Lifelong Learning for a Brighter World

Jing Zhou, McMaster University Continuing Education Accounting graduate Jing Zhou, McMaster University Continuing Education Accounting graduate

Accounting

Cheques and balances. It all adds up.

Work towards your CPA designation!

ACC 925 - Introductory Financial Accounting C01 (fast-track)

Academic Credit Value:
3 units
Course Delivery Mode:
In-Person
Hours of Study:
42 hours
Course Prerequisite(s):
Basic Bookkeeping or Equivalent
Course Anti-requisite(s):
N/A
Instructor Name:
Claire St. Pierre, CPA, CGA
Course Dates:
09/16/2019 - 11/02/2019



Required Course Materials:
Understanding Financial Accounting Canadian Edition, by Burnley. Wiley.
Optional Course Materials:
Class Handouts and Cases for analysis and reporting. Practice website: http://bcs.wiley.com/he-bcs/Books?action=index&itemId=1118849388&chapterId=106555
Course Description:

Students are advised to retain course outlines for future use in support of applications for employment or transfer of credits.
Refer to the Policy & Procedure section for further course and Centre for Continuing Education (CCE) information.

This course explores the basic principles and techniques underlying the financial statements typically issued to the general public. Generally accepted accounting principles, the accounting transaction cycle, financial statements and the specific items, which make up the balance sheet are examined.

Introductory Financial Accounting (ACC 925) is a McMaster University diploma course. The course content, its objectives and evaluation structure meet the requirements and standards set by McMaster University’s Undergraduate Council and Senate. It is important to note that this course may draw upon examples, practice problems, sample test questions, information and/or other general material from a variety of sources including affiliated professional associations and institutes.

Learning Outcomes:
Since ACC 925 is an introductory course, it is expected that you will begin to appreciate the decision-making and conceptual issues that will be introduced. Your understanding of these issues will develop as you pursue your study and career in accounting. The homework is the minimum amount suggested to enhance your understanding of the course. You should attempt more problems if you are experiencing difficulties. It is expected that you have read the material and attempted the homework assignment before class.

The broad aims of the course are to provide you with a sound introduction to the:
• general concepts of financial accounting;
• procedures used in the preparation of financial statements, and the;
• use of accounting information in financial decision-making.

Financial accounting is the scorekeeping system of a business. It is a system of accumulating data on past business activities and events and reporting them to decision making parties (primarily external to the organization) upon which they make their decisions; therefore, the accountant has a very important role and responsibility in the operations of a business.
Course Evaluation
The final grade is calculated based on the following components:
Test #1: 25%
Test #2: 25%
Final Examination: 50%
TOTAL 100%
Course Format:
This course is designed to present the fundamental concepts and theories in introductory financial accounting and promote the application to the workplace and professional practice. Course activities will include instructor presentations, required readings and experiential learning activities (i.e. case studies, group discussions, projects, etc.).
Assignment Submission:
Late Coursework:
Late assignments will be subject to a 2% per day late penalty (includes weekends and holidays) for up to seven (7) days. After this date, no assignments will be accepted and a grade of zero (0) will be applied.  Extensions for course work must be approved by the instructor before the due date (see Academic Regulations below), and will be granted for illness or emergencies only. Students may be asked to submit supporting documentation for an extension request.  .    NOTE:  This policy applies to assignments and other hand in type coursework only.  This policy does not apply to discussion board topics/postings which do not allow for late postings/contributions.

Policy & Procedures:

Academic Regulations (Attendance, Coursework, Tests/Exams):
In accordance to McMaster University’s General Academic Regulations, “it is imperative that students make every effort to meet the originally scheduled course requirements and it is a student’s responsibility to write examinations as scheduled.” Therefore, all students are expected to attend and complete the specific course requirements (i.e. attendance, assignments, and tests/exams) listed in the course outline on or by the date specified. Students who need to arrange for coursework accommodation, as a result of medical, personal or family reasons, must contact the course instructor within 48 hours of the originally scheduled due date. It is the student’s responsibility to contact the Program Manager to discuss accommodations and procedures related to deferred tests and/or examinations within 48 hours of the originally scheduled test/exam, as per policy. Failure to contact the course instructor, in the case of missed coursework, or the Program Manager, in the case of a missed test/examination, within the specified 48-hour window will result in a grade of zero (0) on the coursework/exam and no further consideration will be granted.

*Note: Supporting documentation will be required but will not ensure approval of accommodation(s).

Academic Integrity
You are expected to exhibit honesty and use ethical behaviour in all aspects of the learning process. Academic credentials you earn are rooted in principles of honesty and academic integrity. Academic dishonesty is to knowingly act or fail to act in a way that results or could result in unearned academic credit or advantage. This behaviour can result in serious consequences, e.g. the grade of zero on an assignment, loss of credit with a notation on the transcript (notation reads: “Grade of F assigned for academic dishonesty”), and/or suspension or expulsion from the university.

It is your responsibility to understand what constitutes academic dishonesty. For information on the various types of academic dishonesty please refer to the Academic Integrity Policy, located at http://www.mcmaster.ca/academicintegrity/

The following illustrates only three forms of academic dishonesty:

  1. Plagiarism, e.g. the submission of work that is not one’s own or for which other credit has been obtained.
  2. Improper collaboration in-group work.
  3. Copying or using unauthorized aids in tests and examinations.
Academic Accommodations:
Students with disabilities who require academic accommodations must contact the Student Accessibility Centre (SAS) to meet with an appropriate Disability Services Coordinator. To contact SAS, phone 905-525-9140 ext. 28652, or email sas@mcmaster.ca. For further information, consult McMaster University’s Policy for Academic Accommodation for Students with Disabilities.
On-line Elements:

In this course, we will be using on-line elements, which may include email, Avenue to Learn, WebEX, and external web sites.  Students should be aware that, when they access the electronic components of this course, private information such as first and last names, user names for the McMaster e-mail accounts, and program affiliation may become apparent to all other students in the same course. The available information is dependent on the technology used. Continuation in this course will be deemed consent to this disclosure. If you have any questions or concerns about such disclosure please discuss this with the course instructor.

Turnitin.com:
Course Changes:
The instructor reserves the right to modify elements of the course and will notify students accordingly.
Course Withdrawal Policy:
Policies related to dropping a course and course withdrawals are posted to the Centre for Continuing Education’s program webpage, FAQs & Policies (https://www.mcmastercce.ca/cce-policies#Dropping).
Storm Closure Policy:
In the event of inclement weather, the Centre for Continuing Education will abide by the University’s Storm Closure Policy: https://www.mcmaster.ca/policy/Employee/storm_emergency_policy.pdf, and will only close if the University is closed. All in-class courses, exams and room bookings by internal and external clients will be cancelled if the Centre for Continuing Education is closed. On-line courses will take place as scheduled.
Grading Scale:
 Grade Equivalent
Grade Point
Equivalent Percentages
A+ 12 90-100
A 11 85-89
A- 10 80-84
B+ 9 77-79
B 8 73-76
B- 7 70-72
C+ 6 67-69
C 5 63-66
C- 4 60-62
D+ 3 57-59
D 2 53-56
D- 1 50-52
F 0 0-49
Course Schedule:
Class Course Topic Chapter Problems
1 Overview of Corporate Financial Accounting 1 To be assigned.
2 Transaction Analysis and Accounting Entries 2 To be assigned.
3 Double Entry Accounting Systems 3 To be assigned.
4 Revenue Recognition 4 To be assigned.
5 Test # 1 (Chapters 1-4)
6 ​Cash, Receivables and Temporary Investments  6  To be assigned.
7 Inventory Recognition and COGS 7  To be assigned.
8 Long Term Assets 8  To be assigned.
9 Current Liabilities 9  To be assigned.
10 Test # 2 (Chapters 6-9)