Launching Your Successful Business
Overview
1. Introductions and Course Review
- Starting & Operating Your Own Business
- Types of Business Organization
2. What Does It Take to Run a Successful Business?
- Steps to Starting Your Own Business
- Basic Accounting Principles
- Business Banking
- Debt vs. Equity Financing
- Protection of Intellectual Property, Trademarks, and Copyrights
3. Running a Small Business – Skills Necessary
- Basic Bookkeeping – Accounting equation
- GST & PST
- Property Tax
- Government Reporting
- Business Licenses
4. Financial Statements
- Basics of the Income Statement
- Statement of Owner’s/Partner’s or Shareholders’ Equity
- Balance Sheet
- Budgeting and Variances
5. Accounting Principles
- Adjusting Entries
- Prepaid Expenses
- Unearned Revenue
- Accrued Expenses
- Accrued Revenue
- Depreciation
- Accounts Receivable - Collection and Credit Sales
- Inventory - Turnover
6. Internal Controls
- Hiring Employees or Contractors
- Internal Control Procedures
- Employee Deductions
- Legal Obligations
- Planning for Vacations, Overtime, etc
- Government remittances of CPP, EI, Income Tax, Workers Compensation Dues, etc.
7. Financing Your Startup and Growth
- Equipment – Purchase or Lease?
- Moving
- Negotiating Leases
- Inventory Management Systems
8. Monitoring and Maintaining Cash Flows
- Bank Reconciliation
- Cash Flow
- Cash Budgeting
9. Ongoing Business Decisions
- Preparing Invoices
- Fixed or Variable Costs
- Break-even Points
- Burden Rates
- Job-Order costing
10. Innovation and Technological Developments
- Computerized Accounting
- Government Grants
- Hiring a Bookkeeper and Other Professionals
Lecture and/or seminar
All methods of instruction apply to in class, hybrid and/or online modes of learning.
Assessment will be based on course objectives and will be carried out in accordance with the Douglas College Evaluation Policy. An evaluation schedule is presented at the beginning of the course. This is a graded course.
- Individual assignments and/or quizzes: 30% - 40%
- Participation and/or presentation: 10%
- Group project(s): 30%
- Final Exam: 20% - 30%
At the end of the course, the successful student should be able to:
- Apply technical competencies gathered in financial accounting, management accounting, finance, ethics, communication, taxation, and information systems issues to build a strong foundation for a new venture or business.
- Identify relevant internal and external stakeholders of a new venture and provide useful financial information as needed.
- Evaluate and recommend successful forms of business organization.
- Analyze and monitor revenues, expenses, and cash flows of a new venture.
Eric A. Weinstein. Accounting Essentials for Canada.
Other resources: Small Business Canada, Employment Standards BC
Requisites
Prerequisites
None.
Corequisites
None.
Equivalencies
None.
Course Guidelines
Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.
Course Transfers
These are for current course guidelines only. For a full list of archived courses please see https://www.bctransferguide.ca
Institution | Transfer details for ACCT 3001 | |
---|---|---|
There are no applicable transfer credits for this course. |