Course Description


Students are provided with the basics of financial accounting whether they are interested in becoming a practitioner or are looking to broaden their knowledge of how to properly interpret financial information. Emphasis is on what accounting information is, understanding the accounting cycle, recording transactions, and the preparation and analysis of financial statements.

Vocational Learning Outcomes


This course provides the opportunity for you to achieve the following outcomes:

0216A01FWO - Business Admin - Accounting

VLO 1 Record financial transactions in compliance with Canadian Generally Accepted Accounting Principles for sole proprietorships, partnerships, private enterprises, publicly accountable enterprises and non-profit organizations. (T, A)
VLO 7 Analyze and evaluate an organization's internal control system, taking risk management into account. (T, A)

0216A07PAO - Business Admin - Accounting

VLO 1 Record financial transactions in compliance with Canadian Generally Accepted Accounting Principles for sole proprietorships, partnerships, private enterprises, publicly accountable enterprises and non-profit organizations. (T, A)
VLO 7 Analyze and evaluate an organization's internal control system, taking risk management into account. (T, A)

0216A09FAO - Business Admin - Accounting

VLO 1 Record financial transactions in compliance with Canadian Generally Accepted Accounting Principles for sole proprietorships, partnerships, private enterprises, publicly accountable enterprises and non-profit organizations. (T, A)
VLO 7 Analyze and evaluate an organization's internal control system, taking risk management into account. (T, A)

0216D01FWO - Business Admin - Marketing

VLO 5 Determine the impact of using different marketing strategies for a product, concept, good and/or service, on the finances, return on investment (ROI), and business goals of an organization. (T, A)

0216E01FWO - Business Administration

VLO 6 Perform work in compliance with relevant statutes, regulations and business practices. (T, A)
VLO 8 Use accounting and financial principles to support the management and operations of an organization. (T, A)

0216E03FWO - Business Administration

VLO 6 Perform work in compliance with relevant statutes, regulations and business practices. (T, A)
VLO 8 Use accounting and financial principles to support the management and operations of an organization. (T, A)

0216E07PAO - Business Administration

VLO 6 Perform work in compliance with relevant statutes, regulations and business practices. (T, A)
VLO 8 Use accounting and financial principles to support the management and operations of an organization. (T, A)

0216E09FAO - Business Administration

VLO 6 Perform work in compliance with relevant statutes, regulations and business practices. (T, A)
VLO 8 Use accounting and financial principles to support the management and operations of an organization. (T, A)

0216G01FWO - Business Admin - International Business

VLO 7 Identify and interpret relevant international financial documents and assess financial strategies that support an organization’s integrative trade initiatives. (T)

0216G03FWO - Business Admin - International Business

VLO 7 Identify and interpret relevant international financial documents and assess financial strategies that support an organization’s integrative trade initiatives. (T)

0216K01FWO - Business Administration - Finance

VLO 2 Co-ordinate the preparation and the presentation of financial information in compliance with relevant legislation and regulations for individuals and/or organizations. (T, A)
VLO 3 Analyze financial reports for individuals and/or organizations by applying financial mathematics and statistics. (T, A)

0216L01FWO - Business Admin - Supply Chain & Oper Mgt

VLO 11 Perform tasks in accordance with policies and procedures for workplace health and safety and industry standards and best practices for professional, ethical and accountable conduct and communications. (T, A)

0216L03FWO - Business Admin - Supply Chain & Oper Mgt

VLO 11 Perform tasks in accordance with policies and procedures for workplace health and safety and industry standards and best practices for professional, ethical and accountable conduct and communications. (T, A)

0216M01FWO - Business Admin - Human Resources

VLO 11 Identify and communicate the human resources component of the organization’s business plan. (T)

0216M07PAO - Business Admin - Human Resources

VLO 11 Identify and communicate the human resources component of the organization's business plan. (T)

0216M09FAO - Business Admin - Human Resources

VLO 11 Identify and communicate the human resources component of the organization's business plan. (T)

0216X01FWO - Business Administration (Core)

VLO 7 Apply accounting and financial knowledge to the management of an organization. (T, A)
VLO 19 Develop a business plan in collaboration with others. (T)

0216X07PAO - Business Administration (Core)

VLO 7 Apply accounting and financial knowledge to the management of an organization. (T, A)
VLO 19 Develop a business plan in collaboration with others. (T)

0216X09FAO - Business Administration (Core)

VLO 7 Apply accounting and financial knowledge to the management of an organization. (T, A)
VLO 19 Develop a business plan in collaboration with others. (T)

0306X01FWO - Business

VLO 3 Use current concepts/systems and technologies to support an organization's business initiatives. (T, A)
VLO 6 Perform work in compliance with relevant statutes, regulations and business practices. (T)
VLO 8 Use accounting and financial principles to support the operations of an organization. (T, A)
VLO 11 Outline and assess the components of a business plan. (T, A)

1457X01FWO - Business Fundamentals

VLO 3 Use current technologies to support an organization's business initiatives. (CP)
VLO 4 Apply basic research skills to support business decision making. (T, A)
VLO 5 Perform basic accounting procedures and financial calculations to support the operations of an organization. (T, A, CP)
VLO 7 Develop strategies for ongoing personal and professional development to enhance work performance. (T, A)

1457X07PAO - Business Fundamentals

VLO 3 Use current technologies to support an organization's business initiatives. (CP)
VLO 4 Apply basic research skills to support business decision making. (T, A)
VLO 5 Perform basic accounting procedures and financial calculations to support the operations of an organization. (T, A, CP)
VLO 7 Develop strategies for ongoing personal and professional development to enhance work performance. (T, A)

1457X09FAO - Business Fundamentals

VLO 3 Use current technologies to support an organization's business initiatives. (CP)
VLO 4 Apply basic research skills to support business decision making. (T, A)
VLO 5 Perform basic accounting procedures and financial calculations to support the operations of an organization. (T, A, CP)
VLO 7 Develop strategies for ongoing personal and professional development to enhance work performance. (T, A)
Assessment Levels —T: Taught A: Assessed CP: Culminating Performance 

Essential Employability Skills


This course contributes to your program by helping you achieve the following Essential Employability Skills:

EES 1 Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfills the purpose and meets the needs of the audience. (T, A)
EES 3 Execute mathematical operations accurately. (T, A)
EES 4 Apply a systematic approach to solve problems. (T, A)
EES 6 Locate, select, organize and document information using appropriate technology and information systems. (T, A)
EES 11 Take responsibility for one's own actions, decisions and consequences. (T, A)
Assessment Levels —T: Taught A: Assessed CP: Culminating Performance 

Course Learning Outcomes / Embedded Knowledge and Skills


When you have earned credit for this course, you will have demonstrated the ability to:

1. Prepare and intrepret basic financial statements which provide accurate accounting information including: -balance sheet. -income statement. -statement of owner's/shareholder's equity. -statement of cash flows

1.1
Classify financial statement accounts including: -assets. -liabilities. -equity. -revenue. -expense. Describe the sources of uses of cash in an organization and differentiate revenues and expenses from cash inflows and outflows Analyze liquidity, solvency and profitability of an organization based on their financial statements.

2. Apply the rules of debit and credit to record business transactions in T-accounts and the general journal.

2.1
Apply the accounting equation. Demonstrate how accounts are affected by applying the rules of debit and credit.

3. Perform the functions of the accounting cycle in order to prepare financial statements.

3.1
Analyze transactions to prepare journal entries, including period end adjustments. Post transactions to T-Accounts. Prepare the trial balance and adjusted trial balance. Classify account balances as balance sheet or income statement accounts.

4. Demonstrate an understanding of the requirement for a business to adjust its accounts at the end of a reporting period.

4.1
Prepare various types of adjusting entries Prepare an adjusted trial balance Compare adjusted and unadjusted trial balances Demonstrate an understanding of the change in an organization's financial position pre and post adjustment

5. Distinguish between service and merchandising operations and explain common principles and limitations of internal control in a merchandising company.

5.1
Analyze and prepare common sales entries for a merchandising company. Apply internal control principles to cash receipts and payments.

6. Describe the purpose of internal control. List the components of a system of internal control Describe the methods used as part of the control process over cash

6.1
Describe effective Internal Control procedures List the limitations of internal controls and describe how controls can be circumbented Prepare a bank reconcilliation

Learning Resources


Horngren's Accounting

Miller-Nobels

Volume One

12th Canadian Edition with My Accounting Lab

ISBN: 9780136889335


Learning Activities


   -lectures and demonstrations of problems
   -in-class discussions
   -reading of text
   -completion of assigned problems
   -completion of Assignments 

The reading of text, completion of assigned problems and assignments will be done outside of normally scheduled class hours.

Pre-defined Evaluation / Earning Credit


The following list provides evidence of this course's learning achievements and the outcomes they validate:

Assignment(s) (25%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6, EES 3, EES 4, EES 6, EES 11

Quiz(zes)/Test(s) (75%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6, EES 1, EES 3, EES 4, EES 6, EES 11

Prior Learning Assessment and Recognition


Students who wish to apply for Prior Learning Assessment and Recognition (PLAR) need to demonstrate competency at a post-secondary level in all outlined course learning outcomes. Evidence of learning achievement for PLAR candidates includes:

  • Portfolio
  • Performance Test

Other Information


Students are required to respect the confidentiality of employer, client and/or patient information, interactions, and practices that occur either on Algonquin College premises, or at an affiliated clinical/field/co-op placement site. Concerns regarding clients, patients, and/or employer practices are to be brought to the attention of the program coordinator, or designated field/clinical/co-op placement supervisor so that they may be resolved collaboratively. Such concerns are not to be raised publically either verbally, in writing, or in electronic forums. These matters are to be addressed through established program communication pathways.

Grade Scheme

Final Grade Mark Equivalent Numeric Value Final Grade Mark Equivalent Numeric Value
A+ 90% - 100% 4.0 A 85% - 89% 3.8
A- 80% - 84% 3.6 B+ 77% - 79% 3.3
B 73% - 76% 3.0 B- 70% - 72% 2.7
C+ 67% - 69% 2.3 C 63% - 66% 2.0
C- 60% - 62% 1.7 D+ 57% - 59% 1.4
D 53% - 56% 1.2 D- 50% - 52% 1.0
F 0% - 49% 0 FSP 0 0

Course Related Information


Please refer to the Course Section Information (CSI) / weekly schedule for specific course-related information as provided by your professor.  

Program Information


Department Information


School of Business Procedures

The School of Business Procedures file is located under “Course Information” in your course Brightspace site.  These procedures are specific to School of Business programs and either cover issues not included in College Policies and Directives or elaborate on them.

Student Academic Responsibilities
Each student is responsible for:
• Knowing the due dates for marked out-of-class assignments.
• Knowing the dates of in-class marked assignments and exercises.
• Maintaining a folder of all work done in the course during the semester for validation claims in cases of disagreement with faculty.
• Keeping both paper and electronic copies of all assignments, marked and unmarked, in case papers are lost or go missing;
• Regularly checking both Brightspace announcements as well as one's Algonquin e-mail account for important messages from both professor and college administration.
• Participating in on-line and classroom exercises and activities as required.
Exemptions
Exemptions may be granted to students who have successfully passed an equivalent course at a post-secondary institution. If you wish to apply for an exemption contact the coordinator of the course for academic advice.  To apply for an exemption, you must contact the Registrar’s Office before the deadline listed on your timetable.

Withdrawing From The Course
The last date for withdrawing from courses without academic penalty is printed on your timetable.  The student is responsible for notifying the instructor and completing the appropriate form for withdrawal with the College Registrar.

Software Copyright
In the past few years, the Copyright Act has been updated to cover computer software. If the police lay charges against someone infringing copyright, the maximum penalties for a
summary conviction are "a fine not exceeding $25,000 or imprisonment for a term not
exceeding six months or both." The maximum penalties for an indictable conviction are "a fine not exceeding one million dollars or imprisonment for a term not exceeding five years or both."  Making a copy of software package for your own use, other than a backup copy of package that you have purchased as allowed in your license agreement, would make you liable for the above penalties.

Harassment/Discrimination/Violence
Harassment, discrimination and violence will not be tolerated. Any form of harassment (sexual, racial, gender or disability related), discrimination (direct or indirect), or violence, whether towards a professor or amongst students, will not be tolerated on the college premises. Action taken will start with a formal warning and proceed to the full disciplinary actions as outlined in Algonquin College policy. For further information, refer to the Student Instaguide or get a copy of the official policy statements from the Student Association (Directive A8).  

Plagiarism Detection Software
"Turnitin" plagiarism detection software is in use in the School of Business. Professors may require students to submit their work for review. Scores higher than 20% are subject to review under policy AA48: Academic Integrity found at https://www.algonquincollege.com/policies/files/2021/09/AA48.pdf 

Retention of Student Work
Students are advised that original, electronic, or copied samples of their work may be retained for the purpose of program quality review by assessment panels. Unless students have otherwise granted permission, anonymity will be respected for all work retained for the purpose of quality review. Original work samples, may be retained with student agreement and will be returned.


Academic Probation or Withdrawal from Academic Program
as per College Policy AA14, which can be found at http://www3.algonquincollege.com/directives/policy/aa14-grading-system/

"A student is on academic probation when the term cumulative grade point average falls below
1.7, or when a student carries 2 or more "F" grades. A student on academic probation may
continue in the program, subject to conditions set by the Academic Administrator. In some
cases, there may be program specific progression requirements which supersede the foregoing.

The transcript message reads:
Academic Probation - Please see your Program Coordinator"

"A student on probation may be required to:
a. reduce his/her course load,
b. withdraw from full-time status within the program, or
c. withdraw completely from the program.

A student required to withdraw completely from Level 01 must reapply through the Ontario
College Application Services. A student required to withdraw from an advanced level of the program must have the approval of the Academic Administrator prior to resuming his/her studies."

College Related Information


Algonquin College’s policies have been developed to ensure the health, safety and security of all students, faculty and staff, and the proper and fair operation of the College as an academic institution and employer. Please refer to the Algonquin College Policies website for the most current policy information available at http://www.algonquincollege.com/policies/
 
Students are especially encouraged to be aware of the following College expectations 
 
Academic Integrity
Algonquin College is committed to the highest standards of academic integrity, and students are expected to uphold these standards as part of the learning process. Any academic work submitted by a student is expected to be their own work, unless designated otherwise and all sources must be attributed. All students should be familiar with the Algonquin College policy AA48: Academic Integrity which outlines student’s roles and responsibilities and what represents academic misconduct. In some courses, online proctoring may be used to prevent academic dishonesty. Additional information can be found at Academic Integrity - Student Survival Guide - Subject Guides at Algonquin College (libguides.com) and via Academic Integrity Student Resources. Students with any questions about the course expectations regarding academic integrity are encouraged to speak to their professor and the College’s academic integrity team at acaio@algonquincollege.com  
 
Centre for Accessible Learning 
Students with visible and/or non-visible disabilities are encouraged to register with the Centre for Accessible Learning (CAL) in order to be eligible for appropriate learning supports and/or accommodations.  Students are strongly encouraged to make an appointment with the Centre for Accessible Learning as early as possible when starting a program. Once your needs are identified, a Letter of Accommodation (LOA) will be issued which you can share with your professors. If you are a returning student, please ensure that professors are given a copy of your LOA each semester. 
 
College Email 
Students at Algonquin College are provided with a college email account. This is the address that will be used when the College, your professors, or your fellow students communicate important information about your program or course activities. Your network credentials can be found in the ACSIS portal and you are expected to check your Algonquin email regularly and to use it to send and receive college-related email. Support is available through the college Information Technology Service (ITS) at: https://www.algonquincollege.com/its/ 
 
Retroactive Accommodations 
Students are expected to meet evaluation and completion deadlines as stated in course outline and course section information documents. In circumstances where evaluation and/or completion deadlines are missed or student performance has been affected by a temporary or permanent disability (including mental health), interim or retroactive accommodations may be considered. In such instances, please consult your course faculty member. For other situations where deferral of evaluations may be warranted, please consult Algonquin College Policy AA21: Deferred Evaluation
 
Student Course Feedback 
Algonquin College’s invites students to share their course experience by completing a student course feedback survey for each course they take. For further details consult Algonquin College Policy AA25: Student Course Feedback
 
Use of Mobile Devices in Class 
With the proliferation of small, personal mobile devices used for communications and data storage, Algonquin College believes there is a need to address their use during classes and examinations. During classes, the use of such devices unless authorized by your professor can be disruptive and disrespectful to others. During examinations, the use of such devices is generally prohibited unless authorized by your professor. Otherwise use is considered academic dishonesty in the form of cheating. For further details consult Algonquin CollegePolicy AA32: Use of Mobile Devices in Class 
 
Technology Requirements  
Students are required to have access to a computer and to the internet. There may also be additional technology-related resources required to participate in a course that are not included in the course materials fee, such as headphones, webcams, specialized software, etc. Details on these requirements can be found in the Course Section Information of the course outline for each course available on Brightspace. 
 
Transfer of Credit 
It is the student’s responsibility to retain course outlines for possible future use to support applications for transfer of credit to other educational institutions. 

Safe Harbour 
In the event of an unexpected major event (pandemic, etc.), your course may have changes that are not reflected in the Course Outline. Should this happen, the Course Section Information document will have updated information about your course.