Accounting & Finance (ACF)

This subject introduces the student to how accounting information is used by, and meets the needs of both internal and external users through effective and efficient communication as well as what accounting information is required by a business concern to reflect clearly the operating results of the enterprise over its operating life. Throughout the subject, students will be introduced to generally accepted accounting principles,the interpretation and preparation of financial statements and how this information is recorded in the various business records.

In this second of the two introductory accounting courses, students will expand their understanding of accounting principles and concepts while covering specific topics including: capital assets, corporations shareholders equity, and bonds payable. Preparation of the Statements of Retained Earnings and Cash flows will also be covered. Finally, the students will expand their understanding of the role of financial statement users by studying financial statement analysis.

Accounting 431 deals with internal accounting, specifically cost accounting. Its objectives are to determine product costs for inventory valuations. The associated accounting systems include methods of identifying, separating, classifying and summarizing costs under various product costing techniques. The subject also includes the managerial use of cost information for planning and cost control. Cost Accounting is an extension of financial accounting. Its aim is to provide relevant information to various levels of management for planning and controlling day-to-day operations. The internal accounting system must be designed to meet the requirements of specific managerial needs.

This subject is the first of two in the program on Intermediate Accounting (ACC415/517). It examines fundamental accounting assumptions, concepts and principles. Income determination is stressed through a review of revenue and expense recognition principles and the underlying conceptual support. It integrates an in-depth study of asset items on the Statement of Financial Position (including cash, receivables, inventories and capital assets) with emphasis upon generally accepted accounting principles that apply to these items.

Accounting 533 continues the study of cost classification and cost behaviour and the use of standards for costing, managerial evaluation and financial planning. Final objectives are to provide management with relevant information for decision making. Its objectives are to analyse cost-volume-profit relationships, to determine income using segmented reporting and contribution margin, to prepare master budgets and evaluate divisional performance of various responsibility centres.

This subject is the second of two Intermediate Accounting subjects (ACC415/517). It is a continuation of ACC415 and includes an in-depth analysis of accounting for long-term liabilities, shareholders equity, pensions, corporate income taxes, leases and accounting changes. This subject also includes the calculation of earnings per share and financial statement analysis. Particular emphasis is placed on the requirements of generally accepted accounting principles as set out in the CICA Handbook and references to the International Reporting Financial Standards.

The purpose of this subject is to provide Accounting and Finance students with a good working knowledge of the current provisions of the Canadian Income Tax Act as it applies to individuals including tax planning.

This one semester subject is a comprehensive introduction to auditing which will provide students with a knowledge of auditing methodology, theory and practice. Students will study a variety of topics including: the nature of evidence, accounting cycles, analytical procedures, auditing in an EDP environment, and interacting with management and audit committees.

This subject continues the study of financial accounting at an advanced level and introduces current topics in accounting relevant to todays changing environment. It is expected to improve students ability to exercise good judgement in determining the most appropriate accounting policies for particular transactions. To this end, the students will develop a more in-depth understanding of the inter-relationships of the objectives of financial reporting, underlying accounting concepts and generally accepted accounting principles. The case study approach will be utilized in appropriate situations. The advanced accounting topics that will be covered intensively are:
i. More complex revenue and expense recognition situations
ii.Long-term corporate investments and business combinations
iii.Foreign currency denominated transactions
iv. The translation of financial statements from foreign companies
v.Financial reporting for non-business organizations
vi.Interests in joint ventures

Taxation II is the second part of two subjects in taxation for Accounting and Finance students. The aim of the course is to provide students with a good working knowledge of the current provisions of the Canadian Income Tax Act as it applies to corporations and individuals. Emphasis is placed on the concepts underlying these provisions rather than on the computations required to implement them, although such computations are reviewed in the context of the Federal T2 Tax Return.

This one semester subject provides students with an understanding of internal auditing practices, and philosophies. It includes an overview of internal auditing, the audit process, types of audit applications and auditing standards. Students will learn how to analyse, evaluate and report on controls with an emphasis on how controls can be used to make operations more effective and efficient.