Financial Accounting I: Administrative Information II: Course Details III: Topical Outline(s) Printable Version
Section I: Administrative Information Program(s): Bach Business Admin Accounting, Bach Business Admin Finance, Bach Human Resources, BachBus Admin Spply Chain Mgmt, BachBusin Admin Mrkt Managment Program Coordinator(s): Anne-Liisa Longmore Course Leader or Contact: Lorraine Cipparrone Version: 2.0
Status: Approved - Under Rev (AREV)
Credit Value: 3.0 Credit Value Notes: N/A Effective: Fall 2014 Prerequisites: N/A Corequisites: N/A Equivalents: N/A Pre/Co/Equiv Notes: N/A
Typical Instructional Format Lecture Other Total hours:
28.0 14.0 42.0
Courses may be offered in other formats. Section I Notes: This course will be delivered in hybrid format.
Section II: Course Details Detailed Description Students prepare financial statements that summarize an entity's economic events through the use of generally accepted accounting principles. The complexity of the global business environment requires students to identify and distinguish international differences in accounting reporting and financial statement analysis. Students critically examine and interpret financial statements including the Statement of Financial Position, Income Statement, Statement of Comprehensive Income, Statement of Retained Earnings, Statement of Changes in Equity and Cash Flow Statement. Through a combination of various learning techniques including interactive lectures, inquiry based learning, group work and case studies, students examine accounting principles to prepare financial statements and assess the financial performance of an entity. Program Context
Bach Business Admin Accounting Program Coordinator: Anne-Liisa Longmore This required core course provides a foundation for higher level courses that use both quantitative and qualitative information for understanding the financial and operational performance of an organization. The outcomes and learning experiences of these course components will contribute to the students' Creative Learning Portfolio. This course is designed to meet the requirements for the professional accounting programs of study. Bach Business Admin Finance Program Coordinator: Anne-Liisa Longmore See Program Context for Accounting Bach Human Resources Program Coordinator: Anne-Liisa Longmore See Program Context for Accounting BachBus Admin Spply Chain Mgmt See Program Context for Accounting
Program Coordinator: Anne-Liisa Longmore
BachBusin Admin Mrkt Managment See Program Context for Accounting
Program Coordinator: Anne-Liisa Longmore
Course Critical Performance and Learning Outcomes
Critical Performance By the end of this course, students will have demonstrated the ability to analyze financial statements, whether local or international, at a fundamental user level in order to make informed, ethical decisions. Learning Outcomes To achieve the critical performance, students will have demonstrated the ability to: 1. Identify relevant financial data used in making business decisions. 2. Explain the financial accounting elements to consider when making a decision that impacts an entity's financial position. 3. Explain the information communicated in the different parts of the financial statements and in annual reports. 4. Prepare financial statements using generally accepted accounting principles. 5. Interpret financial accounting information to respond to accounting issues and make appropriate decisions. 6. Determine the impact on business analysis of different financial accounting measures and forms of reporting. 7. Analyze the process of making a decision based on financial statements while considering the existing organizational structure, strategy, culture and external environment. 8. Assess all financial decisions with an ethical perspective on corporate responsibilities. 9. Demonstrate professional behaviours including: a. Meet due dates. b. Produce professional quality assignments. c. reference materials responsibly.
Evaluation Plan Students demonstrate their learning in the following ways:
Students demonstrate their learning in the following ways: In addition to achieving a minimum 50% overall grade, a student must have a combined average of at least 50% on the non-group components of the evaluation plan in order to receive credit for this course. Quizzes (best 10 of 11 x 1% each) 10% Assignments (10 x 1% each) 10% Group Assignment 10% Midterm Exam (Module 1-4) 35% Final Exam (Module 1-8) 35% Total 100% Assignments consist of activities completed in and out of class and may be assigned to be completed on an individual or group basis.
Provincial Context The course meets the following Ministry of Training, Colleges and Universities requirements:
Essential Employability Skills Essential Employability Skills emphasized in the course:
Critical Thinking & Problem Solving
Prior Learning Assessment and Recognition PLAR Contact: Registrar's Office 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
Not Eligible for PLAR
Notes: Students must successfully complete a challenge exam and provide a portfolio demonstrating relevant life and work experience specific to this course.
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.
Effective term: Fall 2014 Professor: Multiple Professors Textbook(s): Kimmel, Weygandt, et al., Financial Accounting: Tools for Business Decision-Making with Wiley Plus, 6th Canadian Edition, John Wiley & Sons Canada Ltd. 2013
Applicable student group(s): Bachelor of Business Administration Course Details: Note: Learning Outcome 8 will be inherent and apparent within each evaluation. Module 1 - Canadian Financial Reporting 1. Identify the uses and users of accounting. 2. Describe the primary forms of business organization. 3. Explain the three main types of business activity. 4. Describe the purpose and content of each of the financial statements. 5. Identify the sections of a classified statement of financial position. 6. Describe the framework for the preparation and presentation of financial statements. Textbook Chapter: 1 and 2 Learning Outcome: 1, 2, 3, 5, 6, 7 Quiz - 1% Module 2 - The Accounting Information System 1. Analyze the effects of transactions on the accounting equation. 2. Define debits and credits and explain how they are used to record transactions. 3. Journalize and post transactions. 4. Prepare a trial balance. 5. Explain when revenues and expenses are recognized and how this forms the basis for accrual accounting. 6. Describe the types of adjusting entries and prepare adjusting entries for prepayments. 7. Prepare adjusting entries for accruals and an adjusted trial balance. 8. Prepare a Classified Statement of Financial Position. 9. Prepare closing entries and a post-closing trial balance. Textbook Chapter: 3 and 4 Learning Outcome: 1, 2, 3 Quizzes (2 x 1% each) Module 3 - Income Measurement, Inventory, Cost of Goods Sold 1. Identify the differences between service and merchandising companies. 2. Prepare entries for purchases under a perpetual inventory system. 3. Prepare entries for sales under a perpetual inventory system. 4. Prepare a single-step and a multiple-step income statement. 5. Calculate the gross profit margin and profit margin. 6. Describe the steps in determining inventory quantities. 7. Apply the methods of cost determination using specific identification, FIFO, and average cost under a perpetual inventory system. 8. Explain the financial statement effects of choosing each of the inventory cost determination methods. 9. Identify the effects of inventory errors on the financial statements. 10. Demonstrate the presentation and analysis of inventory. Textbook Chapter: 5 and 6 Learning Outcome: 1, 2, 3, 5, 6 Quizzes (2 x 1% each) Module 4 - Current Assets 1. Describe the primary components of an internal control system. 2. Apply the key control activities to cash receipts and payments. 3. Prepare a bank reconciliation. 4. Explain the reporting and management of cash. 5. Identify the types of receivables and record accounts receivable transactions. 6. Account for bad debts. 7. Account for notes receivable. 8. Explain the statement presentation of receivables. 9. Apply the principles of sound accounts receivable management. Textbook Chapter: 7 and 8 Learning Outcome: 1, 2, 3, 4, 5 Quizzes (2 x 1% each) Midterm Exam - 35% Module 5 - Capital Assets and Intangibles 1. Determine the cost of property, plant, and equipment. 2. Explain and calculate depreciation. 3. Account for the derecognition of property, plant, and equipment. 4. Identify the basic accounting issues for intangible assets and goodwill. 5. Illustrate how long-lived assets are reported in the financial statements. 6. Describe the methods for evaluating the use of assets. Textbook Chapter: 9 Learning Outcome: 1, 2, 3, 4, 5 Quiz - 1% Module 6 - Current and Long-Term Liabilities 1. Account for current liabilities. 2. Account for instalment notes payable. 3. Identify the requirements for the financial statement presentation and analysis of liabilities. Textbook Chapter: 10 Learning Outcome: 1, 2, 3, 4 ,5 Quiz - 1% Module 7 - Shareholders' Equity 1. Identify and discuss the major characteristics of a corporation. 2. Record share transactions. 3. Prepare the entries for cash dividends, stock dividends, and stock splits, and understand their financial impact. 4. Indicate how shareholders' equity is presented in the financial statements. 5. Evaluate dividend and earnings performance. Textbook Chapter: 11 Learning Outcome: 1, 2, 3, 4, 5 Quiz - 1% Module 8 - Statement of Cash Flow and Financial Statement Analysis 1. Describe the purpose and content of the statement of cash flows. 2. Prepare the operating activities section of a statement of cash flows using one of two approaches (indirect method or direct method). 3. Prepare the investing activities section of a statement of cash flows. 4. Prepare the financing activities section of a statement of cash flows. 5. Complete the statement of cash flows. 6. Use the statement of cash flows to evaluate a company¿s liquidity and solvency. 7. Analyze profitability, cash flow and management performance using ratio analysis. Textbook Chapter: 13 and 14 Learning Outcome: 1, 2, 3, 4, 5, 6, 7 Quiz - 1% Group Assignment - 10% Final Exam (Cumulative) - 35%
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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