Course Name (short): Accounting Theory & Practice 1
School: Continuing Ed & Corp Training
Program(s): Accounting
Program Coordinator(s): Brent Koritko
Course Leader or Contact: N/A
Originator: Ravneet Malhi
Designate: Ravneet Malhi
Version: 3.0
Status: Approved - Under Rev (AREV)

Calendar Description
This course is a component of the Accounting Practitioner Certificate, offered through the Faculty of Continuing and Professional Studies.

Typical Instructional Format

Courses may be offered in other formats.

Section I Notes: This course is offered in a blended format that includes online and in class/virtual meeting components. The total instruction time will be 42 hours. The online portions of the course are web-based and offered entirely online through Sheridan College's SLATE learning management system. Students taking this course will need a laptop computer, reliable access to the internet, 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.

Detailed Description
Students begin their studies by working with the fundamental framework for financial accounting. Students will apply their learning to collect, analyze and format financial information and to explain the purpose and use of financial statements. Students will: study the underlying accounting concepts applicable to business entities, complete steps of the accounting cycle using an ERP system, work through common business problems, and learn how to provide useful information to decision makers. This course serves as the basis for more advanced studies in accounting.

Program Context

 CRITICAL PERFORMANCE:
By the end of this course, students will have demonstrated their 
comprehension and application of accounting theories to the financial 
accounting process and the construction of business financial 
statements that provide reliable, value added information to decision 
makers.

LEARNING OUTCOMES:
To achieve the critical performance, students will have demonstrated 
the ability to: 
1. Describe the accounting function in a typical organization. 
2. Distinguish between Financial and Managerial accounting.
3. Explain the importance of financial reporting to internal and 
external users.
4. Analyze business transactions using the accounting equation.
5. Record transactions and prepare a trial balance using *(ERP) 
software.
6. Record typical adjusting entries and an adjusted trial balance.
7. Prepare a balance sheet, income statement and statement of owner's 
equity.
8. Prepare closing entries for revenue, expense and owners, capital 
accounts.
9. Classify and describe assets and liabilities as current or long-
term.
10. Construct a set of financial statements and explain their purpose  
11. Complete a self-assessment aligned to the technical job 
responsibilities of an Accounts Payable specialist.
12. Define and assess your competence applying the following business 
skills: problem-solving, communication, teamwork, presentation and 
collaboration.	

*Enterprise Resource Planning (ERP)

Students demonstrate their learning in the following ways: 

Evaluation for blended delivery:

Quizzes 15% 
Assignments 20% 
Mid- term 25%
Comprehensive Final Exam 40%

*Students must achieve a minimum of 50% on the final exam in order to 
earn credit for the course. Students are expected to appear in person 
to write the final exam at specified exam locations.

Online texts, reading and references , articles, applied assignments and 
navigation of enterprise resource planning software to complete 
activities that support the learning outcomes and critical performance 
requirements.

Module 1 - Introduction to Financial Accounting 

- The Accounting Industry in Canada 
- Business organizations and the accounting function
- Users of accounting Information
- Ethics and social responsibility
- Objectives of financial statement reporting
- The accounting equation
- Basic Accounting Principles
- The four main financial statements: Balance Sheet, Income Statement, 
Statement of Retained Earnings, Statement of cash flows 
- Define the uses and limitations of Financial Statement reporting
- Introduction to modern accounting: the Enterprise Resource Planning 
(ERP) system


Module 2 - The Accounting Process

- Fundamental accounting terminology
- Double entry rules
- Cash vs Accrual accounting
- The General Ledger	
- Recording and posting journal entries
- Analyzing accounting transactions
- The Closing Process
- Construct an Unadjusted Trial Balance
- Construct key Financial Statements


Module 3 - Adjusting Accounts & Completing the Accounting Cycle 
- Introduction to the accounting cycle, reporting intervals and 
constraints
- The Adjusting Process
- Correcting entries
- Worksheet Preparation
- Prepare a Classified Balance Sheet
- The Account Closing process
- Supplemental Disclosure


Module 4 - The Liabilities Section of the Balance Sheet 

- Describe the characteristics of liabilities 
- Explain the difference  between current and long term liabilities
- Identify and describe known current  liabilities
- Prepare entries to account for payroll liabilities
- Calculate and record interest and related notes payable
- Account for estimated liabilities:
     o Employee liabilities
     o Debt refinancing, 
     o Account for losses
     o Contingent liabilities

	
Module 5 - The Accounts Payable Specialist 

- Define the role of an Accounts Payable specialist in relation to:
     o The expenditure cycle
     o Internal Controls
     o Petty cash procedures
     o Bank Reconciliations
     o Identify unusual transactions 

- Explain the typical problems handled in an Accounts Payable role 
- Explain how an AP solves problems
- How can someone in an Accounts Payable role add value to the 
organization
- Identify how interpersonal skills, collaboration and teamwork are 
required for success