vcc.ca
MGMT 1007: Financial Accounting
Effective date
September 2022
Department
Business Mgmt PD Diploma
School
Hospitality, Food Studies and Applied Business
Description
This course introduces students to the basic terminology, concepts and principles of accounting according to the International Financial Reporting Standards (IFRS). Students work though the full accounting cycle and prepare, analyze, and interpret financial statements.
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 the principles of accounting
- Explain the importance of financial accounting in the business sector
- Adjust accounts in preparation of financial statements
- Apply the required steps in the accounting cycle
- Distinguish between multiple-step and single-step income statements
- Describe the relationship between income statement, balance sheet, and cash flow statement
- Prepare, analyze and interpret financial statements
- Explain the differences between a service enterprise and a merchandiser
- Explain the basis for accounting for inventories and inventory cost-flow methods
- Apply the principles of internal control and cash management
- Describe accounting for fixed assets, receivables, and payables
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
Lectures and lab work, demonstrations, case studies, self-study (research).
Grading System
Letter Grade (A-F)
Passing grade
D (50%)
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Assignments |
5 |
group assignments |
|
Project |
5 |
group project |
|
Project |
5 |
Moodle activities |
|
Quizzes/Tests |
40 |
|
|
Midterm Exam |
25 |
|
|
Final Exam |
20 |
|
Course topics
- 1. Basic concepts of accounting
- 2. Analyzing transactions, accounting equation
- 3. Preparation of financial statements
- 4. Preparation of general journals, T-Accounts, account ledgers, trial balance
- 5. Adjustments, preparation of an adjusted trial balance
- 6. Fixed assets, receivables, payables
- 7. Horizontal and vertical analysis, ratio analysis
- 8. Accounting for merchandising operations in business
- 9. Cash management and cash flow statement
- 10. Accounting for equity
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.