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Financial Accounting Principles

Grade 12 University/College Preparation, following the Ontario curriculum.

  • 4 units
  • 30 lessons
  • 278 practice questions
  • 233 flashcards
  • 3 simulators
Start Unit 1Exam review →
Try oneBAT4M · GAAP Principles in Practice
Land cost $400,000. It is now appraised at $650,000. Under ASPE, the balance sheet reports:

Units

Unit 1 · 6 lessons · ~20% of course

The Accounting Cycle

Revisit the full accounting cycle at a Grade 12 level: the GAAP framework behind every entry, the bodies that set and enforce the rules, merchandising in a computerized system, adjusting, closing and reversing entries, and the ethical and technological issues reshaping the profession.

  1. 1GAAP Principles in Practice
  2. 2Who Sets and Enforces the Rules
  3. 3The Accounting Cycle in a Computerized System
  4. 4Adjusting Entries and the Matching Principle
  5. 5Closing and Reversing Entries
  6. 6Ethics, Fraud and Current Issues
Unit 2 · 9 lessons · ~30% of course

Accounting for Assets

Receivables and bad debts, notes, inventory costing and control, and how capital and intangible assets are recorded, amortized and disposed of.

  1. 1Credit Terms, Card Sales and Receivables
  2. 2Estimating Bad Debts: The Allowance Method
  3. 3Notes Receivable and Interest
  4. 4Inventory Costing Methods
  5. 5Inventory Errors, Technology and Internal Control
  6. 6Capital Expenditures and the Cost of Capital Assets
  7. 7Amortization Methods
  8. 8Revisions, Disposals and Depletion
  9. 9Intangible Assets and Goodwill
Unit 3 · 9 lessons · ~25% of course

Partnerships and Corporations

Forming, sharing income in, changing and closing a partnership, then issuing shares, paying dividends and reporting for a corporation.

  1. 1Partnerships: Types and Formation
  2. 2Dividing Partnership Income
  3. 3Admitting and Withdrawing Partners
  4. 4Liquidation and the Statement of Partners' Equity
  5. 5Corporations and Classes of Shares
  6. 6Issuing, Subscribing and Repurchasing Shares
  7. 7Cash Dividends and Preferred Shareholders
  8. 8Stock Dividends, Stock Splits and Shareholders' Equity
  9. 9Financial Statements for a Corporation
Unit 4 · 6 lessons · ~25% of course

Financial Analysis and Decision Making

Learn how businesses raise money, how to read an annual report, and how horizontal and vertical analysis, financial ratios and the cash flow statement reveal a company's liquidity, solvency and profitability.

  1. 1Financing a Business: Debt versus Equity
  2. 2Reading an Annual Report
  3. 3Horizontal and Vertical Analysis
  4. 4Liquidity, Efficiency and Solvency Ratios
  5. 5Profitability and Market Ratios
  6. 6The Cash Flow Statement

Simulators

Simulators for every course →
BAT4M
Inventory Costing Lab

Edit the cost layers and the sale, then compare cost of goods sold, ending inventory and gross profit under FIFO, weighted average and specific identification.

Used in 1 lesson
BAT4M
Amortization Lab

Build straight-line, declining-balance and units-of-output schedules, compare book value over time, and dispose of the asset to see the gain or loss.

Used in 2 lessons
BAT4M
Partnership Income Split

Divide net income or a net loss among two or three partners with salary allowances, interest on capital and a ratio, and watch a negative remainder get shared out.

Used in 1 lesson