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Accounting Fundamentals II

Course number : 5050003   
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COURSE OBJECTIVE: This is a non-computerized course which continues from Accounting Fundamentals Level I. Students will learn how to account for a merchandising company using the Cost of Goods Sold account, the sale of inventory under the perpetual and periodic inventory systems, ratios to evaluate a business and closing the accounts of a merchandising company.  Inventory costing methods such as FIFO, specific unit cost and moving-weighted average, accounting ethics, methods of writing off bad debts, methods of amortizing fixed assets and generally accepted accounting principles (GAAP) will also be covered.  
PREREQUISITES: Bookkeeping & Accounting Fundamentals Level I
COURSE COMPLETION: Students final mark for this course will based on 80% in-class assignments and 20% in-class quiz.
MATERIALS REQUIRED: Calculator, pencil, eraser and Borrowed Textbook: Accounting Volume One, Canadian Eighth Edition by Horngren, Harrison, Oliver, Norwood & Johnston.
TOPICS
Session 1 – Chapter 5 - Accounting for a Merchandising Business
Perpetual Inventory:
  • Selling Inventory and Recording Cost of Goods Sold
  • Accounting for the purchase and sale of inventory under perpetual inventory
Session 2 – Chapter 5 - Accounting for a Merchandising Business
  • Continue accounting for the purchase and sale of inventory under perpetual inventory 
Session 3 – Chapter 5 – Accounting for a Merchandising Business
  • Continue accounting for the purchase and sale of inventory under perpetual inventory 
Session 4 – Chapter 5 - Accounting for a Merchandising Business
  • Use sales and gross margin to evaluate a company
  • Prepare a merchandiser’s financial statements under the perpetual inventory system
  • Use the gross margin percentage and the inventory turnover ratios to evaluate a business
Session 5 – Chapter 5 - Accounting for a Merchandising Business
Periodic Inventory System:
  • Account for the purchase and sale of  inventory under the periodic inventory system
  • Compute the cost of goods sold under the periodic inventory system
  • Adjust and close the accounts of the merchandising business under the periodic inventory system
  • Prepare a merchandiser’s financial statements under the periodic inventory system
Session 6 – Chapter 6 - Inventory Costing Systems
  • Specific-Unit Cost
  • FIFO
  • Weighted Moving Average
  • Lower of Cost and net realizable value 
Session 7 – Chapter 9 - Accounting for Bad Debts
  • Estimating Uncollectables
  • Percent-of-sales method
  • Aging-of accounts-receivable method
  • Percent-of accounts-receivable method
  • Direct Write-Off method
  • Recovery of an account previously written off
  •  
Session 8 – Chapter 10 - Property Plant and Equipment; Goodwill; Intangible Assets
  • Account for amortization
  • Amortization for income tax purposes – Capital Cost Allowance
  • Partial year amortization
Session 9 
  • Disposal of Property, Plant and Equipment
  • Account for natural resources
  • Account for Goodwill and intangible assets 
Session 10
  • In class quiz
 

Class Details

10 Sessions
Weekly - Mon, Tue, Wed, Thu, Fri

Location
Montgomery Centre

Instructor
Deborah MacIntyre 

Tuition: 

$419.00


Schedule Information

Date(s) Class Days Times Location Instructor(s) Instructional Method
11/25/2019 - 12/6/2019 Weekly - Mon, Tue, Wed, Thu, Fri 9:00 AM - 12:00 PM Coquitlam, Montgomery Centre  Map Deborah MacIntyre  ClassRoom

Other Class Offerings

Accounting Fundamentals II
ID: 1533

03/26/20 - 04/08/20
Weekly - Thu, Fri, Mon, Tue, Wed
10 sessions.

Location
Montgomery Centre

Instructor
Deborah MacIntyre