Financial Accounting Principles Grade 12, University/College Preparation (BAT4M)

Course Title : Financial Accounting Principles, Grade 12, University/College Preparation (BAT4M)
Course Name : Financial Accounting Principles
Course Code : BAT4M
Grade : 12
Course Type : University and College Preparation
Credit Value : 1.0
Prerequisite : Financial Accounting Fundamentals, University/College Preparation, BAF3M
Curriculum Policy Document: Business Studies, The Ontario Curriculum, Grades 11 and 12, 2006 (Revised)

Course Description

This course introduces students to advanced accounting principles that will prepare them for postsecondary studies in business. Students will learn about financial statements for various forms of business ownership and how those statements are interpreted in making business decisions. This course expands students’ knowledge of sources of financing, further develops accounting methods for assets, and introduces accounting for partnerships and corporations.

Outline of Course Content

Unit Titles and Descriptions Time and Sequence
Unit 1: The Accounting Cycle

Students review and demonstrate the accounting practices for both a service and merchandising business, in both a manual and computerized environment. In addition to consistently applying GAAP, students further the application with particular emphasis on the matching principle and adjusting and reversing entries.

20 hours
Unit 2: Merchandising Business & Inventory Costing

Students are introduced to the proper accounting methods for a perpetual inventory system. Such as preparing entries for a sale and performing the steps in the accounting cycle for a merchandising company.
Students will also describe the steps in determining inventory quantities, calculating the cost of goods sold in a simple periodic inventory system. Students will also calculate the gross profit margin and the profit margin.

15 hours
Unit 3: Accounting Practices for Assets

Students focus on the accounting procedures for short-term assets, with an emphasis on inventory control, the nature of accounts receivable and notes receivable, and the accounting principles relating to the acquisition, use and disposal of capital assets. The elements of depreciation methods used for plant and equipment are studied in depth, as well as the accounting for intangible assets and for natural resources. The different methods of allocating the costs of purchased merchandise between inventory and the cost of goods sold, including the valuation of inventory, are covered, as well as the taking of a physical inventory and the methods for estimating the cost of goods sold.

25 hours
Unit 4: Partnerships and Corporations

Students examine the financing options and procedures for both a partnership and a corporation form of ownership.

25 hours
Unit 5: Financing, Financial Analysis & Ethics

Students will discuss the impact of debt financing versus equity financing, and describe alternative sources of funding available to businesses. Students will then analyze various sections of financial statements, contrast annual reports and assess the current and projected financial strength of a corporation. Students will analyze liquidity, solvency and profitability as well a numerous financial ratios. Finally they will prepare a statement of cash flow. In this unit all of the above will be related to the ethical practices in accounting and we will review a few current issues in the field of accounting.

22 hours
Final Evaluation

The final assessment task is a two hour exam worth 30% of the student’s final mark.

3 hours
Total 110 hours

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