Course

Principles of Introductory Financial Accounting I & II

Faculty
Commerce & Business Administration
Department
Accounting
Course Code
ACCT 1235
Credits
3.00
Semester Length
15 Weeks
Max Class Size
35
Method Of Instruction
Lecture
Seminar
Online
Hybrid
Typically Offered
Fall
Summer
Winter

Overview

Course Description
This fast-paced, accelerated, one semester introductory financial accounting course will introduce the student to the theory and processes used in recording financial events and preparing financial statements. Topics include: accounting principles; the accounting cycle; financial statements; current assets including inventories and receivables; property, plant and equipment; intangible assets and goodwill; current and long-term liabilities; shareholders’ equity; the statement of cash flows; income measurement and financial statement analysis.
Course Content

1. Overview of corporate financial reporting.

2. Analyzing transactions and their effects on financial statements.

3. Processing data through the accounting system.

4. Revenue recognition and statement of earnings.

5. Cash, short term investments and accounts and notes receivable.

6. Inventories.

7. Capital assets – tangible and intangible; goodwill.

8. Current liabilities, contingencies and commitments.

9. Long-term debt and other non-current liabilities.

10. The statement of cash flows.

11. Shareholders’ equity.

12. Financial statement analysis.

Methods Of Instruction

Lecture and/or seminar

All methods of instruction apply to in class, hybrid and/or online modes of learning.

Means of Assessment

Evaluation will be carried out in accordance with the Douglas College Evaluation Policy.

Assignments and/or quizzes                      20%

Midterm examinations (2 @ 20% each)      40%

Comprehensive final examination              40%

 TOTAL                                                  100%

Students must write both the midterm examinations and the final examinations to pass the course.

To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.

Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.

Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.

Learning Outcomes

At the end of the course, the successful student should be able to:

1.  describe the functions of accounting records and financial reports;

2.  classify, record, and summarize business transactions as they relate to service and merchandising operations;

3.  prepare adjusting and closing entries and financial statements;

4.  account for the various classifications of assets and liabilities of a business;

5.  distinguish between legal forms of business enterprises and the accounting methods appropriate for each;

6.  analyze financial information;

7.  prepare a statement of cash flows.

Textbook Materials

Kimmel, Weygant, et al. Financial Accounting: Tools for Business Decision-Making. John Wiley & Sons Canada Ltd, latest edition; or, other textbooks as approved by the accounting department.

Instructor compiled materials (if applicable) 

Only Faculty of Commerce and Business Administration approved calculators may be used for tests and examinations

 

 

Requisites

Prerequisites

Pre-Calculus 11 with a grade of B or better
OR Pre-Calculus 12 with a grade of C+ or better, OR Foundations of Math 11 with a grade of B or better, or equivalent
OR currently active in the:

  • PDD Accounting,
  • or PDD Accounting Studies,
  • or PDD Financial Analysis, 
  • or PBD Finance,
  • or PDD Financial Planning,
  • or PBD Accounting & Finance,
  • or PBD Accounting

 

Corequisites

No corequisite courses.

Equivalencies

Courses listed here are equivalent to this course and cannot be taken for further credit:

Course Guidelines

Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.

Course Transfers

These are for current course guidelines only. For a full list of archived courses please see https://www.bctransferguide.ca

Institution Transfer Details for ACCT 1235
Acsenda School of Management (ASM) ASM ACCT 101B (3)
Alexander College (ALEX) ALEX COMM 293 (3)
Athabasca University (AU) AU ACCT 253 (3)
Camosun College (CAMO) CAMO ACCT 110 (3)
Capilano University (CAPU) CAPU BFIN 142 (3)
College of the Rockies (COTR) COTR ACCT 261 (3) & COTR ACCT 262 (3)
Columbia College (COLU) COLU ACCT 251 (3)
Kwantlen Polytechnic University (KPU) KPU ACCT 2293 (3)
Langara College (LANG) LANG FMGT 2293 (3)
Nicola Valley Institute of Technology (NVIT) NVIT ADMN 115 (3)
North Island College (NIC) NIC BUS 100 (3)
Okanagan College (OC) OC BUAD 121 (3)
Simon Fraser University (SFU) SFU BUS 251 (3)
Thompson Rivers University (TRU) TRU ACCT 2210 (3)
Trinity Western University (TWU) TWU BUSI 121 (3)
University of British Columbia - Okanagan (UBCO) UBCO MGMT 1st (3)
University of British Columbia - Vancouver (UBCV) UBCV COMM 293 (3)
University of Northern BC (UNBC) UNBC COMM 210 (3)
University of the Fraser Valley (UFV) UFV BUS 145 (3)
University of Victoria (UVIC) UVIC COM 202 (1.5)
Vancouver Island University (VIU) VIU ACCT 100 (3)

Course Offerings

Summer 2022

CRN
Days
Dates
Start Date
End Date
Instructor
Status
22884
Wed
09-May-2022
- 10-Aug-2022
09-May-2022
10-Aug-2022
McLellan
Donald
Open
Max
Enrolled
Remaining
Waitlist
35
27
8
0
Days
Building
Room
Time
Wed
New Westminster - North Bldg.
N4370
18:30 - 21:20
CRN
Days
Dates
Start Date
End Date
Instructor
Status
23306
Tue
09-May-2022
- 10-Aug-2022
09-May-2022
10-Aug-2022
McLellan
Donald
Open
Max
Enrolled
Remaining
Waitlist
35
34
1
0
Days
Building
Room
Time
Tue
New Westminster - North Bldg.
N4217
12:30 - 15:20
CRN
Days
Dates
Start Date
End Date
Instructor
Status
23307
Tue
09-May-2022
- 10-Aug-2022
09-May-2022
10-Aug-2022
Kwong
Wai Sang Vincent
Waitlist
Max
Enrolled
Remaining
Waitlist
35
34
1
1
Days
Building
Room
Time
Tue
Online
18:30 - 21:20