Course Description
This fast-paced, accelerated, one semester introductory financial accounting course will introduce the student to the theory and processes used in recording financial events and preparing financial statements. Topics include: accounting principles; the accounting cycle; financial statements; current assets including inventories and receivables; property, plant and equipment; intangible assets and goodwill; current and long-term liabilities; shareholders’ equity; the statement of cash flows; income measurement and financial statement analysis.
Course Content
1. Overview of corporate financial reporting.
2. Analyzing transactions and their effects on financial statements.
3. Processing data through the accounting system.
4. Revenue recognition and statement of earnings.
5. Cash, short term investments and accounts and notes receivable.
6. Inventories.
7. Capital assets – tangible and intangible; goodwill.
8. Current liabilities, contingencies and commitments.
9. Long-term debt and other non-current liabilities.
10. The statement of cash flows.
11. Shareholders’ equity.
12. Financial statement analysis.
Learning Activities
Lecture and/or seminar
All methods of instruction apply to in class, hybrid and/or online modes of learning.
Means of Assessment
Evaluation will be carried out in accordance with the Douglas College Evaluation Policy.
Assignments and/or quizzes 20%
Midterm examinations (2 @ 20% each) 40%
Comprehensive final examination 40%
TOTAL 100%
Students must write both the midterm examinations and the final examinations to pass the course.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
Learning Outcomes
At the end of the course, the successful student should be able to:
1. describe the functions of accounting records and financial reports;
2. classify, record, and summarize business transactions as they relate to service and merchandising operations;
3. prepare adjusting and closing entries and financial statements;
4. account for the various classifications of assets and liabilities of a business;
5. distinguish between legal forms of business enterprises and the accounting methods appropriate for each;
6. analyze financial information;
7. prepare a statement of cash flows.
Textbook Materials
Kimmel, Weygant, et al. Financial Accounting: Tools for Business Decision-Making. John Wiley & Sons Canada Ltd, latest edition; or, other textbooks as approved by the accounting department.
Instructor compiled materials (if applicable)
Only Faculty of Commerce and Business Administration approved calculators may be used for tests and examinations