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Acct 111 Financial Accounting



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Acct 111 Financial Accounting

Camosun College

Description:

The methods employed in analyzing and interpretation of financial statement, so as to provide with accurate financial status of the business. The topics that are covered are as under


  • Accounting principles

  • Cash

  • Receivables

  • Inventories

  • Capital assets

  • Current and long term liabilities

  • Investments

  • Shareholder's equity

It is the advanced level accounting course. The pre-requisite of this course is ACCT 110 financial accounting 1.


Overview of the course

The course is designed in such a way so as to have in depth knowledge of financial accounts. The main focus of this course is analyze and interpret the reporting and results of financial statements for sole proprietorship, partnership and corporations. The focus of the course is to make the learning of advanced accounting topics in a simplified, easy and understandable method.

Outline of the course

  1. Accounting principles

    • Form of entities like sole proprietorship, partnership, and corporations

    • Recording of the transaction

    • Knowing about the GAAP

    • Financial statements brief introduction

  2. Cash flow statement

    • Transaction to be recorded under operating activity

    • Transactions to be recorded under investing activity

    • Transactions to be recorded under financing activity

  3. Financial statement for sole proprietor

    • Preparation of trading & profit and loss account

    • Preparation of balance sheet

    • Analyzing various accounting standards.

  4. Financial statement for partnership firm

    • Accounting treatment of goodwill

    • Identifying the change in profit sharing ratio

    • Revaluation of assets and liabilities in case if there is admission, retirement and in death of partners

    • Amalgamation of firms.

Textbooks :

The entire course is divided into lectures, presentation of cases, online tests and final examination. It is advisory for the student to complete the computerized book keeping practice set so as to gain good knowledge about the subject and to develop utmost interest in financial accounting.

Homework and assignments:

Daily homework and weekly assignment will be given so as to have a deep knowledge about the subject and the solution for the homework and assignment will be posted in the upcoming class.

 

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