COMM 241 Financial Accounting II is the second financial accounting course, reviewing and enlarging upon concepts and principles, their application to and effect upon financial statements. Topics include: capital and intangible assets, current and long-term liabilities, partnership accounting, accounting for corporate transactions, notes and bonds payable, the cash flow statement, and financial statement analysis.
Prerequisites: COMM 240 and ADMN 170 both with a minimum grade of 60%
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.Course Details| Total number of weeks | 15 |
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| Total Credits | |
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| Total Hours | 60 |
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Typical hours per week breakdown| Lecture | 4 |
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Learning Outcomes
Upon successful completion of this course, the learner will be able to:
- Account for:a. capital assets including purchases, sales and depreciationb. current liabilities;c. partnerships, including formation and liquidation of a partnership, allocating income or loss among partners, withdrawal or admission of a partner;d. corporations, especially the shareholder’s equity section of the balance sheet as it relates to reporting shares and dividends and calculating and reporting earnings per share;e. bonds and long-term notes payable, including determining and recording issuing and retiring bonds; andf. various investments
- Prepare the journal entries for all of the items in #1
- Prepare cash flow statements using both the indirect and direct methods
- Compute and analyze financial statement ratios.
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
Required
Larson, K., Jensen, T., Dieckmann, H. Creagh, E., (2025) Fundamental Accounting Principles. (18th Canadian
Edition - Volume 2). McGraw-Hill Ryerson.
Business/Financial Calculator, recommended TI BA11 Plus Calculator
Personal Computer - windows based with webcam, speakers and microphone
High speed Internet ServiceDetailed Course Content, Topics, and Sequence Covered
1. Orientation to Accounting Preview of Chapter 10
2. Chapter 10 – Current Liabilities
3. Appendix 1 - Payroll
4. Chapter 11 – Partnerships
5. Chapter 12 – Corporations
6. Chapter 13 – Corporate Reporting
7. Midterm review
8. Mid-Term week
9. Chapter 14 – Bonds & Long-Term Notes
10. Chapter 15 – Debt & Share Investments
11. Chapter 16 – Cashflows - indirect method
12. Chapter 16 – Cashflows - direct method
13. Chapter 17 – Analyzing Financials
14. Final review
15. Final examAssessment
| Title | Learning Outcomes | Value |
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| In Class assignments & Quizzes (weekly) | 1,2,3,4 | 35% |
| Case Studies | 1,2,3,4 | 15% |
| Mid-term Exam | Learning outcomes 1,2 Learning outcomes 1, 2, 3 | 25% |
| Final Exam | 4 | 25% |
| Total | 100% |
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.