COMM 240 Financial Accounting I

School of Business

COMM 240 Financial Accounting I is an introductory course in accounting from the basic accounting equation to the preparation of the income statement, statement of owner's equity and balance sheet. This course covers merchandise operations, valuation and control of cash, temporary investments and receivables, inventories and cost of goods sold, principles of internal control and capital assets. Includes important accounting principles and concepts as well as the classification of accounts. The use of special journals, worksheets and computerized accounting is also covered.

Prerequisites: Program admission requirements.

Accessibility Services Notice

Students who would like an academic accommodation and who have a documented disability should contact Accessibility Services, if they have not already done so.

Transfer Agreements

Course to Course transfer – YesBlock Transfer – Yesbctransferguide.ca
Course Details
Total number of weeks15
Total Credits
Total Hours60
Typical hours per week breakdown
Lecture4

Learning Outcomes

Upon successful completion of this course, the learner will be able to:

  1. Define the components of the Accounting Equation, including if they are normally debits or credits
  2. Record accounting data using journal entries
  3. List the Generally Accepted Accounting Principles (GAAP)
  4. Prepare classified financial statements for a proprietorship: Income Statement, Statement of Changes in Equity, and Balance Sheet
  5. Calculate changes in inventory using FIFO, MWA, and SI methods
  6. Prepare journal entries for inventory using perpetual and periodic systems
  7. Calculate estimated inventory values using gross profit and retail inventory methods
  8. Prepare petty cash journal entries
  9. Calculate annual bad debts expense using the Sales and A/R methods
  10. Prepare journal entries for short-term notes receivables
  11. Reconcile a bank statement
  12. Calculate the purchase, sale and depreciation of capital assets

Teaching and Learning Approach

Teaching focusses on developing the student as a new professional. In class time is primarily spent working on shared spreadsheets to develop both a clear understanding of financial accounting concelpts and the spreadsheet and communication skills required in the workforce. Students are expected to keep abreast of the technical concepts prior to class by reviewing the course notes. The technical will be assessed in weekly quizzes, and small technical lectures will be interspersed with the practical work in class.

Learning Resources

Optional: Larson (CDN), Fundamental Accounting Principles, Volume 1, 18ce Edition: 18ce Author: Kermit Larson Business/Financial Calculator, recommended Texas Instruments BAII Plus Required Personal LapTop Computer Internet Service Web Camera

Detailed Course Content, Topics, and Sequence Covered

1. Course introduction and Excel Basics 2. Chapter 1 Accounting in Business 3. Ch. 2 Analyzing & Recording Transactions 4. Chapter 3 Adjusting Accounts for F/S 5. Chapter 4 Completing Accounting Cycle & Classifying Accounts 6. Chapter 5 Accounting for Merchandising 7. Chapter 6 Inventory Costing & Valuation 8. MIDTERM 9. Chapter 7 Internal Control & Cash 10. Chapter 8 Accounts Receivable 11. Chapter 9 - Plant, Property & Equipment 12. Appendix II - Accounting Information Systems (online) 13. Case Studies 14. Case Studies Practice Final Exam and Wrap Up. 15. Final exam

Assessment

TitleLearning OutcomesValue
In Class Assignments & Quizzes1,2,3,4,5,6,7,8,9,10,11,1235%
Case Studies1,2,3,4,5,6,7,8,9,10,11,1215%
Midterm Exam1,2,3,4,5,625%
Final Exam7,8,9,10,11,1225%
Total100%

Grading Table

Standard Academic and Career Programs Grading Table

Percentage Letter Grade GPA
90-100 A+ 4.33
85-89 A 4.00
80-84 A- 3.67
76-79 B+ 3.33
72-75 B 3.00
68-71 B- 2.67
64-67 C+ 2.33
60-63 C 2.00
55-59 C- 1.67
50-54 P 1.00
0-49 F 0.00
  DNW 0.00

See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.

Disclaimer

Information contained in this course outline is correct at the time of publication. Content of the course is revised on an ongoing basis to ensure relevance to changing educational, employment and market needs. The instructor will endeavor to provide notice of changes to students as soon as possible. The instructor reserves the right to add or delete material from courses.