Lectures, demonstrations of material, and discussions will be used, together with any appropriate technology available which may be of assistance to students.
1.1 Introduction to accounting
1.1.1 Forms of business organization
1.1.2 Accounting principles
1.1.3 The accounting equation
1.2 Accounting for business transactions
1.2.1 Recording transactions in general journal
1.2.2 Posting
1.2.3 Trial balance
1.3 Accounting adjustments
1.3.1 Purpose
1.3.2 Deferral adjustments
1.3.3 Accrual adjustments
1.4 Completing the accounting cycle
1.4.1 Adjusted trial balance
1.4.2 Financial statements
1.4.3 Closing entries
1.4.4 Reversing entries
2.1 Income statement
2.1.1 Classifications
2.1.2 Departmental operating statements
2.1.3 Gross profit ratio
2.2 Balance sheet
2.2.1 Classifications
2.2.2 Current ratio and working capital
2.3 Statement of retained earnings
2.3.1 Format
3.1 Subsidiary ledgers and specialized journals
3.1.1 Subsidiary ledgers, recording and posting
3.1.2 Special journals, identify
4.1 Cash
4.1.1 Internal control
4.1.2 Petty cash
4.1.3 Bank reconciliations
4.1.5 Credit card sales
4.2 Accounts receivable and notes receivable
4.2.1 Bad debt calcualtions, writing-off and bad debt recoveries
4.2.2 Notes receivable, interest calcuation, payment and dishonouring
4.3 Inventory
4.3.1 The periodic method journal entries
4.3.2 Inventory valuation methods, periodic.
4.3.3 Inventory errors
4.3.4 Estimation methods
4.3.5 The perpetual method journal entries
4.3.6 Gross and net method to recording transactions
4.3.7 Cost of goods sold
4.4 Property, equipment, intangible, and other assets
4.4.1 Classifications
4.4.2 Acquisition costs
4.4.3 Lump-sum purchases
4.4.3 Methods of Depreciation (Amortization), revising and partial year
4.4.4 Disposals and trade-ins
4.4.5 Intangible assets
4.4.6 Other assets
5.1 Current Liabilities
5.1.1 Common current liabilities
5.1.2 Notes payable, interest calcuations and payment
5.1.3 Payroll-related liabilities and journal entries
5.2.4 GST and PST transactions
6.1 Terminology throughout the previous content
- demonstrate the completion of all steps in the accounting cycle;
- demonstrate the completion of industry-specific uniform operating statements and statements of financial position;
- demonstrate the use of subsidiary ledgers;
- demonstrate the accounting for assets appropriate to the industry;
- demonstrate the accounting for current liabilities appropriate to the industry;
- demonstrate an understanding of general and industry-specific accounting terms through appropriate use, definition, and explanation.
| Assignment/Quizzes | 0% - 10% |
| Tests | 20% - 30% |
| Midterm | 35% |
| Final | 35% |
| Total | 100% |
STUDENTS MUST WRITE BOTH MIDTERM AND FINAL EXAMINATIONS TO OBTAIN CREDIT FOR THE COURSE. Only approved calculators can be used during examination(s).
Textbooks and Materials to be Purchased by Students
Weygandt, Kieso, Kimmel and DeFranco Hospitality Financial Accounting, Latest Ed. by Wiley, or other textbook(s) approved by the Department.
Calculator: Any Financial Calculator, non-programmable, only one display line and no alpha key/input. Recommended: BAII Plus and HP 10B.