Course Title: Financial Accounting Fundamentals, Grade 11
Course Code: BAF 3M
Course Type: Mixed (University,College)
Credit Value: 1.0
Prerequisite: None required
Department: Business Studies
Tuition Fee (CAD): $639
This course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills that will assist them in future studies and/or career opportunities in business. Students will acquire an understanding of accounting for a service and a merchandising business, computerized accounting, financial analysis, and ethics and current issues in accounting.
Overall Curriculum Expectations
By the end of the course, students will gain proficiency in the following areas:
Fundamental Accounting Practices
- describe the discipline of accounting and its importance for business;
- describe the differences among the various forms of business organization;
- demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.
Advanced Accounting Practices
- demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business;
- demonstrate an understanding of the accounting practices for sales tax;
- apply accounting practices in a computerized environment.
Internal Controls, Financial Analysis and Decision Making
- demonstrate an understanding of internal control procedures in the financial management of a business;
- evaluate the financial status of a business by analyzing performance measures and financial statements;
- explain how accounting information is used in decision making
Ethics, Impact of Technology and Careers
- assess the role of ethics in, and the impact of current issues on, the practice of accounting;
- assess the impact of technology on the accounting functions in business;
- describe professional accounting designations and career opportunities
|Unit 1: Introduction to Accounting|
In this unit you will be introduced to the world of accounting. Using case studies and a variety of learning activities you will explore: the reasons for accounting; the users of accounting information; the forms of business ownership; accounting principles; the elements of the accounting equation; and ethical decision-making.
|Unit 2: Balance Sheet Transactions|
Companies rely heavily on financial statements in order to make sound and reliable business decisions. One of these financial statements is the balance sheet. In this unit, specific aspects related to the balance sheet and its components will be covered, as well as, how transactions affect the accounts included in the balance sheet and how the changes made can persuade owners and managers of companies towards certain decisions.
|Unit 3: Income Statement Transactions|
Companies rely heavily on financial statements in order to make sound and reliable business decisions. One of these financial statements is the income statement. In this unit, you will cover the specific aspects related to the income statement and its components. As well, you will see how transactions affect the accounts included in the income statement and how changes to the accounts can persuade owners and managers of companies to make certain decisions.
|Unit 4: Worksheet, Adjusting and Closing Entries|
In Unit 4, you will learn how to complete the accounting cycle for a service business. This involves: how to prepare financial statements; how to recognize and perform end of period adjustments; and how to close off the accounts and prepare them for the next accounting period. You will discover a new format for the income statement and balance sheet in order to categorize particular types of accounts, and convey important information more clearly. You will also explore the theme of accounting for one’s own life. In today’s society we seem to separate the competing interests of work, play, family and spirituality? Can these interests be brought together so that a balance is achieved? You will explore this theme in the unit through discussions, case study, and personal reflections.
|Unit 5: The Merchandise Business|
In this unit you will learn to adapt the accounting cycle for use with a merchandise business. In the activities you will explore the nature of the merchandise business, inventory, and the flow of goods. The unit will cover both the periodic method of accounting for merchandise businesses, as well as the perpetual method, which is continuing to grow in importance. Each activity will focus on an area of the accounting cycle that differs between accounting for service and merchandise businesses, and will highlight the differences between the two methods.
|Unit 6: Internal Controls and Financial Analysis|
This unit will expand your basic knowledge of financial statements. The emphasis will move from recording entries to making good financial decisions. Issues such as internal controls, budgeted and audited financial statements, and financial analysis will be examined.
|Unit 7: Careers and Current Issues|
In this unit you will be exploring accounting careers and issues currently facing the accounting profession.
|Unit 8: Culminating Activity|
The culminating activities for this course are comprised of an accounting project and an exam. The project includes a simulation of the accounting cycle for a merchandising business. You will demonstrate your ability to apply the accounting mechanics and procedures to a merchandising business. The exam will assess your overall understanding of the course material.
|Total Hours||120 hours|