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ACCT 2211
Financial Accounting

3.0 Credits

Description

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.

Delivery Method

Online, self-paced.

Prerequisites

Recommended: English 12/English 12 First Peoples with a minimum of 73% or equivalent within the last five years.

Exclusions

ACCT 1000, ACCT 1030, ACCT 1210, ACCT 1211, ACCT 1220, ACCT 1221, ACCT 2210, ACCT 2211, BBUS 2210, BBUS 2211

Objectives

After successfully completing the course, students will be able to:

  • 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 and 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.

Course Outline

  • Module 1: Overview of Corporate Financial Reporting, Transaction Analysis,and Accounting Entries
  • Module 2: Double-Entry Accounting Systems
  • Module 3: Merchandising and Inventory
  • Module 4: Internal Control, Cash, and Receivables
  • Module 5: Long-Lived Assets and Current Liabilities
  • Module 6: Financial Reporting Concepts and Accounting for Partnerships
  • Module 7: Corporations
  • Module 8: Long-Term Liabilities
  • Module 9: The Cash Flow Statement
  • Module 10: Investments and Financial Statement Analysis

Maximum Completion

30 weeks.

Required Text and Materials

The following text books are required for this course and comes in a bundle:

  1. Weygandt, J., Kieso, D., Kimmel P., Trenholm, B., Warren, B and Novak, L. Accounting Principles. 7th Canadian ed. Mississauga, ON: John Wiley and Sons Canada, Ltd., 2016.
    Type: Bundle ISBN: 978-1-119-244-455

The bundle contains the following text:

  1. Weygandt, J., Kieso, D., Kimmel P., Trenholm, B., Warren, B and Novak, L. Accounting Principles, Volume 1. 7th Canadian ed. Mississauga, ON: John Wiley and Sons Canada, Ltd., 2016.
    Type: ISBN: 978-1-119-04850-3
  1. Weygandt, J., Kieso, D., Kimmel P., Trenholm, B., Warren, B and Novak, L. Accounting Principles, Volume 2. 7th Canadian ed. Mississauga, ON: John Wiley and Sons Canada, Ltd., 2016.
    Type: ISBN: 978-1-119-04847-3

Additional Requirements

A computer with internet access is required.

A calculator is required. Students planning to continue in the field of accounting or business should consider purchasing a financial calculator such as a Texas Instruments Financial Analyst.

Open Learning Faculty Member Information

An Open Learning Faculty Member is available to assist students. Primary communication is through the Learning Environment's "Mail" tool or by phone. Students will receive the necessary contact information at the course.

Assessment

To successfully complete the course, students must achieve a passing grade of 50% or higher on the mandatory final exam, and 50% in the overall course.

Assignment 1: Corporate Financial Reporting, Transaction Analysis, and Accounting Entries 4%
Assignment 2: Double-Entry Accounting Systems 4%
Assignment 3: Inventory, Internal Control, Cash, and Receivables 8%
Assignment 4: Long-Term Assets, Current Liabilities, Financial Reporting Concepts, Partnerships 8%
Assignment 5: Corporations and Long-term Liabilities 8%
Assignment 6: Statement of Cash Flows, Investments, and Financial Statement Analysis 8%
Final Examination * 60%
TOTAL 100%

* Mandatory