Level: Introductory

Prerequisite: None

Description: Students explore concepts that affect the finances of an individual, including a code of conduct, the economic environment, acquiring and using financial resources and the effects of government legislation.

Parameters: No specialized equipment or facilities.

Outcomes: The student will:

• 1. explain the importance of a code of conduct
• 1.1 define ethical conduct within the scope of personal financial management
• 1.2 explain ethical issues through the use of case studies
• 1.3 identify appropriate ethical conduct for an individual as it relates to personal and business dealings


• 2. identify and explain factors that affect an individual’s financial management
• 2.1 describe the regulations and policies of levels of government, which affect financial management for an individual; e.g., municipal bylaws, provincial labour laws, taxation laws
• 2.2 identify sources of information and assistance available to an individual
• 2.3 identify examples of the effects of the economy on decision making and planning for an individual; e.g., interest rates, price changes, environmental issues, competition, foreign currency exchange
• 2.4 describe how compound interest works to increase investments over time
• 2.5 explore the concept of “paying yourself first” and how the rule of 72 can help determine investment objectives
• 2.6 analyze the direct relationship between expected returns and risk in terms of:
• 2.6.1 time limit or horizon; e.g., amount of time
• 2.6.2 cash requirement; e.g., amount of money
• 2.6.3 liquidity; e.g., how fast the asset can be turned back into cash
• 2.6.4 emotional factors; e.g., “Will you lose sleep over an investment?”


• 3. identify and explain personal acquisition and use of financial resources
• 3.1 list the methods of acquiring capital
• 3.2 identify the services offered by financial institutions to an individual
• 3.3 describe potential problems for an individual using credit
• 3.4 identify the insurance requirements for an individual
• 3.5 discuss strategies to improve/increase personal net worth including:
• 3.5.1 work for others; e.g., paycheck
• 3.5.2 self-employment
• 3.5.3 owning your own business; e.g., profit/loss
• 3.5.4 decrease debt; e.g., liabilities
• 3.5.5 save more and/or spend less
• 3.5.6 invest your savings
• 3.6 identify and discuss the following three elements of an investment goal:
• 3.6.1 objective; e.g., safety of principal, earn income, achieve growth
• 3.6.2 time limit; e.g., short-, medium- or long-term
• 3.6.3 strategies; e.g., select the right investment
• 3.7 identify and list different investments a person can choose from; e.g., short-term savings, savings accounts, term deposits, T-bills, stocks, bonds, mutual funds, precious metals, art, jewellery/precious stones, real estate, mortgages
• 3.8 demonstrate skills in managing bank accounts and services including:
• 3.8.1 Internet banking
• 3.8.2 Internet transactions
• 3.8.3 stocks
• 3.8.4 mutual funds
• 3.8.5 Registered Retirement Savings Plan (RRSP)
• 3.8.6 Registered Education Savings Plan (RESP)
• 3.8.7 emerging technologies in banking


• 4. prepare a personal budget
• 4.1 explain what is meant by “developing a personal investment portfolio”
• 4.2 prepare a realistic mock personal balance sheet; determine personal net worth including assets, liabilities and personal equity
• 4.3 demonstrate understanding of how to create a personal budget


• 5. demonstrate basic competencies
• 5.1 demonstrate fundamental skills to:
• 5.1.1 communicate
• 5.1.2 manage information
• 5.1.3 use numbers
• 5.1.4 think and solve problems
• 5.2 demonstrate personal management skills to:
• 5.2.1 demonstrate positive attitudes and behaviours
• 5.2.2 be responsible
• 5.2.3 be adaptable
• 5.2.4 learn continuously
• 5.2.5 work safely
• 5.3 demonstrate teamwork skills to:
• 5.3.1 work with others
• 5.3.2 participate in projects and tasks


• 6. make personal connections to the cluster content and processes to inform possible pathway choices
• 6.1 complete/update a personal inventory; e.g., interests, values, beliefs, resources, prior learning and experiences
• 6.2 create a connection between a personal inventory and occupational choices

Level: Introductory

Prerequisite: None

Description: Students are introduced to accounting and terminology unique to financial accounting. They become familiar with financial statements, generally accepted accounting principles (GAAP) and how to prepare for the process of starting up a business.

Parameters: Access to appropriate computer equipment, software, the Internet and support materials.

Supporting Course:

• INF1060: Spreadsheet 1 or
• INF2080: Spreadsheet 2

Outcomes: The student will:

• 1. examine accounting practice
• 1.1 describe the purposes of financial statements and their uses
• 1.2 explain the effects of GAAP on financial statements
• 1.3 compare the financial statements of a variety of types of businesses
• 1.4 identify and define assets, liabilities and capital


• 2. set up an accounting system
• 2.1 prepare an opening balance sheet
• 2.2 apply the accounting equation in the analysis of the balance sheet
• 2.3 describe the theory of a double entry system
• 2.4 identify and define revenue and expense accounts
• 2.5 prepare a chart of accounts
• 2.6 open the general ledger accounts
• 2.7 prepare the opening entry and post to the general ledger


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. make personal connections to the cluster content and processes to inform possible pathway choices
• 4.1 complete/update a personal inventory; e.g., interests, values, beliefs, resources, prior learning and experiences
• 4.2 create a connection between a personal inventory and occupational choices

Level: Introductory

Prerequisite: FIN1015: Accounting Prep

Description: Students are introduced to the accounting cycle for a service business. They will analyze and record business transactions up to trial balance for the fiscal period of a business using terminology unique to financial accounting.

Parameters: Access to appropriate computer equipment, software, the Internet and support materials.

Supporting Course:

• INF1060: Spreadsheet 1 or
• INF2080: Spreadsheet 2

Outcomes: The student will:

• 1. analyze business transactions
• 1.1 identify the debit and the credit components of a transaction
• 1.2 demonstrate how each part of the accounting equation is affected and is in balance
• 1.3 identify the purpose of a petty cash fund
• 1.4 describe ethical issues of petty cash


• 2. journalize transactions including:
• 2.1 identify and compare the use and parts of a journal
• 2.2 record the entries for a service business for a monthly business cycle
• 2.3 record the entries to establish and to replenish the petty cash fund


• 3. post journal entries to the appropriate general ledger accounts


• 4. identify the types of accounting errors and apply appropriate correction techniques


• 5. record ledger account balances on a trial balance


• 6. demonstrate basic competencies
• 6.1 demonstrate fundamental skills to:
• 6.1.1 communicate
• 6.1.2 manage information
• 6.1.3 use numbers
• 6.1.4 think and solve problems
• 6.2 demonstrate personal management skills to:
• 6.2.1 demonstrate positive attitudes and behaviours
• 6.2.2 be responsible
• 6.2.3 be adaptable
• 6.2.4 learn continuously
• 6.2.5 work safely
• 6.3 demonstrate teamwork skills to:
• 6.3.1 work with others
• 6.3.2 participate in projects and tasks


• 7. make personal connections to the cluster content and processes to inform possible pathway choices
• 7.1 complete/update a personal inventory; e.g., interests, values, beliefs, resources, prior learning and experiences
• 7.2 create a connection between a personal inventory and occupational choices

Level: Introductory

Prerequisite: FIN1020: Accounting Cycle 1

Description: Students complete the accounting cycle for a service business, preparing financial statements and closing accounts. They also will explore other factors of a business, including budgets.

Parameters: Access to appropriate computer equipment, a computerized spreadsheet or financial software, the Internet and support materials.

Supporting Course:

• INF1060: Spreadsheet 1 or
• INF2080: Spreadsheet 2

Outcomes: The student will:

• 1. identify and apply the steps in the accounting cycle, from the worksheet to the post-closing trial balance, for a service business
• 1.1 record all ledger accounts in the trial balance section of the worksheet
• 1.2 classify and record ledger account balances in the appropriate section of the worksheet and calculate the net income or net loss
• 1.3 prepare an income statement, a statement of changes in owner’s equity and a balance sheet from the information in a completed worksheet
• 1.4 record closing entries in a journal
• 1.5 post the closing entries to the appropriate accounts
• 1.6 outline the purpose of a post-closing trial balance
• 1.7 prepare a post-closing trial balance from the general ledger


• 2. recognize the need for preparing budgets
• 2.1 describe the need for preparing specific budgets as a planning tool
• 2.2 prepare a simple budget for a small business
• 2.3 compare actual revenues and expenditures with budgeted amounts for the purpose of decision making


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. make personal connections to the cluster content and processes to inform possible pathway choices
• 4.1 complete/update a personal inventory; e.g., interests, values, beliefs, resources, prior learning and experiences
• 4.2 create a connection between a personal inventory and occupational choices

Level: Intermediate

Prerequisite: FIN1030: Accounting Cycle 2

Description: Students apply specialized accounting procedures associated with buying and selling goods in a retail system with a credit system and a partnership.

Parameters: Access to appropriate computer equipment, software, the Internet and supporting materials.

Outcomes: The student will:

• 1. explore accounting procedures associated with buying and selling merchandise
• 1.1 differentiate between service and merchandising businesses
• 1.2 compare the advantages with the disadvantages of using various journals
• 1.3 describe the need for and recording of returns/allowances and sales taxes
• 1.4 describe the relationship between the subsidiary ledgers and the controlling accounts
• 1.5 describe the need for recording merchandise inventory
• 1.6 introduce the concept "Cost of Goods Sold" and its relation to expenses; e.g., rent, wages, utilities
• 1.7 describe the need for perpetual, periodic and year-end inventory calculations


• 2. analyze transactions for a small retail business and prepare journals and ledgers allowing for accounts receivable and payable
• 2.1 open accounts for a merchandising business
• 2.2 analyze journal transactions specific to a merchandising business
• 2.3 analyze and record business transactions in a journal(s)
• 2.4 total and prove the journal(s)
• 2.5 post from the journal(s) to the general and subsidiary ledgers
• 2.6 prepare schedules of accounts for subsidiary ledgers
• 2.7 prepare a trial balance for the general accounts


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. identify possible life roles related to the skills and content of this cluster
• 4.1 recognize and then analyze the opportunities and barriers in the immediate environment
• 4.2 identify potential resources to minimize barriers and maximize opportunities

Level: Intermediate

Prerequisite: FIN2020: Retail Accounting 1

Description: Students continue to apply specialized accounting procedures by preparing financial statements, analyzing adjusting and closing entries and completing the accounting cycle for a retail business.

Parameters: Access to appropriate computer equipment, software, the Internet and support materials.

Outcomes: The student will:

• 1. explore accounting practices for retail business including closing out the cycle
• 1.1 explain the purpose of adjusting entries
• 1.2 describe the need for periodic and year-end inventory calculations


• 2. finalize the steps in the accounting cycle, from the worksheet to the post-closing trial balance
• 2.1 complete the eight-column worksheet
• 2.2 calculate cost of goods sold
• 2.3 prepare an income statement
• 2.4 prepare a statement of change in owner’s equity
• 2.5 prepare a balance sheet
• 2.6 journalize adjusting and closing entries
• 2.7 post adjusting and closing entries
• 2.8 prepare a post-closing trial balance


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. identify possible life roles related to the skills and content of this cluster
• 4.1 recognize and then analyze the opportunities and barriers in the immediate environment
• 4.2 identify potential resources to minimize barriers and maximize opportunities

Level: Intermediate

Prerequisite: FIN1030: Accounting Cycle 2

Description: Students learn and demonstrate use of an accounting software package for personal or business use. They will complete transactions and procedures typically used by an individual or a business.

Parameters: Access to appropriate computer equipment, business or personal accounting software and support materials.

Supporting Course: FIN2030: Retail Accounting 2

Outcomes: The student will:

• 1. demonstrate use of designated small business or personal accounting software
• 1.1 identify procedures required to use the accounting software package
• 1.2 prepare a chart of accounts according to generally accepted accounting principles (GAAP)
• 1.3 analyze transactions and enter data
• 1.4 prepare the accounts for the next reporting period
• 1.5 generate reports; e.g., trial balance, balance sheet
• 1.6 identify possible errors that can occur during entry
• 1.7 describe the use of the computer as a tool in processing data related to the accounting cycle
• 1.8 compare and contrast manual and computerized accounting procedures
• 1.9 describe why it is necessary to prepare a computer data backup system


• 2. apply consistent and appropriate work station routines
• 2.1 demonstrate good health and safety; e.g., posture, positioning of hardware and furniture
• 2.2 employ practices that provide security for hardware, software, supplies and personal work


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. identify possible life roles related to the skills and content of this cluster
• 4.1 recognize and then analyze the opportunities and barriers in the immediate environment
• 4.2 identify potential resources to minimize barriers and maximize opportunities

Level: Intermediate

Prerequisite: None

Description: Students examine the Canadian income tax system through the preparation of a variety of personal income tax returns, completed manually and/or electronically.

Parameters: Access to appropriate computer equipment, personal accounting software and/or spreadsheet software, the Internet and supporting materials.

Supporting Course: FIN1010: Personal Financial Information

Outcomes: The student will:

• 1. investigate the Canadian concept of taxation
• 1.1 describe the different kinds of taxes and their purposes; e.g., Goods and Services Tax (GST), Provincial Sales Tax (PST), capital gains tax, inheritance tax
• 1.2 describe the role of the Canada Revenue Agency in the collection and distribution of direct taxes
• 1.3 research how to apply for a Social Insurance Number and its importance
• 1.4 explore the history and administration of the Canadian tax system
• 1.5 explain how Canadian tax dollars are spent
• 1.6 summarize the rights and responsibilities of the Canadian taxpayer; e.g., working overseas, earning extra income


• 2. demonstrate skill in preparing personal income tax returns
• 2.1 identify and describe the components of a personal income tax return
• 2.2 identify and list the types of documentation required for filing tax returns
• 2.3 prepare personal income tax returns
• 2.4 research the features of an electronic tax program
• 2.5 describe and compare various filing procedures; e.g., electronic filing, Internet filing, tax discounters


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. identify possible life roles related to the skills and content of this cluster
• 4.1 recognize and then analyze the opportunities and barriers in the immediate environment
• 4.2 identify potential resources to minimize barriers and maximize opportunities

Level: Intermediate

Prerequisite: FIN1020: Accounting Cycle 1

Description: Students gain knowledge for establishing and operating a payroll system. They will use proper terminology and awareness of current rules and regulations of the payroll function.

Parameters: Access to appropriate computer equipment, software, the Internet and support materials.

Outcomes: The student will:

• 1. investigate the Canadian payroll requirements
• 1.1 describe the legislated and taxation requirements related to payroll including:
• 1.1.1 opening a business account to obtain a business number
• 1.1.2 registering for a payroll deductions account


• 2. prepare and maintain a payroll system
• 2.1 identify proper payroll terminology
• 2.2 prepare documentation required by employees for payroll purposes including:
• 2.2.1 TD-1 tax form
• 2.2.2 personal tax credits return
• 2.2.3 Social Insurance Number
• 2.3 calculate regular and nonregular individual pay/gross pay using:
• 2.3.1 salary; e.g., yearly, monthly
• 2.3.2 wage; e.g., weekly, hourly
• 2.3.3 payment periods; e.g., yearly, biweekly, weekly
• 2.4 calculate deductions for income tax, Canada Pension Plan, employment insurance and other deductions such as registered pension plan, union dues and medical benefits; identify:
• 2.4.1 employee contributions
• 2.4.2 employer contributions
• 2.5 calculate net pay for various payment periods; e.g., monthly, biweekly
• 2.6 complete the employees’ earnings record
• 2.7 demonstrate methods of payment; e.g., cheque, direct deposit
• 2.8 complete a payroll register using appropriate tax tables
• 2.9 journalize payroll transactions
• 2.10 post payroll entries
• 2.11 record payment of payroll liabilities and identify withholding funds, payroll taxes and other deductions
• 2.12 complete a record of employment for termination purposes
• 2.13 report the employee’s income and deductions on the appropriate T4 or T4A slip


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. identify possible life roles related to the skills and content of this cluster
• 4.1 recognize and then analyze the opportunities and barriers in the immediate environment
• 4.2 identify potential resources to minimize barriers and maximize opportunities

Level: Advanced

Prerequisite: FIN2030: Retail Accounting 2

Description: Students apply advanced accounting procedures, including capital assets and uncollectible accounts, used by a variety of businesses. Students also prepare adjustments, using the accrual method of accounting, and examine manufacturing or departmental accounting.

Parameters: Access to appropriate computer equipment, the Internet and appropriate software.

Outcomes: The student will:

• 1. define terms relevant to capital assets, uncollectible accounts, accruals and manufacturing or departmental accounting
• 1.1 analyze accounting principles to determine whether to record the acquisition as an asset or an expense
• 1.2 define depletion expense related to natural resources
• 1.3 explain differences in accounting procedures between a merchandising business and a manufacturing business
• 1.4 explain the purpose of a departmental accounting system
• 1.5 describe the scope and nature of specialized accounting responsibilities in regard to departmentalized accounting, and the manner in which these might be assigned including:
• 1.5.1 individuals in different locations
• 1.5.2 a computer in a central location or in each department
• 1.5.3 control measures that would be required
• 1.5.4 gathering of information at specific times


• 2. apply advanced accounting procedures that relate the above terms to realistic business situations
• 2.1 calculate and record the amortization of capital assets
• 2.2 record the acquisition of capital assets; e.g., a trade-in
• 2.3 journalize and post entries involving the disposal of capital assets
• 2.4 prepare a capital assets schedule
• 2.5 prepare a statement of accounts receivable (aging)
• 2.6 calculate the value of uncollectible accounts receivable using a variety of methods
• 2.7 record journal entries for uncollectible accounts receivable using the allowance method
• 2.8 prepare journal entries to write-off uncollectible accounts receivable
• 2.9 record journal entries for the collection of accounts previously written-off
• 2.10 prepare the adjustments needed to update particular general ledger accounts to include accruals; e.g., payroll, interest
• 2.11 record journal entries for a manufacturing business
• 2.12 prepare a statement of cost of goods manufactured
• 2.13 prepare journal entries from data supplied


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. create a transitional strategy to accommodate personal changes and build personal values
• 4.1 identify short-term and long-term goals
• 4.2 identify steps to achieve goals

Level: Advanced

Prerequisite: FIN2030: Retail Accounting 2

Description: Students examine and explain management accounting, which involves optimizing capital assets for maximum return on investments. Students also examine various internal systems used to safeguard business assets.

Parameters: Access to an appropriate computer work station, the Internet and appropriate software.

Outcomes: The student will:

• 1. assess return on investments, by analyzing the price/cost and break-even points
• 1.1 describe management accounting
• 1.2 differentiate between the fields of managerial accounting and financial accounting
• 1.3 define and explain cost and differentiate between fixed and variable costs
• 1.4 describe the factors to consider when establishing selling prices
• 1.5 define and calculate break-even points
• 1.6 analyze the effect on net income when changes in volume costs, unit prices or sales mix occur


• 2. examine internal controls used to safeguard organizational assets
• 2.1 define an internal control system
• 2.2 describe internal auditing procedures appropriate to a business
• 2.3 describe specific controls; e.g., over cash, inventory
• 2.4 compare items from the records of a business to a statement from the bank to:
• 2.4.1 explain the differences
• 2.4.2 describe methods used to reconcile the differences
• 2.4.3 prepare bank reconciliations showing a number of differences
• 2.4.4 prepare the general journal entries resulting from the corrected bank reconciliation statement
• 2.5 analyze the financial implications of maintaining an inventory
• 2.6 identify optimal inventory levels
• 2.7 describe procedures used to count and record a physical inventory
• 2.8 calculate the value of inventory using a variety of methods and making adjustments for obsolete inventory


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. create a transitional strategy to accommodate personal changes and build personal values
• 4.1 identify short-term and long-term goals
• 4.2 identify steps to achieve goals

Level: Advanced

Prerequisite: FIN2030: Retail Accounting 2

Description: Students examine the accounting procedures related to proprietorships, partnerships, corporations and other entities. Students determine the effect the different forms of business ownership have on the equity section of the balance sheet.

Parameters: Access to an appropriate computer work station, the Internet and appropriate software.

Supporting Courses:

• FIN2070: Payroll Accounting
• FIN3050: Small Business Taxation

Outcomes: The student will:

• 1. examine the organizational differences among various forms of business organizations
• 1.1 define accounting terms relevant to various types of business organization
• 1.2 describe the financial, legal and tax implications of a:
• 1.2.1 sole proprietorship
• 1.2.2 partnership
• 1.2.3 corporation
• 1.3 analyze the most common types of partnerships
• 1.4 analyze the formation and organization of a corporation
• 1.5 differentiate between private and public corporations
• 1.6 define a franchise and distinguish between product distribution and entire business franchising
• 1.7 describe the major differences between buying a franchise and buying a nonfranchise business
• 1.8 describe the differences between a cooperative and a corporation; e.g., voting, distribution of net income
• 1.9 describe the reasons for establishing a nonprofit organization
• 1.10 describe the legislation related to nonprofit organizations
• 1.11 describe the difference between viable multilevel marketing versus pyramid schemes and “get rich quick schemes” including:
• 1.11.1 list and explain compliance in relation to multilevel marketing organizations


• 2. compare the owner’s equity for different forms of business organizations
• 2.1 explain the changes in owner’s equity resulting from additional investments or withdrawals of capital funds for a sole proprietorship
• 2.2 analyze data related to the partners’ equity section of the balance sheet; e.g., initial investment, share of net profit or loss, additional partner investments, withdrawals
• 2.3 analyze data related to the shareholders’ section of the balance sheet including differences between classes of shares
• 2.4 prepare owner’s equity statements for various types of business organizations including:
• 2.4.1 statement of proprietor’s equity, include additional investment or withdrawal of capital funds
• 2.4.2 statement of distribution of net income and statement of partners’ equity
• 2.4.3 statement of shareholders’ equity


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. create a transitional strategy to accommodate personal changes and build personal values
• 4.1 identify short-term and long-term goals
• 4.2 identify steps to achieve goals

Level: Advanced

Prerequisite: FIN2030: Retail Accounting 2

Description: Students examine the content and structure of financial statements and prepare customized financial statements for a variety of businesses.

Parameters: Access to an appropriate computer work station, the Internet and appropriate software.

Supporting Course: FIN3030: Capital Accounting

Outcomes: The student will:

• 1. examine the purposes of financial statements; e.g., the balance sheet, the income statement
• 1.1 explain how a balance sheet reflects the financial position of a business on a specific date
• 1.2 explain how the income statement reflects the financial operations of a business for a specific period of time
• 1.3 outline and describe the reasons for the accepted formats
• 1.4 describe the purpose of notes to the financial statements
• 1.5 explain the difference between financial statements prepared from audited records and financial statements that have been reviewed by an auditor including:
• 1.5.1 owner’s equity
• 1.6 identify specific items within each component; e.g., current assets such as petty cash, accounts receivables, allowance for doubtful accounts, inventory
• 1.7 identify specific items within each component; e.g., cost of merchandise sold such as opening inventory, purchases, purchase returns and allowances, purchase discounts


• 2. adapt the financial statements to various types of businesses
• 2.1 compare various accounts required by different types of businesses; e.g., service, retail, agriculture, manufacturing, construction, processing
• 2.2 prepare financial statements for comparison including:
• 2.2.1 prepare simple multi-year comparative income statements and balance sheets
• 2.2.2 prepare common-size income statements and balance sheets
• 2.2.3 use comparative ratios to analyze changes in financial position including document changes in a financial analysis report


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. create a transitional strategy to accommodate personal changes and build personal values
• 4.1 identify short-term and long-term goals
• 4.2 identify steps to achieve goals

Level: Advanced

Prerequisite: None

Description: Students examine the tax system as it applies to small businesses in Canada by preparing income tax returns and by exploring the other records and deductions that are applicable to sole proprietorships and partnerships.

Parameters: Access to an appropriate computer work station, the Internet and software.

Supporting Courses:

• FIN2060: Personal Taxation
• FIN3030: Capital Accounting

Outcomes: The student will:

• 1. investigate the responsibilities of different business structures and the types of tax returns each business needs to complete
• 1.1 investigate sole proprietorships
• 1.2 investigate partnerships
• 1.3 investigate corporations


• 2. describe various business income for tax purposes
• 2.1 define different methods of reporting income for various types of business income; e.g., farming, fishing, home business
• 2.2 define different sources of income; e.g., bad debts recovered, reserves, vacation trips and awards, government grants and subsidies


• 3. investigate the legal requirements for keeping records for tax obligations and entitlements
• 3.1 identify what records should be kept and what information should be in the records
• 3.2 identify guidelines for retaining and destroying records
• 3.3 identify what expenses are legitimate income tax deductions
• 3.4 explore payroll deductions and how to report them


• 4. investigate Goods and Services Tax (GST)/Harmonized Sales Tax (HST) implications for transferring assets between business structures
• 4.1 define fair market value and its implications on transferring personal assets to the business
• 4.2 identify the effect of buying an existing business and how to account for the purchase of the business assets for income tax purposes


• 5. investigate how to register a business for income tax reporting
• 5.1 explore how to register for a business number and/or GST registration number including:
• 5.1.1 identify who has to register and how
• 5.1.2 explore which businesses are exempt
• 5.2 compare Alberta’s requirements for tax collection to other provinces


• 6. investigate current changes in Canadian income taxes


• 7. identify tax responsibilities when doing business
• 7.1 identify tax responsibilities when doing business across provinces
• 7.2 identify tax responsibilities when doing business in other countries


• 8. demonstrate understanding by completing appropriate income tax forms for small businesses
• 8.1 keep appropriate records of any income
• 8.2 support all income entries with original documents
• 8.3 identify all necessary papers prior to preparing income tax returns


• 9. demonstrate basic competencies
• 9.1 demonstrate fundamental skills to:
• 9.1.1 communicate
• 9.1.2 manage information
• 9.1.3 use numbers
• 9.1.4 think and solve problems
• 9.2 demonstrate personal management skills to:
• 9.2.1 demonstrate positive attitudes and behaviours
• 9.2.2 be responsible
• 9.2.3 be adaptable
• 9.2.4 learn continuously
• 9.2.5 work safely
• 9.3 demonstrate teamwork skills to:
• 9.3.1 work with others
• 9.3.2 participate in projects and tasks


• 10. create a transitional strategy to accommodate personal changes and build personal values
• 10.1 identify short-term and long-term goals
• 10.2 identify steps to achieve goals

Level: Advanced

Prerequisite: FIN3040: Financial Statements

Description: Students use formulas and ratios to evaluate the financial status of business organizations, interpret data, report results and recommend changes based on the analysis.

Parameters: Access to an appropriate computer work station, the Internet and appropriate software.

Outcomes: The student will:

• 1. use appropriate data for reporting and decision making
• 1.1 identify sources and uses of cash
• 1.2 describe comparative financial statements
• 1.3 analyze the purpose and use of comparative financial statements including the statement of changes in financial position
• 1.4 describe the purpose of a statement of changes in financial position
• 1.5 prepare a statement of changes in financial position
• 1.6 describe general-purpose and special-purpose reports
• 1.7 explain the frequency with which reports are prepared


• 2. interpret data to recommend action
• 2.1 describe what transactions during a fiscal period caused the changes in cash
• 2.2 analyze financial statements from previous years to determine historical trends
• 2.3 demonstrate the use of formulas and ratios to determine information about profitability and management of operations, resources and debt
• 2.4 interpret data obtained to recommend action to be taken
• 2.5 compare performance of a business with others in the same industry
• 2.6 compare performance of a business with others in the same geographical area


• 3. demonstrate basic competencies
• 3.1 demonstrate fundamental skills to:
• 3.1.1 communicate
• 3.1.2 manage information
• 3.1.3 use numbers
• 3.1.4 think and solve problems
• 3.2 demonstrate personal management skills to:
• 3.2.1 demonstrate positive attitudes and behaviours
• 3.2.2 be responsible
• 3.2.3 be adaptable
• 3.2.4 learn continuously
• 3.2.5 work safely
• 3.3 demonstrate teamwork skills to:
• 3.3.1 work with others
• 3.3.2 participate in projects and tasks


• 4. create a transitional strategy to accommodate personal changes and build personal values
• 4.1 identify short-term and long-term goals
• 4.2 identify steps to achieve goals

Level: Advanced

Prerequisite: FIN3060: Financial Analysis

Description: Students explain the value of financial planning for a business. They explore the impact of economic trends, changing world markets and tax implications, all of which must be considered when preparing financial forecasts. The concept of market research also is discussed.

Parameters: Access to an appropriate computer work station, the Internet and appropriate software.

Supporting Courses:

• FIN3050: Small Business Taxation
• MAM3010: The Business Organization

Outcomes: The student will:

• 1. explain the value of financial planning and its value in achieving the financial and operational goals of an organization


• 2. explore the impact of economic trends, changing world markets and tax implications
• 2.1 describe the factors that affect market demand; e.g., geographic area, competitors, target share, environmental factors
• 2.2 describe the effects of political decisions on world markets and/or local markets
• 2.3 explain the ramifications of world markets on local business forecasting
• 2.4 describe the impact of economic trends including interest rates, inflation, competition, technology and labour market on financial planning
• 2.5 relate financial planning to tax implications
• 2.6 explain how long-term goals may be affected by sources of funding; e.g., equity financing, short-term and long-term debt financing, leasing/buying assets
• 2.7 explain the impact of internal factors; e.g., technology, price changes, labour problems
• 2.8 describe planning business transactions to minimize or postpone income taxes
• 2.9 describe the financial factors to be considered when preparing a contract bid


• 3. design a forecast that incorporates internal and external factors
• 3.1 describe the benefits that a company may derive from a formal budgeting process
• 3.2 explain what information is required to prepare a forecast for a business including:
• 3.2.1 startup costs
• 3.2.2 cash flow projections
• 3.2.3 a capital plan
• 3.2.4 an operating forecast
• 3.2.5 a pro forma balance sheet
• 3.3 prepare a forecast for a new business with data supplied


• 4. demonstrate basic competencies
• 4.1 demonstrate fundamental skills to:
• 4.1.1 communicate
• 4.1.2 manage information
• 4.1.3 use numbers
• 4.1.4 think and solve problems
• 4.2 demonstrate personal management skills to:
• 4.2.1 demonstrate positive attitudes and behaviours
• 4.2.2 be responsible
• 4.2.3 be adaptable
• 4.2.4 learn continuously
• 4.2.5 work safely
• 4.3 demonstrate teamwork skills to:
• 4.3.1 work with others
• 4.3.2 participate in projects and tasks


• 5. create a transitional strategy to accommodate personal changes and build personal values
• 5.1 identify short-term and long-term goals
• 5.2 identify steps to achieve goals

Level: Advanced

Prerequisite: None

Description: Students are introduced to the capital market and the available securities when building a personal investment portfolio. Students research and analyze a variety of securities, including equities, fixed income and mutual funds.

Parameters: Access to an appropriate computer work station and the Internet.

Supporting Courses:

• FIN1010: Personal Financial Information
• FIN2060: Personal Taxation
• FIN3030: Capital Accounting

Outcomes: The student will:

• 1. demonstrate knowledge of investment terminology and concepts
• 1.1 explore what is meant by the term “asset allocation” and describe each component; e.g., cash/cash equivalent, equities, fixed income
• 1.2 evaluate and identify “personal tolerance” for risk
• 1.3 explore and analyze sources of investment advice
• 1.4 describe the business cycle in terms of an expanding market versus a recession; e.g., bull market versus bear market
• 1.5 explain the term “stock exchange”
• 1.6 investigate and compare stock exchanges in Canada, the United States and other markets around the world
• 1.7 interpret stock quotes
• 1.8 define debt securities
• 1.9 list and describe the different debt securities available on the market; e.g., corporate bonds, provincial bonds, Canada Savings Bonds, debentures, treasury bills, guaranteed investment certificates
• 1.10 describe fixed-income securities in terms of risk and return; e.g., safety, income, return of principal
• 1.11 identify the components of a bond including:
• 1.11.1 maturity date
• 1.11.2 principal or face value
• 1.11.3 interest rate; e.g., coupon
• 1.12 describe and compare bond yields for a variety of bonds
• 1.13 evaluate bonds in terms of when to buy and when to sell; e.g., interest rates, a company’s financial outlook, bond yield
• 1.14 interpret bond quotes
• 1.15 define and describe the cash or cash equivalent portion of an investment portfolio
• 1.16 identify cash equivalents; e.g., savings accounts, term deposits, money markets
• 1.17 distinguish basic differences between stocks, bonds and mutual funds
• 1.18 describe common types of mutual funds; e.g., money market, fixed income, growth or equity, balanced, ethical, global or foreign, index, specialty
• 1.19 define equity securities
• 1.20 define and use basic terminology related to equity securities
• 1.21 describe equities in terms of:
• 1.21.1 size; e.g., small cap or large cap
• 1.21.2 style; e.g., growth, value, income, high-quality
• 1.21.3 geographic location; e.g., Canadian, American, Asian, European
• 1.22 describe equities in terms of the sector they are in including:
• 1.22.1 interest sensitive; e.g., banks, insurance, utilities, real estate, pipelines
• 1.22.2 consumer; e.g., merchandise, communication, media
• 1.22.3 industrial; e.g., technology, transportation, conglomerates
• 1.22.4 resources; e.g., oil and gas, metals, minerals, paper and forestry, gold, other precious metals
• 1.23 describe what a diversified equities portfolio would look like; e.g., varies in style, size, geographic location and sector


• 2. assess and compare three corporations competing within the same sector
• 2.1 assess and compare the overall positions of three companies competing in the same sector by:
• 2.1.1 identifying the style of the stock
• 2.1.2 identifying the sector
• 2.1.3 identifying the type of products and/or services sold
• 2.1.4 finding and comparing the price-earnings ratio (P/E Ratio)
• 2.1.5 finding and comparing the dividend yields
• 2.1.6 identifying risk and return of each stock
• 2.1.7 using the rule of 72 to calculate how many years it will take for the stock to double
• 2.1.8 explaining what you would invest in


• 3. analyze, pick and track stocks and/or bonds to meet a specific goal and financial objective
• 3.1 explain why an investor might allocate a portion of his or her portfolio to cash or cash equivalents
• 3.2 research and select fixed-income securities that meet particular goals and objectives
• 3.3 create a diversified equities portfolio to track over a specific period of time
• 3.4 analyze the diversified portfolio on a daily, weekly or monthly basis, buying and selling as necessary to meet a specific goal or objective


• 4. research and compare a variety of mutual funds
• 4.1 compare different mutual funds and describe their makeup or contents in terms of asset allocation
• 4.2 list the advantages of investing in mutual funds; e.g., affordability, diversification, liquidity, professional management, flexibility in amounts, recordkeeping
• 4.3 list the disadvantages of investing in mutual funds; e.g., management fees and expenses, loss of control over investment decisions, managers’ mistakes, tax efficiency
• 4.4 describe the fees associated with mutual funds; e.g., management expense ratio, sales commissions such as front-end versus back-end versus no-load
• 4.5 analyze investment styles of mutual fund managers including:
• 4.5.1 growth managers—focus on stocks with high earning potential
• 4.5.2 value managers—bottom-up strategy with focus on undervalued companies
• 4.5.3 growth at a reasonable price managers—avoid extremes of either growth or value investing
• 4.5.4 core managers—combination of growth and value


• 5. demonstrate basic competencies
• 5.1 demonstrate fundamental skills to:
• 5.1.1 communicate
• 5.1.2 manage information
• 5.1.3 use numbers
• 5.1.4 think and solve problems
• 5.2 demonstrate personal management skills to:
• 5.2.1 demonstrate positive attitudes and behaviours
• 5.2.2 be responsible
• 5.2.3 be adaptable
• 5.2.4 learn continuously
• 5.2.5 work safely
• 5.3 demonstrate teamwork skills to:
• 5.3.1 work with others
• 5.3.2 participate in projects and tasks


• 6. create a transitional strategy to accommodate personal changes and build personal values
• 6.1 identify short-term and long-term goals
• 6.2 identify steps to achieve goals

Level: Advanced

Prerequisite: FIN3080: Personal Investment Planning 1

Description: Students expand their knowledge of investing by analyzing the financial statements of a variety of companies, interviewing and critiquing an investment advisor, and creating investment portfolios using the steps of intelligent investing for short-term and long-term goals.

Parameters: Access to an appropriate computer work station and the Internet.

Supporting Course: FIN3040: Financial Statements

Outcomes: The student will:

• 1. calculate ratios and evaluate and compare the financial statements of separate companies
• 1.1 evaluate a variety of companies through their financial statements
• 1.2 calculate a company's financial positions through its:
• 1.2.1 balance sheet; e.g., working capital ratio, debt/equity ratio
• 1.2.2 income statement; e.g., earnings per share, price per earnings ratio, dividend yield


• 2. critique an investment advisor
• 2.1 identify the different designations of professionals in the field of investment and financial planning including:
• 2.1.1 Certified Financial Planner (CFP)
• 2.1.2 Fellow of Canadian Securities Institute (FCSI)
• 2.1.3 Canadian Investment Manager (CIM)
• 2.1.4 Chartered Financial Analyst (CFA)
• 2.1.5 Financial Management Advisor (FMA)
• 2.2 research and determine the criteria for selecting an investment advisor
• 2.3 describe how an investor is protected under the Canadian Investors Protection Fund
• 2.4 evaluate an investment advisor


• 3. research and build a Retirement Savings Plan (RSP) investment portfolio using the steps of intelligent investing and taking into consideration the age and lifestyle of the investor, the specific goals and financial objectives of the investor and the risk tolerance of the investor
• 3.1 examine the history of the stock market over the past 50 years to:
• 3.1.1 identify bull and bear markets
• 3.1.2 find patterns between risk versus returns
• 3.2 discuss the role inflation plays in determining actual or real return on investments
• 3.3 compare the risks and returns between a variety of stocks, bonds and mutual funds
• 3.4 calculate actual returns on a variety of investments
• 3.5 discuss the social and ethical implications of purchasing stocks in certain companies; e.g., ethical investing such as environmental and social viewpoints
• 3.6 describe the characteristics of a Registered Retirement Savings Plan (RRSP) including:
• 3.6.1 investment portfolio created over a lifetime
• 3.6.2 asset allocation; e.g., cash/cash equivalent, fixed income, diversified equities, mutual funds
• 3.6.3 maximum tax deductible contribution per year; e.g., 18% of previous year’s earnings
• 3.6.4 amount of Canadian content (70%) and foreign content (30%)
• 3.7 examine the advantages and disadvantages of investing in an RRSP in Canada
• 3.8 describe the characteristics of a Registered Education Savings Plan (RESP)
• 3.9 describe the tax implications of investing including:
• 3.9.1 tax on interest
• 3.9.2 tax on dividends
• 3.9.3 tax on capital gains
• 3.9.4 tax sheltered until stock is sold
• 3.9.5 tax sheltered until RRSP is cashed in
• 3.10 analyze asset allocation in relation to the life stage of an investor
• 3.11 re-evaluate investor’s tolerance for risk
• 3.12 investigate other strategies for reducing risk; e.g., dollar cost averaging


• 4. research and build an investment portfolio for a short-term goal using the steps of intelligent investing and taking into consideration age and lifestyle of the investor, specific goals and financial objectives of the investor and risk tolerance of the investor
• 4.1 describe the different types of financial service companies including:
• 4.1.1 banks
• 4.1.2 trust companies
• 4.1.3 insurance companies
• 4.1.4 mutual fund dealers
• 4.1.5 full-service brokers
• 4.1.6 discount brokers
• 4.2 discuss the Financial Consumers Act in terms of:
• 4.2.1 how the Act protects investors
• 4.2.2 what financial products and services are covered
• 4.2.3 what rights and responsibilities investors have when buying financial products and services
• 4.2.4 what the Act says about disputes, financial planners and plain language
• 4.3 describe the steps of intelligent investing to build an investment portfolio including:
• 4.3.1 set specific goals and financial objectives
• 4.3.2 match investment objectives to asset classes
• 4.3.3 analyze and select investments within the different asset classes in terms of risk, return, liquidity and time
• 4.3.4 spread out risk; diversify the portfolio through size, style, sector and geography
• 4.4 develop an investment plan using the steps of intelligent investing:
• 4.4.1 for a short-term goal of under five years; e.g., a vacation, a car
• 4.4.2 for a long-term goal of 20 years or more; e.g., retirement
• 4.5 discuss the concept and value of being part of an investment club
• 4.6 demonstrate how the Internet can be used as an investment tool to:
• 4.6.1 learn investment concepts and strategies
• 4.6.2 research companies
• 4.6.3 get stock and bond quotes
• 4.6.4 investigate mutual funds
• 4.6.5 create mock portfolios
• 4.6.6 take concept tests
• 4.7 distinguish between fact and fiction when using the Internet for investing
• 4.8 identify the pitfalls of the Internet as an investment tool


• 5. demonstrate basic competencies
• 5.1 demonstrate fundamental skills to:
• 5.1.1 communicate
• 5.1.2 manage information
• 5.1.3 use numbers
• 5.1.4 think and solve problems
• 5.2 demonstrate personal management skills to:
• 5.2.1 demonstrate positive attitudes and behaviours
• 5.2.2 be responsible
• 5.2.3 be adaptable
• 5.2.4 learn continuously
• 5.2.5 work safely
• 5.3 demonstrate teamwork skills to:
• 5.3.1 work with others
• 5.3.2 participate in projects and tasks


• 6. create a transitional strategy to accommodate personal changes and build personal values
• 6.1 identify short-term and long-term goals
• 6.2 identify steps to achieve goals