Accounting

Students complete at least 3-months of keyboarding classes. Students are required to complete the regular keyboarding speed of 30 wpm in order to graduate. Speeds are based on an average of five timings submitted close to or in the final month of the program.

To facilitate an understanding of synonyms, commonly confused words, plural nouns, and possessive nouns. In addition, students will enhance their business vocabulary.

• Understand why it is important to spell correctly and learn memory devices to enhance spelling
• Spell common business vocabulary correctly
• Complete alphabetized spelling dictations
• Understand the difference between a singular noun and a plural noun
• Apply correct plural rules
• Enhance knowledge of foreign plurals Understand the difference between singular possessive nouns and plural possessive nouns
• Apply correct possession rules Enhance knowledge of commonly confused words and understand the proper usage of these words
• Use commonly confused words correctly in sentences based on context and meaning
• Understand the meaning of a synonym
• Use a dictionary and provide synonyms for vocabulary Develop vocabulary by determining the correct spelling of a word between two or three words

The learning outcomes include:

• Review and to apply grammar principles
• Study and apply punctuation, capitalization, and number rules.
• Develop competence in the use of the following (a) Eight Parts of Speech; (b)Nouns and Gerunds; (c) Pronouns; (d) Verbs and Verbals; (e) Subject-Verb Agreement and Pronoun-Antecedent Agreement; (f) Subjects, Objects, Appositives and NSCs; (g) Phrases and Clauses; (h) Sentence Types and Parts of a Sentence; (i) Who and Whom (j) Prepositions; (k) Conjunctions; (l) Adjectives and Adverbs; (m) Business Number Rules; (n) Business Capitalization Rules; (o) Punctuation.

Learning Outcomes:

Students will apply fundamentals learned in Communications 214a to:

• Create professionally written emails and letters.
• Demonstrate enhanced knowledge and usage of business words.
• Develop and demonstrate the correct use of their business vocabulary and their knowledge of writing concepts.
• Develop knowledge of email writing and create business emails.
• Enhance knowledge and demonstrated use of application and claim letter formats.
• Develop confidence speaking in front of a group by completing oral presentations.
• Demonstrate effective use of notes, body posture, and voice during speeches.

Upon course completion, the student will be able to:

• Solve and prove simple business problems using addition, subtraction, multiplication, division, ratios and percentages utilizing the order of operations.
• Calculate and present appropriately several business related problems relating to interest, taxes, commissions, insurance premiums, foreign exchange and profit percentage.
• Determine sales tax amounts, series, single discounts, insurance brokerage in buying and selling, time series periods, conversion of currency, and simple net pay.
• Determine perimeter, area volume, proportions.
• Understand and correctly use the metric system.

This course is an introduction to managing one’s personal finances. It seeks to cover general financial knowledge, related to proper budgeting, investing, borrowing and retirement planning. Upon course completion, students will:

• Identify myths about money.
• Learn to manage personal savings, credit and debt.
• Create a budget.
• Assess their personal financial situation and make adjustments in line with their goals.
• Understand the importance of financial planning.
• Learn the difference between TFSA and RRSP and the benefits of each.

To increase skill and knowledge of practical financial and operational problems faced in running a business by engaging in algebraic manipulation, linear systems and their application to solving word problems, discounts of various kinds, simple interest with applications to problem solving, translating word problems into equation form, and estimating the appropriateness of a problem solution.

Upon course completion, students will develop knowledge, accuracy and competence in:

• Arithmetic and basic algebra- all areas covered
• Linear systems – equations and variables
• Trade discounts, cash discounts, markup and markdown – rates, series, SP, PP
• Simple interest calculations and simple interest applications. – calculating maturity value, interest, PV, duration.

This course expands on knowledge gained in Financial Math 1. Students will learn about compound interest and become proficient at solving for all variables within that equation. Present Value and Future Value of lump Sum Amounts and Long-Term Promissory notes will be studied, then these concepts will be applied to solve word problems. Students will also study annuities (Ordinary Simple, Ordinary General, and Annuities Due) and apply their knowledge to solve a variety of finance-related problems.

Upon course completion, students will develop knowledge, accuracy and competence in:

• Compound interest: PV and FV
• Compound future (maturity) values of investments
• Compute present values and compound discounts of future sums of money
• Discount long-term promissory notes (both interest-bearing and non-interest-bearing)
• Solve problems involving equivalent values
• Periodic and nominal /effective and equivalent interest/ conversion period
• Ordinary simple & ordinary general annuities and annuities due
• Loan amortization

This course is an introduction to financial accounting, emphasizing generally accepted accounting principles, the accounting cycle for service and merchandising businesses, inventory, special journals, internal control, bank reconciliation, uncollected accounts, notes receivable, and payroll.

Upon successful completion of this course, students will have gained knowledge and be able to:

• Define, explain, and apply generally accepted accounting principles and other basic concepts, with reference to international financial accounting standards (IFRS).
• Develop financial statements based on the above principles and concepts.
• Analyze and record transactions for a service business.
• Complete the accounting cycle for a service business.
• Analyze and record transactions for a merchandising business.
• Complete the accounting cycle for a merchandising business.
• Determine inventory value and cost of goods sold, using various methods and techniques.
• Work with special journals in an accounting system.
• Discuss the purpose and principles of internal control. Apply the process of cash control, emphasizing petty cash and bank reconciliation.
• Record transactions involving receivables and short-term notes receivable.
• Calculate and record payroll liabilities, related payments, and fringe benefits.

A continuation of Introduction to Financial Accounting emphasizing capital assets, natural resources, intangible assets, current liabilities, partnerships, corporations, bonds payable, long-term notes payable, long-term investments and cash flow statement. Upon successful completion of this course, students will have gained knowledge and be able to:

• Determine the costs of capital assets, natural resources, and intangible assets
• Record transactions affecting these assets: cost, amortization, disposal
• Define and describe balance sheet presentation of liabilities
• Record known current liabilities
• Describe partnerships and record typical transactions for partnerships
• Contrast corporations with partnerships
• Record transactions that are typical of corporations, with emphasis on shareholders’ equity
• Record transactions for bonds payable and long-term notes payable
• Record investment in bonds and shares
• Prepare the cash flow statement based on analysis of cash flow information

This course is an introduction to managerial (cost) accounting dealing with managerial accounting concepts and principles, Job Order Cost and Process Cost Accounting systems, overhead cost allocation, cost-volume-profit analysis, budgets, standard costs. Upon completing this course, students will be able to:

• Explain the significance of managerial accounting.
• Describe lean business practices and cost concepts.
• Prepare financial statements for manufacturing concerns.
• Describe manufacturing activities and the flow of costs for Job Order Cost Accounting systems.
• Record costs and prepare reports for Job Order Cost Accounting systems.
• Describe manufacturing activities and the flow of costs for Process Cost Accounting systems.
• Record costs for Process Cost Accounting systems.
• Calculate and record allocation of factory overhead costs to productive departments.
• Describe and apply cost-volume-profit analysis to single-product and multi-product companies.
• Explain the purpose and nature of master budgeting and examine the components of a master budget.
• Prepare flexible budgets.
• Define standard costs, determine variances from standard, and explain how standard costs information is used by management.

To prepare students for the employment search, assemble employment tools and skills, follow up with employment opportunities and be promoted.

Learning Outcomes:

• Create an effective and professional resume/application letter that will allow the student to obtain an interview.
• Develop confidence in the interviewing process.
• Participate in mock interviews.
• Dress for success.

Business Law 516 is designed to introduce students to the Canadian legal system with a special emphasis on business law. The course begins with a brief examination of Canada’s legal system and its history. This is followed by a more in-depth study of business-related topics including contracts, torts, property and employment.

Students will cover the following areas:

• The legal environment of business: ( a) knowledge of law as a business (b) the Canadian legal system (c ) managing legal risks (d) dispute resolution.
• Contracts: (a) introduction (b) forming contractual relationships (c) terms of contract (d) non-enforcement of contracts (e ) termination and enforcement of contracts.
• Business torts: (a)introduction (b) tort of negligence (c) other torts
• Property: (a) personal (b) intellectual (c) real
• Employment and relationships: (a)employment relationship (b) terminating the employment relationship.

Human Relations will help students become successful in predicting, understanding, and influencing the outcome of their interactions with others. The course format is highly experiential, involving the use of case studies, exercises, and class discussions to emphasize a problem-solving and critical thinking strategy to apply accumulated knowledge.

• Introduction to Human Relations
• Motivating yourself and others
• Emotional balance
• Improving communications
• Understanding your communication style
• Building high self esteem
• Attitudes can shape your life
• Team building
• Valuing diversity
• Ethical choices

Entrepreneurship 525 is designed to serve as an introduction to Entrepreneurship. It will introduce the concepts of self-employment, small business ownership, and the business plan. The goal of the course is to give students a basic understanding of the considerations involved in deciding to enter independent business and the steps involved in starting a new venture. Emphasis is placed on the benefits of entrepreneurship. At the same time, students will be given the opportunity to develop their skills in problem solving and decision-making. Students will create a business plan. Resources personnel will be used to assist students in the business plan process.

Students will cover the following areas:

• The business model
• Feasibility - location, competition, type of business, location, information gathering, insurance, intellectual property, sales
• Marketing - brand, pricing, products and services, naming the business, image, product/service strategy, distribution, advertising, promotions
• Operations - retail, manufacturing, systems for different areas of the business, theft/prevention, protection of intellectual property. Information management, government influences, business plan
• Finances - types of financial statements, sources for start-up business, business plan, credit/collection, break-even
• Franchising - types, rights, financing, opportunities
• Business Plan - understanding and creating a business plan

To study economics at the introductory level and equip students with a firm grasp of micro-economic concepts and how the individual choices of households, firms and industries impact the market economy. Upon successful completion of this course, students will have gained knowledge and be able to:

• Explain the cost of choices and trade-offs.
• Explain the determinants of demand and the determinants of supply
• Explain and graphically illustrate market demand, market supply and market equilibrium, surplus and shortage
• Calculate and illustrate consumer surplus and producer surplus
• Explain the concept of elasticity of demand and elasticity of supply and be able to calculate product elasticity
• Understand the invisible hand concept and how market economies function
• Explain consumer choice and utility maximization.
• Understand and explain the different types of market structures - Monopoly, Oligopoly, monopolistic competition & perfect competition
• Understand and explain how wages are determined.

Macroeconomics is the study of economic activity of the whole economy: national income accounting, gross domestic product, interest, investment, money, banking, trade, balance of payments, and foreign exchange. Students will gained knowledge, understanding and competence in the following areas:

• Macroeconomics variables- GDP, unemployment, inflations, savings, investments, expectations, shocks, short-long run issues- impact of variable on economic growth
• Measuring the economy’s output- real and nominal GDP
• Economic growth- measurement, instructional structures, production possibilities, trends, acceleration and sustainable growth
• Business cycles, unemployment and inflation
• Basic macroeconomic relationships- expenditures, real interest rate effect on investment. Effect of investment on real GDP
• Fiscal, deficits, surplus, debts
• Money, banking, and money creation
• Interest rates and monetary policies
• International trade
• Explain the determinants of demand and the determinants of supply

This course provides an overview of payroll administration fundamental. Successful candidates will have a general knowledge of the subject, and will be able to perform the payroll function accurately and on time.

Successful students will have acquired the following knowledge:

• Differences between employees, contractors, and stakeholders
• Labour and employment standards
• Earnings: gross, pensionable, insurable, taxable, net pay
• Withholdings from payroll
• Employer payroll taxes and premiums
• Payroll registers, journals, and ledgers
• Manual and computerized systems
• Payroll remittances
• Termination of employment
• Year-end payroll reporting

Successful students will be able to perform the following skills/tasks:

• Identify contractors and employees.
• Determine whether the business is under federal or provincial legislation.
• Apply labour and employment standards, policies of the business, and terms of collective agreements.
• Calculate gross earnings from various sources, ie, wages, salaries, allowances, benefits, etc.
• Calculate CPP, EI, Income Tax, and non-statutory withholdings.
• Determine deductions, calculate net pay, and pay the employees.
• Calculate payroll taxes and remit on a timely basis.
• Prepare payroll registers, journal entries, and posting to ledger accounts.
• Develop an understanding of manual and computerized payroll accounting systems.
• Prepare documents for termination of employment, determine compensation requirements, and update necessary records including the record of employment in a timely fashion.
• Complete basic year end entries and transaction: At year-end, complete the T4 summary, T4s, and any reports for Federal and Provincial tax authorities, Workers Compensation, pension, and health funds.

Students will develop competence in Windows 10 and file management.

• Understand the important features of Windows 10.
• Demonstrate competence in working with files and folders.
• Organize a company’s files and folders.

Learning Outcomes:

• Develop proficiency in building a basic spreadsheet and a chart.
• Work with formulas, functioning and formatting.
• Work with large worksheets, charting, and what-if analysis.

Learning Outcomes:

• Develop competence working with financial functions, data tables, and amortization schedule.
• Work with multiple worksheets and workbooks.
• Create, sort, and query a table.

Learning Outcomes:

• Describe the features of the Access window
• Create a database, tables, and design views.
• Add records to a table.
• Create and use parameter queries; crosstab queries sort data, join table, export data.
• Perform calculations and calculate statistics in queries.
• Customize the navigation pane.
• Use the various functions in maintaining a database—add, change, delete, filter.

Learning Outcomes:

• Manage email messages
• Manage calendars
• Manage contacts and personal contact information
• Create and maintain tasks

Learning Outcomes:

• Understand and efficient and accurately use the features of the QB software.
• Be competent in using the functions of an automated accounting software to do basic accounting tasks.
• Create new customer files, customer accounts, changing account names, creating list of accounts.
• Complete deposits, end of day work and create respective reports.
• Use the QB software to Manage email messages.
• Create and maintain tasks, use the QB features to query accounts.
• Purchasing with cash/credit; receiving cash sales and entering information correctly
• Generate, export and print various reports: PL; BS; TB; Journals, vendor, Customer, Contact lists etc.

This is a one month course that builds on the class 642 (QB Level 1) that provides students with in-depth experience in the QuickBooks program.

• Managing items: (a) understanding items & item types in QuickBooks (b) advantage of using items (c) calculating values (d) using purchase orders and sale orders (e ) creating new items (f) importing item list (g) Inventory and non-inventory part item
• Correcting and using lists: (a) deleting entries (b) correcting entries (c ) merging entries (d) merging job entries
• Buying and selling inventory: (a) processing inventory (b) purchasing & selling inventory (c) adjusting inventory cost (d) processing damaged inventory € adjusting physical inventory
• Orders and inventory management: (a) processing customer orders (b) preparing estimates (c) using sales & purchase orders (d) receiving inventory (e ) sending customer statements
• Making general journal entries: (a) situations requiring general journal entries (b) determining debits and credits for general journal entries (c ) entering journal entries (d) memorizing transactions
• Payroll: (a) check that payroll has been set up correctly in QuickBooks level 2 accounting (b) create employee records (c) modify employee records (d) review payroll linked accounts (e ) pay employees (f )create recurring transactions (g) work with payroll advances (h) view, adjust and void posted payroll transactions (i) enter taxes manually (j) generate payroll reports (k) check the version of the tax table (l) view and update the payroll item list (m) create pay cheque deduction items (m) create employee benefit items (n) update employee payroll records
• Setting up data files and customizing settings: (a) use the EasyStep Interview to set up your company data file (b) enter the company information (c) set up data file preferences (d) set up system administrator password (e ) enter the data file start date (f) set up the GL income and expense accounts (g) add GL accounts manually (h) enter the opening balances for each customer, vendor, inventory and GL account (i) review and modify preferences

Upon successful completion of this course, students will have gained knowledge of Microsoft Word 2019 functions and will be able to create a variety of business documents.

Students will also continue to build keyboarding speed and accuracy.

• Learn and apply the essentials of Word 219 commands
• Create/save, print, apply text paragraph and page formats.
• Navigate, review, and edit documents.
• Format memos, create envelopes, edit letters, and build keyboarding skills.
• Create and format tables, change table structures, create tables in documents, build speed and accuracy.
• Format reports, insert footnotes, files, find/replace texts.
• Adhere to academic reporting standards.
• Create /format documents with pictures, videos, SmartArt, borders, etc.
• Utilize OneDrive’ share folders/documents.