COURSE OUTLINE
FINANCIAL ACCOUNTING 1 – ACCT150
BUSINESS ADMINISTRATION
CAMPUS:
Terrace
TERM:
Fall 2014
INSTRUCTOR:
Sylvie Krabes, CPA (CGA) MBA
OFFICE:
Library #10
TIME:
Wednesday 1-4PM,
Room #113
E-MAIL:
skrabes@nwcc.bc.ca
CREDITS/HOURS:
3/45
CALENDAR DESCRIPTION
This course is concerned with basic methodology and logic of: recording transactions and
maintaining books of account for service and merchandising; preparation and interpretation of
financial statements; recording, reconciling and valuing cash, accounts receivable, accounts
payable, inventory and plant and equipment.
LEARNING OUTCOMES
Upon successful completion of this course, the student should be able to:
 understand the measurement of Business Income of companies providing services and
merchandising activities;
 complete the Accounting Cycle;
 analyze and record transactions;
 adjust accounts and describe and prepare closing entries;
 prepare financial statements from business transactions;
 account for purchases and sales of merchandise;
 understand Internal Control and Accounting Systems;
 explain the major steps in achieving internal control over cash transactions;
 prepare a bank reconciliation and explain its purpose;
 explain the nature, estimate, and statement presentation of uncollectible accounts receivable,
write off any accounts known to be uncollectible, and record any later recoveries;
 understand the different methods of accounting for the flow of inventory costs;
 understand the general process of accounting for payroll liabilities.
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COURSE FORMAT
Classes are scheduled for 3 hours per week. Chapters will be studied in sections. Class sessions
will consist of lectures, problem solving and in-class exercises.
Questions on tests may include multiple choices, short answers, and problems. Students are
expected to abide by the Business Administration Department's exam policy.
The final exam will be comprehensive and will be mainly problem-solving in nature. The final
exam is scheduled for three hours and covers ALL material.
COURSE PREREQUISITES
Admission into Business Administration Program
TRANSFERABILITY
See NWCC Website http://www.nwcc.bc.ca/PROGRAMS/business.htm or BC Transfer Guide
http://www.bccat.bc.ca
REQUIRED MATERIALS/TEXTS
 Fundamental Accounting Principles, Volume 1, 14th Canadian Edition. Larson, Jensen.
McGraw-Hill Ryerson (2013).
 Worksheets to accompany text
 Financial calculator Texas Instruments BA-II Plus: SEE Department Policy:
“Policy for use of electronic aids in exam situations”
The following devices/resources are approved for student use in Business
Administration exams:
1. Financial Calculators without storage (memory), programming, or graphing
capabilities;
2. hardcopy translating dictionaries (English/Other Language);
3. other devices as pre-arranged with instructor prior to the start of the
exam.
Any other electronic devices are prohibited from use during exams. The
instructor reserves the right to examine any devices or translating
dictionaries prior to use in an exam.”
EVALUATION PROFILE
Assignments (Best 7 out of 9)................ 20%
Mid-terms (2) . ..………………………..40%
Final Exam (min. 50% required) ........... 40%
TOTAL ................................................ 100%
No Late Assignment Accepted
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GRADING PROFILE
A+
96 - 100%
GPA 4.33
C+
66 - 70%
GPA 2.33
A
91 - 95%
GPA 4.00
C
61 - 65%
GPA 2.00
A-
86 - 90%
GPA 3.67
C-
56 - 60%
GPA 1.67
B+
81 - 85%
GPA 3.33
P
50 - 55%
GPA 1.00
B
76 - 80%
GPA 3.00
F
0 - 49%
GPA 0.00
B-
71 - 75%
GPA 2.67
ASSIGNMENTS
An assignment will be given after each chapter. Students must submit all assignments for
marking at the beginning of the class on the due date.
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COURSE SCHEDULE
REVISED September 8, 2014
The following is planned for the course. Students are clearly expected to read the assigned
chapters before coming to class. Changes may be made to the schedule if it becomes necessary.
Week
1
2
Date
September 3
September 10
Chapter
Introduction
Review Outline
Chapter 1
Accounting in Business
Accounting in Business
Analyzing and Recording transactions
Chapter 1
Chapter 2
3
September 17
Topic
Chapter 2
Analyzing and Recording transactions
Chapter 3
Adjusting Accounts for Financial
Statements
Assignment Due
Assignment # 1
4
September 24
Chapter 4
Completing the Accounting Cycle and
classifying accounts
Assignment #2
5
October 1
Chapter 5
Accounting for Merchandising
Activities
Assignment #3
6
October 8
Assignment # 4
Catch up / review
7
October 15
Mid-term #1
Chapters 1-4
8
October 22
Chapter 6
Merchandise Inventories and Cost of
Sales
Assignment # 5
9
October 29
Chapter 7
Accounting Information Systems
Assignment # 6
10
November 5
Chapter 8
Internal Control and Cash
Assignment # 7
11
November 12
Chapter 9
Receivables
Assignment # 8
12
November 19
Mid-term #2
Chapters 5-8
13
November 26
Appendix 1
Payroll liabilities
14
December 3
Review
15
December 10
Final Exam
Assignment # 9
All Material
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OPERATIONAL DETAILS
COLLEGE POLICIES
Northwest Community College has policies on Academic
Appeals (including appeal of final grades), Student Conduct,
Cheating and Plagiarism, Academic Probation and other
educational issues. Copies of these and other policies are
available on the College website and/or calendar and in the
Library.
ATTENDANCE
Although attendance is not mandatory, it is highly
recommended.
MISSED EXAMINATIONS
Quizzes and periodic tests must be written when scheduled for
the class. This policy may be modified should the student submit
written documentation acceptable to the department supporting a
valid reason for missing the quiz or test (family or personal
emergency, etc.) If an approved alternate quiz or test is not
available or cannot be scheduled, the weighting of the final exam
may be adjusted to compensate at the discretion of the instructor.
The student will not successfully complete the course without
passing the final exam and completing at least 50% of scheduled
quizzes and tests.
LATE ASSIGNMENTS
Late assignments will not be accepted.
CHEATING/PLAGIARISM
Plagiarism is the presentation of another person's words, ideas,
interpretations, insights, or order of points as your own. All
work submitted must be your own words and content, and not
written by a tutor or friend. Whenever you use sources for an
essay, or assignment, you must avoid plagiarism by
documenting them. The College calendar establishes
procedures for plagiarized assignments.
Material to be presented according to the Course Outline may be deleted, moved or substituted,
and new material may be added.
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