BCIT is planning for a substantial return to on-campus activity for the fall 2021 term as informed by BC Public Health Officer guidelines. Refer to each course listing for details.
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).
The following dates will be HELD IN CLASS Midterm: October 26th, Midterm Review: November 2nd and Final: December 14th. This course fulfills the CPA prerequisite for Introductory Financial Accounting. This course CANNOT be transferred into the Accounting nor Finance Diploma. 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.
Important course information will be sent to you prior to your course start
date. Check your myBCIT email account to
access this information.
This course offering is in progress. Please check back next term or subscribe to receive email updates.
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
Interested in being notified about future offerings of ACCG 5110 - Financial Accounting?
If so, fill out the information below and we'll notify you by email when courses for each new term are displayed here.