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:

  1. 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
  1. 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 due to COVID-19 safety guidelines all in-person exams have been suspended. As such, all final exams are currently being delivered through ProctorU, which has an approximate fee of $35 involved. There will be more information in your course shell, on how to apply, if your course has a final exam.

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. Students will receive the necessary contact information at the start of your course.

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