Introduction to Accounting

About Course

Introduction to Accounting for Canadian Learners is a comprehensive 30-hour course designed to provide students with a foundational understanding of accounting principles and practices according to Canadian accounting methods. The course covers essential topics in financial accounting, including the preparation and analysis of financial statements, as well as an introduction to managerial accounting concepts relevant to Canadian businesses. Through lectures, case studies, and practical exercises, students will develop the knowledge and skills necessary to apply accounting principles in real-world scenarios and make informed financial decisions.

Introduce students to the fundamental concepts and principles of accounting in the Canadian context.
Provide an overview of the Canadian regulatory framework governing financial reporting and accounting standards.
Familiarize students with the preparation and interpretation of financial statements according to Canadian Generally Accepted Accounting Principles (GAAP).
Explore the role of accounting in decision-making processes within Canadian organizations.
Develop students' proficiency in using accounting software commonly used in Canadian businesses.
Enhance students' critical thinking and analytical skills through practical application of accounting principles to real-world scenarios.

Course Content

Introduction to Accounting Principles
Overview of accounting principles and concepts Introduction to the Canadian regulatory framework for financial reporting Understanding the accounting equation and double-entry bookkeeping

Financial Statement Preparation
Preparation of the balance sheet, income statement, and statement of cash flows Understanding accrual accounting and revenue recognition Analysis and interpretation of financial statements

Assets and Liabilities
Classification and valuation of current and non-current assets and liabilities Depreciation, amortization, and impairment of assets Accounting for inventory and long-term investments

Equity and Shareholder’s Equity
Types of equity and shareholder's equity Common and preferred shares Dividends and stock repurchases

Revenue Recognition and Expenses
Revenue recognition principles Matching principle and accruals Accounting for expenses and provisions

Introduction to Managerial Accounting
Role of managerial accounting in decision-making Cost classification and behavior Cost-volume-profit analysis

Budgeting and Cost Control
Budgeting process and variance analysis Cost control techniques Performance measurement and balanced scorecards

Introduction to Accounting Software
Overview of accounting software commonly used in Canada (e.g., QuickBooks, Sage, Xero) Hands-on exercises using accounting software to record transactions and generate financial reports

Canadian Taxation Basics
Overview of the Canadian tax system Basic principles of income tax for individuals and businesses Tax planning strategies for Canadian businesses

Ethical Considerations in Accounting
Professional ethics and codes of conduct for accountants in Canada Ethical dilemmas in accounting practice Case studies and discussions on ethical decision-making

Financial Analysis and Interpretation
Ratio analysis for evaluating financial performance DuPont analysis and its application Trend analysis and forecasting techniques

Internal Controls and Audit
Importance of internal controls in accounting processes Understanding the audit process and its role in financial reporting Sarbanes-Oxley Act and its implications for Canadian businesses

International Financial Reporting Standards (IFRS)
Overview of IFRS and its adoption in Canada Key differences between Canadian GAAP and IFRS Impact of IFRS on financial reporting practices

Special Topics in Canadian Accounting
Accounting for government grants and subsidies Not-for-profit accounting Foreign currency translation and hedging

Capstone Project and Review
Application of accounting principles and concepts to a real-world case study Preparation and presentation of financial statements Review of course materials and final assessment

About Course

What Will You Learn?

Course Content

Introduction to Accounting Principles Overview of accounting principles and concepts Introduction to the Canadian regulatory framework for financial reporting Understanding the accounting equation and double-entry bookkeeping

Financial Statement Preparation Preparation of the balance sheet, income statement, and statement of cash flows Understanding accrual accounting and revenue recognition Analysis and interpretation of financial statements

Assets and Liabilities Classification and valuation of current and non-current assets and liabilities Depreciation, amortization, and impairment of assets Accounting for inventory and long-term investments

Equity and Shareholder’s Equity Types of equity and shareholder's equity Common and preferred shares Dividends and stock repurchases

Revenue Recognition and Expenses Revenue recognition principles Matching principle and accruals Accounting for expenses and provisions

Introduction to Managerial Accounting Role of managerial accounting in decision-making Cost classification and behavior Cost-volume-profit analysis

Budgeting and Cost Control Budgeting process and variance analysis Cost control techniques Performance measurement and balanced scorecards

Introduction to Accounting Software Overview of accounting software commonly used in Canada (e.g., QuickBooks, Sage, Xero) Hands-on exercises using accounting software to record transactions and generate financial reports

Canadian Taxation Basics Overview of the Canadian tax system Basic principles of income tax for individuals and businesses Tax planning strategies for Canadian businesses

Ethical Considerations in Accounting Professional ethics and codes of conduct for accountants in Canada Ethical dilemmas in accounting practice Case studies and discussions on ethical decision-making

Financial Analysis and Interpretation Ratio analysis for evaluating financial performance DuPont analysis and its application Trend analysis and forecasting techniques

Internal Controls and Audit Importance of internal controls in accounting processes Understanding the audit process and its role in financial reporting Sarbanes-Oxley Act and its implications for Canadian businesses

International Financial Reporting Standards (IFRS) Overview of IFRS and its adoption in Canada Key differences between Canadian GAAP and IFRS Impact of IFRS on financial reporting practices

Special Topics in Canadian Accounting Accounting for government grants and subsidies Not-for-profit accounting Foreign currency translation and hedging

Capstone Project and Review Application of accounting principles and concepts to a real-world case study Preparation and presentation of financial statements Review of course materials and final assessment