Course Outline
Course Information: Seven Oaks School Division
Course Code and Title:
(Course Code ACCT-1971)
Total Hours: 120 Hours
Financial Accounting 1
Credit Hours:
4
Course Description
This first course in accounting covers the double-entry bookkeeping procedures,
adjustments, and production of financial statements pertaining to sole proprietorships.
Coverage is also given to special journals, subsidiary ledgers, and control accounts. This
results in a complete presentation of the accounting cycle for a service or merchandise
business. Later in the course more in depth study of inventory costing methods, control
procedures for cash including petty cash, and bank reconciliations is presented. During the
course students will also receive an introduction to Sage 50.
Recognition of Prior Learning (RPL)
RPL is a process in which individuals have the opportunity to obtain credit for college level
knowledge and skills gained outside the classroom and/or through other educational
programs. It is a process which documents and compares an individual’s prior learning
gained from prior education, work and life experiences and personal study to the learning
outcomes in College courses/programs.
Academic Requisites
 None
Course Delivery
This course is delivered in a blended environment.
The course will consist of lectures and work periods with students completing exercises and
problems. Questions will be assigned for marks using a computerized assignment program
(Lyryx).
Student Readiness
Student Commitments
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6.7 hours scheduled daytime attendance per week.
Students are expected to commit time outside of regularly scheduled classes.
Students in this course are expected to regularly check their academic email account or
ensure it is forwarded to another checked account.
Instructors will notify students at the beginning of the term of any course-specific
communication methods.
Disability Statement
If you are a student with a disability and require reasonable accommodations, you are
encouraged to discuss this privately with your instructor to facilitate greater understanding of
your learning needs. To receive accommodations, you also must connect with Counselling
and Accessibility Services who will assist in developing and implementing your
accommodation plan.
Course Resources
Textbook(s)
Required: Fundamental Accounting Principles, Volume 1, 14th Canadian Edition, Larson &
Jensen, McGraw-Hill Ryerson (with Lyryx), ISBN 9781259104886 package includes working
papers to accompany the text.
Sage 50 2013 M. Purbhoo
References
Lyryx (pin card with textbook package) (requires Internet access)
Note: Lyryx may be paid for online or through the bookstore
Student Learning
Learning Outcomes
By the end of this course of study, you should be able to....
1. Complete the accounting cycle for a sole proprietor ship service and merchandising
business.
2. Prepare financial statements and closing entries for a service and merchandising
business.
3. Complete the accounting cycle using special journals.
4. Determine the cost of inventory using perpetual and periodic methods of inventory
valuation.
5. Explain internal control procedures.
6. Operate a petty cash fund, record bank debit and credit card transactions and prepare a
bank reconciliation.
7. Use Sage 50’s General Ledger, Accounts Payable and Accounts Receivable modules.
Assessment and Evaluation
Assessment
Letter Grade Distribution
Weight
A+
4.5
90 to 100%
Lyryx assignments
10%
A
4.0
80 to 89%
Quizzes (best 5 of 8)
10%
B+
3.5
75 to 79%
Midterm Test
30%
B
3.0
70 to 74%
Final Exam
40%
C+
2.5
65 to 69%
Sage 50 Assignment
10%
C
2.0
60 to 64%
100%
D
1.0
50 to 59%
F
0.0
0 - 49%
Total:
Course Policies
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Research shows that regular attendance and completion of course work is a strong predictor of
academic success. Regular attendance is expected in all programs.
All assignments must be submitted by their specified due dates. Failure to complete an assignment
by its due date will result in a mark of zero (0) for that assignment. Exceptions may be made when
students are unavoidably absent or late because of illness or some other cause acceptable to the
Teacher. Medical certificates or other documentation may be required.
Students absent from an exam without a valid reason acceptable to the Teacher will receive a mark
of zero (0) on that exam. Exam deferrals are at the discretion of the Teacher or designate.
Students unable to write a midterm or final exam due to illness or other unavoidable situation must
notify the Teacher within 24 hours, and provide the Teacher with documentation (e.g. medical
certificate) within seven days of the exam date. If approved by the Teacher, a grade of DNW (Did Not
Write) will be posted until the student has completed a deferred exam.
Teachers must authorize the use of electronic devices (i.e. smart phones, electronic translators) or
the Internet during class or in any test or exam room. Students who do not comply will be asked to
leave the classroom.
Teachers may maintain possession of graded tests and exams. All final examination papers will be
kept by Teachers for a minimum of one month into the next semester. By appointment, students may
view major term work or examination papers which have not been returned to them.
Any audio or video recording in class is prohibited without the permission of the Teacher. Students
who have approved accommodations from Student Support Services are allowed to record lectures
for their own personal use. Any questions regarding this issue can be directed to the Teacher.
Academic Integrity
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Submitting as one’s own work anything that has been copied from another student or source (e.g. the
Internet) without proper reference, or providing anything to another student for submission as his/her
own work, are violations of academic integrity that may lead to disciplinary measures.
Authorization
This course is authorized for use by:
Effective Date