FIN3010 Advanced Accounting

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

Description: Students apply advanced accounting procedures, including capital assets and uncollectible accounts, used by a variety of businesses. Students also prepare adjustments, using the accrual method of accounting, and examine manufacturing or departmental accounting.
Prerequisite: FIN2030: Retail Accounting 2
Parameters: Access to appropriate computer equipment, the Internet and appropriate software.

Outcomes The student will:

1 define terms relevant to capital assets, uncollectible accounts, accruals and manufacturing or departmental accounting
- 1.1 analyze accounting principles to determine whether to record the acquisition as an asset or an expense
- 1.2 define depletion expense related to natural resources
- 1.3 explain differences in accounting procedures between a merchandising business and a manufacturing business
- 1.4 explain the purpose of a departmental accounting system
- 1.5 describe the scope and nature of specialized accounting responsibilities in regard to departmentalized accounting, and the manner in which these might be assigned including:
  - 1.5.1 individuals in different locations
  - 1.5.2 a computer in a central location or in each department
  - 1.5.3 control measures that would be required
  - 1.5.4 gathering of information at specific times
2 apply advanced accounting procedures that relate the above terms to realistic business situations
- 2.1 calculate and record the amortization of capital assets
- 2.2 record the acquisition of capital assets; e.g., a trade-in
- 2.3 journalize and post entries involving the disposal of capital assets
- 2.4 prepare a capital assets schedule
- 2.5 prepare a statement of accounts receivable (aging)
- 2.6 calculate the value of uncollectible accounts receivable using a variety of methods
- 2.7 record journal entries for uncollectible accounts receivable using the allowance method
- 2.8 prepare journal entries to write-off uncollectible accounts receivable
- 2.9 record journal entries for the collection of accounts previously written-off
- 2.10 prepare the adjustments needed to update particular general ledger accounts to include accruals; e.g., payroll, interest
- 2.11 record journal entries for a manufacturing business
- 2.12 prepare a statement of cost of goods manufactured
- 2.13 prepare journal entries from data supplied
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 create a transitional strategy to accommodate personal changes and build personal values
- 4.1 identify short-term and long-term goals
- 4.2 identify steps to achieve goals