Financial Accounting Concepts ACCT-123
|Course Name||Financial Accounting Concepts|
|Description||Financial Accounting Concepts will provide you with a general yet detailed overview of the use of accounting information to make better judgments and decisions about an organization.
Concentrating on the recording process and the production of financial statements, the course will introduce simple tools that will allow you to analyze financial information. You will then learn to explain the information contained in the financial statements. Specific topics covered in Financial Accounting Concepts will include linking personal accounting to business accounting, revenue and expenses recognition, merchandising corporation, financial statement analysis and inventory. These areas will be taught through homework assignments, quizzes, chapter tests and a final exam.
You will complete the course with the ability to:
•Apply knowledge of fundamental concepts of financial accounting;
•Analyze business transactions and make appropriate accounting entries for transactions involving cash, accounts receivable notes receivable and accounts payable;
•Apply generally accepted accounting principles (GAAP), specifically the principle of revenue and expense recognition;
•Provide a general overview of the changes in Canadian GAAP as it relates to International Financial Reporting Standards and Canadian GAAP for private enterprises;
•State the importance of ethics in financial reporting;
•Prepare financial statements required under Ontario and Canadian legislation relating to business proprietorships, specifically the balance sheet, income statement and statement of owners equity;
•Implement and maintain paper accounting records;
•Explain features of internal controls and how these controls apply to cash, and prepare a bank reconciliation.
|Notes||This course is available in both an in-class or on-line format.|
|Section||Cost||Semester||Start Date||End Date||Meeting Times||Campus|
|Legend for Days
M - Monday T - Tuesday W - Wednesday R - Thursday F - Friday S - Saturday U - Sunday
TBA - To Be Announced