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Financial Accounting

Grade 11 Fundamentals, following the Ontario curriculum.

  • 4 units
  • 42 lessons
  • 290 practice questions
  • 277 flashcards
  • 3 simulators
Start Unit 1Exam review →
Try oneBAF3M · What Is Accounting?
Which task is bookkeeping rather than accounting?

Units

Unit 1 · 7 lessons · ~20% of course

The World of Accounting

What accounting is, who uses it, how businesses are organized, the rules accountants follow, and the balance sheet that ties it all together.

  1. 1What Is Accounting?
  2. 2Forms of Business Organization
  3. 3GAAP: The Rules Behind the Numbers
  4. 4The Balance Sheet and the Accounting Equation
  5. 5Accounts Receivable and Accounts Payable
  6. 6Ethics, Audits, and Careers in Accounting
  7. 7Technology in Accounting
Unit 2 · 13 lessons · ~30% of course

The Accounting Cycle: Service Business

Follow one small business, Trillium Bike Repair, through a full fiscal year — from the first debit and credit to the post-closing trial balance.

  1. 1The Account, Debits, and Credits
  2. 2Double-Entry Accounting
  3. 3The Trial Balance
  4. 4The Income Statement
  5. 5Drawings and the Statement of Owner's Equity
  6. 6The General Journal
  7. 7Posting to the Ledger
  8. 8Source Documents
  9. 9The Work Sheet
  10. 10Adjusting Entries
  11. 11Depreciation
  12. 12Classified Financial Statements
  13. 13Closing the Books
Unit 3 · 13 lessons · ~30% of course

The Accounting Cycle: Merchandising Business

How a business that buys and resells goods tracks purchases, sales, sales tax, subsidiary ledgers, cash control, and the merchandising financial statements.

  1. 1Service vs. Merchandising vs. Manufacturing
  2. 2The Purchases Account
  3. 3The Sales Account
  4. 4Periodic vs. Perpetual Inventory
  5. 5Cost of Goods Sold & Gross Profit
  6. 6GST, HST, and PST
  7. 7Subsidiary Ledgers & Control Accounts
  8. 8The Special Journal System
  9. 9Cash Control & Petty Cash
  10. 10Bank Reconciliation
  11. 11Bad Debts & the Allowance Method
  12. 12Accruals & Deferrals
  13. 13Merchandising Financial Statements
Unit 4 · 9 lessons · ~20% of course

Financial Analysis & Decision Making

Turning financial statements into decisions: cash flow, budgeting, ratio analysis, payroll, and the way corporations and manufacturers organize their books.

  1. 1The Cash Flow Statement
  2. 2Budgets
  3. 3Comparative & Common-Size Statements
  4. 4Liquidity Ratios
  5. 5Solvency Ratios
  6. 6Activity Ratios
  7. 7Profitability & Using Accounting for Decisions
  8. 8Payroll Accounting
  9. 9Corporations & Manufacturing Companies

Simulators

Simulators for every course →
BAF3M
Accounting Equation Builder

Apply real transactions and watch A = L + OE refuse to break.

Used in 2 lessons
BAF3M
Journal Entry Trainer

Read a transaction, pick the accounts and sides, get marked instantly.

Used in 6 lessons
BAF3M
Ratio Analyzer

Enter statement figures and get every ratio with its formula and interpretation.

Used in 3 lessons