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Accounting Major/Minor
The Accounting Major is a rigorous program that prepares students to become an integral part of an organization's financial management team or enter public practice. Governments, non-profits, major corporations, small businesses, and high-worth individuals all need accountants to manage their financial affairs.
The two main focuses of accounting are public and management accounting. Public accountants are outside consultants that provide audit, tax, and business advisory services to their clients. Management accountants are employees of organizations working in areas such as financial reporting, performance measurement, financial planning, capital budgeting, cash management, working capital management, short and long-term financing, and risk management. Most accountants aspire to someday become a partner at their public accounting firm or their organization’s controller, treasury, or chief financial officer (CFO). Many CFOs go on to become a company's Chief Executive Officer (CEO) or serve on its board of directors likely as a member of the audit committee.
Upon graduation, most students choose to pursue the Chartered Professional Accountant (CPA) designation while they article at a public accounting firm or work in industry. With the Accounting Major, students will receive all possible exemptions and move directly to the CPA Professional Education Program (CPA PEP) if they meet the grade requirement. Here they engage in advanced study and learn how to integrate material relating to the six CPA core competency areas of financial accounting, strategy and governance, management accounting, audit and assurance, finance, and taxation. CPA PEP consists of five modules and an exam preparation course and culminates in students writing the rigorous Common Final Examination (CFE). After completing a 30-month work experience requirement, students are awarded the CPA designation.
Once they are established in the profession, many accountants go on to earn a second professional designation such as the Chartered Business Valuator (CBV), Certified Insolvency and Restructuring Professional (CIRP), or Chartered Financial Analyst (CFA). Some also complete graduate degrees and pursue careers in teaching and research at the college or university level. No matter what they choose, accountants are professionals who make a life-long commitment to remaining up-to-date in their discipline. CPA Canada ensures this through its professional development requirement.
For those students wanting exposure only to accounting, an Accounting Minor is also available.
Learning objectives
Upon completion of this program, students are able to:
- Prepare and present the consolidated financial statements of a public or private corporation in accordance with appropriate accounting standards.
- Utilize different methods of accounting for non-profit or government organizations.
- Compute the income tax payables for an individual, corporation, or trust applying effective tax planning strategies.
- Collect, analyze, and communicate information to assist management in making more effective operational and strategic planning and control decisions.
- Manage an organization's operating and fixed assets effectively and fund those assets with an optimal mix of debt and equity financing.
- Value a business and recommend how to potentially restructure its operations through merger, divestiture, liquidation or reorganization.
- Analyze the internal control and risk management systems of an organization and make recommendations for improvement.
- Render an opinion as to the accuracy of an organization's financial reporting in accordance with appropriate auditing standards and procedures.
- Demonstrate how information systems and technology can be used to facilitate and enhance financial reporting and decision-making.
- Apply accounting principles in a professional capacity.
Major requirements
ACCT 3200 Intermediate Financial Accounting 1 (3,0,0) ACCT 3200 Intermediate Financial Accounting 1 (3,0,0)Credits: 3 credits Students learn to prepare the income statement, statement of comprehensive income, statement of changes in retained earnings, and asset side of the statement of financial position. Topics include the Canadian financial reporting environment; the conceptual framework; income statement; statement of comprehensive income; statement of changes in retained earnings; statement of financial position; revenue recognition; cash and receivables; inventory; short-term and long-term investments; property, plant and equipment including costing, depreciation, impairment, revaluation and disposition; and intangible assets, mineral exploration costs, research and development costs, and goodwill. Instruction is based on International Financial Reporting Standards.
Prerequisites: ACCT 1000 (min grade B-) or ACCT 1211 (min grade B-) and ACCT 1221 (min grade B-) or ACCT 2210 (min grade B-) or equivalent and CMNS 1290 (min grade C-) or equivalent
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ACCT 3210 Intermediate Financial Accounting 2 (3,0,0) ACCT 3210 Intermediate Financial Accounting 2 (3,0,0)Credits: 3 credits Building on ACCT 3200: Intermediate Financial Accounting 1, students learn to prepare the current liabilities, long-term liabilities, and shareholders' equity sections of the statement of financial position and the cash flow statement. Topics include current liabilities and contingencies; long-term liabilities; advanced shareholders' equity; complex financial instruments and earnings per share; income taxes; pensions and other employee future benefits; leases; accounting changes and error analysis; statement of cash flows; and other measurement and disclosure issues. Instruction is based on International Financial Reporting Standards.
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ACCT 3220 Income Taxation 1 (3,0,0) ACCT 3220 Income Taxation 1 (3,0,0)Credits: 3 credits Students examine the structure of the Canadian income tax system, the Income Tax Act and the taxation of personal income. Topics include an introduction to federal taxation; procedures and administration; income or loss from employment, business income, or property income; capital cost allowances; capital gains and losses; other income and deductions; and the calculation of taxable income and tax payable for individuals.
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ACCT 3230 Income Taxation 2 (3,0,0) ACCT 3230 Income Taxation 2 (3,0,0)Credits: 3 credits Building on ACCT 3220: Income Taxation 1, students examine the taxation of deferred income plans, corporations, partnerships, trusts and estates. Topics include in-depth coverage of taxable capital gains and losses; retirement savings and other special income arrangements; taxable income and tax payable for corporations; the taxation of corporate investment income; other issues in corporate taxation; corporate taxation and management decisions; taxation of partnerships; taxation of trusts and estate planning; rollovers under Section 85.
Prerequisites: ACCT 3220 (min grade C-) or ACCT 3260 (min grade C-) or equivalent
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ACCT 3250 Intermediate Management Accounting (3,0,0) ACCT 3250 Intermediate Management Accounting (3,0,0)Credits: 3 credits Building on ACCT 2250: Management Accounting, students further develop their ability to use quantitative and qualitative information to make effective planning and control decisions. Topics include the balanced scorecard and profitability analysis; interdepartmental cost allocation; revenue and customer profitability analysis; process costing with spoilage, rework and scrap; cost management including time, quality and the theory of constraints; capital budgeting; and transfer pricing and multinational management control systems.
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FNCE 4110 Advanced Financial Management for Accountants (3,0,0) FNCE 4110 Advanced Financial Management for Accountants (3,0,0)Credits: 3 credits Building on FNCE 2120: Financial Management, students majoring in accounting further develop the knowledge and skills in business finance required for admission to the Chartered Professional Accountant program. Topics include dividend policy; maturity matching of assets and liabilities; short-and long-term financial planning; working capital management; sources of temporary and permanent financing; advanced capital budgeting; business valuation; mergers and acquisitions and corporate restructuring; bankruptcy, liquidation, and reorganization; and risk management.
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ACCT 4200 Advanced Financial Accounting (3,0,0) ACCT 4200 Advanced Financial Accounting (3,0,0)Credits: 3 credits Students examine a range of complex issues in financial reporting. Topics include the development of financial accounting standards; temporary and long-term investments in debt and equity securities including investments in associates; business combinations and joint ventures; consolidation at acquisition; consolidation subsequent to acquisition; intercompany profits in inventory, land and depreciable assets; foreign currency transactions and hedge accounting; translation and consolidation of international operations; accounting for not-for-profit organizations and public sector reporting.
Prerequisites: ACCT 3210 or ACCT 3211 (min grade of C-)
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ACCT 4230 Assurance (3,0,0) ACCT 4230 Assurance (3,0,0)Credits: 3 credits Students will learn how to gather and evaluate audit evidence relating to a company's financial statements. The goal is to provide assurance that the financial statements fairly present the financial performance and position of the organization being audited. Risk assessment techniques available to auditors and possible responses to those risks will be examined. Topics include an introduction to auditing and the public accounting profession; the audit process; professional relationships and legal liability; materiality and risk assessment; audit evidence, evidence mix and audit strategy; internal controls, control risk and corporate governance; audit sampling; application of the audit process; completion of the audit and reporting and offering other services.
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ACCT 4250 Performance Management (3,0,0) ACCT 4250 Performance Management (3,0,0)Credits: 3 credits Building on ACCT 3250 Intermediate Management Accounting, students examine how different corporate governance, strategic planning, and management systems are used to enhance a firm's performance. Topics include governance structure, compensation systems, corporate social responsibility, strategic planning, risk management, management information systems, methods for improving operational efficiency and effectiveness, quality management, change management, and performance monitoring tools.
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ACCT 4270 Accounting Information Systems (3,0,0) ACCT 4270 Accounting Information Systems (3,0,0)Credits: 3 credits Students examine information systems and their applications in accounting. Topics include an overview of accounting information systems; assessment and management of risks and internal controls; information systems applications in business processes; accounting information systems controls; cybersecurity; data analytics and visualization; and auditing of information systems.
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Minor requirements
ACCT 3200 Intermediate Financial Accounting 1 (3,0,0) ACCT 3200 Intermediate Financial Accounting 1 (3,0,0)Credits: 3 credits Students learn to prepare the income statement, statement of comprehensive income, statement of changes in retained earnings, and asset side of the statement of financial position. Topics include the Canadian financial reporting environment; the conceptual framework; income statement; statement of comprehensive income; statement of changes in retained earnings; statement of financial position; revenue recognition; cash and receivables; inventory; short-term and long-term investments; property, plant and equipment including costing, depreciation, impairment, revaluation and disposition; and intangible assets, mineral exploration costs, research and development costs, and goodwill. Instruction is based on International Financial Reporting Standards.
Prerequisites: ACCT 1000 (min grade B-) or ACCT 1211 (min grade B-) and ACCT 1221 (min grade B-) or ACCT 2210 (min grade B-) or equivalent and CMNS 1290 (min grade C-) or equivalent
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ACCT 3210 Intermediate Financial Accounting 2 (3,0,0) ACCT 3210 Intermediate Financial Accounting 2 (3,0,0)Credits: 3 credits Building on ACCT 3200: Intermediate Financial Accounting 1, students learn to prepare the current liabilities, long-term liabilities, and shareholders' equity sections of the statement of financial position and the cash flow statement. Topics include current liabilities and contingencies; long-term liabilities; advanced shareholders' equity; complex financial instruments and earnings per share; income taxes; pensions and other employee future benefits; leases; accounting changes and error analysis; statement of cash flows; and other measurement and disclosure issues. Instruction is based on International Financial Reporting Standards.
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ACCT 3220 Income Taxation 1 (3,0,0) ACCT 3220 Income Taxation 1 (3,0,0)Credits: 3 credits Students examine the structure of the Canadian income tax system, the Income Tax Act and the taxation of personal income. Topics include an introduction to federal taxation; procedures and administration; income or loss from employment, business income, or property income; capital cost allowances; capital gains and losses; other income and deductions; and the calculation of taxable income and tax payable for individuals.
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ACCT 3230 Income Taxation 2 (3,0,0) ACCT 3230 Income Taxation 2 (3,0,0)Credits: 3 credits Building on ACCT 3220: Income Taxation 1, students examine the taxation of deferred income plans, corporations, partnerships, trusts and estates. Topics include in-depth coverage of taxable capital gains and losses; retirement savings and other special income arrangements; taxable income and tax payable for corporations; the taxation of corporate investment income; other issues in corporate taxation; corporate taxation and management decisions; taxation of partnerships; taxation of trusts and estate planning; rollovers under Section 85.
Prerequisites: ACCT 3220 (min grade C-) or ACCT 3260 (min grade C-) or equivalent
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ACCT 3250 Intermediate Management Accounting (3,0,0) ACCT 3250 Intermediate Management Accounting (3,0,0)Credits: 3 credits Building on ACCT 2250: Management Accounting, students further develop their ability to use quantitative and qualitative information to make effective planning and control decisions. Topics include the balanced scorecard and profitability analysis; interdepartmental cost allocation; revenue and customer profitability analysis; process costing with spoilage, rework and scrap; cost management including time, quality and the theory of constraints; capital budgeting; and transfer pricing and multinational management control systems.
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ACCT 4200 Advanced Financial Accounting (3,0,0) ACCT 4200 Advanced Financial Accounting (3,0,0)Credits: 3 credits Students examine a range of complex issues in financial reporting. Topics include the development of financial accounting standards; temporary and long-term investments in debt and equity securities including investments in associates; business combinations and joint ventures; consolidation at acquisition; consolidation subsequent to acquisition; intercompany profits in inventory, land and depreciable assets; foreign currency transactions and hedge accounting; translation and consolidation of international operations; accounting for not-for-profit organizations and public sector reporting.
Prerequisites: ACCT 3210 or ACCT 3211 (min grade of C-)
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ACCT 4230 Assurance (3,0,0) ACCT 4230 Assurance (3,0,0)Credits: 3 credits Students will learn how to gather and evaluate audit evidence relating to a company's financial statements. The goal is to provide assurance that the financial statements fairly present the financial performance and position of the organization being audited. Risk assessment techniques available to auditors and possible responses to those risks will be examined. Topics include an introduction to auditing and the public accounting profession; the audit process; professional relationships and legal liability; materiality and risk assessment; audit evidence, evidence mix and audit strategy; internal controls, control risk and corporate governance; audit sampling; application of the audit process; completion of the audit and reporting and offering other services.
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ACCT 4250 Performance Management (3,0,0) ACCT 4250 Performance Management (3,0,0)Credits: 3 credits Building on ACCT 3250 Intermediate Management Accounting, students examine how different corporate governance, strategic planning, and management systems are used to enhance a firm's performance. Topics include governance structure, compensation systems, corporate social responsibility, strategic planning, risk management, management information systems, methods for improving operational efficiency and effectiveness, quality management, change management, and performance monitoring tools.
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ACCT 4270 Accounting Information Systems (3,0,0) ACCT 4270 Accounting Information Systems (3,0,0)Credits: 3 credits Students examine information systems and their applications in accounting. Topics include an overview of accounting information systems; assessment and management of risks and internal controls; information systems applications in business processes; accounting information systems controls; cybersecurity; data analytics and visualization; and auditing of information systems.
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Professional designations
- Chartered Business Valuator (CBV)
- Certified Internal Auditor (CIA)
- Certified Information Systems Auditor (CISA)
- In-depth Tax Course
- Chartered Insolvency and Restructuring Professional (CIRP)
- Certified Treasury Professional (CTP)
- Chartered Financial Analyst (CFA)
- Certificate in Investment Performance Measurement (CIPM)
- Certified Financial Planner (CFP)
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