Financial Accounting Fundamentals

BAF3M introduces students to the fundamentals of accounting for both service and merchandising businesses. This course emphasizes the importance of financial literacy, accurate record-keeping, and ethical business practices.

Students will learn

• the principles of double-entry bookkeeping
• Financial statement preparation
• Inventory systems
• The impact of accounting on decision-making.

Whether students are exploring a future in business or simply want to understand how money works, this course builds a solid foundation in accounting.

Unit 1: Fundamental Accounting Practices
Students explore basic accounting concepts and apply them to real-world business scenarios.
Lessons include:

• Introduction to Accounting & Bookkeeping
• Users and Uses of Accounting
• GAAP Principles
• Forms of Business Organization
• Transactions and the Accounting Equation
• Trial Balance and Financial Statements
• Year-End Procedures

Unit 2: Advanced Accounting Practices
This unit introduces students to accounting for merchandising businesses
Lessons include:

• Inventory Principles
• Accounting for Merchandising Operations
• Closing Entries
• Subsidiary Ledgers and Special Journals
• Sales Tax Applications
• Accounting Software Tools

Unit 3: Internal Control, Financial Analysis & Decision-Making
Students analyze financial data and apply controls to evaluate business performance.
Lessons include:

• Internal Control Systems
• Budgeted Financial Statements
• The Role of Auditors
• Current Assets & Liabilities
• Liquidity and Solvency
• Profitability and Ratio Analysis
• Financial Decision-Making

Unit 4: Ethics, Technology, and Careers
Students explore ethical standards, emerging tech in accounting, and career opportunities.
Lessons include:

• Ethics in Accounting
• Current Industry Issues
• Manual vs. Computerized Accounting
• Technology’s Impact on the Field
• Careers in Accounting

• 70% of the final grade is based on course work, including:
  • Unit-based assignments
  • Practice problems, reflections, and software exercises
• 30% of the final grade is based on final evaluations:
  • 10% Culminating project
  • 20% Final written exam

All evaluations align with Ontario curriculum expectations and are designed to develop both technical skills and ethical awareness in financial management.