ACCG70016
Financial 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: Fall 2013
Prerequisites:
N/A
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Financial Accounting 1
School: Continuing Ed & Corp Training
Program(s):
Accounting
Program Coordinator(s):
Multiple Coordinators
Course Leader or Contact: Multiple Course Leaders
Originator: Jennifer Frost
Designate: Jennifer Frost
Version: 4.0
Status: Approved - Under Rev (AREV)
Calendar Description
N/A
Typical Instructional Format
Distance Education
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42.0 |
Total hours: |
42.0 |
Courses may be offered in other formats.
Section I Notes:
This course is offered in a classroom version and an online version.
In the classroom version, there are three hours per week of classroom
instruction. The online version is a web-based course offered
entirely online through Sheridan College. Students taking this
course will need reliable access to the internet, and should have a
basic level of comfort using computers as well as the self-
discipline to study independently. Students can expect to spend an
additional three hours per week for online activities such as
postings, discussions, reading, homework and assignments. Note: a
minimum "B" grade in both ACCG70016 and ACCG70017 is needed to apply
for exemption for Certified General Accountants of Ontario (CGA) FA1
course.
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Section II: Course Details
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Detailed Description
Students use basic accounting procedures and theory to analyze
financial information and explain financial statements. Students
review underlying accounting concepts applicable to all fields of
business, perform the steps of an accounting cycle, and provide
useful information for decision makers. This course serves as the
basis for more advanced studies in accounting. Students engage in
interactive lectures, demonstrations and problem solving
activities. Note: a minimum "B" grade in both ACCG70016 and
ACCG70017 is needed to apply for exemption for Certified General
Accountants of Ontario (CGA) FA1 course.
Program Context
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Accounting |
Program Coordinator: Multiple |
This course is a component of
the Accounting, Credit Union
Institute, Tax Accounting and
Business programs offered
through the Faculty of
Continuing and Professional
Studies.
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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 process an 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 and balance a ten column 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 owners,
capital accounts.
7. Classify assets and liabilities as current or long-term.
8. Record sales and purchase transactions for a merchandising entity
using the perpetual inventory system.
9. Compute the cost of inventory and cost of goods sold using a
variety of methods to determine appropriate reporting of inventory.
10.Account for petty cash transactions and reconcile banking activity.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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Evaluation for in-class delivery:
Quizzes and/or homework 10%
Assignments 15%
Mid-Term Test (Modules 1 - 3) 35%
Final Exam (comprehensive) 40%
Total 100%
Evaluation for on-line delivery.
On-line Quizzes 15%
On-line Assignments 25%
* Comprehensive Final Exam 60%
Total 100%
* Students must achieve a minimum of 50% on the final exam in order
to earn credit for this course. The final exam will be administered
in a classroom. Students are expected to appear in person to write
the final exam
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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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Critical Thinking & Problem Solving
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Interpersonal
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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: Fall 2013
Professor: Multiple Professors
Textbook(s): Fundamental Accounting Principles, Volume 1 (14th Canadian Edition
2013), bundled with on-line learning portal Connect.
Authors: Larson & Jensen. Publisher: McGraw-Hill Ryerson.
NOTE: Please retain this text book for future use.
Selected chapters of this text book (Volume 1) will be used for
ACCG70017 Financial Accounting 2.
Applicable student group(s): For in-class and online students in the Faculty of Continuing and
Professional Studies
Course Details:Module 1 (LO #1) - Introduction & Purpose of Financial Accounting
- Forms of Business Organizations
- Users of Accounting Information
- Ethics and Social Responsibility
- Accounting Principles
- The Accounting Equation
Text Reference - Chapter 1
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Module 2 (LO #2) Analyzing, Recording & Balancing Transactions
- Analyzing Accounting Transactions
- Recording and Posting Transactions
- Unadjusted Trial Balance
- Financial Statements
Text Reference - Chapter 2
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Module 3 (LO's #3 to #7) - Adjusting Accounts, Completing the
Accounting Cycle & Classifying Accounts for Financial Presentation
- The Adjusting Process
- Correcting Entries
- Worksheet Preparation
- The Closing Process
- Classified Balance Sheet
Text Reference - Chapter 3 & 4
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Module 4 (LO's #8 & #9) - Accounting for Merchandising Activities &
Inventory Costs
- Perpetual vs. Periodic Inventory Systems
- Sales and Purchase Transactions
- Assigning Costs to Inventory
- Estimating and Valuing Inventory
- Classified Income Statement
Text Reference - Chapter 5 & 6
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Module 5 (LO #10) - Internal Controls & Cash Concepts
- Internal Control Principles
- Petty Cash Procedures
- Bank Reconciliations
Text Reference - Chapter 8
Retain this course outline during the course and for future use when
applying for credit
at other educational institutions.
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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