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Students plan, organize, direct, control and evaluate the operation of an accountant, auditor or financial service.
COURSE MODULES
COURSE MODULES
FIN2020: RETAIL ACCOUNTING 1
FIN2020: RETAIL ACCOUNTING 1
In this course, students learn how to apply specialized accounting procedures associated with buying and selling goods with a credit system in a retail business. You will learn how to analyze transactions and prepare accounts receivable and payable journals and ledgers. Prerequisite: FIN1030: Accounting Cycle 2
FIN2030: RETAIL ACCOUNTING 2
FIN2030: RETAIL ACCOUNTING 2
Students continue to apply specialized accounting procedures by preparing financial statements, analyzing adjusting and closing entries and completing the accounting cycle for a retail business. Prerequisite: FIN2020: Retail Accounting 1
FIN2040: ACCOUNTING SOFTWARE (Included)
FIN2040: ACCOUNTING SOFTWARE (Included)
Students learn and demonstrate use of an accounting software package for personal or business use. They will complete transactions and procedures typically used by an individual or a business. Prerequisite: FIN1030: Accounting Cycle 2
FIN2060: PERSONAL TAXATION
FIN2060: PERSONAL TAXATION
Students examine the Canadian income tax system through the preparation of a variety of personal income tax returns, completed manually and/or electronically. Prerequisite: None
FIN 2910: FIN PROJECT B
FIN 2910: FIN PROJECT B
Students develop project design and management skills to extend and enhance competencies and skills in other CTS courses through contexts that are personally relevant. Prerequisite: None
FIN2020: RETAIL ACCOUNTING 1
FIN2020: RETAIL ACCOUNTING 1
Students apply specialized accounting procedures associated with buying and selling goods in a retail system with a credit system and a partnership.
Outcomes
Outcomes
It is expected that students will:
- explore accounting procedures associated with buying and selling merchandise
- analyze transactions for a small retail business and prepare journals and ledgers allowing for accounts receivable and payable
Differences between Service and Merchandising
Differences between Service and Merchandising
Exercise #1: Find three examples of the following merchandisers and the type of merchandising inventory for each:
Manufacturers, Wholesalers and Retailers
Merchandising Operations: Operating Cycles
Merchandising Operations: Operating Cycles
Exercise #2: Why is the normal operating cycle for a merchandising company likely to be longer than that of a service company?
Movie Part 1: The Founder Movie: The Founder - The story of Ray Kroc, a salesman who turned two brothers' innovative fast food eatery, McDonald's, into the biggest restaurant business in the world with a combination of ambition, persistence and ruthlessness. Source: Copyright © 1990-2017 IMDb.com, Inc.
Review
Review
Movie Part 2: The Founder
Inquiry Project to answer the question:
Inquiry Project to answer the question:
"To what extent does the type of retail company determine how their accounting and inventory practices work?"
Accounting for a Merchandising Business eText book Powerpoint
Accounting for a Merchandising Business eText book Powerpoint
ch10 power point.ppt10.1 The Merchandising Business
10.1 The Merchandising Business
Review questions: #1-17
Exercises: 1-5
10.2 Accounting Procedures
10.2 Accounting Procedures
Review questions: #1-11
Exercises: 1-3
10.3 Worksheets
10.3 Worksheets
Review questions: #1-14
Exercises: 1A-D, 2A-F, 3A-C
10.4 Returns and Allowances
10.4 Returns and Allowances
Review questions: #1-15
Exercises: #1-5
10.5 Sales Discounts
10.5 Sales Discounts
Review questions: #1-16
Exercises: 1, 2, 3A-C, 4A-D
10.6 Pricing Goods
10.6 Pricing Goods
Review questions: #1-8
Exercises: 1A-I, 2A-B
10.7 Perpetual Inventory
10.7 Perpetual Inventory
Review questions: #1-11
Exercises: 1A-J,2A-B, 3, 4A-B
10.8 Manufacturing Business
10.8 Manufacturing Business
Review questions: #1-13
Exercises: 1, 2, 3
Chapter 10 Review
Chapter 10 Review
Review Exercises: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11
Questions for Further Thought: 1, Case 1, Case 2, Case 3, Case 4
Final Exam:
Final Exam:
December 19, 2017
December 19, 2017
Assessments
Assessments
- Classwork 50%
- Presentations 40%
- Basic competencies 10%
In-class assignments: In-class exercises will be assigned in addition to the projects. These are incredibly important for your skill development and are necessary to complete. Please ensure your assignments are handed in. If you miss the class in which the exercise was assigned, please ensure you you complete the exercise on your own time and hand it in.
Basic Competencies include:
- demonstrate fundamental skills to:
- communicate
- manage information
- use numbers
- think and solve problems
2. demonstrate personal management skills to:
- demonstrate positive attitudes and behaviours
- be responsible
- be adaptable
- learn continuously
- work safely
3. demonstrate teamwork skills to:
- work with others
- participate in projects and tasks
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