FMGT 1100
Accounting 1
School | School of Business + Media |
---|---|
Program | Financial Management - Part-time Studies |
Course Credits | 4 |
Minimum Passing Grade | 50% |
Start Date | September 14, 2015 |
End Date | November 30, 2015 |
Total Hours | 39 |
Total Weeks | 12 |
Hours/Weeks | 3.25 |
Delivery Type | Other |
CRN | 36494 |
Acknowledgement of Territories
The British Columbia Institute of Technology acknowledges that our campuses are located on the unceded traditional territories of the Coast Salish Nations of Sḵwx̱wú7mesh (Squamish), səl̓ilwətaɁɬ (Tsleil-Waututh), and xwməθkwəy̓əm (Musqueam).
Instructor Details
Name | Bernadette Edwards |
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Instructor to provide | |
Location | |
Office Hours | Instructor to provide |
Course Description
This course covers the full accounting cycle for individuals with little or no accounting background. Topics include accounting as an information system; introduction to accounting theory; income measure; traditional record keeping; the accounting cycle; special journals; cash and financial statements.
Course Learning Outcomes/Competencies
Upon successful completion of the course, the student will be able to:
- Describe the nature and purpose of accounting information including its limitations and basic concepts.
- Apply generally accepted accounting principles in the analysis and recording of business transactions.
- Apply the basic principles of double-entry bookkeeping to record transactions for both a service and a merchandising business.
- Prepare a trial balance.
- Analyze and record adjusting journal entries.
- Prepare financial statements (Income Statement, Statement of Owner's Equity and the Balance Sheet) for a service business and merchandising business.
- Prepare closing journal entries and close a set of books.
- Describe and differentiate the three forms of business organization.
- Determine the value of ending inventories under alternative generally accepted accounting methods.
- Apply estimating techniques to value ending inventories for interim financial statements and to estimate inventory shortages.
Learning Resources
Please note: Students require ONLY Volume 1 of the text, together with MYACCOUNTNG LAB. However, students planning to continue into FMGT 2100 – Accounting 2, are advised to purchase the 2 volume set.
Note: the necessary MYACCOUNTING LAB access is included only if the text is purchased new through the BCIT bookstore. If the text is purchased used or through another source, the MYACCOUNTING LAB access will need to be purchased separately through the BCIT bookstore.
Course Goals
- understand basic accounting principles and procedures
- do basic bookkeeping
- prepare financial statements
- understand the main accounting functions in relation to:
Evaluation Criteria
Hand In Assignments ...................................... 8%
MyAccountingLab Assignments .................... 7%
Midterm Exam ................................................ 40%
Final Exam ...................................................... 45%
Total ............................................................... 100%
NOTE: Students intending to proceed to Financial Management's full-time day program must achieve a mark of at least 70% in this course.
Course Specific Requirements
Other information
BCIT Policy 5103, Student Evaluation, states: ...Occasionally BCIT students are absent from a mid-term or final examination or for other important forms of evaluation due to serious medical reasons. The procedure to be followed is described in Procedure 5101, Implementation of Student Regulations... Final examinations and mid-terms notwithstanding, programs may limit the number of tests, quizzes or examinations a student may miss. Details of these limits, and the consequences associated with exceeding them, will be documented in the course outline....
Procedure 5101-PR1 sets out the following procedure: ...a student who misses an exam or evaluation due to illness ... will be provided with an opportunity to make up for that missed exam or evaluation, but only under the following conditions: (a) The student must notify the instructor that he/she will miss the exam or evaluation as soon as possible, preferably prior to the time when the exam or evaluation is scheduled to occur. (b) The student must produce a BCIT-approved medical certificate, obtained at the student's own expense, to show that an examination or evaluation was missed due to medical reasons. When the program department has validated that the conditions previously stated have been met, the program department will employ one of the following options: (a) The program department will provide the student with another opportunity to write the same or replacement examination, or perform some other form of evaluation, or (b) The program department will devise another means of judging the student's mastery of the learning outcome, or (c) The program department will calculate an aegrotat grade for the student if the conditions for aegrotat have been met.
Consistent with these policies, in this course, students should be advised that:
(a) The only acceptable medical certificate is the Student Medical Certificate approved by BCIT and found at the following URL: http://www.bcit.ca/files/healthservices/pdf/studentmedicalcertificate.pdf No other doctor's note will be acceptable.
(b) Students who fail to submit to their instructor, on a timely basis, a Student Medical Certificate that justifies academic accommodation on account of illness for a missed test or assignment deadline, will be summarily awarded a zero on the missed evaluation. Timely notice should be as soon as possible, but never be more than 7 calendar days after the missed event.
(d) Students who have missed a final exam due to illness, and who have also, previously in the term, missed other tests, quizzes, assignment deadlines, or exams, may be required to write a comprehensive final exam, of a duration of up to double the scheduled time of the final exam that has been missed.
Course Schedule and Assignments
Week
|
Outcome/Material Covered
|
Reference/
Reading
|
Due
Date
|
1
|
Accounting and the Business Environment
|
Chapter 1
|
Week 2
|
2
|
Accounting and the Business Environment
|
Chapter 1
|
Week 3
|
3
|
Recording Business Transactions
|
Chapter 2
|
Week 4
|
4
|
Measuring Business Income: The Adjusting Process
|
Chapter 3 and Appendix
|
Week 5
|
5
|
Completing the Accounting Cycle
|
Chapter 4 and Appendix
|
Week 6
|
6
|
Review
|
|
|
7
|
MIDTERM EXAM
Chapters 1, 2, 3, and 4
To be held in the evening in room TBA at the BCIT Burnaby campus
|
MyAccounting Labs
Chapter 1 – 4
due
|
|
8
(Module 5)
|
Merchandising Operations and the Accounting Cycle
|
Chapter 5 and Appendix A and B
|
Week 9
|
9
(Module 6)
|
Accounting for Merchandise Inventory
|
Chapter 6
|
Week 10
|
10
(Module 7)
|
Accounting Information Systems
|
Chapter 7
|
Week 11
|
11
|
Review
|
|
|
12
|
FINAL EXAM
Chapters 3, 4 ,5, 6, and 7
To be held in the eveing in room TBA at the BCIT Burnaby campus
|
MyAccounting Labs
Chapter 5 – 7 due
|
|
BCIT Policy
The following statements are in accordance with the BCIT Policies 5101, 5102, 5104, and 7507, and their accompanying procedures. To review these policies and procedures please click on the links below.
Attendance/Illness:
In case of illness or other unavoidable cause of absence, the student must communicate as soon as possible with his/her instructor or Program Head or Chief Instructor, indicating the reason for the absence. Prolonged illness of three or more consecutive days must have a BCIT medical certificate sent to the department. Excessive absence may result in failure or immediate withdrawal from the course or program. Please see Policy 5101 - Student Regulations, and accompanying procedures
Academic Integrity:
Violation of academic integrity, including plagiarism, dishonesty in assignments, examinations, or other academic performances are prohibited and will be handled in accordance with Policy 5104 - Academic Integrity and Appeals, and accompanying procedures.
Accommodation:
Any student who may require accommodation from BCIT because of a physical or mental disability should refer to BCIT's Policy on Accommodation for Students with Disabilities (Policy #4501), and contact BCIT's Disability Resource Centre (SW1 2360, 604-451-6963) at the earliest possible time. Requests for accommodation must be made to the Disability Resource Centre, and should not be made to a course instructor or Program area.
Any student who needs special assistance in the event of a medical emergency or building evacuation (either because of a disability or for any other reason) should promptly inform their course instructor(s) and the Disability Resource Centre of their personal circumstances.
Human Rights, Harassment and Discrimination:
The BCIT community is made up of individuals from every ability, background, experience and identity, each contributing uniquely to the richness and diversity of the BCIT community as a whole. In recognition of this, and the intrinsic value of our diversity, BCIT seeks to foster a climate of collaboration, understanding and mutual respect between all members of the community and ensure an inclusive accessible working and learning environment where everyone can succeed.
Campus Mediation Services is a supportive resource for both students and employees of BCIT, to foster a respectful learning and working environment. Any student who feels that they are experiencing discrimination or harassment (personal or human rights-related) can confidentially access this resource for advice and support. Please see Policy 7507 – Harassment and Discrimination and accompanying procedure.
Students should make themselves aware of additional Education, Administration, Safety and other BCIT policies listed at https://www.bcit.ca/about/administration/policies.shtml
Guidelines for School of Business + Media
Attempts:
Students must successfully complete a course within a maximum of three (3) attempts at the course. Students with two attempts in a single course will be allowed to repeat the course only upon special written permission from the Associate Dean. Students who have not successfully completed a course within three attempts may not be eligible to graduate from their respective program.
Approved
I verify that the content of this course outline is current.
Bernadette Edwards, Instructor
August 08, 2015
I verify that this course outline has been reviewed.
Susan Hall, Program Head
August 09, 2015
I verify that this course outline has been reviewed and complies with BCIT policy.
Harjinder Dhaliwal, Associate Dean
August 11, 2015
Note: Should changes be required to the content of this course outline, students will be given reasonable notice.