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Accounting Major/Minor
The Accounting Major is a rigorous program that prepares students to become an integral part of an organization's financial management team or enter public practice. Governments, non-profits, major corporations, small businesses, and high-worth individuals all need accountants to manage their financial affairs.
The two main focuses of accounting are public and management accounting. Public accountants are outside consultants that provide audit, tax, and business advisory services to their clients. Management accountants are employees of organizations working in areas such as financial reporting, performance measurement, financial planning, capital budgeting, cash management, working capital management, short and long-term financing, and risk management. Most accountants aspire to someday become a partner at their public accounting firm or their organization’s controller, treasury, or chief financial officer (CFO). Many CFOs go on to become a company's Chief Executive Officer (CEO) or serve on its board of directors likely as a member of the audit committee.
Upon graduation, most students choose to pursue the Chartered Professional Accountant (CPA) designation while they article at a public accounting firm or work in industry. With the Accounting Major, students will receive all possible exemptions and move directly to the CPA Professional Education Program (CPA PEP) if they meet the grade requirement. Here they engage in advanced study and learn how to integrate material relating to the six CPA core competency areas of financial accounting, strategy and governance, management accounting, audit and assurance, finance, and taxation. CPA PEP consists of five modules and an exam preparation course and culminates in students writing the rigorous Common Final Examination (CFE). After completing a 30-month work experience requirement, students are awarded the CPA designation.
Once they are established in the profession, many accountants go on to earn a second professional designation such as the Chartered Business Valuator (CBV), Certified Insolvency and Restructuring Professional (CIRP), or Chartered Financial Analyst (CFA). Some also complete graduate degrees and pursue careers in teaching and research at the college or university level. No matter what they choose, accountants are professionals who make a life-long commitment to remaining up-to-date in their discipline. CPA Canada ensures this through its professional development requirement.
For those students wanting exposure only to accounting, an Accounting Minor is also available.
Learning objectives
Upon completion of this program, students are able to:
- Prepare and present the consolidated financial statements of a public or private corporation in accordance with appropriate accounting standards.
- Utilize different methods of accounting for non-profit or government organizations.
- Compute the income tax payables for an individual, corporation, or trust applying effective tax planning strategies.
- Collect, analyze, and communicate information to assist management in making more effective operational and strategic planning and control decisions.
- Manage an organization's operating and fixed assets effectively and fund those assets with an optimal mix of debt and equity financing.
- Value a business and recommend how to potentially restructure its operations through merger, divestiture, liquidation or reorganization.
- Analyze the internal control and risk management systems of an organization and make recommendations for improvement.
- Render an opinion as to the accuracy of an organization's financial reporting in accordance with appropriate auditing standards and procedures.
- Demonstrate how information systems and technology can be used to facilitate and enhance financial reporting and decision-making.
- Apply accounting principles in a professional capacity.
Major requirements
ACCT 3200 Intermediate Financial Accounting 1 (3,0,0) ACCT 3200 Intermediate Financial Accounting 1 (3,0,0)Credits: 3 credits Students learn to prepare the income statement, statement of retained earnings, and asset side of the statement of financial position. Topics include the Canadian reporting environment; the conceptual framework; the income statement including irregular items and comprehensive income; overview of the statement of financial position and statement of cash flows; revenue recognition; cash and receivables; inventory; long-term and short-term investments; property plant and equipment including depreciation, impairment, and disposition; and intangible assets including impairment and goodwill. Instruction is based on International Financial Reporting Standards.
Prerequisites:
ACCT 1000 minimum B- or ACCT 1211 minimum B-
and
ACCT 1221 minimum B- or ACCT 2210 or equivalent with a minimum B-
CMNS 1290 or equivalent minimum C-
Exclusions:
ACCT 3201, BBUS 3200, BBUS 3201 |
ACCT 3210 Intermediate Financial Accounting 2 (3,0,0) ACCT 3210 Intermediate Financial Accounting 2 (3,0,0)Credits: 3 credits Building on ACCT 3200: Intermediate Financial Accounting 1, students learn to prepare the current liabilities, long-term liabilities, and shareholders' equity sections of the statement of financial position and the cash flow statement. Topics include current liabilities and contingencies; long-term liabilities; advanced shareholders' equity; complex financial instruments and earnings per share; income taxes; pensions and other employee future benefits; leases; accounting changes and error analysis; statement of cash flows; and other measurement and disclosure issues. Instruction is based on International Financial Reporting Standards.
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ACCT 3220 Income Taxation 1 (3,0,0) ACCT 3220 Income Taxation 1 (3,0,0)Credits: 3 credits Students examine the conceptual structure of the Income Tax Act and the application of its rules to practical situations. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, or property; capital cost allowances and cumulative eligible capital; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.
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ACCT 3230 Income Taxation 2 (3,0,0) ACCT 3230 Income Taxation 2 (3,0,0)Credits: 3 credits Building on on ACCT 3220: Income Taxation 1, students examine the taxation of corporations, corporate distributions, and transactions between corporations and their shareholders. Topics include an in-depth coverage of taxable capital gains; deferred income plans; and the taxation of corporate entities, partnerships, trusts and corporate reorganizations.
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ACCT 3250 Intermediate Management Accounting (3,0,0) ACCT 3250 Intermediate Management Accounting (3,0,0)Credits: 3 credits Building on ACCT 2250: Management Accounting, students further develop their ability to use quantitative and non-quantitative information to make effective planning and control decisions. Topics include an in-depth study of the balanced scorecard and profitability analysis; interdepartmental cost allocation; cost allocation for joint products and byproducts; revenue and customer profitability analysis; process costing including spoilage, rework and scrap; cost management and the theory of constraints; capital budgeting; and transfer pricing and multinational management control systems.
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FNCE 4110 Advanced Financial Management for Accountants (3,0,0) FNCE 4110 Advanced Financial Management for Accountants (3,0,0)Credits: 3 credits Building on FNCE 2120: Financial Management, students majoring in accounting further develop the knowledge and skills in business finance required for admission to the Chartered Professional Accountant program. Topics include dividend policy; maturity matching of assets and liabilities; short-and long-term financial planning; working capital management; sources of temporary and permanent financing; advanced capital budgeting; business valuation; mergers and acquisitions and corporate restructuring; bankruptcy, liquidation, and reorganization; and risk management.
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ACCT 4200 Advanced Financial Accounting (3,0,0) ACCT 4200 Advanced Financial Accounting (3,0,0)Credits: 3 credits Students examine a number of complex issues in advanced financial reporting. Topics include financial accounting standards, temporary and long-term investments in both debt and equity securities, investments with significant influence, an in-depth study of business combinations, joint ventures, foreign currency transactions, fair value and cash flow hedges, consolidation of foreign operations, not-for-profit organizations, and public sector reporting objectives and issues.
Prerequisites: ACCT 3210 or ACCT 3211 with a minimum of C-
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ACCT 4230 Assurance (3,0,0) ACCT 4230 Assurance (3,0,0)Credits: 3 credits Students will learn to gather and evaluate audit evidence related to company financial statements. The goal is to provide assurance that the financial statements fairly present the financial performance and position of the organization being audited. Risk assessment techniques available to auditors and possible responses to those risks will be examined. Topics include an introduction to auditing and the public accounting profession; the audit process; professional relationships and legal liability; materiality and risk; audit evidence, evidence mix and audit strategy; the audit of internal controls, control risk and corporate governance; audit sampling; application of the audit process and auditor reporting.
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ACCT 4250 Performance Management (3,0,0) ACCT 4250 Performance Management (3,0,0)Credits: 3 credits Building on ACCT 3250 Intermediate Management Accounting, students examine how effective corporate governance, strategic planning and development, risk management systems, analysis and provision of performance information, along with a variety of management techniques and monitoring tools are used to optimize a firm's performance. Topics include governance structure, strategic planning process, risk management, management information systems, methods for improving operating efficiency and effectiveness, quality management, change management, and performance monitoring tools.
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ACCT 4270 Accounting Information Systems (3,0,0) ACCT 4270 Accounting Information Systems (3,0,0)Credits: 3 credits Students examine information systems and their applications in accounting. Topics include: an overview of accounting information systems; transaction processing; enterprise resource planning systems; system documentation techniques; relational databases and data integrity; designing systems to prevent fraud, attacks and abuse; accounting information system controls; privacy and confidentiality controls; processing integrity and availability controls; auditing accounting information systems; and accounting information systems applications.
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Minor requirements
ACCT 3200 Intermediate Financial Accounting 1 (3,0,0) ACCT 3200 Intermediate Financial Accounting 1 (3,0,0)Credits: 3 credits Students learn to prepare the income statement, statement of retained earnings, and asset side of the statement of financial position. Topics include the Canadian reporting environment; the conceptual framework; the income statement including irregular items and comprehensive income; overview of the statement of financial position and statement of cash flows; revenue recognition; cash and receivables; inventory; long-term and short-term investments; property plant and equipment including depreciation, impairment, and disposition; and intangible assets including impairment and goodwill. Instruction is based on International Financial Reporting Standards.
Prerequisites:
ACCT 1000 minimum B- or ACCT 1211 minimum B-
and
ACCT 1221 minimum B- or ACCT 2210 or equivalent with a minimum B-
CMNS 1290 or equivalent minimum C-
Exclusions:
ACCT 3201, BBUS 3200, BBUS 3201 |
ACCT 3210 Intermediate Financial Accounting 2 (3,0,0) ACCT 3210 Intermediate Financial Accounting 2 (3,0,0)Credits: 3 credits Building on ACCT 3200: Intermediate Financial Accounting 1, students learn to prepare the current liabilities, long-term liabilities, and shareholders' equity sections of the statement of financial position and the cash flow statement. Topics include current liabilities and contingencies; long-term liabilities; advanced shareholders' equity; complex financial instruments and earnings per share; income taxes; pensions and other employee future benefits; leases; accounting changes and error analysis; statement of cash flows; and other measurement and disclosure issues. Instruction is based on International Financial Reporting Standards.
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| Plus at least two of: |
ACCT 3220 Income Taxation 1 (3,0,0) ACCT 3220 Income Taxation 1 (3,0,0)Credits: 3 credits Students examine the conceptual structure of the Income Tax Act and the application of its rules to practical situations. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, or property; capital cost allowances and cumulative eligible capital; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.
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ACCT 3230 Income Taxation 2 (3,0,0) ACCT 3230 Income Taxation 2 (3,0,0)Credits: 3 credits Building on on ACCT 3220: Income Taxation 1, students examine the taxation of corporations, corporate distributions, and transactions between corporations and their shareholders. Topics include an in-depth coverage of taxable capital gains; deferred income plans; and the taxation of corporate entities, partnerships, trusts and corporate reorganizations.
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ACCT 3250 Intermediate Management Accounting (3,0,0) ACCT 3250 Intermediate Management Accounting (3,0,0)Credits: 3 credits Building on ACCT 2250: Management Accounting, students further develop their ability to use quantitative and non-quantitative information to make effective planning and control decisions. Topics include an in-depth study of the balanced scorecard and profitability analysis; interdepartmental cost allocation; cost allocation for joint products and byproducts; revenue and customer profitability analysis; process costing including spoilage, rework and scrap; cost management and the theory of constraints; capital budgeting; and transfer pricing and multinational management control systems.
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ACCT 4200 Advanced Financial Accounting (3,0,0) ACCT 4200 Advanced Financial Accounting (3,0,0)Credits: 3 credits Students examine a number of complex issues in advanced financial reporting. Topics include financial accounting standards, temporary and long-term investments in both debt and equity securities, investments with significant influence, an in-depth study of business combinations, joint ventures, foreign currency transactions, fair value and cash flow hedges, consolidation of foreign operations, not-for-profit organizations, and public sector reporting objectives and issues.
Prerequisites: ACCT 3210 or ACCT 3211 with a minimum of C-
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ACCT 4230 Assurance (3,0,0) ACCT 4230 Assurance (3,0,0)Credits: 3 credits Students will learn to gather and evaluate audit evidence related to company financial statements. The goal is to provide assurance that the financial statements fairly present the financial performance and position of the organization being audited. Risk assessment techniques available to auditors and possible responses to those risks will be examined. Topics include an introduction to auditing and the public accounting profession; the audit process; professional relationships and legal liability; materiality and risk; audit evidence, evidence mix and audit strategy; the audit of internal controls, control risk and corporate governance; audit sampling; application of the audit process and auditor reporting.
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ACCT 4250 Performance Management (3,0,0) ACCT 4250 Performance Management (3,0,0)Credits: 3 credits Building on ACCT 3250 Intermediate Management Accounting, students examine how effective corporate governance, strategic planning and development, risk management systems, analysis and provision of performance information, along with a variety of management techniques and monitoring tools are used to optimize a firm's performance. Topics include governance structure, strategic planning process, risk management, management information systems, methods for improving operating efficiency and effectiveness, quality management, change management, and performance monitoring tools.
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ACCT 4270 Accounting Information Systems (3,0,0) ACCT 4270 Accounting Information Systems (3,0,0)Credits: 3 credits Students examine information systems and their applications in accounting. Topics include: an overview of accounting information systems; transaction processing; enterprise resource planning systems; system documentation techniques; relational databases and data integrity; designing systems to prevent fraud, attacks and abuse; accounting information system controls; privacy and confidentiality controls; processing integrity and availability controls; auditing accounting information systems; and accounting information systems applications.
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Professional designations
- Chartered Business Valuator (CBV)
- Certified Internal Auditor (CIA)
- Certified Information Systems Auditor (CISA)
- In-depth Tax Course
- Chartered Insolvency and Restructuring Professional (CIRP)
- Certified Treasury Professional (CTP)
- Chartered Financial Analyst (CFA)
- Certificate in Investment Performance Measurement (CIPM)
- Certified Financial Planner (CFP)
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