Financial Accounting I

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The course competencies for Financial Accounting I are:

- Introduction to Accounting: Objectives, users, measurement, IFRS/ASPE

- The accounting cycle

- Internal control and cash

- Receivables

- Inventories

- Financial Statements – process/design

- Financial Statement analysis (introductory)

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Learning Outcomes

  • Analyze and record transactions;
  • Prepare adjusting entries and explain the principles that guide these entries;
  • Close temporary accounts and transfer balances to Retained Earnings
  • Complete the accounting cycle;
  • Evaluate and prepare financial statements including Single and Multi-step Income Statements, Classified Balance Sheets, and Statement of Changes in Owner’s Equity;
  • Account for purchases and sales of merchandise including various inventory costing methods and valuation principles;
  • Describe internal controls over cash transactions and complete bank reconciliations;
  • Explain the nature, estimate, and statement presentation of accounts receivable and uncollectible accounts;
  • Analyze and account for payroll liabilities.
  • Serve businesses and stakeholders by applying accounting standards in order to make decisions and maintain integrity.

Course Materials