|Course Title :||Financial Accounting Fundamentals, Grade 11, University/College Preparation (BAF3M)|
|Course Name :||Financial Accounting Fundamentals|
|Course Code :||BAF3M|
|Course Type :||University/College Preparation|
|Credit Value :||1.0|
|Curriculum Policy Document:||Business Studies, The Ontario Curriculum, Grades 11 and 12, 2006 (Revised)|
This course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills that will assist them in future studies and/or career opportunities in business. Students will acquire an understanding of accounting for a service and a merchandising business, computerized accounting, financial analysis, and ethics and current issues in accounting.
Outline of Course Content
|Unit Titles and Descriptions||Time and Sequence|
|Unit 1: Introduction to Accounting for a Service Business
Students are introduced to the discipline of accounting and learn the skills necessary to complete the accounting cycle for a service business. In addition, students explore career opportunities in Accounting. The fundamental accounting equation, although not specifically mentioned in the expectations, is an integral part of any introductory accounting course.
|Unit 2: Accounting for a Merchandising Business
Students learn the key role of inventory in a business that sells products not services. They learn how inventory impacts the accounting entries that are made, the statements that are produced, and the adjusting and closing process.
|Unit 3: Business Structures and Accounting Implications
Students learn the role of the owner in the different business structures. They learn the differences in the Accounting for equity required in a sole proprietorship, a partnership or corporation. Particular focus is given to the Partnership in its various forms.
|Unit 4: Advanced Topics
In this unit students will pursue one of the following four topics in depth after being briefly introduced to each one: Extended Partnership Accounting, Corporate Accounting, Accounting for Manufacturing Businesses and Financial Control Systems.
The final assessment task is a two hour exam worth 30% of the student’s final mark.