B.C.'s Energy College

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MGMT 120 - Financial Accounting

A first level course in accounting designed to provide skill and knowledge to students enabling them to understand the fundamental accounting reports of business. The course introduces accounting theory and its applications to proprietorships and corporate entities. All of the statements recommended by the Canadian Institute of Chartered Accountants are discussed.


Credits: 3


Hours: 45 (Lecture Hours: 3)


Total Weeks: 15



None, but prior exposure to bookkeeping is strongly recommended.


Non-Course Prerequisites:





Course Content:
- Business environment and accounting, financial statements
- Accounting cycle (analyze, record, post)
- Accounting cycle (trial balance, adjust, close)
- Ethics, internal control and bank reconciliations
- Merchandising business
- Inventory valuation
- Accrual accounting: Sales and receivables
- Long lived assets, tangible and intangible
- Accrual accounting: liabilities and long term debt including bonds
- Corporate accounting: share capital, dividends and retained earnings
- The cash flow statement: direct and indirect
- Financial statement analysis: horizontal, vertical and ratio analysis



Learning Outcomes:
The student will be able to apply basic accounting concepts to identify, analyze, record and report financial transactions according to generally accepted accounting principles. Student should be able to:
- Describe the system of accounting standards and principles.
- Demonstrate the accrual method of accounting and the accounting cycle.
- Prepare a balance sheet, income statement, statement of changes in equity, and a statement of cash flows using both the indirect and direct method.
- Identify the objectives and procedures of internal control.
- Account for short term investments and receivables, including bad debts.
- Account for the purchase, depreciation, and derecognition of tangible and intangible long-term assets.
- Account for bonds issued at par, a discount, or a premium by the effective interest method, including interest payments for full and partial periods.
- Journalize shareholder's equity transactions for share issue, repurchase, and both cash and stock dividends.
- Analyze financial statements, utilizing horizontal and vertical analysis and ratio analysis.


Grading System: Letters


Passing Grade: D (50%)


Percentage of Individual Work: 100


Additional Course Comments:
Assignments are mandatory and must be handed in on the specified due date. Work handed in late may lose marks for each day delayed. Exceptions may be made for documented medical reasons or extenuating circumstances. Cheating and plagiarism policy as outlined in the current College Calendar will be enforced.
Classroom Etiquette: To foster a positive learning environment for yourself and your fellow students please avoid the following:
- Absences: Classes missed will have a significant negative effect on your overall performance in this course. Please remember that you are responsible to collect any classroom handouts that you missed due to your absence.
- Distractions: late arrival to class, talking during lecture or while other students are talking, operation of cell phone during class time.


Textbooks are subject to change.  Please contact the bookstore at your local campus for current book lists.
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