BAF3M: Financial Accounting Fundamentals (University Preparation)
PREREQUISITE: None
GRADE: 11 (University/College)
AVAILABILITY: Spark Asher Academy Online
THE ONTARIO CURRICULUM: Business Studies
Course Overview
This course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills to support their future studies and career opportunities in business. They will gain an understanding of accounting for service and merchandising businesses, computerized accounting, financial analysis, and current issues and ethics in accounting.
UNIT ONE
Decoding the Language of Business: What is Accounting?
- Essential Question: Who relies on the information accountants provide?
This unit will introduce you to the foundation of accounting, exploring how it applies to both individuals and businesses. Accounting is essentially the business world’s language. From small shops to massive corporations, businesses rely on accounting to organize, understand, and communicate their financial health. Learning the fundamentals of accounting, along with how to think critically and apply that knowledge, will equip you with the confidence to integrate accounting principles into a wide range of careers.
UNIT TWO
The Accounting Cycle: Keeping Track Throughout the Year
- Essential Question: Why do companies complete an accounting cycle regularly?
This unit dives into one of accounting’s core principles: the double-entry bookkeeping system. This system forms the foundation for recording business transactions. You’ll learn how to record transactions in a ledger and take a trial balance to ensure everything is recorded correctly.
UNIT THREE
Accounting for Businesses that Sell Things
- Essential Question: Why are source documents important?
This unit introduces you to accounting for businesses that sell products (merchandising companies). You’ll discover key differences between accounting for these businesses and service-based businesses. For example, merchandising companies need to account for different assets, and their income statements will include “Cost of Goods Sold” as a significant factor in determining net income.
UNIT FOUR
Mastering the Tools: Using QuickBooks
Essential Question: How can computerized accounting systems help businesses manage resources?
Get ready to explore QuickBooks, a valuable tool used to perform various accounting tasks for companies. QuickBooks Online is a widely used platform that streamlines essential accounting functions.
UNIT FIVE
Internal Controls, Financial Analysis, and Smart Decisions
- Essential Question: Why are internal controls crucial for preventing fraud?
This unit will introduce you to short-ratio calculations, which help analyze a company’s financial performance. Understanding these ratios provides valuable insights for both internal decision-makers and external users like investors.
UNIT SIX
Charting Your Course: Careers in Accounting
- Essential Question: What skills and factors should you consider when pursuing a career in accounting?
In this final unit, we’ll delve into the exciting world of accounting careers and explore the evolving landscape of the accounting industry. You’ll gain valuable insights to help you decide if a career in accounting is the right path for you.
For more details on final exams and the exam fee, please consult our Frequently Asked Questions Page or the Exam section within your course. Additional information can be found in our Student Handbook.
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