School of Business & Management:

Course Outline & Accompanying Teaching & Learning Plan

TERM: 2020 Spring

COURSE CODE: ACCT1198
COURSE TITLE: Financial Accounting Concepts
COURSE DESCRIPTION: In this course, you will examine the generally accepted accounting principles.
These concepts are integrated into the procedures and recording techniques
for the entire accounting cycle. The objective of the course is to challenge
you to think critically and develop effective problem-solving techniques in a
business environment. You will be introduced to the purpose and nature of
accounting and the preparation of financial statements. In addition, you will
discuss such topics as accounting for the control of cash, and
financial statement analysis.
COURSE CREDIT VALUE: 3
TOTAL COURSE HOURS: 42
PRE-REQUISITES: COURSE CODE: COURSE TITLE:

CO-REQUISITES:

INSTRUCTOR INFORMATION
INSTRUCTOR NAME: Susan English
INSTRUCTOR EMAIL: senglish@niagaracollege.ca
CLASS HOURS SYNCHRONOUS: Thursdays 1:30 to 2:30 pm
Through Blackboard Collaborate:
ONLINE OFFICE HOURS: Fridays 1:30 – 2:30 am
Through Blackboard Collaborate:

RESOURCES
TYPE: AUTHOR: TITLE: PUBLISHER: ISBN: EDITION: OTHER:
Required Phillips, Fundamentals McGraw- 9781259271557 th Students have the option
5 Cdn
Libby of Financial Hill ed of buying connect directly
Accounting from the publisher, which
with Connect comes with an e-book
Supplies Calculator

Revised 25/04/2020 School of Business & Management 1|Page

COURSE OUTCOMES
COURSE OUTCOMES:
1. Explain the need for financial
statements from a user’s
perspective.
2. Apply generally accepted
accounting principles to business
transactions.
3. Differentiate between the financial
statements used by businesses.
4. Perform various control
procedures over cash which result
in proper financial statement
presentation.
5. Account for the costs associated
with ending inventories and goods
sold using various methods.
6. Account for the acquisition, use
and disposal of tangible capital
assets.
LEARNING OBJECTIVES: EVALUATIONS:
1. Investigate the basic financial statements. 1, 4
2. Analyze the needs of the potential users of financial
statements.
3. Contrast the information needs of the various users of
financial information.
4. Explain how financial statements provide useful
information for decision makers.
1. Explain the need for GAAP. 1, 4
2. Demonstrate appropriate use of GAAP in a variety of
accounting situations.
1. Explain the content of the income statement and 1, 4
balance sheet.
2. Prepare an income statement, balance sheet and trial
balance.
3. Perform transaction analysis using T-accounts.
4. Apply the rules of debit and credit.
5. Prepare journal entries.
1. Explain internal control principles for cash receipts 3, 4
and payments and their ethical implications.
2. Prepare a bank reconciliation.
1. Differentiate between a periodic and a perpetual 2, 4
inventory system.
2. Prepare Journal entries specific to a merchandising
business under the perpetual inventory system.
3. Prepare an Income Statement using the
accounts specific to the retailing business.
4. Categorize the different types of inventory.
5. Compute inventory costs under the perpetual inventory
system using three different costing methods – Specific
Identification, FIFO, and Weighted Average.
6. Explain why inventory is reported at the lower of cost or
market.
7. Evaluate the effects of inventory errors on the financial
statements.
1. Calculate the costs of tangible and intangible long-lived 3, 4
assets.
2. Compute amortization expense using different
methods.
3. Explain the effect of asset impairment on the financial
statements.

7. Perform financial analysis using
accounting data
4. Analyze the disposal of long-lived tangible assets.
5. Analyze changes in amortization estimates.
1. Evaluate performance over time (trend analysis). 1, 2, 3, 4
2. Analyze key ratios relating to profitability, liquidity, and
solvency.

EVALUATION AND WEIGHTS

NUMBER: EVALUATION TYPE: WEIGHT:
1 Test 1 25 %
2 Test 2 25 %
3 Test 3 30 %
4 Assignments 20 %

NIAGARA COLLEGE POLICIES

E-MAIL COMMUNICATION
As per Niagara College regulations, all students are required to check their <@ncstudents.niagaracollege.ca> student
e-mail account regularly. E-mail is the official route of communication between the College and its students. E-mail
communication with your instructors becomes particularly important at time when teaching has shifted to online
platforms. Faculty members will not be available for in-person office hours on campus during the spring term.

ACADEMIC INTEGRITY
Niagara College students are subject to the College’s Practice on Student Academic Misconduct and should therefore be
aware of what constitutes academic misconduct and its consequences. Student academic misconduct is a serious offence
and will not be tolerated. It may take many forms, including plagiarism, the use of unauthorized aids in assignments or
examinations, and the willful distortion or fabrication of experimental results or data.

CLASS CANCELLATION OR RESCHEDULING

On occasion, it may be necessary to cancel or reschedule a class. The Niagara College Practice on Class Cancellation and
Rescheduling provides details on what students can expect in the event of a change to a regularly scheduled class meeting.

STUDENT CLASS ATTENDANCE AND LATENESS

Students are responsible for understanding their responsibilities with the Academic Rights and Responsibilities policy and
are advised that unless they participate in course activities, it is unlikely that they will be able to progress satisfactorily.
This applies to synchronous learning in the online environment. Routinely check Blackboard for announcements and
updates.

MISSED OR LATE ASSIGNMENTS

As of January 1, 2020, students must complete a Student Absence Form in the event that they may miss an
evaluation. This form applies to both planned and emergency absences. Please see the Missed Evaluations
Policy for more information about the student’s responsibilities in the occurrence of a missed evaluation.

COURSE DROP DATE

The last date to drop one-term courses, without academic penalty, can be found on the Key Dates web page. For additional
information on how to drop a course, contact the Enrollment Services.
ACCESSIBILITY
Niagara College is committed to the provision of an open and supportive learning environment. If you are a student with a
disability, please remember that it is your responsibility to contact Health Wellness and Accessibility and provide
documentation pertinent to your disability. The earlier you ask for assistance, the more effective we can be in facilitating
the appropriate support. The updates to the Accessibilities Act now consider both retroactive and temporary
accommodations. Do not wait until you are experiencing serious difficulties to contact the Centre for Students with
Disabilities. Click the link to learn more about our Student Accommodation policy.

ACCOUNTABILITY & RESPONSIBILITY

Accountability includes completing all assignments on time and as requested, taking responsibility for one’s
actions, and assuming a pro-active approach to the course. It does not include making excuses or forcing the
instructor to follow-up on issues. Online learning requires considerable self-discipline. It is strongly
recommended that you view your online courses as having a workload comparable to courses taught on-campus.

USEFUL LINKS:
Since we utilize Blackboard Collaborate platform for the course, make sure you familiarize yourself with BB Collaborate,
especially how to access videos.
https://www.youtube.com/watch?v=Z_BTEneFOmI&feature=emb_title
TEACHING AND LEARNING PLAN ACCT1198 Spring 2020
Due Dates Course
Your Synchronous Your Asynchronous and % of Outcomes &
Date Topics Activities Activities Grade Evaluation
Week Class introduction, - Collaborate session - Read Chapter 1 (ignore Outcomes:
1 Review T & L Plan Statement of Cash Flows) 1, 2
May Chapter 1 Thursday May 14 1:30 - Get Connect set up
(free for 2 weeks)
11-15 Define accounting and Evaluations:
users - Get some version of
1, 4
Business formations the textbook
Accounting equations - Homework from
Financial statements & textbook as assigned
GAAP at beginning of week
- Watch Chapter 1 video
lectures
- Start the 1st Connect
assignment

Week Chapter 2 - Collaborate session - Read Chapter 2 Connect Outcomes:

2 Chart of accounts - Watch Chapter 2 video Ch 1 3, 7
May Transaction analysis Thursday May 21 1:30 lectures Due May 24
18-22 Debits and credits - Homework from (the 7 Evaluations:
Journal entries textbook as assigned Connect 1, 4
Posting to and footing the at beginning of week assignments
T-accounts - Work on Connect are worth
Trial balance assignments as 20% in total)
needed

Week Chapter 3 - Collaborate session - Read Chapter 3 Connect Outcomes:

3 Revenue and expenses - Watch Chapter 3 video Ch 2 3, 7
May (in-depth) Thursday May 28 1:30 lectures Due May 31
25-29 Prepaid Expenses and - Homework from (the 7 Evaluations:
Unearned Revenue textbook as assigned Connect 1, 4
Classified balance sheet at beginning of week assignments
Income statement layout - Work on Connect are worth
assignments as 20% in total)
needed

Week Review for Test 1 - Collaborate session - Study for Test #1 Connect Outcomes:
4 - Work on Connect Ch 3 1, 2, 3
June Thursday June 4 1:30 assignments as Due June 7
1-5 needed (the 7 Evaluations:
Connect 1, 4
assignments
are worth
20% in total)
Week Test #1 (25%) - Write Test #1 - Read Chapter 6 Test #1 (25%)
5 Chapters 1, 2, 3
June
8-12
Week Chapter 6 - Collaborate session - Watch Chapter 6 video Connect Outcomes:
6 Inventory for lectures Ch 6 5, 7
June merchandisers Thursday June 18 1:30 - Homework from Due June 28
15-19 Periodic vs perpetual textbook as assigned (the 7 Evaluations:
Purchase & sale of at beginning of week Connect 2, 4
inventory - Read Chapter 7 (ignore assignments
Multi-step income periodic) (ignore LIFO) are worth
statement - Read Chapter 7 20% in total)
Gross profit ratio Supplement 7B
- Work on Connect
assignments as
 needed

June 22-June 26 Reading Week

Week Chapter 7 and - Collaborate session - Homework from Connect Outcomes:
7 supplement 7B textbook as assigned Ch 7 5, 7
Jun 29 Inventory introduction Thursday July 2 1:30 at beginning of week Due July 12
- July Inventory methods (SI, - Work on Connect (the 7 Evaluations:
3 FIFO, MWA) assignments as Connect 2, 4
Effect on financial needed assignments
statements are worth
Lower of cost and net 20% in total)
realizable value
Inventory turnover ratio
and day-to-sell ratio
Week Review for Test 2 - Collaborate session - Study for Test #2
8 - Work on Connect
July Thursday July 9 1:30 assignments as
6-10 needed

Week Test #2 (25%) - Write Test #2 - Read Chapter Test #2 (25%)

9 Chapters 6, 7 5
July - Read Chapter 9
13-17 (skipping sections “Tax
Depreciation” and “Changes in
Depreciation”)
- Work on Connect
assignments as
needed
Week Chapter 5 - Collaborate session - Watch Chapter 5 video Connect Outcomes:
10 Internal controls & Bank lectures Ch 5 4, 6, 7
July reconciliations - Watch Chapter 9 video Due July 26
20-24 Chapter 9 Thursday July 23 1:30 lectures on the topics (the 7 Evaluations:
Long-lived covered in Week 10 Connect 3, 4
assets - Homework from assignments
characteristics textbook as assigned are worth
Acquisition of long-lived at beginning of week 20% in total)
assets - Work on Connect
Basket purchase assignments as
Depreciation methods (SL, needed
U-of-P, DD)
Week Chapter 9 - Collaborate session - Watch Chapter 9 video Connect Outcomes:
11 Long-lived asset lectures on the topics Ch 9 6, 7
July impairment Thursday July 30 1:30 covered in Week 11 Due August 2
27-31 Disposal of long-lived - Homework from (the 7 Evaluations:
assets textbook as assigned Connect 3, 4
Intangibles characteristics at beginning of week assignments
& amortization - Work on Connect are worth
assignments as 20% in total)
needed
Week Test #3 (30%) - Write Test #3 Test #3 (30%)
12 Chapters 5, 9
Aug
3-7