Land Acknowledgement

Algonquin College campuses in Ottawa 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 for 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

Students develop the ability to collaborate and work effectively with their accountant and bookkeeper through their business launch and operations. Topics include balance sheets, income statements, journalizing in the general journal, general ledger and special journals, proper banking procedures, cash control protocols and government related employee payroll and tax requirements.

Vocational Learning Outcomes

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

0242X01FWO - Business - Management & Entrepreneurship

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 7 Explain the role of the human resource function and its impact on an organization. (T, A)
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)
VLO 13 Develop strategies for the operation and management of entrepreneurial ventures and small business enterprises. (T, A)

0242X03FWO - Business - Management & Entrepreneurship

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 7 Explain the role of the human resource function and its impact on an organization. (T, A)
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)
VLO 13 Develop strategies for the operation and management of entrepreneurial ventures and small business enterprises. (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 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 7 Analyze, evaluate and apply relevant information from a variety of sources. (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. Describe accounting concepts, identify its goals and uses in regards to small business management.

1.1
Identify the users of financial information and how they interpret accounting information. Describe the types of business organizations and how accounting information is reported within different legal structures. Explain the building blocks of accounting, including the accounting equation and components of financial statements. Calculate and analyze the effects of business transactions on the accounting equation.

2. Prepare financial statements for a sole proprietorship in a small business venture, including:

2.1
Identify and explain components of a balance sheet - assets, liabilities and owner's equity. Classify elements of an income statement - revenues and expenses. Determine and calculate changes to owner's equity as a result of business operations - statement of owner's equity. Recognize the relationship and linkages between the financial statements over a period of time and explain the key indicators, such as profitability and net worth.

3. Prepare and explain each step in the accounting cycle including an adjusted balance sheet.

3.1
Explain and demonstrate the recording process, journalizing business transactions and the trial balance. Describe the adjusting process and prepare adjusting entries for a small business, including the principle of revenue and expense recognition. Prepare closing entries and a post-closing trial balance used in financial reporting. Illustrate and interpret measures of liquidity in a small business enterprise.

4. Identify elements of payroll accounting from both the employee and employer perspectives (including CPP, EI, WSIB, Federal and Provincial Income Taxes, etc.).

4.1
Calculate and record an employer's payroll expenses and prepare the payroll summary. Demonstrate how employer's remit and record employees' deductions to Canada Revenue Agency. Review an employer's annual responsibilites for filing tax summary forms. Explain and summarize small business banking procedures and cash control mechanisms.

5. Apply computer skills and knowledge of accounting information to manage the bookkeeping records of a small business.

5.1
Recognize the value of accounting information systems and software in the management of a small business. Compare and contrast different accounting software systems used by small businesses. Identify the functions of accounting software and its ability to automate accounting functions such as invoice and sales tracking, inventory management, payroll, and expense management.

Course Learning Outcomes (CLO) Mapping

CLO mapping is not available.

Learning Resources

Required Textbook:

Slater, J. & Good, D. (2023). College Accounting – A Practical Approach: 15th Canadian edition. Don Mills, Ontario: Pearson. 

Hardware and Software:

Microsoft Excel

Pearson My Accounting Lab (MAL)

Quickbooks Online Accountant (Student Edition)


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
  • Class discussions
  • Assignments
  • Homework
  • Tests

Pre-defined Evaluation / Earning Credit

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

Assignment(s) (15%)

Validates Outcomes:  CLO 2, CLO 4, CLO 5

Hybrid Assignment(s) (25%)

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

In-class Work (20%)

Validates Outcomes:  CLO 1, CLO 2, CLO 3, CLO 5

Test(s) (40%)

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

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:

  • Challenge Exam
  • Project/Assignment

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

0242X01FWO - Business - Management & Entrepreneurship

In Business Management and Entrepreneurship Program, we have deliberately embedded group collaboration into the curriculum of each course. This structural integration ensures that every student not only masters the theoretical knowledge in their field but also excels in practical, interpersonal skills essential for the contemporary business environment. Through mandatory group projects, students enhance their ability to work effectively with diverse teams, resolve conflicts, and lead initiatives, preparing them for the complexities of real-world business challenges. This approach cultivates not just skilled professionals, but adept leaders ready to thrive in dynamic team settings.

0242X03FWO - Business - Management & Entrepreneurship

In the Business Management and Entrepreneurship Program, we have deliberately embedded group collaboration into the curriculum of each course. This structural integration ensures that every student not only masters the theoretical knowledge in their field but also excels in practical, interpersonal skills essential for the contemporary business environment. Through mandatory group projects, students enhance their ability to work effectively with diverse teams, resolve conflicts, and lead initiatives, preparing them for the complexities of real-world business challenges. This approach cultivates not just skilled professionals, but adept leaders ready to thrive in dynamic team settings.

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: 

 

It is the responsibility of every student to review and monitor the accuracy of their academic progression. This includes Brightspace and ACSIS accounts to review their timetable, account balances, and transcript. If there are any errors or concerns, the student must communicate with their Program Coordinator as soon as possible to resolve. 

 

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 technology-assisted generated sources must be attributed. Refer to the College's Library website 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 questions about academic integrity course expectations including but not limited to use of technology, genAI 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.

 

Generative Artificial Intelligence (AI)

The educational value of this course lies not only in mastering course content but also in developing original thought, critical thinking, and individual problem-solving skills through active engagement with course materials. As generative artificial intelligence (genAI) continues to evolve, so too does its relationship to student learning and academic integrity. Students must discuss any use of AI that is not explicitly permitted or addressed in the course outline, assignment instructions, or other course materials with the professor to ensure that it supports the learning objectives of the course. Students with questions about academic integrity expectations, including the use of technology, genAI, and other resources, should consult their professor and review course materials and assessment guidelines.

 

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 CAL as early as possible when starting a program. Once a student’s needs are identified, a Letter of Accommodation (LOA) will be issued which students can share with their professors through the CAL Student Portal. Returning students should ensure that professors are given a copy of their 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 Accessible Learning Advisors, 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 via this Step-by-Step Overview.

 

Deferred Evaluations and/or 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 that students reach out to CAL or their professors as soon as possible. For other situations where deferral of evaluations may be warranted, students may 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, professors, or fellow students communicate important information about program or course activities. Network credentials can be found in the ACSIS portal and students are expected to check their 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. Students’ responsibility to protect their 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. 

 

Our compassionate and experienced counsellors, who are registered professionals, offer free and confidential mental health and wellness counselling to current Algonquin College students. Visit the Counselling Services to learn more about services and supports, or to book an appointment.

 

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

During classes, the use of mobile devices unless authorized by your professor can be disruptive and disrespectful to others. Image, audio, and video recordings of classroom lectures, activities, or during evaluation sessions are not permitted unless approved by the faculty member prior to the beginning of the scheduled session. Even if approved by the faculty member, recordings that contain images and/or voices of other students may not be published or distributed without the consent of all students represented in the recording. Students may be asked to delete the media file after its intended use. During examinations, the use of such devices is generally prohibited unless authorized by your professor. Otherwise, use is considered academic misconduct 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. In addition, our BYOD website outlines the mobile computing device technical specifications that may be required by your program.

 

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 will have updated information about your course.