Professional Accounting Practice (PRA)

In this course students learn the basic finance concepts, tools and theories required by a financial specialist, working in a Canadian organization and a global economy. This subject is designed to give the students a broad understanding of the use of mathematical techniques as an aid to managerial decision-making. This course prepares students to understand the language and description of Canadian financial markets and the implications of these markets to financial managers. The content includes analysis of the current financial environment and its components, security valuation, the capital budgeting process, the component costs of capital, introduction to risk, and financial planning.
Pre-requisites: BAB140, and BAB210

This is an introductory course in the use of computer-based information systems in management and accounting, taking into consideration the global aspect of business. Topics surveyed include hardware and software of computer systems; file and database organization; networks and telecommunications; the systems development process; designing information systems solutions; system security and controls; artificial intelligence; and the management of information systems. Computer software is used to provide illustration and practice in database concepts.

This course provides a more in depth examination of the financial reporting process, with a strong focus on the underlying conceptual framework and the specific requirements of generally accepted accounting principles (GAAP) as codified in the CICA Handbook. Students are expected to begin to develop an ability to exercise professional judgment in resolving accounting policy issues, especially in cases where the CICA Handbook does not provide specific recommendations applicable to the circumstances. The related principles of revenue and expense recognition, income measurement and asset valuation are to be applied by students in accounting for all assets that appear in a balance sheet prepared in accordance with GAAP. Generally accepted financial statement presentation and note disclosure are also reviewed for the specific assets being covered in the course.

Relationships between accountants, reporting corporations and statement readers receive close attention in this course, with a view to making decisions that establish a viable and ethical approach to fulfilling the accountants role in the financial reporting process.

A global perspective is maintained in this course through a comparison of Canadian and international accounting standards for the specific topics covered.

This course offers an overview of the taxation of personal and corporate incomes of Canadian taxpayers as well as related tax planning and GST implications. It provides a detailed examination of the federal income tax law concerning income of individuals from employment, business and property. The implementation of the law and its effects, and issues in tax planning and other practical matters are explored. Legal interpretations of tax law are examined through practical problems and cases. It is designed to give a basic understanding of the Income Tax Act and its administration. This is achieved by applying the law to practical problems and cases. Topics covered include administration of the tax system, residence, employment income, business and property income, capital gains, other income and deductions, computation of taxable income and taxes payable for individuals.

This introductory subject covers the auditing principles and procedures applicable to both internal and external auditing. Students learn the principles of reporting, professional standards and ethics, legal liability, audit objectives, audit evidence, planning and analysis, materiality and risk, internal control, audit sampling and EDP auditing. Students use the functions and procedures for the revenue and collection cycle, acquisition and expenditure cycle, production and payroll cycle, and finance and investment cycle and also use auditing software for the related practice set.

This course is a continuation of the study of corporate finance started in Finance. It provides an in-depth study of issues and tools that will assist financial specialists in making corporate financing decisions. Students learn how to select the appropriate financial and investment strategies to achieve the companys goals and objectives, given the economic environment in which the firm operates. Analytical techniques relating to financial decision making are studied. Topics include dividend policy, investment decisions, derivatives, risk management, international financial management, options and swaps.

This course includes an in-depth analysis of accounting for specific items in liabilities and shareholders equity. Coverage includes a review of generally accepted accounting principles (GAAP), as codified in the CICA Handbook, that apply to the following topics: current and long-term liabilities, shareholders equity, complex financial instruments, pensions and other post-employment benefits, corporate income taxes and leases. The calculation of earnings per share and the preparation of cash flow statements for more complex situations, in accordance with GAAP, are also covered in this course. The statement user perspective is reinforced through a review of financial statement analysis techniques at a more advanced level. Relationships between accountants, reporting corporations and statement readers receive close attention in this course, with a view to making decisions that establish a viable and ethical approach to fulfilling the accountants role in the financial reporting process. A global perspective is maintained in this course through a comparison of Canadian and international accounting standards for the specific topics covered.

This course, built on the foundations set in TAX I, is designed to give the student an understanding of more complex issues of Canadian income tax law. Topics include computation of corporate taxes, integration theory, corporate reorganizations, surplus distributions, partnerships and trusts. At the successful conclusion of this course, it is anticipated that students will be proficient at recognizing tax issues, developing planning alternatives, locating proper authority to resolve issues, and communicating courses of action to implement the solutions. All tax provisions are subject to change. Accordingly, the intent is that students develop an understanding of how the tax law works and incorporates the ability to find and apply the appropriate tax provisions in a variety of situations. Students are expected to demonstrate (in exams, assignments and class participation) competence in the technical aspects of the tax laws covered.

Management Accounting - IntermediateContinuing from the fundamentals covered in Management Accounting - Introductory, this course covers the intermediate concepts including the impact of organizational structure on cost structures, transfer pricing, cost allocation methods, capital budgeting for long-term projects, the design and implementation of effective management control systems, and their impact on organizational behaviour. Ethical standards for and moral responsibilities of managers will be emphasized throughout the course.

Business issues rarely manifest themselves as discrete concerns. The symptoms of an issue are often more obvious than their root cause. As well, the timing of dealing with a problem is seldom ideal, often layered with one or several others. Building on disciplines studied in previous terms, this course synthesizes concepts and methodologies and provides students a framework to analyze various business situations into their component parts, to develop possible solutions and to hypothesize the most appropriate one. Using role play, students learn to conduct analyses that are tailored to their users and needs, learning that a one size fits all; solution rarely works in the business world. Several cases are studied that incorporate real life situations and require both quantitative and qualitative analyses, with a view of developing and honing analytic and evaluative skills.

This advanced financial accounting course provides an in-depth study of six major areas of advanced financial accounting. These are standard setting in Canada and internationally, financial instruments, income tax allocation, long-term intercorporate investments, consolidation, foreign currency translation and consolidation of foreign subsidiaries, and not-for-profit and public sector accounting.

Many Canadian organizations compete in evolving, competitive international environments. In order to succeed, these businesses require complex integrative strategies. This course provides students with a range of strategic frameworks, concepts and tools. Through the use of case studies, students are challenged to analyze complex business situations, develop and evaluate alternatives and recommend courses of action. The fundamental objective of the course is for students to develop the skills to be effective global managers.