ACCT 2211: Financial Accounting
Students develop the skills necessary to prepare and analyze the financial statements of a public corporation. Topics include the conceptual framework; accounting standards; the accounting cycle; financial statements; internal control and bank reconciliations; short-term investments and receivables; inventory; long-term assets including intangibles; liabilities including bonds payable; shareholders’ equity, dividends, and share repurchases; comprehensive income and the statement of shareholders’ equity; statement of cash flows; and financial statement analysis.
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, receivables, and inventories. 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.
- Analyze financial statements utilizing horizontal and vertical analysis and ratio analysis.
Course outline
- 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
Required text and materials
The following text books are required for this course and comes in a bundle:
Weygandt, J., Kieso, D., Kimmel P., Trenholm, B., Warren, B and Novak, L. (2019) Accounting
Principles with WileyPLUS (8th Cnd ed.). Mississauga, ON: John Wiley and Sons
Canada, Ltd.,
Type: Textbook Bundle ISBN: 9781119614982
The bundle contains the following text:
- Weygandt, J., Kieso, D., Kimmel P., Trenholm, B., Warren, B and Novak, L. (2019)
Accounting Principles, Volume 1, (8th Cnd ed.). Mississauga,
ON: John Wiley and Sons Canada, Ltd.,
Type: Textbook: ISBN: 9781119600039
- Weygandt, J., Kieso, D., Kimmel P., Trenholm, B., Warren, B and Novak, L. (2019)
Accounting Principles, Volume 2, (8th Cnd ed.). Mississauga,
ON: John Wiley and Sons Canada, Ltd.,
Type: Textbook: ISBN: 9781119599838
Additional requirements
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.
Assessments
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 | 8% |
| Assignment 2: Adjusting Entries, Financial Statements, and Closing entries | 8% |
| Assignment 3: Inventory, Internal Control, Cash, and Receivables | 8% |
| Assignment 4: Long-term assets, Current liabilities, Conceptual Framework, and Corporations | 8% |
| Assignment 5: Long term Liabilities, Investments, Statement of Cash Flows, and Financial Statement Analysis | 8% |
| Final Exam (mandatory) | 60% |
| Total | 100% |
Open Learning Faculty Member
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 start of the course.