Instruction Mode: In-class & Online Instruction
Professor: N/A
Resource(s): | Type | Description | Required | Textbook | Financial Accounting: Tools for Business Decision Making with Wiley Plus, Kimmel, Weygandt, et al, John Wiley & Sons Canada Ltd., 7th Canadian Edition, ISBN 9781119372738, 2017 |
Required | Other | CPA Handbook - Part 1, 2, 3 (available online via Sheridan Library Database) |
Optional | Other | CPA Canada Public Section Accounting Handbook (online via Sheridan Library database) |
Applicable student group(s): Professional Accounting Ontario College Graduate Certificate
Course Details: Module 1 - Canadian Financial Reporting
- Identify the uses and users of accounting.
- Describe the primary forms of business organization
- Explain the three main types of business activity
- Describe the purpose and content of each of the financial statements.
- Identify the sections of a classified statement of financial position.
- Identify and classify ratios for analyzing a company’s liquidity, solvency and profitability
- Describe the framework for the preparation and presentation of financial statements.
Textbook Chapters: 1 and 2
Learning Outcomes: 1, 2, 3, 5
Assessments: Quiz 1%
Module 2 – The Accounting Information System and Accrual Accounting
- Analyze the effects of transactions on the accounting equation.
- Explain how accounts, debits and credits are used to record transactions.
- Journalize and post transactions to the general ledger.
- Prepare a trial balance.
- Explain the accrual basis of accounting and the reasons for adjusting entries.
- Prepare adjusting entries for prepayments and accruals.
- Prepare an adjusted trial balance.
- Prepare closing entries and a post-closing trial balance.
Textbook Chapters: 3 and 4
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quizzes (2 x 1% each), Assignments (2 x 2% each)
Module 3 – Merchandising Operations and Inventory
- Identify the differences between service and merchandising companies.
- Prepare entries for purchases and sales under a perpetual inventory system.
- Calculate the gross profit margin and profit margin.
- Describe the steps in determining inventory quantities.
- Apply the cost formulas using specific identification, FIFO, and average cost under a perpetual inventory system.
- Explain the effects on the financial statement effects of choosing each of the inventory cost formulas.
- Identify the effects of inventory errors on the financial statements.
- Demonstrate the presentation and analysis of inventory.
Textbook Chapters: 5 and 6
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quizzes (2 x 1% each), Assignments (2 x 2% each)
Module 4 – Internal Control, Cash and Receivables
- Explain the components of an internal control system, including its limitations.
- Apply the key control activities to cash receipts and payments.
- Prepare a bank reconciliation.
- Explain the reporting and management of cash.
- Identify the types of receivables and record accounts receivable transactions.
- Account for bad debts.
- Account for notes receivable.
- Explain the statement presentation of receivables.
- Apply the principles of sound accounts receivable management.
Textbook Chapters: 7 and 8
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quizzes (2 x 1% each), Assignments (2 x 2% each)
Midterm exam 30%
Module 5 –Long-Lived Assets and Intangibles
- Determine the cost of property, plant, and equipment.
- Explain and calculate depreciation
- Account for the derecognition of property, plant, and equipment.
- Identify the basic accounting issues for intangible assets and goodwill.
- Illustrate how long-lived assets are reported in the financial statements.
- Describe the methods for evaluating the use of assets.
Textbook Chapter: 9
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quiz (1%), Assignment (2%)
Module 6 - Liabilities
- Account for current liabilities.
- Account for instalment notes payable.
- Identify the requirements for the financial statement presentation and analysis of liabilities.
- Account for bonds payable.
Textbook Chapter: 10
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quiz (1%), Assignment (2%)
Module 7 - Shareholders' Equity
- Discuss the major characteristics of a corporation.
- Record share transactions.
- Prepare the entries for cash dividends, stock dividends, and stock splits.
- Indicate how shareholders' equity is presented in the financial statements.
- Evaluate dividend and earnings performance.
Textbook Chapter: 11
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quiz (1%), Assignment (2%)
Module 8 – Investments
- Identify reasons to invest and classify investments.
- Account for non-strategic investments.
- Account for strategic investments.
- Explain how investments are reported in the financial statements.
Textbook Chapter: 12
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quiz (1%), Assignment (2%)
Module 9 – Financial Statements
- Review Statement of Financial Position
- Prepare a single-step and a multiple-step income statement.
- Describe the purpose and content of the statement of cash flows.
- Prepare the operating activities section of a statement of cash flows using the indirect method.
- Prepare the investing and financing activities sections of a statement of cash flows.
- Use the statement of cash flows to evaluate a company's financial performance.
Textbook Chapters: 2, 5 and 13
Learning Outcomes: 1, 2, 3, 4, 5, 6
Assessments: Quiz (1%), Assignment (2%)
Comprehensive Final Exam 40%