Skip to main content

Course Outlines

ACCG 5110

Financial Accounting

School School of Business + Media
Program Advanced Diploma in Professional Accounting
Course Credits 4
Minimum Passing Grade 60%
Start Date September 07, 2021
End Date December 14, 2021
Total Hours 60
Total Weeks 15
Hours/Weeks 4
Delivery Type Other
CRN 43447

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 Vnit Nath
E-mail Instructor to provide
Location Online
Office Hours Instructor to provide

Course Description

Financial Accounting establishes a foundation in accounting concepts and principles upon which the appropriate recognition, measurement, and presentation of a wide variety of routine, and non-routine transactions, are evaluated. Students are provided with the knowledge to prepare financial statements for proprietorships, partnerships, and corporations, in accordance with the appropriate standard (IFRS or ASPE), and interpret the results. Once a thorough understanding of these topics has been established, the treatment of more complex topics will be explored in depth. This course qualifies as a prerequisite for entrance into the Chartered Professional Accountants (CPA) Professional Education Program (PEP).

Course Learning Outcomes/Competencies

Upon successful completion, the student will be able to:

  • Evaluate the nature and purpose of accounting information.
  • Apply generally accepted accounting principles in the analysis and recording of business transactions for service and merchandising operations under the Accounting Standards for Private Enterprises (ASPE).
  • Apply each step of the accounting cycle.
  • Generate financial statements (Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows), and interpret the results.
  • Analyze financial statements using vertical, horizontal, and ratio analysis.
  • Describe accounting information systems.
  • Compare and contrast the three basic forms of business organization (proprietorships, partnerships, and corporations).
  • Assess the need for internal controls and apply them to cash and cash equivalents.
  • Define common types of receivables and use the allowance method to account for uncollectible amounts.
  • Apply appropriate measurement to property, plant, and equipment.
  • Assess the purpose and demonstrate the calculation of amortization (straight-line, units-of-production, and declining-balance methods).
  • Define goodwill and amortize intangible assets.
  • Assess the appropriate treatment of known, estimated, and contingent liabilities.
  • Demonstrate the accounting required for shareholders’ equity of a corporation.
  • Evaluate the accounting treatment of bonds and leases.
  • Analyze and record transactions for short and long-term investments.
  • Apply the equity method to account for investments with significant influence.
  • Analyze and record foreign currency transactions.

Learning Resources

Required:

  • Horngren, Harrison, Oliver, Norwood, Johnston, Accounting, Volume 1 & 2, Canadian 11th Edition. The package includes the MyAccountingLab registration code.
    • Purchase of the textbook package which includes volumes 1 and 2 is strongly recommended for those that prefer a hardcopy. Both volumes are required for this course.
    • Students that prefer the eText should note that Volume 1 and 2 are usually sold separately.
  • Please note that the 10th Canadian Edition is NOT an appropriate substitute. The 10th Canadian Edition has not been updated for the current Accounting Standards and the problem sets at the end of each chapter are different.
  • BA 2 Plus calculator (Calculators MUST be single line display and non-programmable). Scientific calculators (ie. has a LOG button), printing or programmable calculators are not allowed in quizzes or midterms.
  • Internet access and a computer.

Recommended:

  • Stapler and watch
  • 3 or 4 column accounting paper (not required, but some students prefer to use this for working on problems)

Online course requirements:

Given the online nature of this course, students are required to prepare for and be aware of the following:

  • All students must have a working computer with internet abilities/WiFi, properly functioning webcam, speaker and microphone.
  • Computers must have sufficient RAM to handle proctoring/invigilation software.
  • Students may be required to turn on their webcams at various times throughout the semester.
  • Students must be prepared for proctored exams, which will require students to turn on webcams and microphones during test times.
  • Online classes may be recorded and re-posted at a later time.

More information can be found on BCIT's Student Technology Requirements and Discounts website: https://www.bcit.ca/it-services/student-discounts/

Evaluation Criteria

Criteria % Comments
Quizzes10
Assignments10
Midterm Exam40
Final Exam40
Total100

Passing grade for this course is 60%.

Attendance Requirements

The attendance requirements for this course are noted below under the Guidelines for School of Business and Media section.

Other information

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:

https://www.cpawsb.ca/

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.

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

Schedule

ACCG 5110 - Schedule
Week Required Reading*TopicsQuiz/Exam
1Chapter 1 & 2Course Introduction, Introduction to Accounting, Debits, Credits and Recording Transactions
2Chapter 3Adjusting Journal Entries
3Chapter 4Trial balance and Financial Statements
4Chapter 5Perpetual and Periodic Inventory SystemsQuiz 1 (Ch. 1 – 4)
5Chapter 6Inventory Costing Systems
6Chapter 7 & 8Accounting Information Systems, Internal Control, and CashQuiz 2 (Ch. 5 – 8)
7Chapter 9Receivables
8Chapter 10Property, Plant and EquipmentMidterm (Ch. 1 – 9)
9Chapter 11 & 12Current Liabilities. Partnerships.
10Chapter 13Corporate Balance Sheets and Share CapitalQuiz 3 (Ch. 11 – 12)
11Chapter 14Corporate Income Statements and Retained Earnings
12Chapter 15Bonds Payable, Mortgages, Capital vs. Operating Leases
13Chapter 16Equity InvestmentsQuiz 4 (Ch. 13 – 15)
14Chapter 17 & 18Cash Flow Statements and Financial Ratios
15N/AFinal Exam (Ch. 10 – 18)
* Please note that required readings should be completed prior to class that week.


BCIT Policy

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

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.

Attendance:
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.

Approved

I verify that the content of this course outline is current.
Vnit Nath, Instructor
September 03, 2021

I verify that this course outline has been reviewed.
Deacon Devlin, Faculty
September 03, 2021

I verify that this course outline has been reviewed and complies with BCIT policy.
Robin Day, Associate Dean
September 06, 2021

Note: Should changes be required to the content of this course outline, students will be given reasonable notice.