Accounting
Certificate and Diploma Program
Copyright
Saskatchewan Institute of Applied Science and Technology – June 2005
No part of the work(s) contained herein may be reproduced or copied in any form or by any
means - graphic, electronic, or mechanical, including photocopying, recording, taping of
information and retrieval systems - without written consent of the Saskatchewan Institute of
Applied Science and Technology.
The Accounting Certificate and Diploma program is dedicated to removing barriers and
broadening the access to programs at SIAST. We believe that adults acquire knowledge and
skills through life and work experience that may align with courses within our programs.
Developed by program November 2005 Revised by program January 2007 Revised template by RPL
office June 2012
Table of contents
Why consider a PLAR assessment? ... 4
What are the PLAR options? ... 4
Option A: Individual course challenge ... 4
Fees: ... 4
How many courses can be challenged through PLAR? ... 4
Which courses are PLAR-ready? ... 5
Is PLAR available at any time of the year? ... 6
Is it easier to challenge a course through PLAR - OR - take the course? ... 7
Methods of assessing prior learning ... 7
If I live out of town, do I have to travel to a main campus to do PLAR? ... 7
What if I have a disability & need equity accommodations? ... 7
Are there other methods to gain SIAST course credits for prior learning? ... 8
Contact us ... 8
The PLAR Process ... 9
Guiding principles for developing a PLAR evidence file ... 10
Types of evidence ... 10
How long will it take to prepare evidence for PLAR? ... 11
Steps to complete a self-audit ... 11
Self-audit guide(s) ... 12
ACCT 122 – Introductory Financial Accounting 1 ... 12
ACCT 125 – Introductory Accounting 2 ... 16
ACCT 236 – Business Systems Analysis ... 22
ACCT 220 – Intermediate Accounting ... 25
ACCT 221 – Intermediate Accounting 2 ... 28
ACCT 226 – Cost Accounting 1 ... 31
ACCT 227 – Cost Accounting 2 ... 34
TAX 221 – Taxation 1 ... 37
TAX 222 – Taxation 2 ... 43
Why consider a PLAR assessment?
PLAR refers to the combination of flexible ways of evaluating people’s lifelong learning, both
formal and informal against a set of established standards. You can receive academic credit for
your relevant lifelong learning. The Accounting Certificate and Diploma program recognizes
prior learning in a number of ways.
We recognize:
Previous formal learning from an accredited training institution through
transfer of credit.
Previous informal learning or experiential learning through a comprehensive prior
learning and recognition process.
What are the PLAR options?
To be eligible for PLAR, an applicant must first register or already be registered as a SIAST
student.
Option A: Individual course challenge
If you have 2 years successful experience in the accounting field, and have learned the skills
and knowledge for
one or more
of the Accounting courses, you may apply to be assessed for
each applicable course.
Fees:
There will be a charge for each individual course assessment.
For a listing of the specific PLAR fees, check the PLAR database or call SIAST and ask to
speak to the PLAR advisor/counsellor assigned to the Accounting program at:
1-866-467-4278 or 1-866-goSIAST.
How many courses can be challenged through PLAR in the Accounting Certificate
and Diploma program?
Currently we have 10 out of 14 certificate courses and 10 out of 28 diploma courses with PLAR
challenges available. There is no limit. You may challenge as many of these courses as you are
able to prove prior skills and knowledge through assessment.
Which courses are PLAR-ready?
C e r t i f i c a t e P r o g r a m P r o f i l e
COURSECODE COURSE NAME
PLAR Challenge(s) available through program PLAR Challenge(s) not available
FIN 220
Finance
X
ACCT 122
ACCT 125
ACCT 220
Intermediate Accounting 1
ACCT 221
Intermediate Accounting 2
ACCT 226
Cost Accounting 1
ACCT 227
Cost Accounting 2
ACCT 236
Business Systems Analysis
TAX 221
Tax 1
TAX 222
Tax 2
ADTG 220
Auditing
ECON 120
X
LAW 220
Commercial Law
X
STATS 120
X
D i p l o m a P r o g r a m P r o f i l e
COURSECODE COURSE NAME
PLAR Challenge(s) available through program PLAR Challenge(s) not available
YEAR ONE
ACCT 122
ACCT 125
ADMN 126
X
BCOM 120
*see note below*BCOM 121
*see note below*COAP 137
X
COMP 120
X
ECON 120
X
FIN 120
X
HR 120
X
MKTG 120
X
STAT 120
*see note below*YEAR TWO
ACCT 220
Intermediate Accounting 1
ACCT 221
Intermediate Accounting 2
ACCT 226
Cost Accounting 1
ACCT 227
Cost Accounting 2
ACCT 236
Business Systems Analysis
ADMN 220
X
ADTG 220
Auditing
COAP 223
Computer Software Applications
X
COAP 233
X
FIN 220
Finance
X
FIN 222
X
LAW 220
Commercial Law
X
QM 220
Quantitative Methods for Accountancy
X
TAX 221
Tax 1
TAX 222
Tax 2
*
Note*
: Some courses common to multiple programs at SIAST (i.e. computers, communications, math, and sciences) are managed by associated studies faculty. To see if these shared courses in your program are PLAR-ready, visit the “Courses Common to Multiple Programs” link on the PLAR homepage for further details.For assistance call SIAST and ask to speak to the PLAR advisor/counsellor assigned to the
Accounting programs
at: 1-866-467-4278 or 1-866-goSIAST.
Is PLAR available at any time of the year?
Is it
easier
to challenge a course through PLAR - OR - take the course?
Neither is easier. By using PLAR you may reduce the repetition of studying information that you
already know. The PLAR process allows you to demonstrate knowledge you already have.
PLAR is not an easy way to certification, rather a “different” way to obtain certification. Your
personal level of skill and experience will dictate which courses you choose to challenge. The
self-audit section found later in this guide will help you decide if you have a good match of skill
and knowledge for a specific course.
Methods of assessing prior learning
Assessment methods measure an individual’s learning against course learning outcomes. The
assessment methods listed below are the ones most commonly used, but other forms of flexible
assessment may be considered. These assessments may include one or a combination of the
following assessment tools:
product validation & assessment
challenge exam
standardized tests
performance evaluations (including skill demonstrations, role plays, clinical applications,
case studies)
interviews and oral exams
equivalency (evaluations of learning from non-credit training providers)
evidence or personal documentation files (providing evidence of learning from life and
work experiences and accomplishments)
If I live out of town, do I have to travel to a main campus to do PLAR?
There will be times that you will need to meet with the program on campus. However, we will
try to keep travel to a minimum.
What if I have a disability & need equity accommodations?
At SIAST, we understand that sometimes services must be provided to students in a variety of
ways to achieve the goals of fair representation. Therefore, the range of services provided for
Education Equity students is as diverse as the needs of those students. We strive for equity
(not uniformity) and provide varied services for students with differing needs. If more
information is required, please contact a SIAST counsellor at a campus closest to you or refer to
the SIAST website: http://www.gosiast.com/stuservices/advising_counselling.shtml
Are there other methods to gain SIAST course credits for prior learning?
Transfer Credit
Yes, SIAST will grant credit for previous training that is similar in content, objectives, and
evaluation standards to SIAST training. Transfer of credit is different from the PLAR process.
Transfer Credit guidelines may be found at:
http://www.gosiast.com/admissions/transfer_credit.shtml
It is the student’s responsibility to check with Registration Services for specific campus
procedures on this policy. For specific information and guidelines regarding transfer of credit,
contact a SIAST educational counsellor.
Equivalency Credit
Equivalency credit refers to the application of credit you may have earned in a previously taken
SIAST course to your current SIAST course. Apply at registration services for equivalency
credit. This process should also be completed prior to your PLAR challenge. If these credits
cannot be used for equivalency credit, you may use these accredited courses as part of your
evidence for your PLAR challenge.
Contact us
If more information is required, please contact a designated PLAR counsellor at a campus
closest to you.
SIAST Kelsey Campus, Saskatoon, SK
1-866-goSIAST or 1-866-467-4278
SIAST Palliser Campus, Moose Jaw, SK
1-866-goSIAST or 1-866-467-4278
SIAST Wascana Campus, Regina, SK
1-866-goSIAST or 1-866-467-4278
SIAST Woodland Campus, Prince Albert, SK
1-866-goSIAST or 1-866-467-4278
Prior Learning Assessment and Recognition process
Consult
with PLAR designated contact
Complete
application
to PLAR
Schedule PLAR
audit meeting
Develop an
action plan
Pay assessment
fees
Prepare
for prior learning assessment
Challenge facilitated
by assessor
Challenge evaluated
by assessor
Results submitted
to SIAST registration
services
Candidate notified
of results
call 1-866-goSIAST & speak with
education counsellor
identify goals
discuss process & forms
identify courses for challenge
meet with program head/faculty
review the self-audit
determine eligibility
obtain approval for PLAR
consult with program faculty
responsible for each PLAR
confirm assessment methods &
procedures
follow an action plan
review your skills & knowledge
collect, create & compile evidence
obtain validations
meet timelines
Successful:
see academic
transcript
Not successful:
letter sent
consult with program head
register for course
grade appeal process available
1
2
3
4
5
6
7
8
9
10
Guiding principles for developing a PLAR evidence file
1.
As you begin the PLAR process you will be advised if any evidence is required. This will be
identified in your action plan. Check with the PLAR designated contact
before
you begin to
gather evidence.
2.
Evidence must be valid and relevant. Your evidence must match the learning outcomes
identified for each course.
It is your responsibility to create, collect and compile relevant evidence – if required.
3.
Learning must be current within the last 5 years.
4.
The evidence should demonstrate the skills and knowledge from your experiences.
5.
The learning must have both a theoretical and practical component.
Types of evidence
There are three types of evidence used to support your PLAR request:
1.
Direct evidence – what you can demonstrate for yourself.
2.
Indirect evidence – what others say or observe about you.
3.
Self-evidence – what you say about your knowledge and experience.
Ensure that you provide full evidence to your PLAR faculty assessor so that your prior learning
application is assessed appropriately. Well organized, easy to track evidence will also ensure
that none of the evidence is missed or assessed incorrectly.
Here are some examples of evidence that you may be requested to submit as part of your
evidence file (if required):
resource lists
written descriptions and analysis
experience (activity) outlines
workplace validations
work samples
financial statements
supporting documents
tax forms
All documents that are submitted to SIAST may be returned to the student after the final results
have been given and the grade appeal deadline of seven days has passed. A copy of
transcripts and certificates may be included in your evidence file, but be prepared to show
original documents at the PLAR audit meeting for validation.
How long will it take to prepare evidence for PLAR?
Since the requirements are different for each course, and each candidate has different
experiences, the amount of time it takes to prepare your evidence will vary.
Steps to complete a self-audit
1.
Read through the levels of competence as listed below.
Mastery: I am able to demonstrate the learning outcome well enough to teach it to someone else.
Competent: I can work independently to apply the learning outcome. Functional: I need some assistance in using the outcome.
Learning: I am developing skills and knowledge for this area. None: I have no experience with the outcome.
Learning outcomes
For each learning outcome listed, please self-evaluate your competency levels and record in the appropriate column for each self-audit.
2.
Take a few minutes and read through the following self-audit for each course you are
interested in as a PLAR candidate.
3.
Check your level of competence as you read through each of the learning outcomes for
each course. The information will help you in your decision to continue with your PLAR
application.
4.
In order to be successful in a PLAR assessment, your abilities must be at the competent or
mastery level for the majority of the learning outcomes. Some things to consider when
determining your level of competence are:
How do I currently use this outcome?
What previous training have I had in this outcome: workshops, courses, on-the-job?
What personal development or volunteer experience do I have in this area?
Be prepared to explain the reason you chose this level if asked by an assessor.
5.
Bring the completed self-audit to a consultation meeting with the program head or faculty
member in step 3 – PLAR process of the candidate process for prior learning assessment.
Self-audit guide(s)
ACCT 122 – Introductory Financial Accounting 1
Your studies will focus on an introduction to financial accounting designed to provide you with
accounting skills to handle business transactions. The course will include bookkeeping
techniques, accounting for a merchandising concern and an introduction to accounting for
current assets. You will acquire these skills through a combination of lecture material, in class
demonstrations, reading assignments and practical exercises and problems. ACCT 122 is a
companion to ACCT 125 (Introductory Financial Accounting II) which continues the study of
basic financial accounting.
ACCT 122 – Introductory Financial Accounting 1
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
1.
Identify the providers, users, and uses of accounting information.
Define the term “accounting”
Discuss the forms of business organization
Discuss the needs of internal and external users of accounting information
Describe the opportunities within the accounting profession
2.
Identify the basic financial statements and the principles on which
they are based.
Describe the major types of financial statements
Explain the components of basic financial statements
Explain the Generally Accepted Accounting Principles (GAAP)
3.
Apply the “Accounting Equation” in the analysis of business
transactions.
Use the accounting equation to analyze business transactions
Explain the link between the accounting equation and the preparation of financial statements
Prepare the financial statements
4.
Complete business transactions for a service company.
Describe an “account” and the use of debits and credits in double-entry accounting
Demonstrate the accounting process by correctly identifying and journalizing business transactions
ACCT 122 – Introductory Financial Accounting 1
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Prepare a trial balance
Correct errors resulting from a trial balance
5.
Prepare period-end adjustments.
Explain the importance of periodic reporting and adjusting the accounts under accrual-basis accounting
Prepare adjusting entries for prepaid expenses, amortization and unearned revenues
Prepare adjusting entries for accrued expenses and accrued revenues
Prepare accrual adjustments needed in future periods
Explain the difference between the cash and accrual basis of accounting
6.
Prepare a period end worksheet.
Explain the need for a worksheet
Prepare a period end worksheet
Record the adjusting entries from the worksheet
Prepare basic financial statements
7.
Prepare closing entries and a post closing trial balance.
Explain the significance of closing entries
Prepare closing entries
Prepare a post-closing trial balance
Identify the steps in the accounting cycle
Explain the use of reversing entries
Prepare reversing entries where appropriate
8.
Prepare a classified balance sheet.
Explain the need for a classified balance sheet
Identify classifications of assets and liabilities
Prepare a classified balance sheet
9.
Demonstrate accounting for a merchandising company.
Describe the nature and accounting components of a merchandising company
ACCT 122 – Introductory Financial Accounting 1
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Explain the two alternative inventory systems
Complete purchase and sales transactions using a perpetual inventory system
Prepare a worksheet for a merchandising company
Prepare adjusting and closing entries for a merchandising company
10.
Prepare a classified income statement for a merchandising
company.
Explain the need for a classified income statement
Identify the classifications of expenses for a merchandising company
Prepare a classified income statement
11.
Apply alternative methods of valuing inventories and cost of goods
sold.
Determine the cost of merchandise inventory
Compute the value of inventory and cost of sales using four different methods
12.
Analyze the effects of inventory transactions on financial reporting.
Analyze the effects of different inventory methods on financial statements
Describe the effects of different kinds of inventory errors
Use the gross profit method to estimate inventory
13.
Demonstrate the use of special journals in recording accounting
transactions.
Explain the purpose and use of special journals and subsidiary ledgers
Journalize transactions using a general journal and special journals
Post to the general ledger and subsidiary ledgers
14.
Apply the principles of internal control to accounting for cash.
Explain the purpose of internal controls
Identify basic principles of internal controls
Apply internal controls to cash receipts and disbursements
15.
Prepare month end bank reconciliation.
ACCT 122 – Introductory Financial Accounting 1
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Prepare a month end bank reconciliation
Prepare adjusting entries resulting from the bank reconciliation
16.
Demonstrate accounting for a petty cash fund.
Explain the operations of a petty cash fund
Prepare entries for petty cash transactions
17.
Complete transactions relating to accounts receivable.
Determine how accounts receivable are recorded
Apply the allowance method of accounting for accounts receivable and bad debts
Apply the direct write-off method of accounting for accounts receivable and bad debts
18.
Demonstrate accounting for notes receivable.
Describe notes receivable
Calculate the maturity date and interest due on the note
Prepare entries to record the issuance, interest, and settlement of the note
PLAR assessment methods
If you qualify for PLAR,
you may be asked to demonstrate your learning in one or more of the
following ways. Be prepared to discuss the expectations during a consultation meeting.
1.
Evidence file
Work samples that demonstrate knowledge of the course learning outcomes.
OR
2.
Challenge exam – 60% pass mark required
Problems with approximately 10% multiple choice questions.
Example of a problem:
From the given information, please prepare a month end bank reconciliation.
Resources
You may refer to any fundamental accounting textbook book to prepare for your PLAR
challenge. The textbook used for this course is:
ACCT 125 – Introductory Accounting 2
Your studies will focus on an introduction to financial accounting building on the skills you
learned in ACCT 122 (Introductory Financial Accounting I). You will study accounting for payroll
and accounting for other assets and liabilities. The course covers accounting for capital assets,
liabilities, partnerships and corporations. You will acquire these skills through a combination of
lecture material, in class demonstrations, reading assignments and practical exercises and
problems.
ACCT 125 – Introductory Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
1.
Account for the acquisition of capital assets.
Define the term capital asset
Determine the cost of a capital asset
Calculate the cost of individual assets purchased as a lump sum with other assets
Prepare entries to record the acquisition of capital assets
Explain the terms and accounting treatment for “capital expenditure”, “revenue expenditure”, “betterment”, and “repair”
Determine the treatment of costs after acquisition of capital assets
Prepare the appropriate entries to record costs subsequent to acquisition of capital assets
2.
Demonstrate the utilization of capital assets.
Explain the concept of amortization
Complete amortization transactions using three different methods
Calculate partial year’s amortization where appropriate
Record partial year’s amortization
Revise amortization for capital expenditures (betterments) and changes in estimates
3.
Account for the disposal of capital assets.
Calculate amortization to date of disposal
Prepare entries to record the disposal through discard, sale or exchange
4.
Demonstrate accounting for natural resources.
Identify what comprises natural resources
ACCT 125 – Introductory Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Complete amortization transactions for natural resources and related plant and equipment assets
5.
Demonstrate accounting for intangible assets.
Define intangible assets
Calculate the cost of goodwill
Prepare the entries to record the acquisition of goodwill and other eligible assets except goodwill
Complete the amortization transactions of intangible assets
Record the impairment of goodwill
6.
Document current and long-term liabilities.
Classify liabilities as current or long term
Describe the balance sheet presentation
Prepare the liabilities section of the balance sheet
7.
Complete transactions for known liabilities and estimated liabilities.
Define a known liability
Prepare entries for accounts payable, payroll liabilities and unearned revenues
Complete transactions for GST and PST payable
Complete transactions for the issuance, interest and payment of short-term notes payable
Define an estimated liability
Record estimated warranty liabilities
Prepare entries to record warranty work performed
Prepare entries to record estimated income tax liabilities
8.
Explain contingent liabilities and the accounting treatment.
Define a contingent liability
Explain the reporting and disclosure of contingent liabilities under various conditions
9.
Demonstrate accounting for payroll liabilities.
ACCT 125 – Introductory Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Calculate gross pay and deductions for individual employees
Complete a payroll register and record payroll
Prepare entries to record employer remittances to various agencies for employee withholdings and employer contributions
10.
Complete transactions for long-term notes payable.
Describe long-term notes payable
Calculate payments for notes requiring equal payments
Prepare entries to record the issuance of the note, interest accrual, and payment of notes requiring equal payments
Calculate the principal payment for notes requiring equal principal plus accrued interest payments
Prepare entries to record the issuance of the note, interest accrual, and payment of notes requiring equal principal plus accrued interest payments
11.
Demonstrate accounting for temporary investments.
Define temporary and long-term investments
Discuss the concept of recording temporary equity investments at the lower of cost or market
Describe the balance sheet presentation for temporary investments
Prepare entries for the acquisition of various temporary investments
Complete transactions for investment income
Prepare entries for the sale of temporary investments
12.
Document the formation of a partnership.
Describe the characteristics of partnerships
Identify the advantages and disadvantages of partnerships
Prepare entries to record partners’ investment in the formation of a partnership
13.
Demonstrate accounting for a partnership.
Compute division of partnership earnings according to various arrangements
Prepare journal entries to record partnership earnings
ACCT 125 – Introductory Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Prepare an entry for an addition of a new partner
Prepare an entry for the withdrawal of a partner
Prepare closing entries for a partnership
14.
Complete transactions relating to the liquidation of a partnership.
Discuss the liquidation of a partnership and the closing of operations
Prepare the entry for sale of partnership assets
Prepare the entry for the distribution of the gain or loss resulting from the sale of assets
Prepare the entries to record the distribution of remaining cash to creditors and partners
15.
Describe the corporate form of organization.
Define the corporate form of organization
Describe the advantages and disadvantages of corporations relative to unincorporated organizations
Identify types of shares
Explain the rights of shareholders
Describe the basics of organizing and managing a corporation
Describe financial statements for a corporation
16.
Demonstrate accounting for a corporation.
Prepare entries to record the issuance of preferred and common shares
Record organization costs
Prepare entries to record the conversion of preferred shares to common shares
ACCT 125 – Introductory Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Prepare closing entries for corporations
Prepare a statement of retained earnings and the shareholders’ equity section of the balance sheet
Determine book value per share
Determine earnings per share
17.
Account for the distribution of dividends to shareholders.
Describe cash dividends
Calculate the distribution of cash dividends between preferred and common shareholders
Prepare the entries to record the declaration and payment of cash dividends
Describe share dividends
Prepare the entries to record the declaration and distribution of share dividends
Describe the purpose and effects of share splits
18.
Describe the characteristics and types of bonds.
Define bonds payable
Explain how bonds differ from shares
Identify the characteristics and types of bonds
Explain the procedure for issuance of bonds
19.
Demonstrate accounting for bonds payable.
Calculate bond prices when market and contract rates of interest are equal and not equal
Record the issuance of bonds at par, premium and discount
Record the issuance of bonds between interest dates
Prepare bond amortization tables using the interest method
Prepare entries to record bond interest expense and amortization of bond discount or premium
Prepare entries to record the retirement of bonds
20.
Prepare a cash flow statement.
ACCT 125 – Introductory Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Identify cash flows as operating, investing or financing
Identify non-cash investing and financing activities and explain the accounting treatment
Calculate cash flows from operations using the indirect method
Prepare a cash flow statement
21.
Perform ratio analysis of financial statements.
Explain the basics of financial statement analysis
Explain horizontal analysis
Explain vertical analysis
Identify sources of standards of comparison
Calculate ratios
Evaluate ratios regarding liquidity and efficiency, solvency, profitability and market
PLAR assessment methods
If you qualify for PLAR,
you may be asked to demonstrate your learning in one or more of the
following ways. Be prepared to discuss the expectations during a consultation meeting.
1.
Evidence file
Work samples that demonstrate knowledge of the course learning outcomes.
OR
2.
Challenge exam – 60% pass mark required
Problems and approximately 10% multiple choice questions.
Example of a problem:
With the given information, prepare a cash flow statement.
Resources
You may refer to any fundamental accounting textbook book to prepare for your PLAR
challenge. The textbook used for this course is:
ACCT 236 – Business Systems Analysis
This course provides students with the knowledge and tools for understanding, analyzing, and
designing computer-based accounting information systems at the introductory level. It is
geared towards accounting students, not software designers or programmers. The course
includes an introduction to the field of electronic commerce.
ACCT 236 – Business Systems Analysis
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
1.
Analyze general systems theory and explain the use of an
accounting information system.
Define a “system” and relate it to the accounting cycle
Distinguish between the financial and managerial accounting systems
Explain the four “cycles” which make up a transaction processing system and identify the applications required by each cycle
Relate the subsystems of the Managerial Information System (MIS) to the types of decision problems managers encounter
2.
Describe the steps performed in the analysis phase of system
development.
Identify the qualities of a successful system
List and describe the phases of the system development life cycle
Explain the purpose and components of the systems analysis phase
Identify the objectives, scope, and procedures for conducting a preliminary survey
Identify and explain four measures of system project feasibility that are examined during the feasibility study
3.
Identify the framework, tools, and procedures used in the design
phase of system development.
Identify the system and resource requirements that are determined during preliminary system design
Distinguish between the levels of detail found in the preliminary design and the detailed system specification
Discuss the involvement of the auditor or accountant during system design
Use flowcharting and time management tools to assist in the system design process
Describe how an accounting system must be designed to support responsibility accounting
Prepare analysis codes that allow for responsibility accounting
4.
Describe the activities that occur during the implementation and
ACCT 236 – Business Systems Analysis
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Identify the activities that occur during system implementation
Distinguish between the various kinds of system testing that occur
Describe four approaches to system changeover
Identify the activities that occur during system operation
5.
Analyze the technology used in the development of an accounting
system.
Distinguish between systems software and application software
Explain the various computer system configurations available to system developers
Distinguish between traditional data file organization and database management organization, listing the strengths and weaknesses of each
Distinguish between batch, batch with online enquiry, and on-line, real-time systems
Explain what occurs in file maintenance, update, sort, and merge processes
6.
Describe the control risks inherent in a computer-based system and
identify control procedures that address them.
Identify the features and components of internal control
Provide specific examples of control procedures for four main categories of control activities
Explain what specific duties must be segregated in a computerized environment
List examples of general and application controls that could be implemented in a computerized system
7.
Explain basic e-commerce theory in the context of the accounting
information system.
Describe the history and development of electronic commerce
Identify the major types of e-commerce transactions
Explain the relationship between e-commerce and the accounting information system
Describe the alternative electronic payment systems that are available
Identify the risks and control issues associated with e-commerce and explain the specific controls that are needed to address them
8.
Demonstrate the application of systems theory in the development
of a major, three-part systems project.
ACCT 236 – Business Systems Analysis
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Participate in a business simulation exercise throughout the course
Analyse the current business systems of a company, as presented in the form of a case study
Prepare a three-part system development project, individually or as a member of a small group
PLAR assessment methods
If you qualify for PLAR,
you may be asked to demonstrate your learning in one or more of the
following ways. Be prepared to discuss the expectations during a consultation meeting.
1.
Evidence file
Work samples that demonstrate knowledge of the course learning outcomes.
OR
2.
Challenge exam – 60% pass mark required
A combination of questions, short answer and multiple choice.
Resources
You may refer to any accounting textbook book on core concepts of accounting to prepare for
your PLAR challenge. The textbook used for this course is:
ACCT 220 – Intermediate Accounting
This course involves an in-depth study of generally accepted accounting principles as applied to
accounting for current assets, capital assets, temporary and long-term investments, leases, and
accounting changes, and correction of errors.
ACCT 220 – Intermediate Accounting
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
1.
Apply the basic assumptions, principles, and constraints of
accounting.
Understand the objectives of financial statement reporting
Define the basic elements of financial statement reporting
Describe the basic assumptions of accounting
Apply the basic principles of accounting
Describe the impact of constraints on accounting information
2.
Perform the accounting process.
Perform the steps of the accounting cycle
Prepare the financial statements
3.
Perform the accounting for cash and receivables.
Explain techniques used to control cash/petty cash
Prepare bank reconciliation
Perform the accounting procedures to recognize and value receivables
Perform the accounting procedures to dispose of accounts receivable
4.
Valuation of inventories.
Distinguish between periodic and perpetual inventory systems
Assign costs to inventories using various cost approaches
Apply the lower of cost and market to inventory valuation
Estimate ending inventory
5.
Perform the accounting for temporary and long-term investments.
Define temporary and long-term investments in debt and equity securities
ACCT 220 – Intermediate Accounting
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Apply lower of cost and market valuation to temporary investments
Apply the effective interest method of amortizing discounts/premiums on long-term bond investments
Apply the cost and equity method to account for long-term investment in shares
Account for the acquisition of shares by stock dividends and stock rights
Discuss the basis of balance sheet valuation and disclosure requirements for temporary and long-term investments
6.
Record the acquisition and disposal of capital assets.
Calculate the cost to be included in the initial acquisition of capital assets
Record the disposition of capital assets
7.
Amortize and deplete capital tangible and intangible assets.
Calculate amortization by applying different amortization methods
Account for costs incurred subsequent to acquisition
Record the acquisition and depletion of natural resources
Perform the procedures for valuing and amortizing intangible capital assets
8.
Perform the accounting for capital and operating leases.
Explain lessee accounting and disclosure requirements for operating leases
Perform the accounting procedures for capitalizing leases by the lessee
Describe the lessee’s disclosure requirements on capital leases
Calculate the lease payment required by the leaser to earn a given return rate
Distinguish between direct finance, sales type, and operating leases of the leaser
Perform the accounting procedures for leaser capital leases
Describe the lesson’s disclosure requirements on capital leases
9.
Analyze accounting changes and errors.
ACCT 220 – Intermediate Accounting
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Identify the types of accounting changes
Perform the accounting for changes in policy
Apply retroactive with/without restatement accounting
Perform the accounting for changes in estimate
Perform the accounting for correction of errors
Analyze the effect of errors
PLAR assessment methods
If you qualify for PLAR,
you may be asked to demonstrate your learning in one or more of the
following ways. Be prepared to discuss the expectations during a consultation meeting.
1.
Evidence file
Work samples that demonstrate knowledge of the course learning outcomes.
OR
2.
Challenge exam – 60% pass mark required
Problems with multiple choice.
Resources
The resource materials used for this course are:
1.
Intermediate Accounting, 7
thCanadian Edition, Kieso/Weygandt/Warfield/Young/Wiecek.
Volumes I & II
2.
CICA Handbook
3.
Canadian Business Corporations Act
4.Current Published Annual Reports
ACCT 221 – Intermediate Accounting 2
This course is a continuation of the study of financial accounting begun in ACCT 220. Topics
covered include current and long-term liabilities, shareholders equity, dilutive securities and
earnings per share, revenue recognition, pensions, statement of cash flows, incomplete records,
and accounting for corporate income taxes.
ACCT 221 – Intermediate Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
1.
Account for current and long-term liabilities and explain their
financial statement disclosure requirements.
Define current liabilities, explain how they are valued and indicate how they should be disclosed
Explain the criteria used to account for and disclose contingent liabilities
Define long-term liabilities and identify various types of bonds
Calculate how the issuance price of bonds is determined
Determine interest expense including amortization of discount or premium under the straight-line method
Determine interest expense including amortization of discount or premium under the effective interest method
Identify the balance sheet presentation of bonds payable and any related discount or premium
Account for reacquisition of debt prior to maturity
Discuss the accounting for long-term notes payable and the need to impute interest under certain circumstances
Explain the disclosure requirements for long-term liabilities
2.
Account for shareholders’ equity: contributed capital.
Discuss the nature of the corporate form of organization and explain the advantages and disadvantages of incorporating
Discuss the characteristics of preferred shares
Describe the accounting for the issuance, reacquisition, and cancelling of shares (treasury shares treatment is required, but less significant)
Identify items of contributed surplus
Explain disclosure requirements
3.
Account for shareholders’ equity: retained earnings and dilutive
securities.
Describe the accounting for various forms of dividends
ACCT 221 – Intermediate Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Examine the nature of and accounting for appropriations of retained earnings
Discuss the preparation, in good form, of the shareholders’ equity section of the balance sheet
Discuss the accounting for dilutive securities at the date of issuance, conversion, and retirement
4.
Calculate earnings per share.
Calculate basic earnings per share
Calculate fully diluted earnings per share
Calculate perform a basic earnings per share
Calculate perform a fully diluted earnings per share
5.
Understand that revenue may be recognized at the point of delivery
(sale), prior to delivery, or after delivery and apply the appropriate
accounting to each situation.
Discuss and illustrate revenue transactions that result from the sale of products and rendering of services
Review the accounting for long-term construction contracts
Describe the instalment method of accounting
6.
Account for the cost of employees’ future benefits with emphasis
on account for pension plans.
Discuss the various aspects of accounting for pension plans
Describe the variety of pension plans, employer versus plan accounting, the role of actuaries, and the pension obligations
Define the components of pension expense and describe amortization of unrecognized past service cost and amortization of actuarial gains and losses
Illustrate the pension entries, the amortization of the transition amount and the reporting of pension plans in the financial statements
7.
Prepare a statement of cash flows.
Review the purpose of the statement of cash flows
Describe the classifications of cash flows and the format of the statement
Illustrate the preparation of the statement of cash flows
Illustrate the indirect approach to determining net cash flow from operating activities
ACCT 221 – Intermediate Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Illustrate the use of a worksheet approach, T-account approach and inspection approach to preparation of the statement
8.
Prepare financial statements from incomplete information.
Provide exposure to situations involving incomplete information, as is often found in private practice
Illustrate the use of worksheets, schedules and T-accounts as aids in the analysis of the available data
Prepare financial statements from the incomplete data
9.
Account for corporate income taxes by applying for “future income
taxes” approach as set out in section 3465 of the CICA handbook.
Discuss the problems facing the accounting profession with respect to interperiod tax allocation methods
Examine the financial accounting treatment (measurement and disclosure) regarding interperiod tax allocation using the “future income taxes” approach
Differentiate between interperiod and intraperiod tax allocation
PLAR assessment methods
If you qualify for PLAR,
you may be asked to demonstrate your learning in one or more of the
following ways. Be prepared to discuss the expectations during a consultation meeting.
1.
Evidence file
Work samples that demonstrate knowledge of the course learning outcomes.
2.
Challenge exam – 60% pass mark required
Problems and multiple choice.
Resources
The resource materials used for this course are:
1.
Intermediate Accounting, 7
thCanadian Edition, Kieso/Weygandt/Warfield/Young/Wiecek.
Volumes I & II
2.
CICA Handbook
3.
Canadian Business Corporations Act
4.
Current Published Annual Reports
ACCT 226 – Cost Accounting 1
An introduction to the study of cost accounting theory and practice. This course focuses on the
differences between cost accounting and financial accounting, various cost accounting terms,
an introduction to costing systems, and responsibility accounting using master and flexible
budgets.
ACCT 226 – Cost Accounting 1
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
1.
Identify and explain basic cost accounting terms and concepts.
Explain the differences between financial, management, and cost accounting
Define a cost, cost object, cost accumulation, and cost assignment
Distinguish between direct and indirect costs
Distinguish between variable and fixed costs
Explain the concept of a "relevant range" and how it applies to fixed costs
Explain the differences between total and unit costs, and between capitalized and non-capitalized (period) costs
Identify the flow of inventories and costs in a manufacturing company
2.
Demonstrate the use of Cost-Volume-Profit analysis on a
decision-making tool.
Define CVP analysis
Explain the concept of "contribution margin" and identify the format of a contribution-style income statement
Calculate the break-even point for a single-product company using the equation, contribution margin
Refine the break-even concept to calculate sales units that will achieve target operating and net incomes
Calculate the point of indifference between two alternative costing or pricing proposals
Use probability theory to calculate the expected values of alternative courses of action
Calculate the break-even point for a multiple-product company given a constant sales mix
3.
Explain the purpose and use of a basic job-costing system.
Define job costing
ACCT 226 – Cost Accounting 1
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Describe the use of cost pools and cost allocation bases in assigning indirect costs in a costing system
Use a five-step process to assign costs to cost objects
Explain the end-of-period adjustments required under normal costing
Prepare journal entries to record the flow of costs in a basic job-costing system
4.
Apply job costing skills in an activity-based costing environment.
Describe the conditions under which using a single overhead cost pool is acceptable
Explain the following potential problems with job costing: under costing, over costing, product cost cross-subsidization, cost smoothing
Define cost refinement and explain how activity-based costing (ABC) refines basic job costing
Use a revised, seven-step process to assign costs using ABC
5.
Prepare a Master Budget and explain its role in responsibility
accounting.
Define a "Master Budget”
Explain the advantages, time coverages, and varieties of budgets
Describe responsibility accounting and the use of budgets in a responsibility accounting system
Prepare an operating budget including the budgeted income statement and all of its related budgets and schedules
Prepare a cash budget
6.
Use flexible budgeting to compute and explain direct cost varieties.
Explain the deficiencies in using a static budget for performance measurement
Use a five-step process to prepare a flexible budget
Calculate the following variances: static budget, flexible budget, sales volume, price, and efficiency, for all direct cost categories
Prepare journal entries to isolate the material and labour price and efficiency variances at the earliest point at which they are detected
Provide credible possible explanations for each variance
7.
Use flexible budgeting to compute and explain indirect (overhead)
cost variances.
ACCT 226 – Cost Accounting 1
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
Calculate variable overhead spending and efficiency variances
Calculate fixed overhead spending and production volume variances
Prepare journal entries to isolate the four indirect cost variances
Provide credible possible explanations for each variance
Identify four acceptable approaches to handling overhead variances and perform the immediate write-off method
8.
Account for the differences between alternative inventory costing
methods.
Distinguish between variable costing and absorption costing
Prepare comparative income statements under variable and absorption costing
Reconcile any difference between the net incomes calculated under the two alternative methods
Explain four alternative denominator-level choices available under absorption costing
PLAR assessment methods
If you qualify for PLAR,
you may be asked to demonstrate your learning in one or more of the
following ways. Be prepared to discuss the expectations during a consultation meeting.
1.
Evidence file
Work samples that demonstrate knowledge of the course learning outcomes.
OR
2.
Challenge exam – 60% pass mark required
Problems and multiple choice.
Resources
The textbook used for this course is:
1.
Cost Accounting – A Managerial Emphasis, 3
rdCanadian Edition, Horgren, Foster, Datar, and
ACCT 227 – Cost Accounting 2
A continuation of Cost Accounting 1 (ACCT 226). This course focuses on non-routine decision
making, cost allocation theory and methods, process costing, hybrid costing systems, inventory
management, and sales and input variances.
ACCT 227 – Cost Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
1.
Demonstrate the use of relevant cost techniques for non-routing
decision making.
Define "relevance" as it relates to cost accounting
Apply relevance theory to special order, make vs. buy, capacity constraint, opportunity cost, customer profitability, and equipment replacement decisions
Describe potential conflicts between decision-making and performance evaluation models
2.
Perform intra-company allocations of service department and
common costs.
List and explain the purposes of cost allocation
Identify appropriate cost pools and allocation bases for allocating indirect costs to cost objects
Allocate costs from one department to other departments using single- and dual-rate methods
Allocate service department costs to operating departments using the direct, step-down, and reciprocal methods
Allocate common costs using the stand-alone and incremental cost methods
3.
Account for costs in a joint process environment.
Define terms commonly used in joint process environments
Allocate joint costs to joint, main, and by-products using four acceptable methods
Explain the irrelevance of joint costs for sell or process further decisions
Prepare journal entries to account for by-products under two acceptable approaches
4.
Compute and explain sales and input variances.
Calculate the following revenue and sales variances: sales volume, sales quantity, sales mix, market size, and market share
Calculate the following input variances for material and labour: efficiency, mix, and yield
ACCT 227 – Cost Accounting 2
Mastery: I am able to demonstrate it well enough to teach it to someone else. Competent: I can work independently to apply the outcome.
Functional: I need some assistance in using the outcome. Learning: I am developing skills and knowledge for this area.
None: I have no experience with the outcome. Mas
te ry C o mp et ent Fu nct io nal Le arnin g Non e
5.
Prepare cost of production reports for companies using process
costing.
Define process costing and explain the continuum of costing systems
Explain the concept of "equivalent units" and why it is needed in process costing systems
Prepare cost of production reports under both FIFO and Weighted-Average cost flow assumptions
Add previous-department costs to the process costing analysis
Prepare journal entries to record the flow of costs under process costing
6.
Account for spoilage, rework, and scrap under job costing and
process costing.
Define spoilage, rework, and scrap
Distinguish between normal and abnormal spoilage
Revise the cost of production report under process costing to include spoilage costs
Prepare journal entries to record spoilage, rework, and scrap in a job-costing environment
7.
Account for the flow of inventories and costs under hybrid costing
systems.
Define hybrid costing systems, operation costing, just-in-time (JIT) production, and backflush costing
Calculate total work order and per-unit costs under operation costing and prepare summary journal entries
Prepare journal entries to record the flow of costs in a backflush costing system that uses three trigger points
8.
Utilize mathematical and other tools to effectively manage
inventories.
Define the following inventory-related costs: Purchasing, ordering, carrying, stockout, and quality costs
Calculate the Economic Order Quantity (EOQ) and explain what costs it seeks to balance
Compute the cost of prediction error when more accurate values for EOQ variables are known at the end of the accounting period
Perform relevance analysis on the decision to switch to a
