Students are introduced to the system in which information is collected by the accounting process and presented by financial statements. Accounting cycle, statement preparation, special journals, internal control and the accounting for cash, inventory, payroll, merchandising and sales tax are examined. Basic financial reporting is reviewed.

This course builds on the skills learned in ACCT 1035. Students are introduced to tangible and intangible assets, investments, depreciation and liabilities. Students examine the structure of corporations and learn how to account for corporate earnings, prepare statements of cash flow and analyze financial statements.

Students are introduced to Quickbooks and Sage 50 Accounting software. Students learn the basic and advanced functionality of both programs to complete accounting transactions in a computerized format. These transactions include the recording of journal entries, accounts receivable, accounts payable, producing financial statements and managing payroll and tax remittance.

Students are introduced to Canadian income taxation. Topics include liability for tax, the calculation of net income for tax purposes for both individual and corporate taxpayers, and the calculation of taxes for individual taxpayers. Students use software to prepare tax returns.

In the business world, it is important to turn ever-increasing amounts of data into useful information that can been easily seen and understood. In this course students learn the fundamental principles and practices of business data analysis and how to communicate business intelligence in visual formats. Working with a variety of data sources and software, students learn to make sense of quantitative business data by discerning meaningful patterns, trends, relationships and exceptions that reveal business performance, potential problems and opportunities.

This course refines and extends the range of financial models developed in ACCT 1035: Financial Accounting 1, with changes from the past to the future. The budget replaces the balance sheet, performance and analysis replaces the income statement and the cash flow forecast replaces the cash flow statement. Break-even analysis, and make-or-buy, pricing and capital investment decisions are studied.

This course builds on the introductory financial accounting skills that were developed in Financial Accounting 1 and 2. Students focus on building technical financial reporting competencies in accordance with the standards, rules and guidelines published by the Chartered Professional Accountants of Canada (CPA). Topics include the conceptual framework for financial reporting, the measurement of revenue, the correction of errors, and the accounting for changes in accounting policies and estimates.

This course builds on the skills learned in ACCT 2045, Intermediate Accounting 1. Students develop skills working with liabilities, equities, pensions, leases, taxes and accounting for errors and changes in accounting policy. Generally Accepted Accounting Principles (GAAP) used in recording and presenting financial statements are emphasized throughout the course.