Introduction to Accounting Terminology

About Course

Introduction to Accounting Terminology for Canadian Accounting Processes is a comprehensive 30-hour course designed to provide students with a solid understanding of key accounting terms and concepts specific to the Canadian accounting context. The course aims to familiarize students with terminology commonly used in Canadian financial reporting, taxation, auditing, and other accounting practices. Through lectures, discussions, and practical exercises, students will gain proficiency in interpreting and using accounting terminology in various accounting processes.

Introduce students to essential accounting terminology relevant to the Canadian accounting profession.
Provide a comprehensive overview of key concepts and principles underlying Canadian accounting processes.
Familiarize students with the terminology used in financial reporting, taxation, auditing, and other areas of accounting practice in Canada.
Develop students' ability to interpret and apply accounting terminology in real-world scenarios.
Enhance students' communication skills by enabling them to effectively communicate accounting information using appropriate terminology.

Course Content

Introduction to Accounting Principles
Overview of accounting principles and concepts Understanding the accounting equation and double-entry bookkeeping Introduction to Canadian Generally Accepted Accounting Principles (GAAP)

Financial Statements and Reporting
Preparation and interpretation of financial statements Components of financial statements (e.g., balance sheet, income statement, statement of cash flows) Key accounting ratios and metrics for financial analysis

Assets and Liabilities
Classification and valuation of assets (e.g., current assets, non-current assets) Types of liabilities and their accounting treatment Depreciation, amortization, and impairment of assets

Equity and Shareholder’s Equity
Types of equity (e.g., common shares, preferred shares) Accounting for stock transactions (e.g., dividends, stock repurchases) Shareholder's equity statement and its components

Revenue Recognition and Expenses
Principles of revenue recognition under Canadian GAAP Matching principle and accrual accounting Types of expenses and their classification

Cost Terminology and Analysis
Understanding cost terms (e.g., variable costs, fixed costs, mixed costs) Cost-volume-profit (CVP) analysis and breakeven analysis Contribution margin analysis

Budgeting and Forecasting
Budgeting process and terminology Types of budgets (e.g., operating budget, capital budget) Forecasting techniques and their application in financial planning

Canadian Taxation Terminology
Overview of the Canadian tax system Key tax terminology (e.g., taxable income, tax credits, deductions) Understanding tax laws and regulations in Canada

Auditing Terminology
Overview of auditing and assurance services Key auditing terms (e.g., audit evidence, materiality, internal control) Audit report and its components

Financial Analysis and Interpretation
Ratio analysis and its significance in financial analysis DuPont analysis and its application Trend analysis and forecasting techniques

International Financial Reporting Standards (IFRS) Terminology
Overview of IFRS and its adoption in Canada Key differences between Canadian GAAP and IFRS IFRS terminology and concepts

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

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

Practical Applications and Case Studies
Application of accounting terminology in real-world scenarios Case studies and group discussions on accounting issues Practical exercises to reinforce learning

Capstone Project and Review
Integration of accounting terminology and concepts in a comprehensive case study Preparation and presentation of financial information using appropriate terminology 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 Understanding the accounting equation and double-entry bookkeeping Introduction to Canadian Generally Accepted Accounting Principles (GAAP)

Financial Statements and Reporting Preparation and interpretation of financial statements Components of financial statements (e.g., balance sheet, income statement, statement of cash flows) Key accounting ratios and metrics for financial analysis

Assets and Liabilities Classification and valuation of assets (e.g., current assets, non-current assets) Types of liabilities and their accounting treatment Depreciation, amortization, and impairment of assets

Equity and Shareholder’s Equity Types of equity (e.g., common shares, preferred shares) Accounting for stock transactions (e.g., dividends, stock repurchases) Shareholder's equity statement and its components

Revenue Recognition and Expenses Principles of revenue recognition under Canadian GAAP Matching principle and accrual accounting Types of expenses and their classification

Cost Terminology and Analysis Understanding cost terms (e.g., variable costs, fixed costs, mixed costs) Cost-volume-profit (CVP) analysis and breakeven analysis Contribution margin analysis

Budgeting and Forecasting Budgeting process and terminology Types of budgets (e.g., operating budget, capital budget) Forecasting techniques and their application in financial planning

Canadian Taxation Terminology Overview of the Canadian tax system Key tax terminology (e.g., taxable income, tax credits, deductions) Understanding tax laws and regulations in Canada

Auditing Terminology Overview of auditing and assurance services Key auditing terms (e.g., audit evidence, materiality, internal control) Audit report and its components

Financial Analysis and Interpretation Ratio analysis and its significance in financial analysis DuPont analysis and its application Trend analysis and forecasting techniques

International Financial Reporting Standards (IFRS) Terminology Overview of IFRS and its adoption in Canada Key differences between Canadian GAAP and IFRS IFRS terminology and concepts

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

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

Practical Applications and Case Studies Application of accounting terminology in real-world scenarios Case studies and group discussions on accounting issues Practical exercises to reinforce learning

Capstone Project and Review Integration of accounting terminology and concepts in a comprehensive case study Preparation and presentation of financial information using appropriate terminology Review of course materials and final assessment