Students develop the ability to prepare and analyze the financial statements of public corporations. Topics include an overview of corporate financial reporting, transaction analysis, and accounting entries; double-entry accounting systems; merchandising and inventory; internal control, cash, and receivables; long-lived assets and current liabilities; financial reporting concepts and accounting for partnerships; corporations; long-term liabilities; cash flow statement; investments; and financial statements analysis.
- Describe the system of accounting standards and principles.
- Demonstrate the accrual method of accounting and the accounting cycle.
- Prepare a balance sheet, income statement, statement of changes in equity, and a statement of cash flows using both the indirect and direct method.
- Identify the objectives and procedures of internal control.
- Account for short-term investments, receivables, including bad debts.
- Account for the purchase, depreciation, and derecognition of tangible and intangible long-term assets.
- Account for bonds issued at par, a discount, or a premium by the effective interest method, including interest payments for full and partial periods.
- Journalize shareholder's equity transactions for share issue, repurchase, and both cash and stock dividends.
- Module 1: Overview of Corporate Financial Reporting and Accounting Entries
- Module 2: Adjusting the Accounts, Financial Statements, and Completion of the Accounting Cycle
- Module 3: Merchandising and Inventory
- Module 4: Internal Control, Cash, and Receivables
- Module 5: Long Term Assets, Current Liabilities, and the Conceptual Framework of Accounting
- Module 6: Accounting for Corporations
- Module 7: Long-Term Liabilities and Investments
- Module 8: The Cash Flow Statement and Financial Statement Analysis
Required text and materials
The following materials are required for this course:
- Weygandt, J. J., Kieso, D. E., Kimmel, P. D., Trenholm, B., Warren, A. C., & Novak, L.
(2022). Accounting principles (9th Canadian. ed., Vol. 1 & 2) with WileyPLUS. John
Wiley & Sons Canada. Type: Text bundle. ISBN: 978-1119786641,
A calculator is required. Students planning to continue in the field of accounting or business should consider purchasing a financial calculator such as a HP 10bII+.
Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact firstname.lastname@example.org with any questions about this.
To successfully complete the course, students must achieve a passing grade of 50% or higher on the final exam, and 50% in the overall course.
|Assignment 1: Accounting Terminology, Journal Entries, and Financial Statements
|Assignment 2: Adjusting Entries, Financial Statements, and Closing entries
|Assignment 3: Inventory, Internal Control, Cash, and Receivables
|Assignment 4: Long-Term Assets, Current Liabilities, Conceptual Framework, and Corporations
|Assignment 5: Long-Term Liabilities, Investments, Statement of Cash Flows, and Financial Statement Analysis
|Final Exam (mandatory)
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.