vcc.ca
ACCT 1035: Financial Accounting 1
Effective date
May 2027
Department
Accounting Diploma
School
Arts and Sciences
Description
Students are introduced to the system in which information is collected by the accounting process and presented by financial statements. Accounting cycle, statement preparation, special journals, internal control and the accounting for cash, inventory, payroll, merchandising and sales tax are examined. Basic financial reporting is reviewed.
Credits
3.0
Year of study
1st Year Post-secondary
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Explain accounting's conceptual framework and underlying assumptions
- Describe the purpose of each financial statement and explain the elements of each
- Describe the common types of financial accounts
- Record business transactions in the journal and post them to the accounting ledger
- Differentiate between accrual accounting and cash-basis accounting
- Prepare adjusting and closing entries and basic financial statements
- Prepare and use a bank reconciliation
- Apply internal control to cash receipts and cash payments
- Use standard accounting tools to account for and control the assets and liabilities of a business
- Use the perpetual and periodic inventory systems
- Use the cost of goods sold (COGS) model to calculate the direct cost of producing goods for a company
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
Lectures, Demonstrations and lab Work
Grading System
Letter Grade (A-F)
Passing grade
C
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Assignments |
5 |
Group assignment |
|
Project |
5 |
Group project |
|
Project |
5 |
Moodle activities |
|
Quizzes/Tests |
40 |
|
|
Midterm Exam |
25 |
Midterm may consist of more than one exam |
|
Final Exam |
20 |
|
Course topics
- Accounting Overview
- Recording Business Transactions
- Measuring Business Income and Adjustments
- Completing the Accounting Cycle
- Merchandise Operations
- Accounting for Merchandise Inventory
- Accounting Information Systems - Sage50 or QuickBooks Overview
- Internal Control and Bank Reconciliations
- Receivables
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.