Orientation

Course Introduction

 

Congratulations on choosing to continue your study of financial management!

 

If you choose to pursue a career in financial management, this additional training will give you an advantage when applying for more qualified and varied positions or university and college programs.

 

This course is a prerequisite for FIN2020: Retail Accounting 1, where you study accounting records for a retail business. This course builds on your work in FIN1020: Accounting Cycle 1, through which you were introduced to the accounting cycle for a service business. If necessary, you can review the Interactive Accounting Cycle. In that course you focused on the part of the cycle that deals with the daily and monthly record keeping of a business. FIN1030: Accounting Cycle 2 focuses instead on the record keeping that a business does less frequently, usually once a year. These records are then studied when a business makes budgetary decisions to maximize its profits.

 

FIN1030 Learn EveryWare © 2009 Alberta Education

Big Picture

 

A business, just like you, needs to make decisions about what to spend its money on based on how much it has, what it needs, and what it would like to have. By completing its end-of-the-year financial statements, a business is able to determine if it made a profit or recorded a loss, what its expenditures were, and how to maximize its profits in the coming year. These financial statements are important tools used by a business to prepare its budget.

 

Course Outline

 

This course consists of five projects:

 

Project 1: The Worksheet

Project 2: Financial Statements

Project 3: Closing Entries

Project 4: Budgeting

Project 5: Final Project

 

The first four projects include training rooms, through which you learn skills and information to help you complete the project. The projects and training rooms will prepare you for your final project at the end of the course.

 

The suggested completion time for this course is 25 hours. You may be able to complete it in less time, or it may take you a little longer. Completing the course should not take more than 32 hours, however.

 

	Suggested Time  (Minutes)
Course Orientation	20
Project 1: The Worksheet
Training Room 1: Trial Balance	60
Training Room 2: Extending the Worksheet	80
Training Room 3: Calculating Net Income or Net Loss	160
Project 2: Financial Statements
Training Room 1: The Income Statement	80
Training Room 2: The Balance Sheet	80
Training Room 3: Statement of Owner’s Equity	80
Project 3: Closing Entries
Training Room 1: Journalizing Closing Entries	160
Training Room 2: Posting Closing Entries	160
Project 4: Budgeting
Training Room 1: Budget Planning	80
Training Room 2: Preparing a Budget	80
Training Room 3: Budget Analysis	80
Project 5: Final Project (including Portfolio)	320
Total	1440 (about 25 hours)

 

 

Assessment

 

The assessment for this course will be based on the assignments from each project, the final project, and how well you achieved the basic competencies of the course. Assignments that will be marked by your teacher will be indicated by the heading “Time to Work.”

 

You will need to create a course portfolio to which you will add documents as you progress through this course. Suggestions of what to include in your course portfolio are provided as you work through the projects and training rooms. The purpose of this portfolio is to allow you to showcase what you know about accounting to prospective employers and/or post-secondary institutions, provide you with an excellent source for review when working on the final project, and act as a reference resource as you continue your accounting studies.

 

Suggested weightings are as follows, but you should check with your teacher.

 

 

 

The Basic Competencies Rubric will be used by your teacher to assess your work throughout the course.

 

 

 

Icon Legend

 

 

Tips and Tricks

 

 

 

 

Generally Accepted Accounting Principles

 

 

 

 

Check Your Answer

 

 

 

 

Accounting Forms

 

 

 

 

Assessment or Rubric

 

 

 

 

Link to a document

 

 

 

 

Multimedia

 

 

 

 

Exemplars and Examples

 

 

 

Saving Your Work

 

You will need to create a course folder on your desktop called “FIN1030.” This is where you will save all your assignments.

 

Your course portfolio can be saved as a folder inside your course folder or as a desktop folder specifically to collect your portfolio information. This information will be presented and assessed at the end of this course.

 

Check with your teacher for special instructions on saving work for assessment.

 

View Creating a Folder for instructions on creating a folder. This video is also available under Tips and Tricks in the Toolkit for you to access whenever you need it.

 

Toolkit

 

The Toolkit contains support documents and the Excel® spreadsheet accounting and workbook forms you will need for this course. You may access information and tools from the Toolkit whenever you need them.

 

In the Toolkit you will find the following:

• Accounting Forms: forms already created in Excel® 2007 for you to use
• Tips and Tricks: suggestions to help you work through your assignments
• Rubrics: checklists for you to check your assignments
• Exemplars: examples of completed accounting forms

FIN1030 Learn EveryWare © 2009 Alberta Education

Student Expectations

 

To achieve success in this course, read all of the instructions carefully and work thoroughly through the material. Remember, it’s the work and practice you do that will prepare you for the assignments for assessment by your teacher. Set realistic goals for yourself each day and stick to them. Do your work regularly and don’t forget to check your work before attempting your assignments. Careful work habits will greatly increase your chances for success in FIN1030.

 

You will be required to communicate regularly with your teacher. Constant communication with your teacher lets him or her know how you are progressing and allows you to discuss concerns or issues that you may be having. Communication can happen in the form of e-mails, phone calls, or other methods—whatever suits you best.

 

Continue on to Project 1, where you will begin to prepare a worksheet for a business.

 

FIN1030 Learn EveryWare © 2009 Alberta Education