Escolar Documentos
Profissional Documentos
Cultura Documentos
Grade Points
4.0
4.0
3.7
3.3
3.0
2.7
2.3
2.0
1.7
1.3
1.0
Minimal Pass
0
Attendance:
Effort and involvement are as essential for learning as they are for success in your career. To help assure your success,
participation in all activities of this course is expected. Your program will identify any specific requirements applicable to
this class and delivery method. Reference: Procedure AC.3.8.1 Attendance Requirements (available on
http://www.sait.ca)
COURSE CONTENT
Below is presented a list of the learning modules used to achieve the learning outcomes(s) for this course.
1. An Introduction to Business, Accounting and Ethics
Learning Outcome:
Define the function of accounting using the accounting equation and changes to the component parts.
Objectives:
1.1 Describe the function of accounting and the nature and purpose of the information it provides.
1.2 List the main fields of accounting and the activities carried on each field.
1.3 Describe the importance of ethics in accounting.
1.4 List the basic steps in the accounting cycle.
1.5 Identify and describe the elements of the accounting equation.
1.6 Analyze the effects of transactions on the elements of the accounting equation.
1.7 Prepare simple financial statements.
1.8 Explain the accounting principles; business entity principle, objectivity principle, cost principle, goingconcern principle, revenue recognition principle.
1.9 Explain the differences between a single proprietorship, a partnership and a corporation.
2. Recording Transactions
Learning Outcome:
Record business transactions.
Objectives:
2.1 Describe the nature of the events that are recorded in accounting.
2.2 Describe the use of accounts to record and store the effects of business transactions and the use of a
number to identify each account.
2.3 Define debit and credit in relation to T-accounts.
2.4 State the rules of debit and credit and analyze transactions.
2.5 Record transactions in a General Journal, use balance column accounts, and post entries from the journal
to the accounts.
2.6 Prepare a trial balance.
3. Adjusting Accounts and Preparing Statements
Learning Outcome:
Prepare financial statements.
Objectives:
3.1 Explain why the life of a business is divided into accounting periods of equal length.
3.2 Explain why adjustments are required by the revenue recognition and matching principles.
3.3 Differentiate between accrual basis of accounting and cash basis.
3.4 Prepare adjusting entries.
3.5 Prepare financial statements from the adjusted trail balance.
3.6 Prepare entries to record cash receipts and cash disbursements related to accrued assets and liabilities
that were recorded at the end of the previous accounting period.
3.7 Prepare a classified balance sheet.
3.8 Calculate the current ratio.
7.6
7.7
7.8
7.9
8. Receivables
Learning Outcome:
Account for receivables.
Objectives:
8.1 Record credit card and debit card sakes.
8.2 Account for uncollectible accounts, using the allowance and direct write-off methods.
8.3 Calculate simple interest on promissory notes.
8.4 Record the receipt, payment and dishonor of promissory notes.
8.5 Calculate accounts receivable turnover.
9. Inventories and Cost of Goods
Learning Outcome:
Account for inventory and cost of goods sold.
Objectives:
9.1 Describe how the matching principle relates to accounting for merchandise inventory.
9.2 Describe the types of items that should be included in merchandise inventory and the elements that make
up the cost of the merchandise inventory.
9.3 Calculate the cost of an inventory based on specific identification, weighted average, and First-in, Firstout.
9.4 Describe the effect of choosing one cost flow method over another on the financial statements.
9.5 Calculate merchandise turnover and days stock on hand.
Attendance:
Effort and involvement are as essential for learning as they are for success in your career. To help assure your success,
participation in all activities of this course is expected. Your program will identify any specific requirements applicable to
this class and delivery method. Reference: Procedure AC.3.8.1 Attendance Requirements (available on
http://www.sait.ca)
Student Code of Conduct
Academic dishonesty is considered to be an extremely serious academic offence. Reference: Procedure AC.3.4.1
Student Code of Conduct (Available on http://www.sait.ca).
Ownership of Student Produced Work
According to Policy AC.3.10, SAIT will normally return students work to the students. However, in certain courses, SAIT
retains the right to keep physical possession of the students work. Your instructor will discuss this with you at the start of
the course. Reference: Procedure AC.3.10 Ownership of Student Produced Work (available on http://www.sait.ca).
Course Text(s):
Provided on first day of class and included in registration fee.
Larson, K.D. & Jenson, T. (2013). Fundamental Accounting Principles, Volume 2 (14th Canadian ed.). McGrawHill
Other:
Please refer to the learning management system (LMS) to access resources for this course.
Materials:
Required calculator Texas Instruments BAII Plus- Provided at first session and included in registration fee.
The standard calculator for this course is the Texas Instruments BAII Plus. This calculator is common for all financial, math
and statistical related courses in the BA/ACTD/BADM/BBA program. No other calculator will be taught or supported for
this course therefore students are expected to purchase the standard calculator. All non-standard calculators can only be
used in examinations if they meet the same user specifications as the standard calculator.
COURSE CONTENT
Below is presented a list of the learning modules used to achieve the learning outcomes(s) for this course.
1. Generally Accepted Accounting Principles
Learning Outcome:
Apply the conceptual framework for financial reporting.
Objectives:
1.1 Identify the qualitative characteristics of accounting information.
1.2 Define the basic elements of financial statements.
1.3 Explain the basic assumptions of accounting.
1.4 Explain the basic principles of accounting.
1.5 Explain the constraints in accounting.
2. Capital Assets
Learning Outcome:
Record the purchase and depreciation of capital assets.
Objectives:
2.1 List the characteristics of a capital assets.
2.2 Calculate the cost of a capital assets.
2.3 Allocate the cost of lump sum purchases.
2.4 Explain the concept of depreciation.
2.5 Calculate depreciation using: straight line, units of production (output), and declining balance/doubledeclining balance.
2.6 Calculate depreciation after revising the estimated useful like and/or salvage value of an asset.
3. Capital Assets, Natural Resources and Intangibles
Learning Outcome:
Account for capital assets from acquisition to disposal.
Objectives:
3.1 Account for asset repairs, additional, impairment and subsequent expenditures.
3.2 Record the disposal and exchange of capital assets and disposal between year-ends.
3.3 Account for the acquisitions and amortization of intangible assets.
3.4 Account for the acquisitions and depletion of natural resources.
4. Liabilities
Learning Outcome:
Account for short and long-term liabilities.
Objectives:
4.1 Explain the difference between current and non-current liabilities.
4.2 Calculate the current portion of long-term debt.
4.3 Explain the nature and accounting treatment of contingent liabilities.
4.4 Record property taxes payable, product warranty liabilities, unearned revenues, payroll, income taxes,
Goods and Services Tax (G.S.T), provincial sales tax and current portion of long-term debt.
4.5
4.6
5. Partnerships
Learning Outcome:
Account for partnerships.
Objectives:
5.1 Explain the characteristics of a partnership including mutual agency and unlimited liability, limited life,
property ownership, tax statues, advantages and disadvantages.
5.2 Describe the equity structure and accounts for a partnerships.
5.3 Allocate partnership earning based on no agreement, partners capital ratio, and salary allowance and
combinations.
5.4 Account for the admission and withdrawal of a partner.
5.5 Account for the liquidation of a partnership.
6. Organization and Operation of Corporations
Learning Outcome:
Explain the organization of corporations and account for the issuance of shares.
Objectives:
6.1 Describe how a corporation is formed and organized.
6.2 Explain the advantages and disadvantages of the corporate form.
6.3 Account for the issuance of shares by cash, subscription or exchange.
6.4 Differentiate between common and preferred shares.
6.5 Allocate dividends between common and preferred shares.
6.6 Record conversion of convertible preferred shares.
6.7 Calculate redemption, market value and book value.
7. Additional Corporate Transactions
Learning Outcome:
Report earnings data and account for dividends.
Objective:
7.1 Account for dividends and stock splits.
7.2 Record the retirement of stock and describe the effect on shareholders equity.
7.3 Describe restrictions and appropriations of retained earnings and the method of disclosure.
7.4 Account for extraordinary items, discontinued operations, changes in accounting policies and prior period
errors.
7.5 Calculate basic earnings per share for companies with simple capital structures.
8. Long-term Liabilities
Learning Outcome:
Account for notes and bonds payable.
Objective:
8.1 Describe the characteristics of bonds.
8.2 Calculate the price of a bond on an interest payment date and between interest dates.
8.3 Record interest payments for a bond sold at a discount or premium using the effective interest method.
8.4 Account for bonds sold between interest dates.
8.5 Account for the retirement of bonds.
8.6 Prepare year-end adjusting entries for bonds.
9. Cash Flow Statements
Learning Outcome:
Prepare a statement of cash flow using the direct method.
Objective:
9.1 Classify cash flows among operating, investing and financing activities.
9.2 Identify and disclose non-cash investing and financing transactions.
9.3 Calculate cash inflows and outflows by examining the non-cash accounts and related information about
transactions.
9.4 Calculate the operating section of the cash flow statement using the direct method.
9.5 Describe the concept of quality of earnings and interpret the relationship between cash flows and net
income.
10. Investments
Learning Outcome:
Account for temporary and long-term investments.
Objectives;
10.1 Differentiate between temporary and long-term investments.
10.2 Record purchases and sales of temporary investments.
10.3 Calculate and report the value of financial instruments in marketable equity securities and long term
investments.