FIN2030 Retail Accounting 2

Intermediate · 1 credit · BIT - Business, Admin, Finance and IT

Description: Students continue to apply specialized accounting procedures by preparing financial statements, analyzing adjusting and closing entries and completing the accounting cycle for a retail business.
Prerequisite: FIN2020: Retail Accounting 1
Parameters: Access to appropriate computer equipment, software, the Internet and support materials.

Outcomes The student will:

1 explore accounting practices for retail business including closing out the cycle
- 1.1 explain the purpose of adjusting entries
- 1.2 describe the need for periodic and year-end inventory calculations
2 finalize the steps in the accounting cycle, from the worksheet to the post-closing trial balance
- 2.1 complete the eight-column worksheet
- 2.2 calculate cost of goods sold
- 2.3 prepare an income statement
- 2.4 prepare a statement of change in owner’s equity
- 2.5 prepare a balance sheet
- 2.6 journalize adjusting and closing entries
- 2.7 post adjusting and closing entries
- 2.8 prepare a post-closing trial balance
3 demonstrate basic competencies
- 3.1 demonstrate fundamental skills to:
  - 3.1.1 communicate
  - 3.1.2 manage information
  - 3.1.3 use numbers
  - 3.1.4 think and solve problems
- 3.2 demonstrate personal management skills to:
  - 3.2.1 demonstrate positive attitudes and behaviours
  - 3.2.2 be responsible
  - 3.2.3 be adaptable
  - 3.2.4 learn continuously
  - 3.2.5 work safely
- 3.3 demonstrate teamwork skills to:
  - 3.3.1 work with others
  - 3.3.2 participate in projects and tasks
4 identify possible life roles related to the skills and content of this cluster
- 4.1 recognize and then analyze the opportunities and barriers in the immediate environment
- 4.2 identify potential resources to minimize barriers and maximize opportunities