Principles of Introductory Financial Accounting I & II

Curriculum guideline

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Course
ACCT 1235
Discontinued
No
Course code
ACCT 1235
Descriptive
Principles of Introductory Financial Accounting I & II
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start date
End term
202030
PLAR
Yes
Semester length
15 Weeks
Max class size
35
Contact hours

Lecture: 4 hours

OR

Lecture/seminar: 2 hours lecture and 2 hours seminar

Method(s) of instruction
Lecture
Seminar
Learning activities

Lecture and/or seminar

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.
NOTE THAT STUDENTS WHO HAVE TAKEN ACCT 1110 AND ACCT 1210 CANNOT TAKE ACCT 1235 FOR FURTHER CREDIT.
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 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.

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 EXAMINATION TO PASS THE COURSE.

To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.

 

Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.

Textbook materials

Hoskin, Fizzell, et al, Financial Accounting – a User Perspective,  John Wiley & Sons Canada Ltd, latest edition

Or other textbook(s) as approved by the ACCT Dept.

 Instructor compiled materials (if applicable).

 Faculty of Commerce and Business Administration approved calculators only.

Prerequisites

Pre-Calculus 11 with a grade of B or better
OR Pre-Calculus 12 with a grade of C+ or better, OR Foundations of Math 11 with a grade of B or better, or equivalent
OR currently active in the:

  • PDD Accounting,
  • or PDD Accounting Studies,
  • or PDD Financial Analysis, 
  • or PBD Finance,
  • or PDD Financial Planning,
  • or PBD Accounting & Finance,
  • or PBD Accounting

 

Which prerequisite

ACCT 1220, ACCT 1222, ACCT 3310, ACCT 2320, ACCT 3410, FINC 2340, BUSN 2275, ACCT 3370