Professional Accounting Practice

Ontario College Graduate Certificate


Overview

This 12-month graduate certificate program is a fast-track option for four-year degree graduates to pursue a career in accounting. You will study financial and management accounting, tax, information systems, audit, finance and economics focusing on analysis and interpretation of information and making sound ethical decisions.

You will be introduced to the modern technological environment of business using spreadsheets (Excel), database software (Access) and integrated database application technologies (ERP) through exposure to accounting software package(s). You will also gain industry exposure through research, case studies and projects.

You are eligible to enroll in this program with little or no knowledge of accounting and can pursue Seneca's International Accounting and Finance degree, as well as other universities/colleges, to complete an accounting degree if desired or pursue your professional career upon graduation.

Entry Requirements

  • A recognized degree from an accredited institution.
  • English proficiency at the post-secondary level.

Note:

  • This program is ideal for individuals with little or no background in accounting.
  • Students are required to be highly literate and have a facility for mathematics and financial concepts. Superior communication and analytical skills are necessary.
  • Prospective students may be required to undergo testing to assess literacy.

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Curriculum

BAB140
Introduction to Financial Accounting
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This course prepares the learner to apply basic accounting principles in the preparation of financial statements for external reporting. Students will become skilled in the bookkeeping process which leads to the preparation of the financial statements. Through the use of case studies, group discussions and seminars, learners increase their ability to analyze, interpret, and communicate financial information. Emphasis will be placed on ethical issues related to the accounting process. Topics include the accounting model, transaction analysis and accounting information processing as well as liquid assets, inventories, capital assets, liabilities and shareholders' equity.




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BAB210
Business Statistics
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Prerequisite(s):

BAB110

This course introduces the learner to statistical methods of collection, analysis, and presentation of quantitative data. Through the process of applying statistical methods, the ability to interpret quantitative data used for making generalizations, projections and decisions under uncertain conditions is developed. Emphasis will be on the use of both descriptive and inferential statistical techniques within the workplace. Learners will utilize spreadsheet software to present and analyze data.




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BAB231
Introduction to Business Law
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This course is an introductory survey of the legal issues that frequently arise in a business setting with emphasis on the financial services industry, human resources, and accounting and other professional services. Topics covered may include: the structure and process of Canadian legal and court systems, contracts, the law of torts (particularly negligence and professional responsibility), forms of business organization, agency, professional services, property law (personal, real, and intellectual), banking, the legal aspects of credit, and employment law. The purpose of the course is to enhance the students' decision-making ability with respect to various business transactions, to aid in the legal planning related to business and to help identify, manage and control legal issues that arise in a business setting having regard to ethical considerations.




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IAF330
Finance
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Prerequisite(s):

BAB140 and BAB210

In this course students learn the basic finance concepts, tools and theories required by a financial specialist, working in a Canadian organization and a global economy. This course is designed to give the students a broad understanding of the use of mathematical techniques as an aid to managerial decision-making. This course prepares students to understand the language and description of Canadian financial markets and the implications of these markets to financial managers. The content includes analysis of the current financial environment and its components, security valuation, the capital budgeting process, the component costs of capital, introduction to risk, and financial planning.




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IAF340
Business Information Systems
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Prerequisite(s):

BAB140 and BAB220

This is an introductory course in the use of computer-based information systems in management and accounting, taking into consideration the global aspect of business. Topics surveyed include hardware and software of computer systems; file and database organization; networks and telecommunications; the systems development process; designing information systems solutions; system security and controls; artificial intelligence; and the management of information systems. Computer software is used to provide illustration and practice in database concepts.




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LSP240
Micro Economics - Theory & Practice
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Prerequisite(s):

ENG106 or equivalent

This course explains how prices are determined and resources allocated under different market forms, and diverse economic environments. It focuses on actual economic problems, and develops the theoretical structure to analyze these problems. Careful consideration is given to "soft" factors such as culture, economical legislation and trade regulation, which influence decision-making.




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BAB240
Management Accounting
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Prerequisite(s):

BAB140

In this course, students examine the fundamental concepts of management accounting including cost control, planning, decision making and performance evaluation utilized by users internal to the corporate organization. Specific items include standard costing, variance analysis, cost behaviours, budgeting, and break even analysis, make or buy decisions, return on investment and discounted cash flow for capital budgeting. The introduction of management accounting is applied to the analysis, interpretation and application to business including human resource decision making.




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IAF310
Intermediate Financial Accounting I
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Prerequisite(s):

BAB140

This course provides a more in depth examination of the financial reporting process, with a strong focus on the underlying conceptual framework and the specific requirements of generally accepted accounting principles (GAAP) as codified in the CICA Handbook. Students are expected to begin to develop an ability to exercise professional judgment in resolving accounting policy issues, especially in cases where the CICA Handbook does not provide specific recommendations applicable to the circumstances. The related principles of revenue and expense recognition, income measurement and asset valuation are to be applied by students in accounting for all assets that appear in a balance sheet prepared in accordance with GAAP. Generally accepted financial statement presentation and note disclosure are also reviewed for the specific assets being covered in the course.
Relationships between accountants, reporting corporations and statement readers receive close attention in this course, with a view to making decisions that establish a viable and ethical approach to fulfilling the accountant's role in the financial reporting process.
A global perspective is maintained in this course through a comparison of Canadian and international accounting standards for the specific topics covered.




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IAF320
Income Tax I
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Prerequisite(s):

BAB140

This course offers an overview of the taxation of personal and corporate incomes of Canadian taxpayers as well as related tax planning and GST implications. It provides a detailed examination of the federal income tax law concerning income of individuals from employment, business and property. The implementation of the law and its effects, and issues in tax planning and other practical matters are explored. Legal interpretations of tax law are examined through practical problems and cases.
It is designed to give a basic understanding of the Income Tax Act and its administration. This is achieved by applying the law to practical problems and cases. Topics covered include administration of the tax system, residence, employment income, business and property income, capital gains, other income and deductions, computation of taxable income and taxes payable for individuals.




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IAF520
Auditing
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Prerequisite(s):

IAF410 and BAB240

This introductory course covers the auditing principles and procedures applicable to both internal and external auditing. Students learn the principles of reporting, professional standards and ethics, legal liability, audit objectives, audit evidence, planning and analysis, materiality and risk, internal control, audit sampling and EDP auditing. Students use the functions and procedures for the revenue and collection cycle, acquisition and expenditure cycle, production and payroll cycle, and finance and investment cycle and also use auditing software for the related practice set.




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IAF620
Financial Management
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This course is a continuation of the study of corporate finance started in Finance. It provides an in-depth study of issues and tools that will assist financial specialists in making corporate financing decisions. Students learn how to select the appropriate financial and investment strategies to achieve the company's goals and objectives, given the economic environment in which the firm operates. Analytical techniques relating to financial decision making are studied. Topics include dividend policy, investment decisions, derivatives, risk management, international financial management, options and swaps.




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LSP340
Macroeconomics - Theory & Practice
Availability
 

Prerequisite(s):

LSP240 - Micro Economics

This course concentrates initially on the definition and measurement of the principal aggregate economic indicators such as Gross Domestic Product, unemployment and inflation. It then explains how the level of economic activity, prices, interest rates and the value of the Canadian dollar are determined, under different internal and external environments, and alternative government policies. A basic open-economy model is constructed, and the impact of alternative fiscal, monetary and trade policies on macro economic variables are analyzed and appraised.




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IAF410
Intermediate Financial Accounting II
Availability
 

Prerequisite(s):

ENG106 - Writing Strategies
IAF310 - Intermediate Accounting I

This course includes an in-depth analysis of accounting for specific items in liabilities and shareholders' equity. Coverage includes a review of generally accepted accounting principles (GAAP), as codified in the CICA Handbook, that apply to the following topics: current and long-term liabilities, shareholders' equity, complex financial instruments, pensions and other post-employment benefits, corporate income taxes and leases. The calculation of earnings per share and the preparation of cash flow statements for more complex situations, in accordance with GAAP, are also covered in this course. The statement user perspective is reinforced through a review of financial statement analysis techniques at a more advanced level. Relationships between accountants, reporting corporations and statement readers receive close attention in this course, with a view to making decisions that establish a viable and ethical approach to fulfilling the accountant's role in the financial reporting process. A global perspective is maintained in this course through a comparison of Canadian and international accounting standards for the specific topics covered.




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IAF420
Income Tax II
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Prerequisite(s):

BAB140, IAF320

This course, built on the foundations set in TAX I, is designed to give the student an understanding of more complex issues of Canadian income tax law. Topics include computation of corporate taxes, integration theory, corporate reorganizations, surplus distributions, partnerships and trusts. At the successful conclusion of this course, it is anticipated that students will be proficient at recognizing tax issues, developing planning alternatives, locating proper authority to resolve issues, and communicating courses of action to implement the solutions.

All tax provisions are subject to change. Accordingly, the intent is that students develop an understanding of how the tax law works and incorporate the ability to find and apply the appropriate tax provisions in a variety of situations. Students are expected to demonstrate (in exams, assignments and class participation) competence in the technical aspects of the tax laws covered.




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IAF530
Management Accounting - Intermediate
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Prerequisite(s):

BAB240

Continuing from the fundamentals covered in Management Accounting - Introductory, this course covers the intermediate concepts including the impact of organizational structure on cost structures, transfer pricing, cost allocation methods, flexible budgets and variance analysis, capital budgeting for long-term projects, the design and implementation of effective management control systems, and their impact on organizational behaviour. Ethical standards for and moral responsibilities of managers will be emphasized throughout the course.




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IAF640
Business Cases I
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Prerequisite(s):

IAF330, IAF410, IAF530, IAF541or IAF540 and LSP500

Business issues rarely manifest themselves as discrete concerns. The symptoms of an issue are often more obvious than their root cause. As well, the timing of dealing with a problem is seldom ideal. Building on disciplines studied in previous terms, this course synthesizes concepts and methodologies and provides students a framework to analyze various business situations into their component parts, to develop possible solutions and to hypothesize the most appropriate one. Using role play, students learn to conduct analyses that are tailored to their users and needs, learning that a "one size fits all" solution rarely works in the business world. Several cases are studied that incorporate real life situations and require both quantitative and qualitative analyses, with a view of developing and honing analytic and evaluative skills.




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IAF710
Advanced Financial Accounting
Availability
 

Prerequisite(s):

IAF510

This advanced financial accounting course provides an in-depth study of six major areas of advanced financial accounting. These are standard setting in Canada and internationally, financial instruments, income tax allocation, long-term intercorporate investments, consolidation, foreign currency translation and consolidation of foreign subsidiaries, and not-for-profit and public sector accounting.




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IAF831
International Strategic Management
Availability
 

Prerequisite(s):

IAF640, IAF540 and LSP700

Many Canadian organizations compete in evolving, competitive international environments. In order to succeed, these businesses require complex integrative strategies. This course provides students with a range of strategic frameworks, concepts and tools. Through the use of case studies, students are challenged to analyze complex business situations, develop and evaluate alternatives and recommend courses of action. The fundamental objective of the course is for students to develop the skills to be effective global managers.




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OSAP Funding Available

This program is eligible for OSAP funding.

Course load is used by OSAP to determine funding options for programs.

If you are taking 1 - 2 courses at the same time, you may be considered for part-time student grants and loans.

  • 1 course (20%)
  • 2 courses (40%)

If you are taking 3 or more courses at the same time, you may be considered for full-time student grants and loans.

  • 3 courses (60%)
  • 4 courses (80%)
  • 5 courses (100%)

To find out if you qualify and to learn how to apply, please visit the OSAP website.

For information on other awards and financial assistance, please see Financial Aid.

Professional Certification

As a student of this program, if you have met the minimum grade requirements:

  • You will have completed courses recognized as equivalent to the 14 preparatory courses required for admission to the CPA Professional Education Program (PEP). Click here for more details.
  • You will have completed eight of ten program and technical prerequisite courses required for entry into CPA Canada's Advanced Certificate in Accounting and Finance (ACAF). You may also be eligible for exemptions of up to six ACAF Technical Courses so that the ACAF may be completed with only four additional courses. Click here for more details.
  • You will be eligible for exemptions for ACCA Papers F1 to F4.

The CPA policy of a ten-year course currency of education is applied as part of Seneca academic policy – Life of a Credit. Any credits completed more than 10 years prior to an application for transfer credit or equivalency will not be considered.

 

Graduation/Convocation

When you meet all program requirements and become eligible for a certificate, diploma, or degree, you must inform the Registrar by completing a Graduation Application form and paying the graduation and alumni fee. Certificates, diplomas, and applied degrees are issued twice a year in the Fall (October) and Spring (June).

For further information including deadlines and fees, please visit the  Convocation website or contact the Convocation Office at 416-491-5050 ext. 77461.

Minimum Performance for Graduation

Students will only be eligible to graduate with a Seneca College certificate or diploma if they have maintained an overall good standing in their current program of study. Students in degree programs will be eligible to graduate when they have obtained an average of C (2.5 GPA) in courses in the main field of study, and an average of C (2.0 GPA) in all other courses.

Program Contacts

Contact us via this form or using the phone number(s) below it.





Terry Wood
Program Assistant

416-491-5050 ext.22501


Cynthia Duncan
Program Coordinator

416-491-5050 ext.22527