AC 130 - Accounting I

3 Credits

AC 130 introduces the art of recording, classifying, reporting, and interpreting the financial data of a business entity. The course emphasizes accounting information as a means to an end rather that an end in itself.  end is better decision making.

AC 130 is a required course for students in the two year Business Administration program (all majors) and the Accounting Technician certificate. Credit transferability has been negotiated with the Chartered Professional Accountants’ Association (CPA).

Prerequisites: Grade XII Math or equivalent
Corequisites: None

Course Learning Outcomes:
Upon successful completion of this course, students will be able to:

1. apply the concepts and principles that guide the preparation of accounting information.
2. perform all tasks necessary to complete the accounting cycles for service and merchandising businesses.
3. use accounting information to make business decisions.

Volume 1. 17th Canadian ed., Toronto, Ontario: McGraw-Hill, 2022.

Instructor class notes.

Optional Resource Materials:
None

Conduct of Course:

This course consists of a combination of interrelated lectures and practice sessions supplemented with handout materials, use of visual overheads, and other media as applicable.

Students are expected to read topical material prior to lectures and practice sessions. Students are encouraged to participate in discussions.

The lectures provide the student with the background information necessary to do the questions in the practice sessions. The practice sessions consist of questions to be done by the students individually with the instructor available to answer specific questions.

Accounting is a practical subject and can only be mastered by practice.

Regular attendance is essential for success in any course. Absence for any reason does not relieve a student of the responsibility of completing course work and assignments to the satisfaction of the instructor. Poor attendance may result in the termination of a student from a course(s).

The instructor will recommend that the Registrar withdraw any student who does not meet the established attendance requirements. A failing grade of RW (Required to Withdraw) will appear on the student’s transcript.

In cases of repeated absences due to illness, the student may be requested to submit a medical certificate.

Instructors have the authority to require attendance at classes.

Content of Course:

1. Accounting in Business
2. Analyzing and Recording Transactions
3. Adjusting Accounts for Financial Statements
4. Completing the Accounting Cycle and Classifying Accounts
5. Accounting for Merchandising Activities
6. Internal Control and Cash
7. Receivables

Students are tested on material assigned and discussed in the class. The final grade is an aggregate of the following components:

Any alternate method of evaluation and/or mark breakdown is given at the commencement of class.

Students missing an exam without an acceptable excuse receive a zero on that exam. A student may be allowed a re-write at the discretion of the instructor. The maximum grade a student can achieve on a retest/make-up examination is a D.

Assignments, if applicable, must be submitted on their due dates. Late assignments are not marked unless the student obtains instructor’s consent prior to the due date.

All marks are recorded as percentages and then converted to a final letter grade as indicated in the Grades section.

Course Pass Requirements:
A minimum grade of D (50%) (1.00) is required to pass this course. Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.