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Financial Accounting 1 FMGT 3110

Financial Management Course

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International Fees

International fees are typically three times the amount of domestic fees. Exact cost will be calculated upon completion of registration.

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

Domestic fees

$803.52 - $817.27 See individual course offerings below for actual costs.

Course offerings

Spring/Summer 2024

Below are two offerings of FMGT 3110 for the Spring/Summer 2024 term.

CRN 20424

Duration

Fri Apr 12 - Fri Jul 19 (14 weeks)

  • 14 weeks
  • CRN 20424
  • Domestic fees $803.52
    International fees are typically three times the amount of domestic fees.
Class meeting times
Dates Days Times Locations
Apr 12 - May 17 Fri 13:30 - 17:15 Online
May 24 Fri 13:30 - 17:15 Downtown DTC Rm. 483
May 31 - Jul 05 Fri 13:30 - 17:15 Online
Jul 12 Fri 13:30 - 17:15 Downtown DTC Rm. 483
Instructor

Michelle Miller

Course outline

View

Credits

4

Domestic fees

$803.52

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. International fees are typically three times the amount of domestic fees. Exact cost will be calculated upon completion of registration.
  3. The following dates will be HELD IN-CLASS at the Downtown Campus. Mid-Term Exam: May 24. Final Exam: July 12). This is a Bring Your Own Device (BYOD) course. Students are required to use their own laptop for the in-class exams. Please ensure that your device has at least 4 hours of battery life. Computing requirements for the School of Business and Media can be found here: www.bcit.ca/files/business/pdf/bcit-sobm-byod.pdf. Information about student discounts on technology products can be found here: www.bcit.ca/it-services/student-discounts/. A desktop computer is not suitable for this course. 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

In Progress

This course offering is in progress. Please check back next term or subscribe to receive email updates.

CRN 26165

Duration

Sat Apr 13 - Sat Jul 13 (14 weeks)

  • 14 weeks
  • CRN 26165
  • Domestic fees $817.27
    International fees are typically three times the amount of domestic fees.
Class meeting times
Dates Days Times Locations
Apr 13 - May 18 Sat 09:00 - 12:45 Online
May 25 Sat 09:00 - 12:45 Burnaby SW01 Rm. 2030
Jun 01 - Jul 06 Sat 09:00 - 12:45 Online
Jul 13 Sat 09:00 - 12:45 Burnaby SW01 Rm. 2030
Instructor

Ron McGregor

Course outline

View

Credits

4

Domestic fees

$817.27

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. International fees are typically three times the amount of domestic fees. Exact cost will be calculated upon completion of registration.
  3. The following dates will be HELD IN-CLASS at the Burnaby Campus. Mid-Term: Saturday, May 25th (09:00 - 12:45) Final: Saturday, July 13th (09:00 - 12:45).
Status

In Progress and Full

This course offering is in progress and full. Please check back next term or subscribe to receive email updates.

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:

  • Indicates programs accepting international students.
  • Indicates programs with a co-op option.

School of Business + Media

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

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Programs and courses are subject to change without notice.