Financial Accounting 1 ACCT-112

Course Name:	Financial Accounting 1
Course Number:	ACCT-112
Category:	Accounting
Description	Financial Accounting 1 is meant to serve as an overview course that will focus on the financial reporting process. The recording process and the production of financial statements will be highlighted as you are introduced to simple tools that will allow you to analyze financial information. You will also learn to explain the information contained in financial statements in your future role as a manager, investor or other user of financial accounting information. Financial Accounting 1 is made up of labs, assignments and three tests that will ensure you are prepared with the necessary knowledge. As a result of the undertaking, you will be able to: • Apply knowledge of fundamental concepts of financial accounting; • Make appropriate accounting entries including transactions involving cash, accounts receivable, notes receivable and accounts payable by analyzing the underlying business transactions; • Apply generally accepted accounting principles (GAAP), specifically the principle of revenue and expense recognition; • Provide a general overview of the changes in Canadian GAAP as it relates to International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE); • State the importance of ethics in financial reporting; • Prepare financial statements relating to business proprietorships, specifically the balance sheet, income statement and statement of owners equity; • Explain the basis of accounting for inventories and describe the inventory cost flow assumptions; • Implement and maintain paper accounting records; • Explain the information contained in financial statements and reports; • 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.
Notes	Required course for CIM
Associated Programs	7032 - Office Bookkeeping 7036 - General Business Management 7278 - Business Management - Marketing 7284 - Business Management - Entrepreneurial 7372 - Quality Assurance 7503 - Payroll Compliance Practitioner 7049 - Professional Sales 7285 - Auto Service Advisor Certificate
Pre-requisities	No Prerequisites required for this course