Accounting Certificate and Diploma Program. Candidate guide

Transcription

1 Accounting Certificate and Diploma Program Candidate guide

2 Copyright Saskatchewan Institute of Applied Science and Technology June 2005 No part of the work(s) contained herein may be reproduced or copied in any form or by any means - graphic, electronic, or mechanical, including photocopying, recording, taping of information and retrieval systems - without written consent of the Saskatchewan Institute of Applied Science and Technology. The Accounting Certificate and Diploma program is dedicated to removing barriers and broadening the access to programs at SIAST. We believe that adults acquire knowledge and skills through life and work experience that may align with courses within our programs. Developed by program November 2005 Revised by program January 2007 Revised template by RPL office June 2012 Web ready PLAR office December 2005 July 2012 Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 2

3 Table of contents Why consider a PLAR assessment?... 4 What are the PLAR options?... 4 Option A: Individual course challenge... 4 Fees:... 4 How many courses can be challenged through PLAR?... 4 Which courses are PLAR-ready?... 5 Is PLAR available at any time of the year?... 6 Is it easier to challenge a course through PLAR - OR - take the course?... 7 Methods of assessing prior learning... 7 If I live out of town, do I have to travel to a main campus to do PLAR?... 7 What if I have a disability & need equity accommodations?... 7 Are there other methods to gain SIAST course credits for prior learning?... 8 Contact us... 8 The PLAR Process... 9 Guiding principles for developing a PLAR evidence file Types of evidence How long will it take to prepare evidence for PLAR? Steps to complete a self-audit Self-audit guide(s) ACCT 122 Introductory Financial Accounting ACCT 125 Introductory Accounting ACCT 236 Business Systems Analysis ACCT 220 Intermediate Accounting ACCT 221 Intermediate Accounting ACCT 226 Cost Accounting ACCT 227 Cost Accounting TAX 221 Taxation TAX 222 Taxation ADGT 220 Auditing Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 3

4 Why consider a PLAR assessment? PLAR refers to the combination of flexible ways of evaluating people s lifelong learning, both formal and informal against a set of established standards. You can receive academic credit for your relevant lifelong learning. The Accounting Certificate and Diploma program recognizes prior learning in a number of ways. We recognize: Previous formal learning from an accredited training institution through transfer of credit. Previous informal learning or experiential learning through a comprehensive prior learning and recognition process. What are the PLAR options? To be eligible for PLAR, an applicant must first register or already be registered as a SIAST student. Option A: Individual course challenge If you have 2 years successful experience in the accounting field, and have learned the skills and knowledge for one or more of the Accounting courses, you may apply to be assessed for each applicable course. Fees: There will be a charge for each individual course assessment. For a listing of the specific PLAR fees, check the PLAR database or call SIAST and ask to speak to the PLAR advisor/counsellor assigned to the Accounting program at: or goSIAST. How many courses can be challenged through PLAR in the Accounting Certificate and Diploma program? Currently we have 10 out of 14 certificate courses and 10 out of 28 diploma courses with PLAR challenges available. There is no limit. You may challenge as many of these courses as you are able to prove prior skills and knowledge through assessment. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 4

5 Which courses are PLAR-ready? COURSE CODE C e r t i f i c a t e Pr o g r a m P r o f i l e COURSE NAME PLAR Challenge(s) available through program PLAR Challenge(s) not available FIN 220 Finance X ACCT 122 ACCT 125 ACCT 220 Intermediate Accounting 1 ACCT 221 Intermediate Accounting 2 ACCT 226 Cost Accounting 1 ACCT 227 Cost Accounting 2 ACCT 236 Business Systems Analysis TAX 221 Tax 1 TAX 222 Tax 2 ADTG 220 Auditing ECON 120 X LAW 220 Commercial Law X STATS 120 X D i p l o m a Program Prof i l e COURSE CODE COURSE NAME PLAR Challenge(s) available through program PLAR Challenge(s) not available YEAR ONE ACCT 122 ACCT 125 ADMN 126 X BCOM 120 BCOM 121 *see note below* *see note below* COAP 137 COMP 120 ECON 120 ECON 121 X X X X Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 5

6 FIN 120 HR 120 MKTG 120 X X X STAT 120 *see note below* YEAR TWO ACCT 220 Intermediate Accounting 1 ACCT 221 Intermediate Accounting 2 ACCT 226 Cost Accounting 1 ACCT 227 Cost Accounting 2 ACCT 236 Business Systems Analysis ADMN 220 ADTG 220 Auditing X COAP 223 Computer Software Applications X COAP 233 X FIN 220 Finance X FIN 222 X LAW 220 Commercial Law X QM 220 Quantitative Methods for Accountancy X TAX 221 Tax 1 TAX 222 Tax 2 *Note*: Some courses common to multiple programs at SIAST (i.e. computers, communications, math, and sciences) are managed by associated studies faculty. To see if these shared courses in your program are PLAR-ready, visit the Courses Common to Multiple Programs link on the PLAR homepage for further details. For assistance call SIAST and ask to speak to the PLAR advisor/counsellor assigned to the Accounting programs at: or goSIAST. Is PLAR available at any time of the year? PLAR challenges are currently being offered during the academic year from September to June. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 6

7 Is it easier to challenge a course through PLAR - OR - take the course? Neither is easier. By using PLAR you may reduce the repetition of studying information that you already know. The PLAR process allows you to demonstrate knowledge you already have. PLAR is not an easy way to certification, rather a different way to obtain certification. Your personal level of skill and experience will dictate which courses you choose to challenge. The self-audit section found later in this guide will help you decide if you have a good match of skill and knowledge for a specific course. Methods of assessing prior learning Assessment methods measure an individual s learning against course learning outcomes. The assessment methods listed below are the ones most commonly used, but other forms of flexible assessment may be considered. These assessments may include one or a combination of the following assessment tools: product validation & assessment challenge exam standardized tests performance evaluations (including skill demonstrations, role plays, clinical applications, case studies) interviews and oral exams equivalency (evaluations of learning from non-credit training providers) evidence or personal documentation files (providing evidence of learning from life and work experiences and accomplishments) If I live out of town, do I have to travel to a main campus to do PLAR? There will be times that you will need to meet with the program on campus. However, we will try to keep travel to a minimum. What if I have a disability & need equity accommodations? At SIAST, we understand that sometimes services must be provided to students in a variety of ways to achieve the goals of fair representation. Therefore, the range of services provided for Education Equity students is as diverse as the needs of those students. We strive for equity (not uniformity) and provide varied services for students with differing needs. If more information is required, please contact a SIAST counsellor at a campus closest to you or refer to the SIAST website: Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 7

8 Are there other methods to gain SIAST course credits for prior learning? Transfer Credit Yes, SIAST will grant credit for previous training that is similar in content, objectives, and evaluation standards to SIAST training. Transfer of credit is different from the PLAR process. Transfer Credit guidelines may be found at: It is the student s responsibility to check with Registration Services for specific campus procedures on this policy. For specific information and guidelines regarding transfer of credit, contact a SIAST educational counsellor. Equivalency Credit Equivalency credit refers to the application of credit you may have earned in a previously taken SIAST course to your current SIAST course. Apply at registration services for equivalency credit. This process should also be completed prior to your PLAR challenge. If these credits cannot be used for equivalency credit, you may use these accredited courses as part of your evidence for your PLAR challenge. Contact us If more information is required, please contact a designated PLAR counsellor at a campus closest to you. SIAST Kelsey Campus, Saskatoon, SK goSIAST or SIAST Palliser Campus, Moose Jaw, SK goSIAST or SIAST Wascana Campus, Regina, SK goSIAST or SIAST Woodland Campus, Prince Albert, SK goSIAST or Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 8

9 Prior Assessment and Recognition process Consult with PLAR designated contact Complete application to PLAR Schedule PLAR audit meeting call goSIAST & speak with education counsellor identify goals discuss process & forms identify courses for challenge meet with program head/faculty review the self-audit determine eligibility obtain approval for PLAR 4 5 Develop an action plan Pay assessment fees consult with program faculty responsible for each PLAR confirm assessment methods & procedures 6 7 Prepare for prior learning assessment Challenge facilitated by assessor follow an action plan review your skills & knowledge collect, create & compile evidence obtain validations meet timelines 8 9 Challenge evaluated by assessor Results submitted to SIAST registration services Successful: see academic transcript 10 Candidate notified of results Not successful: letter sent consult with program head register for course grade appeal process available Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 9

10 Guiding principles for developing a PLAR evidence file 1. As you begin the PLAR process you will be advised if any evidence is required. This will be identified in your action plan. Check with the PLAR designated contact before you begin to gather evidence. 2. Evidence must be valid and relevant. Your evidence must match the learning outcomes identified for each course. It is your responsibility to create, collect and compile relevant evidence if required. 3. must be current within the last 5 years. 4. The evidence should demonstrate the skills and knowledge from your experiences. 5. The learning must have both a theoretical and practical component. Types of evidence There are three types of evidence used to support your PLAR request: 1. Direct evidence what you can demonstrate for yourself. 2. Indirect evidence what others say or observe about you. 3. Self-evidence what you say about your knowledge and experience. Ensure that you provide full evidence to your PLAR faculty assessor so that your prior learning application is assessed appropriately. Well organized, easy to track evidence will also ensure that none of the evidence is missed or assessed incorrectly. Here are some examples of evidence that you may be requested to submit as part of your evidence file (if required): resource lists written descriptions and analysis experience (activity) outlines workplace validations work samples financial statements supporting documents tax forms All documents that are submitted to SIAST may be returned to the student after the final results have been given and the grade appeal deadline of seven days has passed. A copy of transcripts and certificates may be included in your evidence file, but be prepared to show original documents at the PLAR audit meeting for validation. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 10

11 How long will it take to prepare evidence for PLAR? Since the requirements are different for each course, and each candidate has different experiences, the amount of time it takes to prepare your evidence will vary. Steps to complete a self-audit 1. Read through the levels of competence as listed below. Mastery: : : : I am able to demonstrate the learning outcome well enough to teach it to someone else. I can work independently to apply the learning outcome. I need some assistance in using the outcome. I am developing skills and knowledge for this area. outcomes For each learning outcome listed, please self-evaluate your competency levels and record in the appropriate column for each self-audit. 2. Take a few minutes and read through the following self-audit for each course you are interested in as a PLAR candidate. 3. Check your level of competence as you read through each of the learning outcomes for each course. The information will help you in your decision to continue with your PLAR application. 4. In order to be successful in a PLAR assessment, your abilities must be at the competent or mastery level for the majority of the learning outcomes. Some things to consider when determining your level of competence are: How do I currently use this outcome? What previous training have I had in this outcome: workshops, courses, on-the-job? What personal development or volunteer experience do I have in this area? Be prepared to explain the reason you chose this level if asked by an assessor. 5. Bring the completed self-audit to a consultation meeting with the program head or faculty member in step 3 PLAR process of the candidate process for prior learning assessment. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 11

12 Self-audit guide(s) ACCT 122 Introductory Financial Accounting 1 Your studies will focus on an introduction to financial accounting designed to provide you with accounting skills to handle business transactions. The course will include bookkeeping techniques, accounting for a merchandising concern and an introduction to accounting for current assets. You will acquire these skills through a combination of lecture material, in class demonstrations, reading assignments and practical exercises and problems. ACCT 122 is a companion to ACCT 125 (Introductory Financial Accounting II) which continues the study of basic financial accounting. ACCT 122 Introductory Financial Accounting 1 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. 1. Identify the providers, users, and uses of accounting information. Define the term accounting Discuss the forms of business organization Discuss the needs of internal and external users of accounting information Describe the opportunities within the accounting profession 2. Identify the basic financial statements and the principles on which they are based. Describe the major types of financial statements Explain the components of basic financial statements Explain the Generally Accepted Accounting Principles (GAAP) 3. Apply the Accounting Equation in the analysis of business transactions. Use the accounting equation to analyze business transactions Explain the link between the accounting equation and the preparation of financial statements Prepare the financial statements 4. Complete business transactions for a service company. Describe an account and the use of debits and credits in doubleentry accounting Demonstrate the accounting process by correctly identifying and journalizing business transactions Post transactions to the general ledger Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 12

13 ACCT 122 Introductory Financial Accounting 1 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Prepare a trial balance Correct errors resulting from a trial balance 5. Prepare period-end adjustments. Explain the importance of periodic reporting and adjusting the accounts under accrual-basis accounting Prepare adjusting entries for prepaid expenses, amortization and unearned revenues Prepare adjusting entries for accrued expenses and accrued revenues Prepare accrual adjustments needed in future periods Explain the difference between the cash and accrual basis of accounting 6. Prepare a period end worksheet. Explain the need for a worksheet Prepare a period end worksheet Record the adjusting entries from the worksheet Prepare basic financial statements 7. Prepare closing entries and a post closing trial balance. Explain the significance of closing entries Prepare closing entries Prepare a post-closing trial balance Identify the steps in the accounting cycle Explain the use of reversing entries Prepare reversing entries where appropriate 8. Prepare a classified balance sheet. Explain the need for a classified balance sheet Identify classifications of assets and liabilities Prepare a classified balance sheet 9. Demonstrate accounting for a merchandising company. Describe the nature and accounting components of a merchandising company Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 13

14 ACCT 122 Introductory Financial Accounting 1 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Explain the two alternative inventory systems Complete purchase and sales transactions using a perpetual inventory system Prepare a worksheet for a merchandising company Prepare adjusting and closing entries for a merchandising company 10. Prepare a classified income statement for a merchandising company. Explain the need for a classified income statement Identify the classifications of expenses for a merchandising company Prepare a classified income statement 11. Apply alternative methods of valuing inventories and cost of goods sold. Determine the cost of merchandise inventory Compute the value of inventory and cost of sales using four different methods 12. Analyze the effects of inventory transactions on financial reporting. Analyze the effects of different inventory methods on financial statements Describe the effects of different kinds of inventory errors Use the gross profit method to estimate inventory 13. Demonstrate the use of special journals in recording accounting transactions. Explain the purpose and use of special journals and subsidiary ledgers Journalize transactions using a general journal and special journals Post to the general ledger and subsidiary ledgers 14. Apply the principles of internal control to accounting for cash. Explain the purpose of internal controls Identify basic principles of internal controls Apply internal controls to cash receipts and disbursements 15. Prepare month end bank reconciliation. Explain the purpose of a bank reconciliation Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 14

15 ACCT 122 Introductory Financial Accounting 1 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Prepare a month end bank reconciliation Prepare adjusting entries resulting from the bank reconciliation 16. Demonstrate accounting for a petty cash fund. Explain the operations of a petty cash fund Prepare entries for petty cash transactions 17. Complete transactions relating to accounts receivable. Determine how accounts receivable are recorded Apply the allowance method of accounting for accounts receivable and bad debts Apply the direct write-off method of accounting for accounts receivable and bad debts 18. Demonstrate accounting for notes receivable. Describe notes receivable Calculate the maturity date and interest due on the note Prepare entries to record the issuance, interest, and settlement of the note PLAR assessment methods If you qualify for PLAR, you may be asked to demonstrate your learning in one or more of the following ways. Be prepared to discuss the expectations during a consultation meeting. 1. Evidence file Work samples that demonstrate knowledge of the course learning outcomes. OR 2. Challenge exam 60% pass mark required Problems with approximately 10% multiple choice questions. Example of a problem: From the given information, please prepare a month end bank reconciliation. Resources You may refer to any fundamental accounting textbook book to prepare for your PLAR challenge. The textbook used for this course is: 1. Fundamental Accounting Principles, 11 th Canadian Edition, Larson & Jensen Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 15

16 ACCT 125 Introductory Accounting 2 Your studies will focus on an introduction to financial accounting building on the skills you learned in ACCT 122 (Introductory Financial Accounting I). You will study accounting for payroll and accounting for other assets and liabilities. The course covers accounting for capital assets, liabilities, partnerships and corporations. You will acquire these skills through a combination of lecture material, in class demonstrations, reading assignments and practical exercises and problems. ACCT 125 Introductory Accounting 2 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. 1. Account for the acquisition of capital assets. Define the term capital asset Determine the cost of a capital asset Calculate the cost of individual assets purchased as a lump sum with other assets Prepare entries to record the acquisition of capital assets Explain the terms and accounting treatment for capital expenditure, revenue expenditure, betterment, and repair Determine the treatment of costs after acquisition of capital assets Prepare the appropriate entries to record costs subsequent to acquisition of capital assets 2. Demonstrate the utilization of capital assets. Explain the concept of amortization Complete amortization transactions using three different methods Calculate partial year s amortization where appropriate Record partial year s amortization Revise amortization for capital expenditures (betterments) and changes in estimates 3. Account for the disposal of capital assets. Calculate amortization to date of disposal Prepare entries to record the disposal through discard, sale or exchange 4. Demonstrate accounting for natural resources. Identify what comprises natural resources Prepare the entries to record the acquisition of natural resources Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 16

17 ACCT 125 Introductory Accounting 2 Mastery: : : : I am able to demonstrate it well enough to teach it to someone else. I can work independently to apply the outcome. I need some assistance in using the outcome. I am developing skills and knowledge for this area. Complete amortization transactions for natural resources and related plant and equipment assets 5. Demonstrate accounting for intangible assets. Define intangible assets Calculate the cost of goodwill Prepare the entries to record the acquisition of goodwill and other eligible assets except goodwill Complete the amortization transactions of intangible assets Record the impairment of goodwill 6. Document current and long-term liabilities. Classify liabilities as current or long term Describe the balance sheet presentation Prepare the liabilities section of the balance sheet 7. Complete transactions for known liabilities and estimated liabilities. Define a known liability Prepare entries for accounts payable, payroll liabilities and unearned revenues Complete transactions for GST and PST payable Complete transactions for the issuance, interest and payment of short-term notes payable Define an estimated liability Record estimated warranty liabilities Prepare entries to record warranty work performed Prepare entries to record estimated income tax liabilities 8. Explain contingent liabilities and the accounting treatment. Define a contingent liability Explain the reporting and disclosure of contingent liabilities under various conditions 9. Demonstrate accounting for payroll liabilities. Determine the need for employee individual earnings records Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 17

18 ACCT 125 Introductory Accounting 2 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Calculate gross pay and deductions for individual employees Complete a payroll register and record payroll Prepare entries to record employer remittances to various agencies for employee withholdings and employer contributions 10. Complete transactions for long-term notes payable. Describe long-term notes payable Calculate payments for notes requiring equal payments Prepare entries to record the issuance of the note, interest accrual, and payment of notes requiring equal payments Calculate the principal payment for notes requiring equal principal plus accrued interest payments Prepare entries to record the issuance of the note, interest accrual, and payment of notes requiring equal principal plus accrued interest payments 11. Demonstrate accounting for temporary investments. Define temporary and long-term investments Discuss the concept of recording temporary equity investments at the lower of cost or market Describe the balance sheet presentation for temporary investments Prepare entries for the acquisition of various temporary investments Complete transactions for investment income Prepare entries for the sale of temporary investments 12. Document the formation of a partnership. Describe the characteristics of partnerships Identify the advantages and disadvantages of partnerships Prepare entries to record partners investment in the formation of a partnership 13. Demonstrate accounting for a partnership. Compute division of partnership earnings according to various arrangements Prepare journal entries to record partnership earnings Prepare an entry for the sale of a partnership interest Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 18

19 ACCT 125 Introductory Accounting 2 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Prepare an entry for an addition of a new partner Prepare an entry for the withdrawal of a partner Prepare closing entries for a partnership 14. Complete transactions relating to the liquidation of a partnership. Discuss the liquidation of a partnership and the closing of operations Prepare the entry for sale of partnership assets Prepare the entry for the distribution of the gain or loss resulting from the sale of assets Prepare the entries to record the distribution of remaining cash to creditors and partners 15. Describe the corporate form of organization. Define the corporate form of organization Describe the advantages and disadvantages of corporations relative to unincorporated organizations Identify types of shares Explain the rights of shareholders Describe the basics of organizing and managing a corporation Describe financial statements for a corporation 16. Demonstrate accounting for a corporation. Prepare entries to record the issuance of preferred and common shares Record organization costs Prepare entries to record the conversion of preferred shares to common shares Record the repurchase of shares Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 19

20 ACCT 125 Introductory Accounting 2 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Prepare closing entries for corporations Prepare a statement of retained earnings and the shareholders equity section of the balance sheet Determine book value per share Determine earnings per share 17. Account for the distribution of dividends to shareholders. Describe cash dividends Calculate the distribution of cash dividends between preferred and common shareholders Prepare the entries to record the declaration and payment of cash dividends Describe share dividends Prepare the entries to record the declaration and distribution of share dividends Describe the purpose and effects of share splits 18. Describe the characteristics and types of bonds. Define bonds payable Explain how bonds differ from shares Identify the characteristics and types of bonds Explain the procedure for issuance of bonds 19. Demonstrate accounting for bonds payable. Calculate bond prices when market and contract rates of interest are equal and not equal Record the issuance of bonds at par, premium and discount Record the issuance of bonds between interest dates Prepare bond amortization tables using the interest method Prepare entries to record bond interest expense and amortization of bond discount or premium Prepare entries to record the retirement of bonds 20. Prepare a cash flow statement. Explain the purpose and importance of a cash flow statement Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 20

21 ACCT 125 Introductory Accounting 2 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Identify cash flows as operating, investing or financing Identify non-cash investing and financing activities and explain the accounting treatment Calculate cash flows from operations using the indirect method Prepare a cash flow statement 21. Perform ratio analysis of financial statements. Explain the basics of financial statement analysis Explain horizontal analysis Explain vertical analysis Identify sources of standards of comparison Calculate ratios Evaluate ratios regarding liquidity and efficiency, solvency, profitability and market PLAR assessment methods If you qualify for PLAR, you may be asked to demonstrate your learning in one or more of the following ways. Be prepared to discuss the expectations during a consultation meeting. 1. Evidence file Work samples that demonstrate knowledge of the course learning outcomes. OR 2. Challenge exam 60% pass mark required Problems and approximately 10% multiple choice questions. Example of a problem: With the given information, prepare a cash flow statement. Resources You may refer to any fundamental accounting textbook book to prepare for your PLAR challenge. The textbook used for this course is: 1. Fundamental Accounting Principles, 11th Canadian Edition, Larson & Jensen. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 21

22 ACCT 236 Business Systems Analysis This course provides students with the knowledge and tools for understanding, analyzing, and designing computer-based accounting information systems at the introductory level. It is geared towards accounting students, not software designers or programmers. The course includes an introduction to the field of electronic commerce. ACCT 236 Business Systems Analysis Mastery: : : : I am able to demonstrate it well enough to teach it to someone else. I can work independently to apply the outcome. I need some assistance in using the outcome. I am developing skills and knowledge for this area. 1. Analyze general systems theory and explain the use of an accounting information system. Define a system and relate it to the accounting cycle Distinguish between the financial and managerial accounting systems Explain the four cycles which make up a transaction processing system and identify the applications required by each cycle Relate the subsystems of the Managerial Information System (MIS) to the types of decision problems managers encounter 2. Describe the steps performed in the analysis phase of system development. Identify the qualities of a successful system List and describe the phases of the system development life cycle Explain the purpose and components of the systems analysis phase Identify the objectives, scope, and procedures for conducting a preliminary survey Identify and explain four measures of system project feasibility that are examined during the feasibility study 3. Identify the framework, tools, and procedures used in the design phase of system development. Identify the system and resource requirements that are determined during preliminary system design Distinguish between the levels of detail found in the preliminary design and the detailed system specification Discuss the involvement of the auditor or accountant during system design Use flowcharting and time management tools to assist in the system design process Describe how an accounting system must be designed to support responsibility accounting Prepare analysis codes that allow for responsibility accounting 4. Describe the activities that occur during the implementation and operation phases of system development. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 22

23 ACCT 236 Business Systems Analysis Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Identify the activities that occur during system implementation Distinguish between the various kinds of system testing that occur Describe four approaches to system changeover Identify the activities that occur during system operation 5. Analyze the technology used in the development of an accounting system. Distinguish between systems software and application software Explain the various computer system configurations available to system developers Distinguish between traditional data file organization and database management organization, listing the strengths and weaknesses of each Distinguish between batch, batch with online enquiry, and on-line, real-time systems Explain what occurs in file maintenance, update, sort, and merge processes 6. Describe the control risks inherent in a computer-based system and identify control procedures that address them. Identify the features and components of internal control Provide specific examples of control procedures for four main categories of control activities Explain what specific duties must be segregated in a computerized environment List examples of general and application controls that could be implemented in a computerized system 7. Explain basic e-commerce theory in the context of the accounting information system. Describe the history and development of electronic commerce Identify the major types of e-commerce transactions Explain the relationship between e-commerce and the accounting information system Describe the alternative electronic payment systems that are available Identify the risks and control issues associated with e-commerce and explain the specific controls that are needed to address them 8. Demonstrate the application of systems theory in the development of a major, three-part systems project. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 23

24 ACCT 236 Business Systems Analysis Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Participate in a business simulation exercise throughout the course Analyse the current business systems of a company, as presented in the form of a case study Prepare a three-part system development project, individually or as a member of a small group PLAR assessment methods If you qualify for PLAR, you may be asked to demonstrate your learning in one or more of the following ways. Be prepared to discuss the expectations during a consultation meeting. 1. Evidence file Work samples that demonstrate knowledge of the course learning outcomes. OR 2. Challenge exam 60% pass mark required A combination of questions, short answer and multiple choice. Resources You may refer to any accounting textbook book on core concepts of accounting to prepare for your PLAR challenge. The textbook used for this course is: 1. Core Concepts of Accounting Information Systems, 9th Edition, Bagranoff, Simkin, Strand. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 24

25 ACCT 220 Intermediate Accounting This course involves an in-depth study of generally accepted accounting principles as applied to accounting for current assets, capital assets, temporary and long-term investments, leases, and accounting changes, and correction of errors. ACCT 220 Intermediate Accounting Mastery: : : : I am able to demonstrate it well enough to teach it to someone else. I can work independently to apply the outcome. I need some assistance in using the outcome. I am developing skills and knowledge for this area. 1. Apply the basic assumptions, principles, and constraints of accounting. Understand the objectives of financial statement reporting Define the basic elements of financial statement reporting Describe the basic assumptions of accounting Apply the basic principles of accounting Describe the impact of constraints on accounting information 2. Perform the accounting process. Perform the steps of the accounting cycle Prepare the financial statements 3. Perform the accounting for cash and receivables. Explain techniques used to control cash/petty cash Prepare bank reconciliation Perform the accounting procedures to recognize and value receivables Perform the accounting procedures to dispose of accounts receivable 4. Valuation of inventories. Distinguish between periodic and perpetual inventory systems Assign costs to inventories using various cost approaches Apply the lower of cost and market to inventory valuation Estimate ending inventory 5. Perform the accounting for temporary and long-term investments. Define temporary and long-term investments in debt and equity securities Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 25

26 ACCT 220 Intermediate Accounting Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Apply lower of cost and market valuation to temporary investments Apply the effective interest method of amortizing discounts/premiums on long-term bond investments Apply the cost and equity method to account for long-term investment in shares Account for the acquisition of shares by stock dividends and stock rights Discuss the basis of balance sheet valuation and disclosure requirements for temporary and long-term investments 6. Record the acquisition and disposal of capital assets. Calculate the cost to be included in the initial acquisition of capital assets Record the disposition of capital assets 7. Amortize and deplete capital tangible and intangible assets. Calculate amortization by applying different amortization methods Account for costs incurred subsequent to acquisition Record the acquisition and depletion of natural resources Perform the procedures for valuing and amortizing intangible capital assets 8. Perform the accounting for capital and operating leases. Explain lessee accounting and disclosure requirements for operating leases Perform the accounting procedures for capitalizing leases by the lessee Describe the lessee s disclosure requirements on capital leases Calculate the lease payment required by the leaser to earn a given return rate Distinguish between direct finance, sales type, and operating leases of the leaser Perform the accounting procedures for leaser capital leases Describe the lesson s disclosure requirements on capital leases 9. Analyze accounting changes and errors. Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 26

27 ACCT 220 Intermediate Accounting Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. Identify the types of accounting changes Perform the accounting for changes in policy Apply retroactive with/without restatement accounting Perform the accounting for changes in estimate Perform the accounting for correction of errors Analyze the effect of errors PLAR assessment methods If you qualify for PLAR, you may be asked to demonstrate your learning in one or more of the following ways. Be prepared to discuss the expectations during a consultation meeting. 1. Evidence file Work samples that demonstrate knowledge of the course learning outcomes. OR 2. Challenge exam 60% pass mark required Problems with multiple choice. Resources The resource materials used for this course are: 1. Intermediate Accounting, 7 th Canadian Edition, Kieso/Weygandt/Warfield/Young/Wiecek. Volumes I & II 2. CICA Handbook 3. Canadian Business Corporations Act 4. Current Published Annual Reports Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 27

28 ACCT 221 Intermediate Accounting 2 This course is a continuation of the study of financial accounting begun in ACCT 220. Topics covered include current and long-term liabilities, shareholders equity, dilutive securities and earnings per share, revenue recognition, pensions, statement of cash flows, incomplete records, and accounting for corporate income taxes. ACCT 221 Intermediate Accounting 2 Mastery: : : : I am able to demonstrate it well enough to teach it to someone else. I can work independently to apply the outcome. I need some assistance in using the outcome. I am developing skills and knowledge for this area. 1. Account for current and long-term liabilities and explain their financial statement disclosure requirements. Define current liabilities, explain how they are valued and indicate how they should be disclosed Explain the criteria used to account for and disclose contingent liabilities Define long-term liabilities and identify various types of bonds Calculate how the issuance price of bonds is determined Determine interest expense including amortization of discount or premium under the straight-line method Determine interest expense including amortization of discount or premium under the effective interest method Identify the balance sheet presentation of bonds payable and any related discount or premium Account for reacquisition of debt prior to maturity Discuss the accounting for long-term notes payable and the need to impute interest under certain circumstances Explain the disclosure requirements for long-term liabilities 2. Account for shareholders equity: contributed capital. Discuss the nature of the corporate form of organization and explain the advantages and disadvantages of incorporating Discuss the characteristics of preferred shares Describe the accounting for the issuance, reacquisition, and cancelling of shares (treasury shares treatment is required, but less significant) Identify items of contributed surplus Explain disclosure requirements 3. Account for shareholders equity: retained earnings and dilutive securities. Describe the accounting for various forms of dividends Explain the accounting for stock compensation plans Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 28

29 ACCT 221 Intermediate Accounting 2 Mastery: : : : I am able to demonstrate it well enough to teach it to someone else. I can work independently to apply the outcome. I need some assistance in using the outcome. I am developing skills and knowledge for this area. Examine the nature of and accounting for appropriations of retained earnings Discuss the preparation, in good form, of the shareholders equity section of the balance sheet Discuss the accounting for dilutive securities at the date of issuance, conversion, and retirement 4. Calculate earnings per share. Calculate basic earnings per share Calculate fully diluted earnings per share Calculate perform a basic earnings per share Calculate perform a fully diluted earnings per share 5. Understand that revenue may be recognized at the point of delivery (sale), prior to delivery, or after delivery and apply the appropriate accounting to each situation. Discuss and illustrate revenue transactions that result from the sale of products and rendering of services Review the accounting for long-term construction contracts Describe the instalment method of accounting 6. Account for the cost of employees future benefits with emphasis on account for pension plans. Discuss the various aspects of accounting for pension plans Describe the variety of pension plans, employer versus plan accounting, the role of actuaries, and the pension obligations Define the components of pension expense and describe amortization of unrecognized past service cost and amortization of actuarial gains and losses Illustrate the pension entries, the amortization of the transition amount and the reporting of pension plans in the financial statements 7. Prepare a statement of cash flows. Review the purpose of the statement of cash flows Describe the classifications of cash flows and the format of the statement Illustrate the preparation of the statement of cash flows Illustrate the indirect approach to determining net cash flow from operating activities Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 29

30 ACCT 221 Intermediate Accounting 2 Mastery: : : : I am able to demonstrate it well enough to teach it to someone else. I can work independently to apply the outcome. I need some assistance in using the outcome. I am developing skills and knowledge for this area. Illustrate the use of a worksheet approach, T-account approach and inspection approach to preparation of the statement 8. Prepare financial statements from incomplete information. Provide exposure to situations involving incomplete information, as is often found in private practice Illustrate the use of worksheets, schedules and T-accounts as aids in the analysis of the available data Prepare financial statements from the incomplete data 9. Account for corporate income taxes by applying for future income taxes approach as set out in section 3465 of the CICA handbook. Discuss the problems facing the accounting profession with respect to interperiod tax allocation methods Examine the financial accounting treatment (measurement and disclosure) regarding interperiod tax allocation using the future income taxes approach Differentiate between interperiod and intraperiod tax allocation PLAR assessment methods If you qualify for PLAR, you may be asked to demonstrate your learning in one or more of the following ways. Be prepared to discuss the expectations during a consultation meeting. 1. Evidence file Work samples that demonstrate knowledge of the course learning outcomes. 2. Challenge exam 60% pass mark required Problems and multiple choice. Resources The resource materials used for this course are: 1. Intermediate Accounting, 7 th Canadian Edition, Kieso/Weygandt/Warfield/Young/Wiecek. Volumes I & II 2. CICA Handbook 3. Canadian Business Corporations Act 4. Current Published Annual Reports Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 30

31 ACCT 226 Cost Accounting 1 An introduction to the study of cost accounting theory and practice. This course focuses on the differences between cost accounting and financial accounting, various cost accounting terms, an introduction to costing systems, and responsibility accounting using master and flexible budgets. ACCT 226 Cost Accounting 1 Mastery: I am able to demonstrate it well enough to teach it to someone else. : I can work independently to apply the outcome. : I need some assistance in using the outcome. : I am developing skills and knowledge for this area. 1. Identify and explain basic cost accounting terms and concepts. Explain the differences between financial, management, and cost accounting Define a cost, cost object, cost accumulation, and cost assignment Distinguish between direct and indirect costs Distinguish between variable and fixed costs Explain the concept of a "relevant range" and how it applies to fixed costs Explain the differences between total and unit costs, and between capitalized and non-capitalized (period) costs Identify the flow of inventories and costs in a manufacturing company 2. Demonstrate the use of Cost-Volume-Profit analysis on a decisionmaking tool. Define CVP analysis Explain the concept of "contribution margin" and identify the format of a contribution-style income statement Calculate the break-even point for a single-product company using the equation, contribution margin Refine the break-even concept to calculate sales units that will achieve target operating and net incomes Calculate the point of indifference between two alternative costing or pricing proposals Use probability theory to calculate the expected values of alternative courses of action Calculate the break-even point for a multiple-product company given a constant sales mix 3. Explain the purpose and use of a basic job-costing system. Define job costing Explain the difference between job costing and process costing Prior Assessment and Recognition Accoun ti ng Cer t i f icate and Dip lo ma P rog ram Page 31