Lecture: 4 hours/week
Lecture and/or seminar
All methods of instruction apply to in class, hybrid and/or online modes of learning.
1. Introductions and Course Review
- Starting & Operating Your Own Business
- Types of Business Organization
2. What Does It Take to Run a Successful Business?
- Steps to Starting Your Own Business
- Basic Accounting Principles
- Business Banking
- Debt vs. Equity Financing
- Protection of Intellectual Property, Trademarks, and Copyrights
3. Running a Small Business – Skills Necessary
- Basic Bookkeeping – Accounting equation
- GST & PST
- Property Tax
- Government Reporting
- Business Licenses
4. Financial Statements
- Basics of the Income Statement
- Statement of Owner’s/Partner’s or Shareholders’ Equity
- Balance Sheet
- Budgeting and Variances
5. Accounting Principles
- Adjusting Entries
- Prepaid Expenses
- Unearned Revenue
- Accrued Expenses
- Accrued Revenue
- Depreciation
- Accounts Receivable - Collection and Credit Sales
- Inventory - Turnover
6. Internal Controls
- Hiring Employees or Contractors
- Internal Control Procedures
- Employee Deductions
- Legal Obligations
- Planning for Vacations, Overtime, etc
- Government remittances of CPP, EI, Income Tax, Workers Compensation Dues, etc.
7. Financing Your Startup and Growth
- Equipment – Purchase or Lease?
- Moving
- Negotiating Leases
- Inventory Management Systems
8. Monitoring and Maintaining Cash Flows
- Bank Reconciliation
- Cash Flow
- Cash Budgeting
9. Ongoing Business Decisions
- Preparing Invoices
- Fixed or Variable Costs
- Break-even Points
- Burden Rates
- Job-Order costing
10. Innovation and Technological Developments
- Computerized Accounting
- Government Grants
- Hiring a Bookkeeper and Other Professionals
At the end of the course, the successful student should be able to:
- Apply technical competencies gathered in financial accounting, management accounting, finance, ethics, communication, taxation, and information systems issues to build a strong foundation for a new venture or business.
- Identify relevant internal and external stakeholders of a new venture and provide useful financial information as needed.
- Evaluate and recommend successful forms of business organization.
- Analyze and monitor revenues, expenses, and cash flows of a new venture.
Assessment will be based on course objectives and will be carried out in accordance with the ÌÇÐÄvlog´«Ã½Evaluation Policy. An evaluation schedule is presented at the beginning of the course. This is a graded course.
- Individual assignments and/or quizzes: 30% - 40%
- Participation and/or presentation: 10%
- Group project(s): 30%
- Final Exam: 20% - 30%
Eric A. Weinstein. Accounting Essentials for Canada.
Other resources: Small Business Canada, Employment Standards BC
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