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Financial Accounting 1 FMGT 3110

Financial Management Course

Course details

With an applied emphasis, this course provides a solid foundation for professional requirements and transition to the workplace. The conceptual basis upon which assets, liabilities, equity, revenue and expenses are defined is discussed. The end user financial information needs upon which International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE) are based are identified. Building on introductory courses, the financial reporting model comprising measurements, statement presentations and related disclosures are explored on an area basis; current and non-current assets and related valuations, current liabilities, critical revenue and expense recognition criteria. The applied emphasis blends process (derivation and enabling entries) with end product financial statement presentation. Note: Full-time Accounting and Finance students applying for transfer credit for this course from other post-secondary institutes must have achieved a minimum grade of 65% or better.

Prerequisite(s)

Credits

4.0

Cost

$774.51 - $787.37 See individual course offerings below for actual costs.

Course offerings

Fall 2022

Below are four offerings of FMGT 3110 for the Fall 2022 term.

CRN 30757

Duration

Mon Sep 05 - Mon Dec 12 (14 weeks)

  • 14 weeks
  • CRN 30757
  • $787.37
Class meeting times
Dates Days Times Locations
Sep 05 - Dec 12 Mon 18:00 - 21:45 Burnaby SW01 Rm. 2020
Instructor

Ron McGregor

Course outline

View

Credits

4

Cost

$787.37

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
  2. The first session of this course will be held online. Class WILL NOT be held on Monday, October 10th (Thanksgiving)
Status

In Progress

This course offering is in progress. Please check this page for other currently available offerings or subscribe to receive email updates.

CRN 30759

Duration

Wed Sep 07 - Wed Dec 14 (14 weeks)

  • 14 weeks
  • CRN 30759
  • $787.37
Class meeting times
Dates Days Times Locations
Sep 07 - Dec 07 Wed 18:00 - 21:45 Burnaby SE06 Rm. 206
Dec 14 Wed 18:00 - 21:45 Burnaby SE06 Rm. 204
Instructor

Michelle Miller

Course outline

View

Credits

4

Cost

$787.37

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Status

In Progress

This course offering is in progress. Please check this page for other currently available offerings or subscribe to receive email updates.

CRN 40993

Duration

Thu Sep 08 - Thu Dec 08 (14 weeks)

  • 14 weeks
  • CRN 40993
  • $774.51
Class meeting times
Dates Days Times Locations
Sep 08 - Dec 08 Thu 09:00 - 12:45 Downtown DTC
Instructor

TBD

Course outline

View

Credits

4

Cost

$774.51

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Status

Cancelled

This course offering has been cancelled. Please check this page for other currently available offerings or subscribe to receive email updates.

CRN 31290

Duration

Sat Sep 10 - Sat Dec 10 (14 weeks)

  • 14 weeks
  • CRN 31290
  • $787.37
Class meeting times
Dates Days Times Locations
Sep 10 - Dec 10 Sat 09:00 - 12:45 Burnaby SW01 Rm. 4076
Instructor

Sue Tsiang

Course outline

View

Credits

4

Cost

$787.37

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Status

In Progress

This course offering is in progress. Please check this page for other currently available offerings or subscribe to receive email updates.

Winter 2023

Below are four offerings of FMGT 3110 for the Winter 2023 term.

CRN 15544

Duration

Sat Jan 07 - Sat Apr 15 (14 weeks)

  • 14 weeks
  • CRN 15544
  • $787.37
Class meeting times
Dates Days Times Locations
Jan 07 - Apr 15 Sat 09:00 - 12:45 Burnaby SE06 Rm. 205
Instructor

Trevor Jang

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

4

Cost

$787.37

Important information
  1. Class WILL NOT be held on Saturday, April 8th.
Status

CRN 12991

Duration

Mon Jan 09 - Mon Apr 24 (14 weeks)

  • 14 weeks
  • CRN 12991
  • $774.51
Class meeting times
Dates Days Times Locations
Jan 09 - Apr 24 Mon 17:30 - 21:15 Downtown DTC Rm. 385
Instructor

Sue Tsiang

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

4

Cost

$774.51

Important information
  1. Class WILL NOT be held Monday, Feb. 20th (Family Day) & Monday, April 10th (Easter Monday).
Status

CRN 14878

Duration

Tue Jan 10 - Tue Apr 11 (14 weeks)

  • 14 weeks
  • CRN 14878
  • $787.37
Class meeting times
Dates Days Times Locations
Jan 10 - Jan 17 Tue 18:00 - 21:45 Burnaby SE06 Rm. 206
Jan 24 Tue 18:00 - 21:45 Online
Jan 31 Tue 18:00 - 21:45 Burnaby SE06 Rm. 206
Feb 07 - Feb 14 Tue 18:00 - 21:45 Online
Feb 21 Tue 18:00 - 21:45 Burnaby SW01 Rm. 2045
Feb 28 Tue 18:00 - 21:45 Burnaby SE06 Rm. 206
Mar 07 - Mar 28 Tue 18:00 - 21:45 Online
Apr 04 Tue 18:00 - 21:45 Burnaby SE06 Rm. 204
Apr 11 Tue 18:00 - 21:45 Burnaby SE06 Rm. 206
Instructor

Michelle Miller

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

4

Cost

$787.37

Important information
  1. There will be multiple sessions held in-class for this CRN. This section will not be suitable for students who reside outside of the lower mainland. The following dates will be held in-class at the Burnaby Campus: January 10, 17 & 31. February 21 (Midterm) & 28. April 4 & 11 (Final). This is not a self-paced course. You will be expected to be available and online on the posted days and times shown on your registration schedule. It is important you have a stable and consistent internet connection to access course content. Course content, type and quality of assignments, and general standards for this online course are the same as classroom courses. To be successful in this online course, plan to spend 7-10 hours per week on your studies, or more of it’s a condensed course, starting Week 1. Important course information will be sent to your myBCIT account prior to your course start date.
Status

CRN 15272

Duration

Wed Jan 11 - Wed Apr 12 (14 weeks)

  • 14 weeks
  • CRN 15272
  • $787.37
Class meeting times
Dates Days Times Locations
Jan 11 - Feb 15 Wed 18:00 - 21:45 Online
Feb 22 Wed 18:00 - 21:45 Burnaby SE06 Rm. 205
Mar 01 - Apr 05 Wed 18:00 - 21:45 Online
Apr 12 Wed 18:00 - 21:45 Burnaby SE06 Rm. 206
Instructor

Michelle Miller

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

4

Cost

$787.37

Important information
  1. The following dates will be HELD IN-CLASS at the Burnaby Campus: Midterm: February 22nd Final: April 12th This is not a self-paced course. You will be expected to be available and online on the posted days and times shown on your registration schedule. It is important you have a stable and consistent internet connection to access course content. Course content, type and quality of assignments, and general standards for this online course are the same as classroom courses. To be successful in this online course, plan to spend 7-10 hours per week on your studies, or more of it’s a condensed course, starting Week 1. Important course information will be sent to your myBCIT account prior to your course start date.
Status

Learning Outcomes

Upon successful completion of the course, the student will be able to:

  • Identify and explain the accounting concepts and principles that support the treatments of economic events under IFRS and Private Enterprise Standards.
  • Explain the objectives of financial reporting and explain the application of those objectives in statement preparation both International Financial Reporting Standards (IFRS), and Private Enterprise Standards.
  • Prepare a statement of comprehensive income in proper form, properly identifying and classifying other gains and losses or irregular economic events.
  • Prepare a statement of retained earnings from data supplied, including identifying and properly presenting adjustments to beginning balances.
  • Explain the criteria for classifications of various statement components such as current assets versus non-current assets.
  • Recognize and measure revenue in accordance with recognition standards.
  • Identify and apply the reporting issues for near-cash operating assets in the business cycle; cash, receivables and inventories
  • Identify and report investments -- both non-strategic (debt and equity) and strategic (significant influence or control). Apply accounting for all investment types except a control relationship (consolidation).
  • Identify and value types of tangible and intangible assets; accounting for held-for-sale capital assets; non-monetary exchanges; assets acquired through favourable financing and share exchanges; self-constructed assets. Alternative valuation bases.
  • Apply the various methods of depreciation of tangible and intangible assets; industry or business specific depreciation methods. Identify asset impairments and be able to measure and report impairments.
  • Discuss intangible assets, the determination of goodwill and impairment thereof.

Effective as of Winter 2012

Related Programs

Financial Accounting 1 (FMGT 3110) is offered as a part of the following programs:

School of Business + Media

  1. Accounting
    Diploma Full-time
  2. Accounting
    Diploma Part-time
  3. Finance
    Diploma Full-time
  4. Finance
    Diploma Part-time
  5. Financial Management (Finance Option)
    Certificate Part-time
  6. Financial Management (Professional Accounting Option)
    Certificate Part-time
  7. Financial Planning
    Diploma Part-time
  8. Professional Accounting
    Advanced Diploma Full-time/Part-time

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