Course
Description: To introduce business owners, prospective accountants and other interested
parties to the fundamentals of accounting and to the language of business.
Evaluation: Course participants must complete a seven module course with
questions testing after each module. during the course a case study problem will be
completed which will provide a practical application of the module material and will
provide a complete set of sample records for a small business and a comprehensive final
examination.
Learning Resource:
ABC's of Accounting - The Language of Business,
Second Edition.
Richard W. Farmer, C.A.
Formerly Vice-President, Finance-Delta Hotels Ltd.
Malaspina University-College, Parksville/Qualicum campus.
Learning Objectives:
At
the completion of this course, students should be able to:
1.
Understand the process of accounting and the methods of collecting and presenting
financial information.
2.
Describe the process of classifying accounting information so that it forms a
useful basis for presenting financial information.
3.
Explain the use of debits and credits and be able to analyse business transactions.
4.
Explain the use of double entry accounting to record business transactions.
5.
Identify the normal balance of various types of accounts.
6.
Describe the various phases of the accounting cycle: documenting, recording,
journalizing and assembling the components of transactions.
7.
Explain the nature and use of the various journals and subsidiary ledgers used in
the accounting process.
8.
Discuss sole proprietorships, partnerships and limited liability companies and
outline the nature and principal advantages and disadvantages of each form of ownership.
9.
Understand generally accepted accounting principals (GAAP's) and explain the
purpose of each.
10.
Distinguish between cash and accrual basis accounting.
11.
Introduce a system of internal control designed to protect cash and other assets of
the business.
12.
Explain the major types of adjusting entries.
13.
Explain the process of closing the accounts at the end of the business year.
14.
Prepare and explain the balance sheet and the income statement.
15.
Understand the process of expensing long-term assets against revenue over the life
of the assets.
16.
Prepare classified financial statements in accordance with accepted presentation
standards.
17.
Prepare and record payrolls and process deductions for taxes and other items.
18.
Use ratios and other analytical techniques to compare and explain differences in
financial results from one period to another.
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