Course Name (short): Financial Accounting 1
School: Continuing Ed & Corp Training
Program(s): Accounting
Program Coordinator(s): Brent Koritko
Course Leader or Contact: Multiple Course Leaders
Originator: Ravneet Malhi
Designate: Ravneet Malhi
Version: 5.0
Status: Approved (APPR)

Calendar Description
N/A

Typical Instructional Format

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.

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

 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.

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

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.

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
____________________________________________________________________

Module 2 (LO #2)  Analyzing, Recording & Balancing Transactions
- Analyzing Accounting Transactions
- Recording and Posting Transactions
- Unadjusted Trial Balance
- Financial Statements

Text Reference - Chapter 2
____________________________________________________________________

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
____________________________________________________________________

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
____________________________________________________________________

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.