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).
This course fulfills the CPA prerequisite for Introductory Financial Accounting. This course CANNOT be transferred into the Accounting nor Finance Diploma.
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.
Effective as of Spring/Summer 2015
ACCG 5110 is offered as a part of the following programs:
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