Analyze business transactions using the accounting equation.
2. Record transactions in the journal, post from the journal to the  
   ledger and prepare a trial balance.
3. Prepare a worksheet.
4. Record typical adjusting entries at the end of the accounting
   period and prepare an adjusted trial balance.
5. Prepare a balance sheet, an income statement and a statement of
   owner's equity from the adjusted trial balance.
6. Prepare closing entries for the revenue, expense and drawings
   accounts.
7. Classify assets and liabilities as current or long-term.
8. Prepare financial statements for a merchandising entity that uses
   the perpetual inventory system.
9. Prepare journal entries for a perpetual inventory system.
10.Prepare a bank reconciliation and account for petty cash
   transactions.
11.Prepare journal entries to record and pay payroll liabilities for  
   employees and for payroll costs levied on employers.
12.Identify the correct activity classification on the cash flow
   statement for a variety of business transactions.

Quizzes (pre-chapter) (best 10 of 11)        10.0%
On-line Tutorials                             7.5%
Homework Assignments (post-class)             7.5%
Mid Term Exam                                35.0%
Final Exam Comprehensive                     40.0%
Total                                       100.0%

Key Accounting Principles, Volume 1, 3rd Edition, N. Joffe

Description:

Module 1:  Financial Statements: Personal Accounting.
- Introduction to Accounting Concepts
- The Accounting Equation
- Cash flow versus Accruals
- Fundamental principles
- Net worth

Text Reference: Joffe Chapter 1

On line Chapter 1 tutorials 
Quiz #1

Module 2: Linking Personal Accounting to Business Accounting 
- Forms of organization
- Business transactions and source documents
- Analyzing transactions

Text Reference: Joffe Chapter 2

On line Chapter 2 tutorials 
Quiz #2

Module 3: Accounting Principles and Practices in Business 
- Types of Accountants
- Generally accepted accounting principles (GAAP)
- The Conceptual Framework
- Fundamental characteristics and assumptions
- Qualitative characteristics
- Constraints on relevant and reliable information
- Elements of financial statements
- Controls in business

Text Reference: Joffe Chapter 3

On line Chapter 3 tutorials 
Quiz #3


Module 4: Revenue and Expense Recognition 
- Revenue recognition
- Expense recognition
- Adjusting entries
- Contra accounts

Text Reference: Joffe Chapter 4 

On line Chapter 4 tutorials  
Quiz #4

Module 5: Business Bookkeeping 
- The accounting cycle introduced
- Journalizing and posting transactions
- Chart of Accounts
- Trial Balance
	
Text Reference: Joffe Chapter 5 

On line Chapter 5 tutorials  
Quiz #5

Module 6: Business Accounting Cycle 
- Recording adjustments
- Adjusted Trial Balance
- Preparation of financial statements
- Closing entries
- Post-closing trial balance

Text Reference: Joffe Chapter 6 

On line Chapter 6 tutorials 
Quiz #6


Midterm Exam - 35%  Modules 1 - 6


Module 7: Setting up a Merchandising Business
- Merchandising activities (sales and cost of sales)
- Gross margin ratio
- Classified Balance Sheet
- Multi-step Income Statement

Text Reference: Joffe Chapter 7

On line tutorials Chapter 7 due
Quiz #7

Module 8: Inventory Transactions
- Recording inventory transactions 
- Assigning costs to inventory items using various valuation methods
- Perpetual versus periodic inventory systems

Text Reference: Joffe Chapter 8

On line Chapter 8 tutorials due
Quiz #8

Module 9: Cash controls
- Internal control over cash
- Bank reconciliations
- Accounting for Petty Cash
- Ethics and cash transactions

Text Reference: Joffe Chapter 9

On line Chapter 9 tutorials 
Quiz #9

Module 10: Payroll 
- Record payroll liabilities
- Record employer's contributions
- Record payroll payments

Text Reference: Joffe Chapter 10
On line Chapter 10 tutorials 
Quiz #10


Module 11 : Cash Flow Identification and Financial Statement Analysis
- Identify the content of the Statement of Cash Flow.
- Determine the inflow or outflow of cash classified by activity.
- Identify the activity classification for a variety of transactions. 
- Analyze profitability, cash flow and management performance using
  ratio analysis

Text Reference: Joffe Chapter 12

On line Chapter 12 tutorials 
Quiz #11 

Final Exam - Cumulative - 40%