ACCT 2211: Financial Accounting
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.
Learning outcomes
- 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, 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 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
- Module 8: The Cash Flow Statement and Financial Statement Analysis
Required text and materials
The following materials are required for this course:
- Weygandt, J. J., Kieso, D. E., Kimmel, P. D., Trenholm, B., Warren, A. C., & Novak, L.
(2022). Accounting principles (9th Canadian. ed., Vol. 1 & 2) with WileyPLUS. John
Wiley & Sons Canada.
Type: Text bundle. ISBN: 978-1119786641
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 HP 10bII+.
Assessments
Please be aware that should your course have a final exam, you 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 | 10% |
| Assignment 4: Long-Term Assets, Current Liabilities, Conceptual Framework, and Corporations | 12% |
| Assignment 5: Long-Term Liabilities, Investments, Statement of Cash Flows, and Financial Statement Analysis | 12% |
| Final Exam (mandatory) | 50% |
| 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.
