Financial Accounting I - DPS 51078
|DPS 51078||36 hours|
Whereas some professions need to recalibrate with each market shift, the accounting profession continues to prevail seemingly impervious to these economic rifts. Accounting skills make sound business sense and serve to enhance overall business acumen. This foundation course introduces the financial transaction process, the accounting cycle, the recording and reporting process, and the compliance requirements. Students will learn how to compile, analyze, and interpret basic financial statements. Topics include assets, liabilities, corporate equity, and cash flow statements.
On completion of this course, students will:
- Describe and apply the basic principles of accounting, the accounting model, and the accounting cycle;
- Explain financial accounting terminology;
- Apply accounting principles in analyzing and recording basic accounting transactions for different types of business structures;
- Analyze and record financial transactions in compliance with Canadian Generally Accepted Accounting Principles (GAAP);
- Explain and prepare the four general purpose financial statements (Balance Sheet, Income Statement, Statement of Changes in Equity, and Cash Flows Statements) for a proprietorship, partnership and corporation.