REFERENCE MATERIALS

Distance Learning

Credit Recovery/Credit Continuation – Applied Commerce Education

Accounting


Accounting Essentials 30S

Class # 1858 Accounting Essentials 30S M1: Introduction to Accounting Essentials

This module is your first exposure to the field of accounting. You will learn why accounting is needed for all types of businesses and then move on to the accounting equation, an accounting staple that you will not only use throughout the rest of this course, but in all accounting courses. Once you understand the accounting equation, you will be able to apply your learning to create your first financial statement—the balance sheet. The balance sheet is a basic statement that all businesses must prepare on a regular basis. You will then see how everyday business transactions affect the financial picture of a business.

Assignment
Assignment 1.1

  – For Manitoba Teachers/Schools Only

Class # 1859 Accounting Essentials 30S M2: Debits & Credits

In the previous module you used the accounting equation to learn about the basic accounts of all businesses; prepared a balance sheet; and analyzed changes to the accounting equation. In module two you will be introduced to the concept of debits and credits, a tool used to record business transactions. You will then learn how to create the trial balance. The trial balance lists all of the accounts of a business, which in turn will assist you in creating financial statements.

Assignment
Assignment 2.1

  – For Manitoba Teachers/Schools Only

Class # 1860 Accounting Essentials 30S M3: The Income Statement

The first two modules of this course introduced you to the accounting equation, the balance sheet, recording business transactions in t-accounts, and the trial balance. In Module 3, you will learn how to prepare the income statement—another financial statement. The income statement shows the profit or loss of a business. You will also learn how to record transactions that show the business making money, the business spending money, and the owner taking his or her earnings out of the business. Finally, you will learn how to update all of the financial statements you have learned so far, and you will create a new version of the balance sheet.

Assignment
Assignment 3.1

  – For Manitoba Teachers/Schools Only

Class # 1861 Accounting Essentials 30S M4: Journals & Ledgers - Keeping Track of It All

The current module will introduce you to the general journal and the general ledger. Both of these will replace the T-accounts you have been using. The general journal replaces the T-accounts for recording transactions. This is the method used in professional accounting systems. Anyone looking at the general journal has all the details required to understand what happened in each transaction. The general ledger replaces the T-accounts so that anyone can find a current balance of any account at any given time.

Assignment
Assignment 4.1

  – For Manitoba Teachers/Schools Only

Class # 1862 Accounting Essentials 30S M5: Subsidiary Ledgers

Module 5 will introduce you to the subsidiary ledgers. When a business has many accounts that are similar, they are kept in a subsidiary ledger.

Assignment
Assignment 5.1

  – For Manitoba Teachers/Schools Only

Class # 1863 Accounting Essentials 30S M6: The Worksheet

Financial statements paint a picture of a business. It is important to keep clear and accurate records at all times in order to analyze the prosperity or health of the business. This module introduces the worksheet, which is a tool used to help create financial statements.

It is also important for a business to know the results of business activity for any given period. Closing the ledger allows each period to provide a clean slate and to calculate profits or losses for the period.

The Post-Closing Trial Balance, introduced in this module, paints the final picture for the period.

Assignment
Assignment 6.1

  – For Manitoba Teachers/Schools Only

Class # 1864 Accounting Essentials 30S M7: Cash Control

This module introduces various methods that a company uses to ensure that its cash is secure. It is important for every business to have checks in place to protect itself from its employees, its customers, and anyone involved with the business. 

This module introduces the control of cash receipts, petty cash, and records required for banking transactions.

Assignment
Assignment 7.1

  – For Manitoba Teachers/Schools Only

Class # 1865 Accounting Essentials 30S M8: Payroll

This module outlines employment standards in Canada and illustrates the process of paying employees. Each lesson describes a different step in payroll accounting.

Assignment
Assignment 8.1

  – For Manitoba Teachers/Schools Only

Class # 1866 Accounting Essentials 30S M9: Recording Adjustments

This module introduces an important step of accounting known as adjustments. It is important for businesses to ensure that financial statements are prepared accurately. In order to do so, adjusting entries is a necessary step.

Assignment
Assignment 9.1

  – For Manitoba Teachers/Schools Only


Accounting Systems 40S

Class # 1867 Accounting Systems 40S M1: Accounting Principles Review

This module is essentially a review of the Grade 11 course. Accounting is a skill-based course. As such, foundational skills are needed in order to move on to the next level and continue to build your skill set. In this module, you will review the accounting procedures for each of the steps of the accounting cycle as they relate to service firms (a business that performs a service for a fee). Module 1 is designed to ensure you have the foundational skills, and you understand the basic concepts and principles of financial accounting before moving on to your next challenge: learning the accounting procedures required to complete the accounting cycle for a merchandising firm (a business that produces or sells goods in order to earn a profit).

Assignment
Assignment 1.1: Completeing the Accounting Cycle for a Service Business

  – For Manitoba Teachers/Schools Only

Class # 1868 Accounting Systems 40S M2: Merchandising Firms

In this module, you will learn about merchandising firms and how their accounting practices differ from those you previously learned about for a service firm.

Assignment
Assignment 2.1: The Periodic Inventory System

  – For Manitoba Teachers/Schools Only

Class # 1869 Accounting Systems 40S M3: Merchandising Firms: The Perpetual Inventory System

In this module, you will learn about the accounting procedures required for merchandising firms using the perpetual inventory system.

Assignment
Assignment 3.1: The Perpetual Inventory System

  – For Manitoba Teachers/Schools Only

Class # 1870 Accounting Systems 40S M4: Special Journals

In Module 4, you will learn about the special journal system. Special journals are specifically designed to allow individuals or departments to specialize in processing a certain type of transaction. This module will introduce you to four new special journals that can be used in addition to the general journal.

Assignment
Assignment 4.1: Using the Special Journal System

  – For Manitoba Teachers/Schools Only

Class # 1871 Accounting Systems 40S M5: Adjusting Entries

In the previous module, you learned about the special journals system, which is a different method of journalizing and posting business transactions. The next step in the accounting cycle for a merchandising firm would be to take off a trial balance to ensure the general ledger is still in balance. As you continue your journey to completing the accounting cycle for a merchandising firm, you will focus on what comes next—recording adjusting entries.

Assignment
Assignment 5.1: Advanced Adjustments

  – For Manitoba Teachers/Schools Only

Class # 1872 Accounting Systems 40S M6: Completing the Accounting Cycle

In the previous module, you learned how to analyze and record adjusting entries on the worksheet and how this is an important step in ensuring that the account balances are as accurate as possible prior to the preparation of the financial statements. This module will focus on completing the rest of the stages of the accounting cycle.

Assignment
Assignment 6.1: Completing the Accounting Cycle for a Merchandising Business

  – For Manitoba Teachers/Schools Only

Class # 1873 Accounting Systems 40S M7: Accounting in Action

In the previous module, you learned how to complete the accounting cycle for a merchandising firm and begin a new accounting period. This module will focus on accounting in action: in other words, how to use this information to make business decisions.

Assignment
Assignment 7.1: Financial Analysis and Accounting as a Career

  – For Manitoba Teachers/Schools Only

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