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.
Learning outcomes
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 topics
- 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 textbooks 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: 9781119615170
The bundle contains the following textbooks:
- 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: 9781119502470
- 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: 9781119502616
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
Please be aware that should your course have a final exam, students are responsible for the fee to the online proctoring service, ProctorU, or to the in person approved Testing Centre. Please contact exams@tru.ca 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 | 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 Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.