Description

This is a fundamental course that provides an overview of best practices in Accounting Fundamentals. We will be covering the different processes, different approaches and methodologies. This course will help students understand the language of business using basic accounting principles. Over the month, the students will learn how to create financial statements and will be able to analyse the overall health and condition of a business. With this course, students will be able to apply certain practices to forecast and budget business success.

Course Prequisites

High school graduation or equivalent; or 18 years of age. A written essay from the student explaining the reasons for interest in the program and how the program can assist the student to meet future goals.

The minimum level of English language proficiency is one of the following:

● English 12- minimum final grade “C” or Cornerstone Placement test – Level 5. (This placement test uses the Placement Evaluation Package Interchange 3 Third Edition and passages second edition from Cambridge.)

Learning Objectives

Upon completion of this course the successful student will be able to:

● The ability to apply basic accounting techniques and choose to support financial tools
● An understanding of the role and importance of accounting fundamentals in an organization and how to create financial statements.
● Understand the role of globalization and the lean business model in influencing managerial accounting.
● An understanding of the role of time, cost and quality management in accounting.
● An understanding of the management and communication techniques and skills that lead to successful accounting outcomes
● The importance of knowing how to measure effectively and differentiate Balance Sheet and Income Statement
● An increase in their ability to function effectively on the responsibilities of an accountant and accounting principles.

Course Outline

Module 1 – Introduction to Accounting Fundamentals – The students will Understand the basics of managerial accounting and the role of globalization and the lean business model in influencing managerial accounting and the importance of professional responsibility. 10 hours/total

Module 2 – Cost Concepts – Understand cost classification by behaviour, cost classification by traceability, cost classification by relevance and cost classification by function. Students will be prepare financial reports. 10 hours/total

Module 3 – Cost Behaviour: Analysis and Use – Understand cost behaviour and analyze and estimate costs and compute contribution margin and income. 10 hours/total

Module 4 – Budgenting. Understand the concept of budgets and prepare each component budget of the master budget. Develop budgeted financial statements from the component budgets of the master budget. Understand the budgeting process and the role of the beyond budgeting model. 10 hours/total

Module 5 – Report and Project Closure – Reaching a goal is not the end of the project. A Project Manager needs to finalize the project properly and provide the accurate documentation. The Project Manager will have to make sure that the project gets accomplished within time and budget and with the highest quality. 10 hours/total

Teaching Methods

Approach:
In this workshop course that combines in-class and online activities, students prepare assignments with the guidance of instructors.
Creativity:
Project-based group participation: at least two assignments will be presented orally.
Judgment:
Students will prepare at least four written assignments in traditional and digital genres such as reports, letters, brochures, email, and webpages, and deliver one professionally related informative oral presentation

Required course materials

● Quickbooks – http://quickbooks.intuit.com/
● https://www.investopedia.com/terms/b/balancesheet.asp (2019)
● https://www.lucidchart.com/blog/3-disadvantages-of-agile-methodology
● https://venngage.com/templates
● https://corporatefinanceinstitute.com/resources/knowledge/accounting/balance-sheet/
● teamgantt.com
● https://www.wrike.com/project-management-guide/faq/what-is-pmi-in-project-management/
● https://bench.co/blog/accounting/balance-sheet/Virtual classes video conferencing platforms using (Skype & Zoom)