Introductory Accounting 1
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
Section I: Administrative Information
  Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Winter 2021
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Business, Business Accounting, Business Admin. - HR, Business Admin. Accounting, Business Admin. Finance, Business Admin. Marketing, Business Finance, Business Human Resources, Business Marketing
Program Coordinator(s): Georgia Mello, Sujaykumar Vardhmane, Stacey Sheehy, Jennifer Peterson, Sujinda Hwang-Leslie, Kathleen Begin
Course Leader or Contact: Maurizio Di Maio, Athena Mailloux
Version: 20210118_00
Status: Approved (APPR)

Section I Notes: Allowable calculator: four-function or Texas Instruments BAII Plus

Section II: Course Details

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

Business Program Coordinator(s): Georgia Mello
This course is a compulsory component of the Business Foundation year.

Business Accounting Program Coordinator(s): Jennifer Peterson
Same as Business Administration Accounting

Business Admin. - HR Program Coordinator(s): Sujaykumar Vardhmane
Same as Business.

Business Admin. Accounting Program Coordinator(s): Jennifer Peterson
This is a core component of the first year of all Business Administration programs and the Accounting Program and is the prerequisite for all further studies.

Business Admin. Finance Program Coordinator(s): Kathleen Begin
Same as Business.

Business Admin. Marketing Program Coordinator(s): Stacey Sheehy, Sujinda Hwang-Leslie
Same as Business.

Business Finance Program Coordinator(s): Kathleen Begin
Same as Business.

Business Human Resources Program Coordinator(s): Sujaykumar Vardhmane
Same as Business.

Business Marketing Program Coordinator(s): Stacey Sheehy, Sujinda Hwang-Leslie
Same as Business.

Course Critical Performance and Learning Outcomes

  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. Identify the correct activity classification on the cash flow statement for a variety of business transactions.
  3. Prepare journal entries to record and pay payroll liabilities for employees and for payroll costs levied on employers.
  4. Prepare a bank reconciliation and account for petty cash transactions.
  5. Prepare journal entries for a perpetual inventory system.
  6. Prepare financial statements for a merchandising entity that uses the perpetual inventory system.
  7. Classify assets and liabilities as current or long-term.
  8. Record typical adjusting entries at the end of the accounting period and prepare an adjusted trial balance.
  9. Record transactions in the journal, post from the journal to the ledger and prepare a trial balance
  10. Prepare a worksheet
  11. Prepare a balance sheet, an income statement and a statement of owner's equity from the adjusted trial balance
  12. Prepare closing entries for the revenue, expense and drawings accounts.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS
 Tutorials (12 x 1.5% and 1 x 2%)20.0%
 Quizzes (12 x 1.5%)18.0%
 Tests (Test 1 x 12 % and Test 2 x 15%)27.0%
 Final Exam Comprehensive35.0%

Evaluation Notes and Academic Missed Work Procedure:

Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:


Essential Employability Skills
Essential Employability Skills emphasized in the course:

  • Numeracy - Execute mathematical operations accurately.
  • Critical Thinking & Problem Solving Skills - Use a variety of thinking skills to anticipate and solve problems.
  • Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

  • Not Eligible for PLAR

Section III: Topical Outline
Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Instruction Mode: In-Class
Professor: Multiple Professors
RequiredTextbookKey Accounting Principles, Joffe, N., 5th Edition, Volume 1., ISBN 978-1-989-003-48-0
RequiredOtherCPA Handbook (online via Sheridan Library database)

Applicable student group(s): Business General, Business Administration Finance, Business Administration Human Resources, Business Administration Marketing and Business Administration Accounting
Course Details:

Module 1: The Accounting Framework

  • Forms of organization

  • 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

Learning Outcomes: 1,2,3,4,5,6,7,8,9,10,11,12

Introduction Module (2%)

Chapter 3  Tutorial (1.5%)

Chapter 3 Quiz (1.5%)


Module 2: Financial Statements: Personal Accounting

  • Introduction to Accounting Concepts

  • The Accounting Equation

  • Cash flow versus Accruals

  • Fundamental principles

  • Net worth

Text Reference: Joffe Chapter 1

Learning Outcomes: 1,7

Chapter 1 Tutorial (1.5%)

Chapter 1 Quiz (1.5%)


Module 3: Linking Personal Accounting to Business Accounting

  • Revenue recognition

  • Expense recognition

  • Analyzing transactions

Text Reference: Joffe Chapter 2

Learning Outcomes: 1,2,7

Chapter 2 Tutorial (1.5%)

Chapter 2 Quiz (1.5%)

Test 1 - 12%


Module 4: The Accounting Cycle: Journals and Ledgers

  • Business transactions and source documents

  • The accounting cycle introduced

  • Journalizing and posting transactions 

Text Reference: Joffe Chapter 4

Learning Outcomes: 1,2,7,9

Chapter 4 Tutorial (1.5%)

Chapter 4 Quiz (1.5%)


Module 5: The Accounting Cycle: Adjustments

  • Chart of Accounts

  • Trial Balance

  • Adjusting entries

  • Contra accounts

  • Recording adjustments

  • Adjusted Trial Balance

Text Reference: Joffe Chapter 5

Learning Outcomes: 1,2,7,9,8,10,11

Chapter 5 Tutorial (1.5%)

Chapter 5 Quiz (1.5%)


Module 6: The Accounting Cycle: Statements and Closing Entries

  • Preparation of financial statements

  • Closing entries

  • Post-closing trial balance

  • Classified Balance Sheet

Text Reference: Joffe Chapter 6

Learning Outcomes: 1,2,7,9,8,10,11,12

Chapter 6 Tutorial (1.5%)

Chapter 6 Quiz (1.5%)

Test 2 - 15% 


Module 7: Inventory: Merchandising Transactions

  • Merchandising activities (sales and cost of sales)

  • Gross margin ratio

  • Multi-step Income Statement

  • Recording inventory transactions

  • Perpetual versus periodic inventory system

Text Reference: Joffe Chapter 7

Learning Outcomes: 1,2,5, 6, 7,9,8,10,11,12

Chapter 7 Tutorial (1.5%)

Chapter 7 Quiz (1.5%)


Module 8: Inventory Valuation

  • Assigning costs to inventory items using various valuation methods

Text Reference: Joffe Chapter 8

Learning Outcomes: 1,2,5, 6, 7,9,8,10,11,12

Chapter 8 Tutorial (1.5%)

Chapter 8 Quiz (1.5%)


Module 9: Accounting Information Systems

  • The Sales Journal

  • The Cash receipts Journal

  • The Purchases Journal 

  • The Cash Payments Journal

Text Reference: Joffe Chapter 9

Learning Outcomes: 1,2,5,6 7,9,8,10,11,12

Chapter 9 Tutorial (1.5%)

Chapter 9 Quiz (1.5%)


Module 10: Cash Controls

  • Internal control over cash

  • Bank reconciliations

  • Accounting for Petty Cash

  • Ethics and cash transactions

Text Reference: Joffe Chapter 10

Learning Outcomes: 1,2,4, 7,9,8,10,11,12

Chapter 10 Tutorial (1.5%)

Chapter 10 Quiz (1.5%)


Module 11 : Payroll

  • Record payroll liabilities

  • Record employer's contributions

  • Record payroll payments

Text Reference: Joffe Chapter 11

Learning Outcomes: 1,2,3, 7,9,8,10,11,12

Chapter 11 Tutorial (1.5%)

Chapter 11 Quiz (1.5%)


Module 12: Using Accounting Information: 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

Learning Outcomes: 1,2,3,4,5,6 7,9,8,10,11,12

Chapter 12 Tutorial (1.5%)

Chapter 12 Quiz (1.5%)


Final Exam –Comprehensive - 35%


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