Launching Your Successful Business

Curriculum guideline

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Course
ACCT 3001
Discontinued
No
Course code
ACCT 3001
Descriptive
Launching Your Successful Business
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start date
End term
Not Specified
PLAR
No
Semester length
15 Weeks
Max class size
35
Course designation
None
Industry designation
None
Contact hours

Lecture: 4 hours/week

Method(s) of instruction
Lecture
Learning activities

Lecture and/or seminar

All methods of instruction apply to in class, hybrid and/or online modes of learning.

Course description
Once a new business has been established, it is important for owners to maintain and operate the business successfully. Doing so requires a thorough understanding of business strategy, cash flow, payroll, and staffing. In this course, learners have the opportunity to explore some of the common challenges to running a business and how these challenges can be overcome using a practical approach. Students will develop a toolkit of knowledge, skills, and ideas that they can carry with them to their new venture. Topics include: forms of business organization, business banking, basic accounting principles, financing startup and growth, relevant decision making, and grants. No accounting knowledge is required to take this course.
Course content

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
Learning outcomes

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.
Means of assessment

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%
Textbook materials

Eric A. Weinstein. Accounting Essentials for Canada. 

Other resources: Small Business Canada, Employment Standards BC

Prerequisites

None.

Corequisites

None.

Equivalencies

None.