MGMT 103 - Foundations in Financial Accounting Level 1

A foundation course in accounting designed to enable students to understand the fundamental accounting reports of business with a focus on the recording and reporting of assets. The course introduces students to the application of double entry accounting for proprietorships and prepares them to complete all stages of the accounting cycle.

 

Credits: 3

 

Hours: 45 (Lecture Hours: 3)

 

Total Weeks: 15

 

Prerequisites:

None, however prior exposure to bookkeeping is strongly recommended

 

Non-Course Prerequisites:

None

 

Co-Requisites:

None

 

Course Content:
- Orientation and Accounting in Business
- Analyzing and Recording Transactions
- Adjusting Accounts for Financial Statements & Appendix 3A: Correcting Errors
- Completing the Accounting Cycle and Classifying Accounts
- Accounting for Merchandising Activities
- Merchandise Inventory and Cost of Sales
- Accounting Information Systems
- Internal Control and Cash
- Receivables
- Payroll
- Review

 

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:
- Complete all stages of the accounting cycle
- Account for merchandising activities
- Effectively use special journals
- Maintain and reconcile subsidiary ledgers
- Explain basic internal control principles
- Record petty cash transactions
- Accurately prepare a bank reconciliation
- Apply inventory valuation methods
- Account for property, plant and equipment at acquisition and disposal
- Calculate and record the amortization of property, plant and equipment
- Account for receivables according to GAAP
- Record short-term notes receivable
- Determine and record withholdings from employee wages using CRA tables
- Account for payment of payroll withholdings
- Calculate and account for employer payroll costs

 

 

Grading System: Letters

 

Passing Grade: D (50%)

 

Percentage of Individual Work: 100

 

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