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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.

Delivery methods
  • Online, self-paced
Credits
3.0
Recommended requisite(s)
  • English 12/English 12 First Peoples with a minimum of 73% or equivalent within the last five years.
Exclusions
  • ACCT 1000
  • ACCT 1030
  • ACCT 2210
  • ACCT 1210
  • ACCT 1211
  • ACCT 1220
  • ACCT 1221
  • ACCT 2211
  • BBUS 2210
  • BBUS 2211
Course duration

30 weeks

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 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. 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.

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