Financial Accounting II - DPS 51079
|DPS 51079||36 hours|
To navigate the challenges of a turbulent business environment, accountants need a broad set of financial skills. This intermediate level course in financial accounting provides in-depth financial accounting theory, concepts, principles and procedures specifically related to the measurement and reporting of assets. Topics will include cash and other monetary balances, inventory and cost of goods sold, investment and financial instruments, as well as, property, plant and equipment. This course will also explore disclosure of accounting policy.
On completion of this course, students will:
- Explain the uses and limitations of an income statement and balance sheet;
- Record financial transactions in compliance with Canadian Generally Accepting Accounting Principles and prepare a balance sheets, income statement, statements of owner’s equity and cash flow statements;
- Analyze and explain financial statements using standard financial ratios of liquidity, efficiency, solvency and profitability;
- Apply the correct revenue recognition method;
- Distinguish between perpetual and periodic inventory systems;
- Demonstrate the application of lower of cost and net realizable value;
- Apply the appropriate accounting treatment for short-term and long-term investments;
- Prepare financial statement disclosures for capital assets and their related amortization;
- Describe the characteristics of intangible assets and how to value and amortize them;
- Describe how International Financial Reporting Standards are applied in Canadian business.