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Course Outlines

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
E-mail 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

Required:
1) TEXT: Accounting: Ninth Canadian Edition; Horngren, Harrison, Johnston, Meissner and Norwood

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.

2) Dark pencil, eraser, ruler and calculator (Texas Instruments BA2 Plus is recommended)
Recommended:
1. Excel or Word or other computer program that will save as (.doc or .xls) files for assignment submission.

Course Goals

Upon successful completion of this course, the student will be able to:
  1. understand basic accounting principles and procedures
  2. do basic bookkeeping
  3. prepare financial statements
  4. understand the main accounting functions in relation to:
a) a merchandising concern
b) columnar journals and subsidiary ledgers

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

Financial Management Technology
Accounting 1
Guide for Students in the Submission of Assignments
1) The assignments are to be submitted using the Dropbox in Desire to Learn (D2L). MAL homework is completed through the MYACCOUNTINGLAB website access.
2) For assignments to D2L, sumbit your work as an Excel file or a Word file. Please save the files as Office 2003 files (.doc or .xls) and not Office 2007 files (.docx or .xlsx) files. Also, if using Excel, please put each question on a different page of your worksheet rather than submitting each question as a separate file.
3) Financial statements are to be prepared in accordance with the illustrations in the text.
4) The business name given in your problems must be shown on all financial statements exactly as illustrated in the text.
5) Use underlines where required. Under figures, a single underline indicates a calculation involving the numbers above the line; a double underline indicates a final total.
6) Account titles (names) must not be abbreviated.
7) Capital letters are to be used as illustrated in the text.
8) Dollar signs are to be included in financial statements beside the first amount in each column and beside each amount appearing directly above a double underline.
9) Pay particular attention to grammar and spelling. In the Owner’s Equity section of the Balance Sheet, the apostrophe must be used in possessive words such as Shareholders’, Partners’ or Owner’s Equity.
FMGT 1100 and 2100 - Accounting 1 and 2
MyAccountingLab is an on-line, interactive learning tool which will provide the student with additional resources to aid their study of Financial Accounting. MyAccountingLab is also used to administer problems covering the material studied. Some of these problems are optional but one problem in each chapter is mandatory and will be graded for marks. Pay particular attention to the due dates for the mandatory problems.
Following are instructions for accessing and using MyAccountingLab. Please read carefully!
DO NOT throw your pin code away. When you purchase the Horngren course package at the bookstore, you will find a pin code within that grants access to the web-based product, MyAccountingLab. If you have purchased the 2 Volume course package for both terms – FMGT 1100/2100 or FMGT 1105/2105 – keep the pin code for registration for the following term. Your pin code remains the same for Levels 1 and 2 of Accounting.
If you have purchased the one term only option from the bookstore – Volume 1 with the MyAccountingLab pin code – then your access is limited to the term you are currently enrolled in. If you take the second course offered and opt to purchase the Volume 2 package later, then you will also purhcase the pin code for Level 2 at that time.
MyAccountingLab is a dynamic, interactive eLearning program. To register, you will need a student access code and a course ID. If you purchased a new textbook through BCIT, it should have come with a Student Access Kit that contains a code you can use to register. If you do not have a Student Access Kit, you can purchase access through the BCIT bookstore or online with a major credit card.
Please ensure that you register into the correct section. The course ID for the internet offering of this course is to be announced and will be sent to you by D2L email along with a copy of the publishers powerpoint presentation about the site.
To use a student access code to register:
1. Go to the MyLab & Mastering website: (http://pearsonmylabandmastering.com) and click Student in the Register area. (Or for more detailed instructions go to the For Students section in the bottom left corner and click on: Get Started)
2. Enter the course ID provided by your instructor (code format: Professor12345) and click Continue.
3. After verifying your course information, enter your username and password, and click Sign in.
4. If you don’t have a Pearson account, click Create an account.
5. Complete the Create an Account page. Helpful hints display to guide you.
6. Read and accept the license agreement.
7. Optionally, you can select the check box to help us make our products better and learn about new offers.
8. Click Create Account.
9. Click Access Code and enter your six-word access code in the boxes (access code purchased with your new text or separately through BCIT bookstore).
10. Click Finish to complete your registration.
Click Go to Your Course to access your online course.
Sign in
Once you have registered for your instructor’s online course, you can sign in anytime:
11. From the MyLab / Mastering home page, click Sign in.
12. Enter your Pearson account username and password, and click Sign in.
13. Your course is listed in the MyLab / Mastering New Design section of the page. Clicking the course title will take you to the course content. You can also view announcements and link to other Pearson courses and products you are using.
14. From the course home page, you will use the course menu to navigate.

Other information

PHOTO IDENTIFICATION: To write exams, students are required to produce photo-identification at examination centres. Photo identification must be placed on the desk before an exam will be issued to the student and must remain in view on the desk while writing the exam for inspection by invigilators. Students should bring a BCIT OneCard or alternatively two pieces of identification, one of which must be government photo I.D. such as a drivers license.
CHEATING, PLAGIARISM AND DISHONESTY: Acts of cheating, plagiarism and dishonesty are not tolerated; the degree of punitive action may range from a written warning to withdrawal from the program. These penalties may also be applied to a student who knowingly contributes to the act of dishonesty, cheating and plagiarism. (Refer to the current BCIT Policies.)
Programmable calculators and calculators with alphabetic capability will not be allowed in exams. English language dictionaries will be allowed in exams provided they are presented to the exam invigilator prior to the exam.
PROGRAM APPROVAL: Students planning to complete a Financial Management part-time studies program should complete an Application for Program Approval form to declare a program of study after the program’s first course. Receiving Program Approval ensures that BCIT is aware of the student’s intent to complete a program as it’s currently outlined. Program Approval also enables students to request changes to the prescribed program and guarantees credit for courses that are part of the program will be honoured despite changes in program requirements.
EXAMINATIONS: A student who fails to write an examination on the scheduled date and time will receive a zero on that examination. Exceptions may be made for documented medical reasons or extenuating circumstances. In such a case, it is the responsibility of the student to contact the instructor immediately. It is the student’s responsibility to be proactive and contact the instructor. See following:
Missed Exams and Assignments due to Illness:

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.
(c) The policy of the program department is that should a student miss a mid-term or final exam, the Student Medical Certificate and the academic accommodation requested by the student must be validated and approved by all three of the Instructor, the Program Head, and the Associate Dean, before an accommodation plan will be considered. In the case of missed evaluations due to illness other than the mid-term and final exams, the Instructor may alone validate the Student Medical Certificate and approve an accommodation plan.

(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.
Instructors are asked to promptly notify the program head or the academic coordinator of any student who misses an examination together with any supporting documentation.

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
The MYACCOUNTING LAB assignments are intended to be done in the same week as the related hand-in assignment. However, the MYACCOUNTING LAB assignments may be completed on or before the midterm exam date for your class (for those assignments relating to the chapters examined), and on or before the final exam date for your class for the remainder of the MYACCOUNTING LAB assignments. Students will not obtain marks for MYACCOUNTING LAB assignments completed after these dates. It is also recommended that students try various MYACCOUNTING LAB questions that are not required. This additional work will help you learn the material and prepare you for the exams.

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.