Land Acknowledgement

Algonquin College campuses in Ottawa, Perth and Pembroke are located on the traditional unceded, and unsurrendered territory of the Anishinàbe Algonquin People. The Algonquin People have inhabited and cared for these lands since time immemorial. We take this time to express our gratitude and respect to them and to the land for all that it has provided and will continue to provide.

 

As a post-secondary institution, we acknowledge the harms done to Indigenous Peoples and are committed to learning from the past. We pledge to promote healing and resilience as we move forward in partnership with the Algonquin Nations, First Nations, Métis, and Inuit Peoples in a spirit of reconciliation.

 

While we recognize that territorial acknowledgements are only one step in cultivating greater respect and inclusion of Indigenous Peoples, we commit to accompanying these words with actions. We are dedicated to building a future and community that is better for all.

 

We pledge to continue exploring and making meaningful contributions to the Truth and Reconciliation Commission of Canada’s Calls to Action.


Learn more about the College's commitment to Truth and Reconciliation: https://www.algonquincollege.com/tri


Course Description

A functional and applied understanding of the accounting cycle and the preparation of financial statements is central to sound accounting practice. Students account and report merchandising activities, cash, accounts receivable, inventories and cost of goods sold, capital assets, and current and long-term liabilities on the financial statements. Students use Microsoft Excel in the preparation of financial statements in accordance with accounting principles.

Vocational Learning Outcomes

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

1317X01FWO - Accounting and Financial Practice

VLO 1 Integrate ethical decision-making processes into accounting practices to establish and maintain transparency and fairness. (T)
VLO 2 Apply recognized accounting principles to the systematic recording of transactions to provide consistency in the reporting of financial information. (T, A)
VLO 3 Prepare accurate, relevant and timely financial statements for users of financial information that meet respective needs. (T, A)
VLO 4 Analyze financial and managerial accounting information to support decision-making. (T, A)
VLO 5 Use accounting software and relevant technology to produce accurate and timely financial information. (T)
VLO 10 Produce effective business communications to convey pertinent information. (T)
VLO 12 Identify and apply discipline-specific practices that contribute to the local and global community through social responsibility, economic commitment and environmental stewardship. (T)
Assessment Levels —T: Taught A: Assessed CP: Culminating Performance 

Course Learning Outcomes / Elements of Performance

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

1. Record business transactions in T-accounts and general journal by applying the rules of debit and credit.

  • Translate business transactions into the accounting equation.
  • Identify and distinguish between assets, liabilities, revenues, expenses and equity.
  • Demonstrate how accounts are affected by applying the rules of debit and credit.
  • Record transactions into T accounts and the general journal.

2. Prepare accurate financial statements including statement of financial position, statement of profit or loss, statement of cash flow, and statement of owner’s equity using accounting principles.

  • Identify financial statement elements and correctly categorize as assets, liabilities, revenues, expenses and equity.

3. Define the accounting cycle for various forms of business organizations.

  • Post journal entries to general ledger.
  • Make period end adjusting entries.
  • Prepare adjusted trial balance.
  • Complete the accounting cycle.

4. Account for merchandising operations and contrast different methods of calculating inventory.

  • Account for merchandise purchases and sales.
  • Prepare a merchandiser’s financial statements.
  • Calculate inventory using various cost formulas.
  • Estimate inventory using the retail inventory and the gross profit method.
  • Differentiate between the perpetual and periodic inventory systems.
  • Apply LCM and NRV to inventory valuation.

5. Identify and account for cash, receivables, property, plant and equipment and intangibles, and current and long-term liabilities.

  • Analyze and apply internal controls to cash receipts and disbursements to prevent fraud and error.
  • Calculate petty cash.
  • Prepare bank reconciliation.
  • Compute interest on notes receivable.
  • Use the allowance method of accounting for uncollectible accounts.
  • Differentiate between current and capital expenditures.
  • Calculate depreciation using different methods.
  • Record the disposal of property, plant and equipment.
  • Record the amortization of intangible assets.
  • Differentiate between current and long term liabilities.

6. Identify and account for corporate bonds and long-term notes.

  • Prepare entries for the issuance of bonds and long term notes and the recording of interest expense.
  • Contrast the effects of the straight line and effective interest methods of amortizing bond discounts and premiums.
  • Account for the purchase and sale of debt.

7. Use ratios and other analysis techniques to better understand a company’s solvency, liquidity, and profitability.

  • Explain and apply comparative analysis.
  • Calculate and interpret ratios that are used to analyze liquidity, solvency and profitability.
  • Interpret the limitations of financial analysis.
  • Interpret financial data using PowerBI.

Learning Resources

Required Textbook:

Paul D. Kimmel, et al., Financial Accounting, Tools for Business Decision Making, Canadian Edition with WileyPlus.

Publisher John Wiley & Sons, Inc. 


Hardware and Software:

The course will require students to have Microsoft Excel or Office 365 installed on their computer.


To access your course list, learning resources and costs, visit Booklist.

Please note that a learner must be registered in a specific course or program to view this information.

Program tuition and fees can be found on the Tuition and Fees Estimator for Full-time Programs page.

Learning Activities

Lectures and demonstrations.

In class discussions.

In class problem solving, including spreadsheet exercises.

Homework assignments, including reading that will complement the course lectures.

Assignments/Quizzes/Tests.


Pre-defined Evaluation / Earning Credit

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

Quiz(zes)/Test(s) (15%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6, CLO 7

Midterm Exam(s) (20%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 4, CLO 6, CLO 7

Final Exam (30%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6, CLO 7

Assignment(s) (25%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6, CLO 7

Participation (10%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6, CLO 7

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
  • Challenge Exam

Course Related Information


Please refer to the Weekly Schedule for specific course-related information as provided by your professor(s).

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 throughout their learning journey with the College and post-graduation. Any academic work submitted by a student is expected to be their own work, unless designated otherwise, all human and technological assisted generated sources must be attributed. Refer to the College's Library web site for attribution support and resources. All students are expected to be familiar with the College’s AA48: Academic Integrity policy which outlines student and staff roles and responsibilities, the process for addressing, determining and ruling final academic decisions regarding violations of academic integrity as well as what represents academic misconduct. Students with any questions about academic integrity course expectations including but not limited to use of technology, generative AI and other resources to support completion of coursework, are encouraged to speak to their professor and refer to the course weekly schedule, assessment instructions, course announcements and materials.


Centre for Accessible Learning (CAL)

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 through the CAL Student Portal. If you are a returning student, please ensure that professors are given a copy of your LOA each semester. 

 

Test Accommodations for Students Registered with CAL

Students who require testing accommodations will book their tests/exams through the CAL Student Portal. It is important to note the posted test/exam booking deadlines for the term. Test booking deadlines are communicated through CAL Disabilities Counsellors, CAL Testing Services, and other college wide communication. Additional information on the steps to book accommodated tests/exams with CAL Test Services can be found at Step-by-Step Overview.

 

Retroactive Accommodations 

Students are expected to meet evaluation and completion deadlines as stated in course outline and weekly schedule documents. In circumstances where evaluation deadlines are missed or student performance has been affected by a temporary, significant and/or unanticipated change in functional ability related to disability (including mental health), interim or retroactive accommodations may be considered. For these instances it is advised you reach out to CAL or your professors as soon as possible. For other situations where deferral of evaluations may be warranted, please consult Algonquin College Policy AA21: Deferred Evaluation. 


Network Credentials and 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. Students are required to maintain the privacy of their AC login credentials. Sharing network credentials poses a security risk and is subject to disciplinary action. Your responsibility to protect your login credentials is governed by the Information Security Policy IT01. Support is available through the college Information Technology Service (ITS) at: https://www.algonquincollege.com/its/ 


Mental Health and Wellness Supports

Canada has launched a national Suicide Helpline at www.988.ca and a wide range of mental health and wellness resources for Algonquin students are available at www.algonquincollege.com/SSS/student-health-wellness. 


Student Course Feedback 

Algonquin College 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 College Policy AA32: Use of Electronic 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 Weekly Schedule document of the course 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 Weekly Schedule document will have updated information about your course.  

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.