|School||School of Business + Media|
|Program||Accounting, Finance, and Insurance - Part-time Studies|
|Minimum Passing Grade||50%|
|Start Date||September 07, 2021|
|End Date||November 23, 2021|
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 to provide|
|Office Hours||Instructor to provide|
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; 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.
1) TEXT: Accounting Principles: 8th Canadian Edition; Weygandt, Kieso, Kimmel, Trenholm, Warren and Novak
Please note: Students require ONLY Volume 1 of the text, together with WileyPlus. However, students planning to continue into FMGT 2100 – Accounting 2, are advised to purchase the 2 volume set.
Note: the necessary WileyPlus 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 WileyPlus access will need to be purchased separately through the BCIT bookstore or the publisher.
2) Dark pencil, eraser, ruler and calculator - Texas Instruments BA2 Plus recommended (see Other Information section for calculator restrictions).
3) Students must have the following technology capabilities throughout the course - https://www.bcit.ca/files/business/pdf/bcit-sobm-byod.pdf - in particular:
· Computer with sufficient RAM
· WiFi/Internet access
· Webcam, microphone and speaker
More information can be found on BCIT's Student Technology Requirements and Discounts website: https://www.bcit.ca/it-services/student-discounts/
1. 3 or 4-column accounting paper
Upon successful completion of this course, the student will be able to:
- understand basic accounting principles and procedures
- do basic bookkeeping
- prepare financial statements
- understand the main accounting functions in relation to:
a) a merchandising concern
b) columnar journals and subsidiary ledgers
Hand In Assignments ..................................... 5%
WileyPlus Adaptive Practice .......................... 5%
WileyPlus Assignments ................................ 10%
Midterm Exam ................................................ 40%
Final Exam ...................................................... 40%
Total ............................................................... 100%
NOTE: Students intending to proceed to an Accounting, Finance, or Financial Planning diploma program must achieve a mark of at least 70% in this course.
The attendance requirements for this course are noted below under the Guidelines for School of Business and Media section.
Course Specific Requirements
Accounting Guide for Students in the Submission of Assignments
Wiley Plus assignments are to be completed and graded in the Wiley Plus system.
Hand-in assignments are completed manually and submitted to the instructor using the following guidelines:
1) Show full name and set number in the upper right of each page.
2) Identify problem numbers on the left side of the page.
3) Use only one side of the paper.
4) Staple all pages together at the upper left-hand corner in the order that problems were assigned.
5) Write plainly and neatly. Submit assignments in HB pencil. Pencil must be dark lead.
6) Columnar paper must be used in all assignments except those requiring essay answers.
7) Decimals and commas are not required on columnar paper.
8) Financial statements are to be prepared in accordance with the illustrations in the text.
9) The business name given in your problems must be shown on all financial statements exactly as illustrated in the text.
10) Where underlines are required, a ruler should be used. Under figures, a single underline indicates a calculation involved in the numbers above the line, a double underline indicates a final total.
11) Account titles (names) must not be abbreviated.
12) Capital letters are to be used as illustrated in the text.
13) Dollar signs are to be included in financial statements beside the first amount in each column and beside each amount appearing directly below a double underline.
14) Pay particular attention to grammar and spelling. In the Owners Equity section of the Balance Sheet, the apostrophe must be used in possessive words such as Shareholders, Partners or Owners Equity.
COURSE OUTLINES: This course outline may assist you in the future to receive credit for all or part of a course from another post-secondary institution or from a professional program. It is strongly recommended that this course outline be safely filed for future reference.
COURSE WITHDRAWAL: Students who choose to stop attending the course are strongly recommended to officially withdraw from the course by following the withdrawal process outlined here: https://www.bcit.ca/pts/pts_withdrawals.shtml. Failure to officially withdraw from the course may result in a final grade of V (Course Abandonment) being assigned. A final grade of a V results in a 0% for the course being calculated into a student’s grade point average (GPA).
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. Missed examinations may be required to be written through the BCIT Test Centre (http://www.bcit.ca/testcentre/), and as such subject to an examination re-scheduling fee. 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 or for other unavoidable causes. 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 a medical reason or other unavoidable cause 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) For medical related absences 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. The BCIT Student Medical Certificate form is available on the BCIT website. (c) For other unavoidable absences the student should be prepared to provide supporting documentation. 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 outcomes, or (c) The program department will calculate an aegrotat grade for the student if the conditions for aegrotat have been met. (ref. BCIT Policy 5103, Student Evaluation).
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.
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 driver’s 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 may be allowed in exams provided they are presented to the exam invigilator prior to the exam.
ACADEMIC MISCONDUCT AND THE CHARTERED PROFESSIONAL ACCOUNTANT (CPA) DESIGNATION: Students pursuing the CPA designation are training to enter a profession centered around ethics, therefore CPA takes Academic Integrity very seriously. While a student may be tempted to engage in academic dishonesty, their conduct at BCIT may follow them into the CPA program and/or their career. Please be aware of the following:
- Prior to accepting students into the CPA PEP program, CPA requires students to fill out a declaration form. An excerpt of the CPAWSB Candidate Declaration form asks the following question:
Have you ever been found to have breached academic rules or policies (including rules or policies against plagiarism or cheating) or to have engaged in any other form of academic or non-academic misconduct at any post-secondary educational institution in Canada or elsewhere, or as a student or member of a professional body in Canada or elsewhere (including a provincial or regional CPA body, or a legacy body)?
- If a student has ever been convicted of Academic Misconduct at a post-secondary institution, the student is required to report the misconduct to CPAWSB.
- CPAWSB may then require the student to provide a character reference from three (3) people who are aware of the convictions before CPAWSB will allow the student to move forward in the program.
- Academic Misconduct charges prior to entering the CPA program could lead to consequences such as the student being barred from entry into the profession, publication of the student's name on the CPA website and/or expulsion from the program.
- As such, cheating could affect future employment opportunities and should therefore be avoided at all costs.
Further information can be found on the CPAWSB website, where in addition to other information, students can find a link to the CPA Training Contract as well as the CPA Canada Plagiarism Policy:
PROGRAM APPROVAL: Students planning to complete an Accounting, Finance, or Financial Planning 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.
NUMBER OF ATTEMPTS TO COMPLETE A COURSE: Students must successfully complete a course within a maximum of three attempts at the course. Course withdrawals (W), Late Withdrawals (LW), Course Abandonment (V), Prior Learning Assessment Recognition (PLAR), and course failures are recorded as an attempt 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 the appropriate program.
BCIT STUDENT REGULATIONS POLICY: For information relating to BCIT Student Regulations policies please refer to Policies 5101, 5102, 5103 and 5104 available for viewing at http://www.bcit.ca/about/administration/policies.shtml
Course Schedule and Assignments
Due before next class
Due before next class
due before related exam
Hand-in and WileyPlus Assignments Due before next class
(WileyPlus Adaptive Practice due before related exam week as noted below)
Accounting in Action
E1.16 page 1-46
Ch 1: Adaptive Practice
Accounting in Action
E1.17 page 1-46
- Chapter 1 Assignment
The Recording Process
E2.3 page 2-35
E2.13 page 2-38
- Ch 2: Assignment and
- Chapter 2 Adaptive Practice
Adjusting the Accounts
BE3.11 page 3-34
BYP 3-01 (a& b)
- Ch 3: Assignment and
- Chapter 3 Adaptive Practice
Completion of the Accounting Cycle -
including Appendix A & B
E4.19 page 4-46
- Ch 4: Assignment and
- Chapter 4 Adaptive Practice
Accounting for Merchandising Operations -
including Appendix A & B
E5.9 page 5-57
- Ch 5: Assignment and
- Chapter 5 Adaptive Practice
Chapters 1, 2, 3, and 4
Exam week 7
date,time, location TBA
(Ch 1 – 4 WileyPlus Adaptive Practice due before class 7)
Inventory Costing -
including Appendix A & B
E6.7 page 6-44
- Ch 6: Assignment and
- Chapter 6 Adaptive Practice
Internal Control and Cash
E7.1 page 7-35
- Ch 7: Assignment and
- Chapter 7 Adaptive Practice
Accounting for Receivables
E8-14 page 8-36
- Ch 8: Assignment and
- Chapter 8 Adaptive Practice
Chapters 3, 4 ,5, 6, 7 and 8
Exam week 12
date,time, location TBA
(Ch 5 – 8 WileyPlus Adaptive Practice due class 12)
The Hand-In Assignments are completed using Word or Excel and files must be submitted through the BCIT Learning Hub (D2L) course Assignment Dropbox.
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 Accessibility Services 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.
Respect, Diversity, and Inclusion 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
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.
Regular attendance in lectures and labs is seen as integral to student success, therefore, attendance in class is monitored. Unexcused absences in excess of 10% of the time prescribed for this course may result in the assignment of a failing grade. Attendance may be taken at any time during class. A student not present for attendance will be marked absent. A student who leaves class for a period of time deemed excessive by the instructor may be considered absent regardless of whether they are present when attendance is taken.
In case of illness or other unavoidable absence, students must communicate with the instructor, or the appropriate Program Head, as soon as possible (preferably in advance) indicating the reason for the absence. Students who are seeking accommodation for a medical absence must have a BCIT-approved medical certificate ). For other absences, students must be prepared to provide appropriate supporting documentation.
A student who has unexcused absences in excess of 10% of the time prescribed for the course by the Withdrawal Deadline is considered to have ‘Vanished’ and will be assigned a grade of ‘V’. In these cases, no further work will be graded.
These requirements are set out in accordance with BCIT Policy 5101 Student Regulations. More information regarding withdrawals from PTS courses is available at https://www.bcit.ca/pts/pts_withdrawals.shtml.
I verify that the content of this course outline is current.
Bernadette Edwards, Instructor on behalf of Gary Nitikman, Instructor
August 26, 2021
I verify that this course outline has been reviewed.
Deacon Devlin, Faculty
August 28, 2021
I verify that this course outline has been reviewed and complies with BCIT policy.
Robin Day, Associate Dean
August 28, 2021
Note: Should changes be required to the content of this course outline, students will be given reasonable notice.