N/A. Yes. Students are expected to review and understand all areas of the course outline.

Transcription

1 Course Outline School: Department: Business Accounting Course Title: Accounting Fundamentals 2 Course Code: ACCT 111 Course Hours/Credits: 56 Prerequisites: ACCT 110 Co-requisites: Eligible for Prior Learning, Assessment and Recognition: Originated by: N/A Yes Gopika Joseph Creation Date: Summer 2014 Revised by: Gopika Joseph Revision Date: Summer 2014 Current Semester: Summer 2015 Approved by: Chairperson/Dean Students are expected to review and understand all areas of the course outline. Retain this course outline for future transfer credit applications. A fee may be charged for additional copies. This course outline is available in alternative formats upon request.

2 Course Description This course is offered to students in the Pre-Business Program who may apply to enter regular programs in the School of Business such as Accounting and Financial Services majors. This course gives you an overview of the financial reporting process. It concentrates on the recording process and the production of financial statements. The course introduces simple tools to allow you to analyze financial information and explain the information contained in the financial statements in your future roles as managers, investors, or other users of financial accounting information. Program Outcomes Successful completion of this and other courses in the program culminates in the achievement of the Vocational Learning Outcomes (program outcomes) set by the Ministry of Training, Colleges and Universities in the Program Standard. The VLOs express the learning a student must reliably demonstrate before graduation. To ensure a meaningful learning experience and to better understand how this course and program prepare graduates for success, students are encouraged to review the Program Standard by visiting For apprenticeship-based programs, visit Course Learning Outcomes The student will reliably demonstrate the ability to: Apply knowledge of fundamental concepts of financial accounting learned in ACCT110. Review the basis of accounting for inventories. Describe the inventory cost flow assumptions. Implement and maintain paper accounting records. Explain features of internal controls and how these controls apply to cash and prepare a bank reconciliation. Record, value, report and analyze business transactions involving Receivables and Capital Assets for service and retail businesses. Calculate and record the acquisition, disposal and depreciation of Capital and Intangible Assets. Essential Employability Skills (EES) The student will reliably demonstrate the ability to*: 1. Communicate clearly, concisely and correctly in the written, spoken, and visual form that fulfills the purpose and meets the needs of the audience. 3. Execute mathematical operations accurately. 4. Apply a systematic approach to solve problems. 5. Use a variety of thinking skills to anticipate and solve problems. 6. Locate, select, organize, and document information using appropriate technology and information systems. 10. Manage the use of time and other resources to complete projects. 11. Take responsibility for one's own actions, decisions, and consequences. *There are 11 Essential Employability Skills outcomes as per the Ministry Program Standard. Of these 11 outcomes, the following will be assessed in this course. THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 2

3 Global Citizenship and Equity (GC&E) Outcomes N/A Text and other Instructional/Learning Materials Text Book(s): Accounting Principles: Volume 1; Sixth Canadian Edition, Weygandt, Kieso, Kimmel, Trenholm, Kinnear, Barlow; John Wiley & Sons Canada Ltd., 2013 ISBN ). Online Resource(s): 2013 WileyPlus online learning environment (available at the Centennial College Bookstore; Package ISBN ). Evaluation Scheme Assignments: 3 Lab Work: 5 Midterm Test: Ch 5-7 Final exam: Ch 5-9 Evaluation Name CLO(s) EES GCE Outcome(s) Outcome(s) Weight/100 Assignments 1, 2, 3, 4, 5, 6 1, 3, 4, 5, 6, Lab Work 1, 2, 3, 4, 5, 3, 4, 5, 6, 20 6, 7 11 Midterm Test 1, 2, 3, 4, 5 1, 3, 4, 5, Final exam 1, 2, 3, 4, 5, 6 1, 3, 4, 5, 40 10, 11 Total 100% If students are unable to write a test they should immediately contact their professor or program Chair for advice. In exceptional and well documented circumstances (e.g. unforeseen family problems, serious illness, or death of a close family member), students may be able to write a make-up test. All submitted work may be reviewed for authenticity and originality utilizing Turnitin. Students who do not wish to have their work submitted to Turnitin must, by the end of the second week of class, communicate this in writing to the instructor and make mutually agreeable alternate arrangements. When writing tests, students must be able to produce official College photo identification or they may be refused the right to take the test or test results will be void. Student Accommodation It is College Policy to provide accommodation based on grounds defined in the Ontario Human Rights Code. Accommodation may include modifications to standard practices. Students with disabilities who require academic accommodations must register with the Centre for Students with Disabilities. Students requiring accommodation based on other human rights grounds should talk with their professors as early as possible. Please see the Student Accommodation Policy. THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 3

4 Use of Dictionaries Any dictionary (hard copy or electronic) may be used in regular class work. English-Additional Language (e.g. English-Chinese) or Additional Language-English (e.g. Russian- English) dictionaries may be used in regular class work. Dictionaries may be used in tests and examinations, or in portions of tests and examinations, as long as they are non-electronic (not capable of storing information) and hard copy (reviewed by the invigilator to ensure notes are not incorporated that would affect test or examination integrity). Program or School Policies N/A Course Policies You must earn a grade of 50% or more on the combined midterm test and final exam portion in order to pass the course. College Policies Students should familiarize themselves with all College Policies that cover academic matters and student conduct. All students and employees have the right to study and work in an environment that is free from discrimination and harassment and promotes respect and equity. Centennial policies ensure all incidents of harassment, discrimination, bullying and violence will be addressed and responded to accordingly. Academic honesty is integral to the learning process and a necessary ingredient of academic integrity. Academic dishonesty includes cheating, plagiarism, and impersonation. All of these occur when the work of others is presented by a student as their own and/or without citing sources of information. Breaches of academic honesty may result in a failing grade on the assignment/course, suspension or expulsion from the college. For more information on these and other policies, please visit Students enrolled in a joint or collaborative program are subject to the partner institution's academic policies. PLAR Process This course is eligible for Prior Learning Assessment and Recognition (PLAR). PLAR is a process by which course credit may be granted for past learning acquired through work or other life experiences. The PLAR process involves completing an assessment (portfolio, test, assignment, etc.) that reliably demonstrates achievement of the course learning outcomes. Contact the academic school to obtain information on the PLAR process and the required assessment. THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 4

5 This course outline and its associated weekly topical(s) may not be reproduced, in whole or in part, without the prior permission of Centennial College. THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 5

6 Topical Outline (subject to change): Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name 1-2 Course Introduction Chapter 5 Review the perpetual and periodic inventory E: 4,5,8,10,12,13,15,16 Lab work 1 - and systems and multiple-step income statement Organization Evaluation Date Review: Accounting for Merchandising Operations 3-4 Inventory Costing Chapter 6 Describe the steps in determining inventory. Q: 1-26 Explain the inventory cost methods: specific identification, FIFO and Average (perpetual BE: 1-3,5-8,10-20 and periodic systems-periodic system in Appendix 6A) E: 1-8,10-18 Demonstrate the effects on the financial statements of each of the inventory cost P: 1A,3A,4A-6A,9Amethods. 12A,14A,15a Determine the effects of inventory errors on the financial statements. Explain valuing inventory at the lower of cost and net realizable value (LCNRV) Describe the measures used (inventory turnover, days sales in inventory) to evaluate liquidity. Apply the inventory cost flow assumptions to perpetual inventory records. Apply the FIFO and average cost formulas in calculating ending inventory and cost of goods sold in a periodic system. Explain the two methods used to estimate inventory (gross profit and retail inventory- Appendix 6B). 5-6 Internal Control and Cash Chapter 7 Explain the components and activities that help prevent fraud and achieve internal control. Explain the application of internal control activities for cash receipts and payments. Demonstrate the operation of a petty cash fund. Describe the control features of a bank account. Prepare a bank reconciliation including Q:1-23 BE:1-6,9-10,13 E: 1-12 P: 3A,4A,6A,7A Lab work 2 - Assignment #1 - WileyPlus Lab work 3 - Assignment #2 - WileyPlus THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 6

7 Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name adjusting journal entries. Explain the reporting of cash. 7 Mid Term Test Chapter 5-7 inclusive All objectives covered in Chapter 5 to 7 All exercises/questions, Mid Term Test lab work and (25% of Final assignments covered in Grade) class 8-10 Accounting for Receivables Chapter 8 Describe the application of the cost principle for property, plant and equipment (PPE) Explain the concept and calculation of depreciation using the straight-line, diminishing-balance and units-of-production methods. Explain how to revise periodic depreciation. Explain how to account for the disposal of PPE. Explain how to calculate and record depreciation for natural resources. Identify the basic accounting issues for intangible assets. Explain the statement presentation and long-lived assets. Describe the measures used (asset turnover, return on assets) to evaluate asset utilization Long-Lived Assets Chapter 9 Describe the application of the cost principle for property, plant and equipment (PPE) Explain the concept and calculation of depreciation using the straight-line, diminishing-balance and units-of-production methods. Explain how to revise periodic depreciation. Explain how to account for the disposal of PPE. Explain how to calculate and record depreciation for natural resources. Identify the basic accounting issues for intangible assets. Explain the statement presentation and long-lived assets. Describe the measures used (asset turnover, return on assets) to evaluate asset utilization. Q1-26 BE 1-19 E 1-11,13-16 P 1A-3A,6A,11A-13A Q1-26 BE 1-19 E 1-11,13-16 P 1A-3A,6A,11A-13A Lab work 4 - Lab work 5 - Assignment #3 - WileyPlus Evaluation Date THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 7

8 Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name 14 Final Exam Chapters 5-9 All objectives covered in chapters 5-9 All exercises/questions, FINAL EXAM lab work, assignments (Chapters 5-9) throughout the course (40% of grade) Evaluation Date THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 8