ACCG16971
Accounting 1 |
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I: Administrative Information II: Course Details
III: Topical Outline(s) Printable Version Public |
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Section I: Administrative Information
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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2015
Prerequisites:
N/A
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
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: 33.0
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
Lecture
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42.0 |
Total hours: |
42.0 |
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
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Section II: Course Details
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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
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Banking and Wealth Management |
Program Coordinator: Multiple |
This is a core component of
the first year of Business
General, all Business
Administration programs and
the Banking and Wealth
Management Program and is
the prerequisite for all
further studies in Accounting.
Program Coordinator: Mark
Weaver
Business |
Program Coordinator: Multiple |
Same as above.
Program Coordinators: Carole
Bowman Mississauga (HMC)
Business Admin Accounting |
Program Coordinator: Multiple |
Same as above. Program
Coordinator: Sally Mitzel
Business Admin Finance |
Program Coordinator: Multiple |
Same as above. Program
Coordinator: Mark Weaver
Business Admin Marketing |
Program Coordinator: Multiple |
Same as above. Michelle Guile
(Davis) Paula Dal Maso
Mississauga (HMC)
Business Administration Human |
Program Coordinator: Multiple |
Same as above. Program
Coordinator: Judith Hunter
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Course Critical Performance and Learning Outcomes
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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.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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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%
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Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:
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Essential Employability
Skills
Essential Employability Skills emphasized in the course:
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Communication
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X
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Critical Thinking & Problem Solving
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Interpersonal
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X
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Numeracy |
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Information
Management |
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Personal
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Notes: N/A
Prior Learning Assessment and Recognition
PLAR Contact: Multiple PLA Contacts
Students may apply to receive credit by demonstrating achievement
of the course learning outcomes through previous life and work experiences.
This course is eligible for challenge through the following
method(s):
Challenge Exam |
Portfolio |
Interview |
Other |
Not Eligible for PLAR |
X |
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Notes: N/A
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Section III: Topical Outline
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Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Effective term: Spring/Summer 2015
Professor: Multiple Professors
Textbook(s): Key Accounting Principles, Volume 1, 3rd Edition, N. Joffe
Applicable student group(s): Business General,Banking and Wealth Management, Business
Administration Finance, Business Administration Human Resources,
Business Administration Marketing, and Business Administration
Accounting
Course Details: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%
Academic Honesty
The principle of academic honesty requires that all work submitted for evaluation and course credit be the original,
unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on
work, except for group projects arranged and approved by the faculty member, or otherwise submitting work that is not
the student's own violates this principle and will not be tolerated. Instances of academic dishonesty, including
assisting another student to cheat, will be penalized as detailed in the Student Handbook.
Students who have any questions regarding whether or not specific circumstances involve a breach of academic
honesty are advised to discuss them with the faculty member prior to submitting the assignment in question.
Discrimination and Harassment
Sheridan is committed to provide a learning environment that respects the dignity, self esteem and fair treatment
of every person engaged in the learning process. Behaviour which is inconsistent with this principle will
not be tolerated. Details of Sheridan's policy on Harassment and Discrimination are available in the Student Handbook.
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