Lectures, interspersed with demonstrations and discussion.
- The accounting cycle
- Closing entries and accounting for a merchandising concern
- Accounting for cash, temporary investments, accounts receivable, and notes receivable
- Inventories and cost of goods sold
- Capital assets
- Current- and long-term liabilities
- Accounting principles and conceptual framework
- Accounting for shareholders' equity
- Instalment notes payable and bonds payable
- Cash Flow Statement
- Financial statement analysis
The student will be able to:
- Describe the functions of accounting records and financial reports
- Classify, record, and summarize business transactions as they relate to service and merchandising operations
- Prepare adjusting and closing entries and basic financial statements
- Account for the various classifications of assets and liabilities of a business
- Demonstrate skill in orderly arrangements of data, self-checking and systematic analysis of data summarization
- Distinguish between legal forms of business enterprises and the accounting methods appropriate for each
- Analyze financial information
- Prepare a simple Cash Flow Statement using the direct approach
|Assignments (minimum of 5)||10%-15%|
|Practice Set &/or Quizzes||05%-10%|
*Midterm exam questions will be taken from the Accounting Department’s common 1110 midterm/final exams.
**Final exam questions will be taken from the Accounting Department’s common 1210 midterm/final exams.
Students must write both the midterm examination and the final examination to obtain credit for the course.
Textbooks and Materials to be Purchased by Students
Horngren, Harrison, Bamber, Lemon. Accounting, Volume I and II. Latest Edition. Pearson Educational.
Instructor compiled materials (if applicable)
Practice set (changed each semester)
Any one of the following calculators:
1. Texas Instruments BAII Plus
2. Hewlett Packard 10B
3. Sharp EL-733 A
(BC Principles of MATH 12 with grade of B or better and Academic ENGL 12 with grade of B or better) OR (post-secondary level GPA of B or better and BC Principles of MATH 11 with grade of C or better and Academic ENGL 11 with grade of C or better.)