ACCT*1220 - Introductory Financial Accounting
Course Description
This course will introduce students to the fundamental concepts and practices of Financial Accounting. Students are expected to become adept at performing the functions related to the accounting cycle, including the preparation of financial statements.
Note: This course can be taken individually or as a part of a certificate program.
Learning Outcomes
By the end of the course, the learner should be able to:
- Perform all functions of the accounting cycle for a simple business, including:
- Identify and measure transactions and other events
- Prepare transactional, adjusting and closing journal entries
- Present the financial position, income, changes in equity and changes in cash flow
- Identify and explain the components of each of the financial statements.
- Apply financial statement analysis using common financial ratios to analyze and effectively communicate the condition of an organization’s liquidity, solvency and profitability; and
- Be aware of ethical issues and professional responsibilities in an accounting specific context.
Course Topics
- Financial Statements: The Purpose and Use
- Financial Statements: Framework Presentation & Usage
- The Accounting Information System: The Accounting Cycle
- Accrual Accounting Concepts: Non-cash Transactions of the Accounting cycle
- Merchandising Operations
- Inventory: Reporting and Analyzing
- Internal Control and Cash: Controlling, Reporting, Managing
- Receivables: Reporting and Analyzing
- Long Term Assets: Reporting and Analyzing
- Financial Statements: Cash Flows
Additional Requirements
Restriction(s): ACCT*2220. This is a Priority Access Course. Enrolment may be restricted to particular programs or specializations. See department for more information. Alternatively, Open Learning program Students may contact Counsellor@OpenEd.uoguelph.ca.
Assessment
| Assessment Item | Weight | Learning Outcomes |
|---|---|---|
| Dynamic Study Module (best 9 out of 10) | 5% | 1, 2, 3 |
| Quizzes (best 9 out of 10) | 10% | 1, 2, 3 |
| Midterm Exam 1 | 25% | 1, 2, 4 |
| Midterm Exam 2 | 25% | 1, 2, 3, 4 |
| Final Exam | 35% | 1, 2, 3, 4 |
| Total | 100% |
Note:
Additional Technical Requirements
This course will use the following:
- Respondus tool to invigilate one or more exams.
Please view the Technical Considerations.
Applies Towards the Following Certificates
- Certificate in Accounting : Required Courses
- Certificate in Business : Electives
Technical Requirements
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*Course details are subject to change.