BAB140 - Introduction to Financial Accounting

Outline info
Semester
School
Last revision date 2023-10-02 00:44:20.901
Last review date 2023-12-04 00:15:08.845


Subject Title
Introduction to Financial Accounting

Subject Description
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.

Credit Status
One Credit

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Analyze the role of accounting as the basis for business decision making.
2. Apply appropriate principles and procedures of accounting to develop financial statements for all forms of business enterprise.
3. Explain the purpose and affect of ledger accounts in the accounting cycle.
4. Create appropriate financial statements using information provided.
5. Use accounting information as a basis for decision making based on analysis and interpretation of data from financial statements.
6. Explain the broad principles of internal control necessary to safeguard a company's assets.
7. Apply effective participation in a team learning situation.

Essential Employability Skills

    •  Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

    •  Respond to written, spoken, or visual messages in a manner that ensures effective communication.

    •  Execute mathematical operations accurately.

    •  Apply a systematic approach to solve problems.

    •  Use a variety of thinking skills to anticipate and solve problems.

    •  Locate, select, organize, and document information using appropriate technology and information systems.

    •  Analyze, evaluate, and apply relevant information from a variety of sources.

    •  Show respect for diverse opinions, values, belief systems, and contributions of others.

    •  Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

    •  Manage the use of time and other resources to complete projects.

    •  Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.

Prerequisite(s)
None

Topic Outline

Weekly schedule:

Week Weekly Outline Chapter Reference
1 Introduction to Financial Statements 1
2 A Further Look at Financial Statements 2
3 The Accounting Information System 3
4 Accrual Accounting Concepts 4
5 Merchandising Operations 5
6 Reporting and Analyzing Inventory 6
7 Internal Control and Cash - Term Test 1 7
  Study Week  
8 Reporting and Analyzing Receivables 8
9 Reporting and Analyzing Long-Lived Assets 9
10 Reporting and Analyzing Liabilities 10
11 Reporting and Analyzing Shareholders’Equity 11
12 Cash Flow 13
13 Review 14
14 Final Examination  

Mode of Instruction
Modes: In-class lecture, in-class exercises, case studies, team-based learning
Hours per week: 3
Room configuration: Classroom
Typical scheduling pattern: Fall and Winter terms

Prescribed Texts
Financial Accounting, Tools for Business Decision-Making; Sixth Canadian Edition
Kimmel, Weygandt, Kieso, Trenholm
Published by John Wiley & Sons Canada
ISBN: 9781118644942 (hardcover; digital versions are available) 

Reference Material
Seneca Libraries:
Guide to Research and Citation: MLA Style.
Latest Edition

Student Progression and Promotion Policy
To obtain a passing grade, the student must:

  • Pass the final exam
  • Pass the weighted average of the tests plus the final exam
  • Submit all assignments

http://www.senecapolytechnic.ca/about/policies/student-progression-and-promotion-policy.html

Grading Policyhttp://www.senecapolytechnic.ca/about/policies/grading-policy.html

A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecapolytechnic.ca/about/policies/academics-and-student-services.html) or at Seneca's Registrar's Offices. (https://www.senecapolytechnic.ca/registrar.html).


Modes of Evaluation

Assignments (approximately 2) 20%
Quizzes (approximately 10) 15%
Topic Tests (approximately 2) 15%
Midterm Test 25%
Final Exam 25%

Academic Support and Expectations
Missed Tests / Presentations / In-Class Assignments
Students who miss scheduled tests, presentations, or in-class or online assignments will receive a grade of zero.  If there are valid reasons for missing the test, presentation, or in-class assignment, the student MUST:
a)         Contact the professor or student advisor by email prior to the start time of the test, presentation, or in-class or online assignment, and
b)         Provide documentation where appropriate.
At the professor’s discretion, a make-up test/in-class assignment or new date for the presentation may be granted or the value of the test may be added to a subsequent test or final exam. 
 
 
Participation in Online Courses
Consistent online access is important for success in this subject. You are responsible for all online material and assignments; in addition, you need to be checking your Seneca e-mail on a daily basis for updates and other related information. While weekly updates and related e-mails will be provided, it is your responsibility to keep up with the content and maintain an active online presence.
Considerate online conduct, adequate preparation, and constructive online participation will be expected from each student and will enhance your academic experience and that of your fellow students. In particular, you are asked to be prompt, courteous, responsible, and collaborative, where relevant.
 
Learning Centre
The Learning Centre offers academic support to all Seneca students in the form of one-on-one tutoring, small group tutoring, and workshops and can be located at either the Newnham, Markham, York, or King campus.  Students can visit The Learning Centre in person to book an appointment or watch a tutorial on booking a tutoring appointment online at www.senecapolytechnic.ca/learningcentres.  
 
Dropping a Subject
There are two deadlines for dropping this subject.  If you drop by Day 10 of the semester, the subject will not appear on your transcript.  If you drop by the last drop date, the subject will appear on your transcript with a grade of DNC.  To drop, please notify your professor, complete a “Timetable Change Form,” and return it to Registration by the deadline.  Discuss any possible negative consequences of dropping the subject with your academic coordinator or student advisor.

Approved by: Kathy Dumanski