Accounting
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Accounting Accounting Presentation Transcript

  • Curriculum Review Business Studies: Accounting
  • The Big Picture
    • Descriptive course titles
    • Fewer expectations
    • Increased emphasis on ethics
    • “ demonstrate an understanding of” only in overall expectations
    • Plain language, e.g., “record transactions in journals and ledgers”
    • Greater use of examples
    • Management accounting is out in BAT4M
    • Cash Flow statement is in
    • All courses require computer software use
  • Course Titles
    • BAF3M Introduction to Financial Accounting
    • Financial Accounting Fundamentals
    • BAT4M Principles of Financial Accounting
    • Financial Accounting Principles
    • BAI3E Introduction to Accounting
    • Accounting Essentials
    • BAN4E Accounting for a Small Business
    • Accounting for a Small Business
  • BAF3M Financial Accounting Fundamentals
    • Original :
    • The Objectives of Accounting
    • Accounting Fundamentals
    • Financial Analysis, Control, and Decision Making
    STRANDS
    • Revised :
    • Accounting Fundamentals
    • Accounting Practices
    • Internal Control, Financial Analysis, and Decision Making
    • Ethics, Impact of Technology, and Careers
  • BAF3M – Accounting Fundamentals
    • Discipline of accounting
    • Different forms of business organization
    • Procedures and principles for a service business
    • Explain different equity sections, e.g., capital versus shareholder’s equity
    • Describe impact of adjusting entries on financial statements
  • BAF3M – Accounting Practices
    • Accounting cycle for merchandising business
    • Perpetual and periodic inventory systems remain
    • Use accounting software or application software for service, merchandising business and financial statements
    • Sales taxes
    • Describe alternative accounting systems such as special journals and ledgers
  • BAF3M - Internal Control, Financial Analysis, and Decision Making
    • Petty cash, bank reconciliation procedures
    • Budgeted financial statements
    • Role of an auditor
    • Analysis of liquidity, solvency, profitability
    • “simple” financial ratios, e.g.
      • Current, debt ratios
      • Comparative statements, trend analysis
  • BAF3M – Ethics, Impact of Technology, and Careers
    • Role of ethics and code of conduct
    • Impact of current issues on accounting, e.g., fraud, globalization of transactions
    • Impact of technology on accounting functions
    • Research educational paths for accounting career paths
  • BAT4M Financial Accounting Principles
    • Original :
    • The Accounting Cycle
    • Advanced Accounting Practices for Assets
    • Financing
    • Financial Analysis and Decision Making
    • Revised :
    • The Accounting Cycle
    • Accounting Practices for Assets
    • Partnerships and Corporations
    • Financial Analysis and Decision Making
    STRANDS
  • BAT4M – The Accounting Cycle
    • emphasis on the computerized environment (go beyond BAF3M)
    • Include year end procedures using software
    • Roles of agencies, e.g., OSC
    • Relate GAAP and practices, e.g., matching principle and cash vs. accrual basis)
    • More ethics and issues, e.g., off balance sheet activities
  • BAT4M – Accounting Practices for Assets
    • Short term assets, inventories, capital assets
    • Notes receivable procedures included
    • Relate technology to inventory control
    • Capital vs. revenue expenditures
    • Record and analyze methods of amortization
  • BAT4M – Partnerships & Corporations
    • New strand
    • Limited vs. general partnerships
    • Various partnership transactions, e.g., formation, admission, dissolution, etc.
    • Common and preferred transactions and dividends
    • Impact of dividends on shareholder equity
    • Prepare financial statements including shareholders equity section
  • BAT4M – Financial Analysis and Decision Making
    • Compare debt and equity financing
    • Investigate alternative sources, e.g., government loans
    • Describe and analyze annual report as a means of communication
    • Use annual report to prepare financial analysis of a company
    • Higher level ratios, e.g., turnovers, earning per share, times interest earned, etc.
    • Use info technology in financial analysis (spreadsheets?)
    • Prepare and analyze cash flow statement!
  • BAI3E – Accounting Essentials
    • Original :
    • The World Accounting Cycle
    • The Accounting Cycle
    • Cash Management in a Service Business
    • The Use of Accounting Information in Decision Making
    • Revised :
    • Fundamentals of Accounting for Business
    • The Accounting Cycle
    • Internal Control, Banking and Computerized Accounting
    • Decision Making, Ethics, and Careers
    STRANDS
  • BAI3E - Fundamentals of Accounting for Business
    • Describe differences in sources of financing, e.g. equity vs. loans
    • Identify elements of accounting system, e.g., journals, ledgers, etc.
    • Adv. and disadvantages of business ownership forms
    • Differentiate service and merchandising
  • BAI3E - The Accounting Cycle
    • Focus on service business only
    • Explain relationships, e.g. assets to liabilities and equity
    • Complete the cycle for a service business
    • Complete sales tax remittance forms
  • BAI3E - Internal Control, Banking and Computerized Accounting
    • Petty cash procedures, reconcile daily sales with point of sales records
    • Describe bank account features
    • Complete Bank reconciliation
    • Accounting software through closing, adjusting entries and financial statements
      • Service business only
  • BAI3E - Decision Making, Ethics, and Careers
    • How is information used to make decisions, e.g. by managers
    • Identify costs beyond our control, e.g., taxes, minimum wage
    • Ethics related to a small business
      • Handling of cash, hiring relatives
      • Consequences, e.g., job loss, fines
      • Investigate code of ethics
    • Investigate a variety of accounting careers, e.g., accounting clerks, payroll, etc.
  • BAN4E – Accounting for a Small Business
    • Original :
    • The Service and Merchandising Businesses
    • Accounting Practices
    • The GST, Retail Sales Taxes, and Cash-Flow Statements
    • Financial Analysis and Accounting Careers
    • Revised :
    • Service and Merchandising Businesses
    • Accounting Practices
    • Plant & Equipment, Payroll, and Income Taxes
    • Ethics and Decision Making
    STRANDS
  • BAN4E - Service and Merchandising Businesses
    • Complete accounting cycle for a service business using accounting software
    • Timing for taking inventory and safeguarding inventory
    • Complete manual cycle for merchandising using periodic and perpetual systems
    • Repeat using accounting software
  • BAN4E - Accounting Practices
    • Procedures for A/R and A/P sub ledgers
    • Use multi-column journal
    • Use multi-journal system
  • BAN4E - Plant & Equipment, Payroll, and Income Taxes
    • Calculate cost of an fixed asset
    • Record depreciation
    • Methods of paying employees, e.g., hourly wage, salary, piecework, etc.
    • Record payroll transactions using accounting software
    • Prepare personal income tax return using software
    • Prepare a small business tax return
  • BAN4E - Ethics and Decision Making
    • Ethical challenges for a small business, e.g., not reporting revenue, manipulating inventory, etc.
    • Report on a current issue
    • Compare budgeted and actual data to evaluate performance
    • Create a simple cash budget
    • Relate need for accounting personnel to an expanding business, e.g., specialization versus one person
    • Summarize steps to incorporate a business
  • Resources
    • Ethics Case Studies http://ba.gsia.cmu.edu/ethics/AA/arthurandersen.htm
    • Misleading Annual Reports
    • http://www.canadianbusiness.com/markets/stocks/article.jsp?content=20050314_66053_66053
    • Capital Cost Allowance
    • http://www.cra-arc.gc.ca/E/pub/tp/it128r/it128r-e.html
    • BAT4M Files (can be used for other courses also)
    • http://samsa.biz/BAT4M/