Financial Accounting Fundamentals (BAF 3M)

Course Overview

Course Title: Financial Accounting Fundamentals, Grade 11
Course Code: BAF 3M
Grade: 11
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 Overview

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.
10 hours
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.
15 hours
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.
15 hours
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.
20 hours
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.
20 hours
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.
20 hours
Unit 7: Careers and Current Issues
In this unit you will be exploring accounting careers and issues currently facing the accounting profession.
10 hours
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.
10 hours
Total Hours120 hours
Teaching and Learning Strategies

Enthusiastic teachers and instructors bring unique teaching and assessment methods to the classroom because students learn best when they are engaged in a range of different learning techniques. The activities allow students to apply learned concepts to current world social, economic, and environmental issues which impact daily life. Opportunities to relate knowledge and skills to these wider contexts will motivate students to learn in a meaningful way and to become life-long learners. Instructors also inspire students to become successful problem solvers by investigating, providing alternative reasoning and solutions to problems as well as dedicating time and energy to the tasks at hand.

Effective instructional techniques utilize students’ existing knowledge and by capturing their interest and engaging in meaningful participation. Students will be engaged when they are able to see the correlation between the learned concepts and their ability to apply them to the world around them and in real-life situations. Students will have the chance to learn using a wide range of methods which include self-learning, cooperative learning as well as learning through teacher guidance as well has hands-on experiences. The methods and strategies teachers implement will be tailored to the learning requirements and the individual needs of the students. Teachers will achieve effective instruction in an online environment by using videos, interactive animations and virtual labs and discussion forums and video conferencing/live chat.

Individualized Accommodations for Students

Our methodology for student assessment follows the Growing Success Assessment, Evaluation and Reporting in Ontario Schools First Edition, Covering Grades 1 to 12 (2010) manual published by the Ontario Ministry of Education. Assessment is the process of gathering information that accurately reflects how well a student is achieving the curriculum expectations in a subject or course. Assessment tools are designed to improve student learning which includes descriptive feedback, coaching, observations and self-assessments. In addition, student can be independent and set individual goals, monitor progress against these goals, determine next steps and reflect on their thinking and learning.

For a student with special education needs who requires modified or alternative expectations, assessment and evaluation of his or her achievement will be based on the modified curriculum expectations or alternative expectations outlined in the student’s Individual Education Plan (IEP). Accommodations required to facilitate the student’s learning may be identified by the teacher, however recommendations from a School Board generated in the form of an Individual Education Plan (IEP) should be used, if available. 


For a student with special education needs who requires “accommodations only”, as described in his or her IEP, assessment and evaluation of achievement will be based on the appropriate subject/ grade/course curriculum expectations and the achievement levels outlined in the curriculum documents.

A student’s Individual Education Plan (IEP) describes his or her educational program and any accommodations that may be required. The IEP specifies whether the student requires:
accommodations only; or
modified learning expectations, with the possibility of accommodations;

Assessment accommodations are changes in procedures that enable the student to demonstrate his
or her learning. These may include:
visual supports to clarify verbal instructions, assistive devices, or some form of human support;
alternative methods for the student to demonstrate his or her achievement of expectations (e.g., allowing the student to take tests orally) or the allowance of extra time to complete the assessment;
alternative settings that may be more suitable for the student to demonstrate his or her learning.

If accommodations are required to assess and evaluate student learning, the strategies to be used are outlined in the student’s IEP.
For further details about the different types of accommodations, modified learning expectation and alternative programs please refer to Growing Success Assessment, Evaluation and Reporting in Ontario Schools First Edition, Covering Grades 1 to 12 (2010)

Materials Required

Standard Computer Requirements for all courses:
-Processor speed of 2 GHz or faster
-Memory of 4 GB RAM or greater
-A high speed internet connection with a connection speed of 10 MB/s or better.
-Monitor and video card with 1024×768 or greater resolution
-Keyboard and Mouse is recommended
-Speakers/Headphones
– Microsoft Excel or equivalent
– Microsoft Word or equivalent