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Registration for the Fall 2019 semester begins June 25.  Watch your email for more details.

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Principles of Introductory Financial Accounting I & II

Course Code: ACCT 1235
Faculty: Commerce & Business Administration
Department: Accounting
Credits: 3.0
Semester: 15 Weeks X 4 Hours per Week = 60 Hours
Learning Format: Lecture, Hybrid
Typically Offered: Fall, Summer, Winter
course overview

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. NOTE THAT STUDENTS WHO HAVE TAKEN ACCT 1110 AND ACCT 1210 CANNOT TAKE ACCT 1235 FOR FURTHER CREDIT.

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 on-line.

Means of Assessment

Assignments and/or quizzes                     20%

Midterm examinations (2 @ 20% each)      40%

Comprehensive final examination             40%

                                                           100%

STUDENTS MUST WRITE BOTH THE MIDTERM EXAMINATIONS AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR 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.

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.

course 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 BC Principles 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 PBD Accounting & Finance, or PBD Accounting

Corequisites

Courses listed here must be completed either prior to or simultaneously with this course:

  • No corequisite courses

Equivalencies

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

  • No equivalency courses

curriculum 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 schedule and availability
course transferability

Below shows how this course and its credits transfer within the BC transfer system. 

A course is considered university-transferable (UT) if it transfers to at least one of the five research universities in British Columbia: University of British Columbia; University of British Columbia-Okanagan; Simon Fraser University; University of Victoria; and the University of Northern British Columbia.

For more information on transfer visit the BC Transfer Guide and BCCAT websites.

assessments

If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.