Accounting

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Accounting

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

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