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WFTR536 - Intro to Accounting for Small Business & Entrepreneurs Level 1
Course Code:
WFTR 536

Calendar Description:
The course presents accounting principles in a clear, comprehensive, and technically accurate way, which reflect evolving market needs. The course focuses on the basics of the accounting cycle with emphasis on hands-on learning. This course is the first step in learning accounting and is delivered using manual accounting practices. This is the ideal course for entrepreneurs with small and home-based businesses.

Date First Offered:
2009-07-01

Hours:
Total Hours: 30
Seminars and Tutorials: 30

Total Weeks:
6

This course is offered online:
No

Pre-Requisites:
NONE

Non-Course Pre-Requisites:
NONE

Co-Requisites:
NONE

Rearticulation Submission:

No

Course Content:
Accounting: The Key to Success
- Accounting and it's goals and uses
- Forms of business organizations
- Users of accounting
- Ethics and social responsibility in accounting
- Opportunities in accounting and related fields

Financial Statements and Accounting Transactions
- Content and reporting aims of financial statements
- Accounting principles
- The accounting equation
- Business transactions using the accounting equation
- Financial statements reflecting business transactions

Analyzing and Recording Transactions
- The accounting cycle
- An account, it's use, and it's relationship to the ledger
- Debits and credits and their role in double-entry accounting
- Chart of accounts and its relationship to the ledger
- The impact of transactions on accounts
- Journal and ledger entries
- Trial balance

Adjusting Accounts for Financial Statements
- Adjusting accounts at the end of a period
- Time period, matching, and revenue recognition principles, and the adjusting process
- Accrual accounting and cash based accounting and how accrual accounting adds to the usefulness of financial statements
- Adjusting entries for pre-paid expenses, amortization, unearned revenues, accrued expenses, and accrued revenues
- How accounting adjustments link to financial statements
- An adjusted trial balance
- Financial statements from an adjusted trial balance
- Correcting entries
- Two alternatives in recording prepaids and unearned revenues

Completing the Accounting Cycle and Classifying Accounts
- The worksheet and its usefulness
- The closing process and why temporary accounts are closed each period
- Closing entries
- Post-closing trial balance
- The steps in the accounting cycle
- A classified balance sheet
- Reversing entries and their purpose
- Current ratio and what it revels about a company's financial condition

Learning Outcomes:
Upon the successful completion of this course, the student will be able to:

- Describe accounting and it's goals and uses
- Describe forms of business organizations
- Identify users and users of accounting
- Explain why ethics and social responsibility are crucial to accounting
- Identify opportunities in accounting and related fields
- Identify and explain the content and reporting aims of financial statements
- Identify, explain and apply accounting principles
- Explain and interpret the accounting equation
- Analyze business transactions using the accounting equation
- Prepare financial statements reflecting business transactions
- Explain the accounting cycle
- Describe an account, it's use, and it's relationship to the ledger
- Define debits and credits and explain their role in double-entry accounting
- Describe a chart of accounts and it's relationship to the ledger
- Analyze the impact of transactions on accounts
- Record transactions in a journal and post entries to a ledger
- Prepare and explain the use of a trial balance
- Describe the purpose of adjusting accounts at the end of a period
- Explain how the time period, matching, and revenue recognition principles affect the adjusting process
- Explain accrual accounting and cash based accounting and how accrual accounting adds to the usefulness of financial statements
- Prepare and explain adjusting entries for pre-paid expenses, amortization, unearned revenues, accrued expenses, and accrued revenues
- Explain how accounting adjustments link to financial statements
- Explain and prepare an adjusted trial balance
- Prepare financial statements from an adjusted trial balance
- Explain and prepare correcting entries
- Identify and explain two alternatives in recording prepaids and unearned revenues
- Describe and prepare a worksheet and explain its usefulness
- Describe the closing process and explain why temporary accounts are closed each period
- Prepare closing entries
- Explain and prepare a post-closing trial balance
- Compare the steps in the accounting cycle
- Explain and prepare a classified balance sheet
- Prepare reversing entries and explain their purpose
- Calculate the current ratio and describe what it revels about a company's financial condition

Grading System:
Percentage

Passing Grade:
70%

Grading Weight:
Quizzes and Tests: 30 %
Assignments: 70 %

Number of Assignments:
5

Writing Assignments:
written assignments include manual financial reports which represent the accounting cycle

Percentage of Individual Work:
100

Course Offered in Other Programs:
No

Text Books:
Required - K.D. Larson, T. Jensen, 2007, Fundamental Accounting Principles (McGraw-Hill Toronto, Montreal, Boston etal). Chapters Covered: 1-5
Required - K.D. Larson, T. Jensen, 2007, Fundamental Accounting Principles Student Workbook (McGraw-Hill Toronto, Montreal, Boston etal). Chapters Covered: 1-5
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