Full-time Programs

ACCT - Accounting

Program Entry

SEPTEMBER
JANUARY

Program Length

Two-Year Ontario College Diploma
Three-Year Ontario College Advanced Diploma

Contact:	E-mail:
Karen Baker	kbaker@loyalistc.on.ca

Highlights

Put your career on-track to become a Certified General Accountant (CGA), Chartered Accountant (CA) or Certified Management Accountant (CMA) with advanced standing toward a university degree.
Get equivalent credit toward the Ontario CGA program with your three-year diploma.
Gain valuable skills that will help you throughout your life and career.
Explore your alternatives during a common first year, with the option to transfer to another program in the School of Business and Management Studies or to earn a double diploma in as little as one more school year.
A four-week full-time placement at the end of your third year provides industry experience and the opportunity to graduate into a job.
Students have the potential to work on community-based accounting projects in their final semester.

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Career Opportunities

Accountants are the watchdogs of corporate accountability, working within organizations, or in independent accounting firms on behalf of their clients. In the global economy, there are dynamic opportunities at all levels of industry; in government and public institutions (including hospitals and Boards of Edu cation); in large and small enterprises; and in the not-forprofit sector. Accountants enjoy access to senior executives, and are uniquely positioned to understand their business from the ground up. They may recommend measures to do business more efficiently, or internal controls to detect and prevent fraud. Others work in personal finance, helping individuals realize their financial and retirement goals. Graduates may find employment as accountants, financial analysts, budget officers, account managers, financial planners, payroll officers, or internal auditors. As the Boomer generation continues to enter retirement there are tremendous opportunities to work in the world of accounting – whether it be in public accounting, taxation, finance or elsewhere. The business world does not function without the accountant and earning an accounting diploma allows you to pursue a career in a field that interests you such as sports, health and education. Those with an entrepreneurial spirit will gain the knowledge and confidence to start their own business.

To become a Certified General Accountant (CGA), graduates must apply to a provincial body of the Certified General Accountants Association of Canada. Loyalist graduates who have completed the three-year advanced diploma with at least 70% in each of the required equivalency courses may be admitted directly to the fourth and final year of the CGA program. The CGA designation also requires a university degree and a practical component consisting of on-the-job learning with an approved employer. Transfer agreements with a number of universities allow Loyalist graduates to receive credit for their diploma studies, earning advanced standing toward a university degree. Those wishing to pursue the CA or CMA designations, upon completion of a university degree, can apply to a provincial body of the Chartered Accountants or Certified Management Accountants to obtain advanced entry into their programs.

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Program Description

The accounting profession is changing at the speed of technology. Accounting software packages, electronic tax preparation and e-filing have dramatically altered the landscape. The industry needs knowledgeable professionals who have an eye for detail, but can also see the big picture.

First-year studies provide a solid foundation in business, including communication and computer skills, personal development, teamwork and leadership, customer service, financial literacy and general business knowledge.

A dual focus in the program at Loyalist provides students with marketable skills in both financial accounting and management accounting. Students become familiar with industry software, financial statements, and setting up accounting systems. They also gain valuable exposure to the management side of business, with skills in product costing, budgeting, price setting, eliminating financial waste and finding operating efficiencies.

Students who progress to the third year gain advanced knowledge of taxation and auditing. The study of internal controls, methods to prevent fraud, and audit techniques can lay the foundation for a career in forensic accounting, with further industry experience. At the end of their studies, students participate in a four-week, full-time career placement, providing experience and the opportunity to graduate into a job. The new International Financial Reporting Standards (IFRS) are integrated throughout the program. New courses being offered in the final semester of the three-year program will allow students to work on a term-long community-based accounting project to fine tune their skill sets and to network in their chosen fields.

DOUBLE DIPLOMA OPTION

Students can earn a second diploma from a different program in the School of Business and Management Studies in as little as two semesters, upon completion of either the two- or threeyear Accounting diploma.

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Approximate Cost

Tuition/Ancillary Fees: $3,393 (two semesters)
Consumables Fee: $25
Books and Supplies: $1,100 – $1,250
Additional costs, such as travel and parking, may be incurred during placements, internships and practicums

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Admission Requirements

(a) Required academic preparation –

OSSD/OSSGD or equivalent with courses at the general, advanced, (C), (U), or (M) level, and
Grade 12 English (C) level or equivalent

mature applicant

(b) Transfer to another program – A core first-year curriculum makes it easy for students to transfer to another program in the School of Business and Management Studies after one or two semesters. Students can enter the second year of a diploma in Business Administration, Business Sales and Marketing or Retail Management.

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Opportunities for Further Study

Students can earn a second diploma from a different program in the School of Business in as little as 12 months, upon completion of either the two- or three-year Accounting diploma.

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Loyalist / University Transfer

Turn your diploma into a degree. Credit transfer agreements are in place with the following institutions as of September 2011:

Algoma University College
Athabasca University
Davenport University
Griffith University
Lakehead University
Laurentian University
Royal Roads University
Trent University
University of Ontario Institute of Technology
University of Western Sydney
University of Canada West

Click here for details. Graduates may contact the university to make individual arrangements. Informal agreements are in place with other institutions and new transfer agreements are added annually.

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Curriculum

Year 1 - Semester 1

SOMS 1000 Step into Business

This course provides an overview of business in the Canadian environment using an integrated model. Topics include: the environment of business (Social, Technological, Economic and Political) as well as functional areas of business (marketing, accounting, finance, production and human resources) and legal and corporate governance information. A semester long group project, will provide students with the opportunity to explore the world of business, create work habits related to researching a company and staying current with what is going on in the business world.

SOMS 1001 Skills for Success

Building on the concepts in SOMS 1005 - PD 101, this course developes the skills required for academic success and introduces the essential employability skills required to take on the challenges of the workplace allowing you to become a more qualified employee able to tackle today's co-worker and customer service issues.

SOMS 1002 Business Communications/Computer Applications 1

This course develops writing and presentation skills for the workplace, along with a range of computer skills, to facilitate the design, creation and delivery of business communications. Through a progressive series of writing and presentation tasks, learners use email, memoranda, short reports, and individual and group presentations to create focused messages, with appropriately-sourced facts, for a variety of business audiences. Internet and data-base research, basic word-processing, spreadsheeting and presentation software skills support the process.

SOMS 1003 Financial Foundations

Prepare for personal financial success. Discover the world of numbers as they relate to you - credit card debt, financing major purchases, saving and investing, retirement planning and taxation. Learn to create and use a budget and prepare a Personal Net Worth statement.

ACCT 1000 Financial Accounting 1

Learn the essentials of accounting by examining the role of accounting in planning and controlling business operations. Using Generally Accepted Accounting Principles (GAAP), students will be introduced to the basics of accounting including the Statement of Financial Position (Balance Sheet), the Statement of Operations (Income Statement), books of original entry, the trial balance and the general ledger. The course emphasizes the development of a strong foundation for examining conceptual and procedural elements of the accounting cycle. International Financial Reporting Standards (IFRS) are introduced as resource tools as well as the CICA Handbook.

SOMS 1005 Professional Development 101

PD 101 provides the “Right Start” to a College education and the rest of your life. Through a highly interactive, four day workshop/seminar format, learners are provided with a variety of experiences that will connect them to their program and its related careers, paint a clear picture of their educational journey, outline and strengthen the skills necessary for success at college and in the workplace, provide supportive student resources, and allow them to build relationships with their faculty and fellow students.

Year 1 - Semester 2

SOMS 1010 Business Communication and Computers 2

Using the skills from SOMS 1002 as a base, this course engages the learner in writing and presentation tasks to further develop focused communications skills for the workplace, expanding the learner’s repertoire of Internet research, word-processing, presentation software and, particularly, spreadsheet skills to support more in-depth and formal business writing and presentations to larger audiences. Self- and peer-editing, as well as self- and peer-evaluation are an important part of the learning process.

Prerequisite: SOMS 1002

SOMS 1013 Business Now

Moving forward from STEP into Business (SOMS 1000) this course will focus on the analysis of business in the Canadian environment using an integrated model. Using a variety of news media and popular culture, the students will gain an appreciation of what is happening today in the world and how it affects business and the market place. Students will work individually and in teams to review, analyze and report current events and trends. Analysis will focus on the environment (Social, Technological, Economic, and Political), strengths and weaknesses of individual firms as well as the competitive forces impacting business today.

Prerequisite: SOMS 1000

MATH 1001 Mathematics of Finance

Learn more of the mathematical tools and concepts needed for a career in accounting. The course covers concepts such as ratio and percent, the time value of money, simple interest, annuities and bonds and cost-benefit analysis. The course will focus on the use of business calculators and spreadsheets to complete mathematical calculations common in the world of business.

Prerequisites: SOMS 1003

SOMS 1012 Teamwork and Leadership

There is no “I” in team. Yes there is! Become aware and experience the role of self as a member and leader in a team environment. You will consider how leaders work, how teams work, why they work and how they can accomplish more than an individual.

Prerequisite: SOMS 1001

ACCT 1002 Financial Accounting 2

The Statement of Financial Position (Balance Sheet) and its effects on related items in the Statement of Operations (Income Statement) is the approach which continues from the preceding course. The focus of this course is payroll and other current liabilities, long term liabilities, partnerships, corporate organization and reporting, cash flow statements and concludes with an analysis of financial statements.

Prerequisite: ACCT 1000

SOMS 1025 Introduction to Marketing

Welcome to marketing! Learn how businesses reach and influence their customers. It’s far more than advertising. Discover how to create a marketing plan that can sell.

Year 2 - Semester 3

ACCT 1001 Managerial Accounting

This course introduces the concept of cost accounting for business decision making, focusing on the internal users and uses of numerical information. The course explores the terminology and purpose of a variety of management accounting tools including fixed and variable costs, cost-volume-profit relationships, contribution margin, job and process costing and flexible budgets. Students will learn to identify costs based on their behaviour and to accumulate product costs for management use.

Prerequisite: ACCT 1002

ACCT 2000 Accounting Applications

Learn the fundamentals of Simply Accounting using a case-based approach. Students are introduced to the general ledger, sales, purchases, inventory and payroll components of Simply Accounting in the creation of a variety of business enterprises and the recording of their daily business transactions. The case studies are used to reinforce accounting concepts in a computerized environment.

Prerequisite: ACCT 1002

ACCT 2001 Intermediate Accounting 1

Prerequisite: ACCT 1002

ACCT 2003 Financial Management 1

Media efficiency and cost are of great concern to advertisers because much is spent on the delivery of the advertising creative message. This course offers an exploration of various local or regional media vehicles available to an advertiser, and the means by which audience delivery is measured and assessed. Students also learn about media planning and budgeting.

ADVT 1013 Advertising Media 1 (Min. Grade)

MATH 2009 Statistics

Learners are introduced to statistics. The course teaches quantitative methods used in data analysis and business decision-making with a focus on the use and applications of contemporary statistical software.

Prerequisite: SOMS 1003

ACCT 2010 Human Resources and Payroll Management

In order to remain competitive all organizations need to manage their human resources. This course provides students with an overview of the functional areas of human resource management including strategy, compensation, performance management, health and safety, industrial relations, planning and training. Students will also learn the methods of calculating and maintaining payroll records and remitting source and other deductions as well as the legal aspects of employment legislation.

Year 2 - Semester 4

LAWS 1000 Business Law

Prepare yourself for the increasingly complex world of business. Learn how the legal system and laws impact the organization and management of business enterprises. The course will focus on the principles of private law embodied in contract law, in employment legislation, in tort law and in understanding the legal decisions rendered by Canadian courts as they pertain to business. Issues of professional liability, ethics and codes of professional conduct are also discussed. Students will develop an ability to recognize and respond appropriately to legal situations that can occur in an accounting environment.

ACCT 2002 Management Accounting 2

This course deals with basic cost accounting systems such as job costing, process costing and standard costing. The focus will be on identifying and classifying costs for profit measurement, planning and control, along with the concept of variance analysis.

Prerequisite: ACCT 1001

ACCT 2004 Intermediate Accounting 2

The course examines fundamental accounting assumptions, concepts and principles. The accounting theory and concepts previously introduced will be used to analyze special problems that arise in financial accounting. Students will learn to determine which information should be reported and how it should be quantified and disclosed according to GAAP. The focus will be on the liability side of the balance sheet. including long term liabilities, deferred taxes, pensions, leases and shareholders’ equity. Students will also focus on the Statement of Cash Flow as an integral component of financial statements.

Prerequisite: ACCT 2001

ACCT 3000 Taxation 1

This course is a first look at the Canadian Federal system of income taxation, its history, the principles and concepts, and the administration of the system to assess and collect taxes. Emphasis will be on determining sources of personal incomes to be reported plus available deductions and tax credits used to calculate total income tax as well as net income tax payable.

Prerequisite: ACCT 2001

ACCT 3007 Accounting Information Systems

Students are introduced, at an advanced level, to the concepts that will allow them to operate alongside other professionals in the design, development, implementation and operation of accounting information systems. Data flow diagrams, entity relationship diagrams and flow charts are used as planning tools. The course also explores internal controls, system risk and audit programs to test and document accounting information systems.

Prerequisite: ACCT 2001

ECON 2002 Economics

“It is thrifty to prepare for the wants of tomorrow” Aesop. Use economic fundamentals to interpret today’s headlines and discover tomorrow’s opportunities. This course will provide the learner with a “micro” view of Supply and Demand and Market Competition leading to a “macro” view of our economy (local, domestic and global) and the Canadian financial system.

Year 3 - Semester 5

ACCT 2005 Management Accounting 3

The concept of activity based costing is analyzed. From that, the concepts of profit planning, operating budgets, standard costs, pricing of products and services, relevant costs for decision-making and capital budgeting are introduced. The conceptual and technical aspects of managerial accounting are brought together to assist in evaluating managerial performance.

Prerequisite: ACCT 2002

ACCT 3002 Advanced Accounting 1

This is an advanced level accounting course covering accounting and financial management and public policy for public, health and not-for-profit organizations. Topics will include the difference between for profit and public accounting and budgeting concepts, fund accounting, accountability and control. The focus will be on the political, economic, social and technological influences of accounting practices in the not-for-profit and public sectors.

Prerequisite: ACCT 2004

ACCT 3004 Taxation 2

This course is a continuation of personal taxation and an introduction to corporate taxation. Other sources of income, other deductions, attribution rules and international taxation will be examined. Basic tax planning concepts will be identified for corporations and their shareholders, plus an introduction to the use of tax software for filing corporate returns.

Prerequisite: ACCT 3000

BUSI 3011 Project Management

This course is designed to teach learners the concepts, techniques and procedures utilized in Project Management. Major topics include project cycles, establishing project teams, data collection procedures, Critical Path Method, PERT, bar and flow charting methods as well as the development of work and planning schedules, layouts, costing, control cycles and the development of formal status and summary presentations.

COUN 3000 Portfolio Development

A carefully prepared and professionally presented portfolio is one of the tools a graduate should possess to enhance employability. A portfolio will provide the graduate with a valuable â€œedgeâ€ in the highly competitive process of securing employment. And in a broader sense, a portfolio will give the graduate a measure of control over their future, which is particularly important in times of rapid change and economic upheaval. During the term, you will develop a working master portfolio using your personal information and a variety of classroom tools and techniques. You will also create a graduate resume and cover letter as well as complete mock interview sessions in preparation for entering the accounting arena.

Year 3 - Semester 6

ACCT 3001 Financial Management 2

Content includes: analysis of the financial environment and its components; cost of capital; financial leverage and capital structure; dividends and dividend policy; working capital management; international finance; leasing; mergers and acquisitions; and risk management.

Prerequisite: ACCT 2003

PLAC 3001 Accounting Placement

Students will complete an approved work placement with a cooperating organization or business. The placement period will be for a period of four (4) weeks or 140 hours, generally commencing at the conclusion of the sixth academic semester of the Advanced Diploma in Accounting program. The placement is intended to give the student a realistic, hands-on work experience in the area of accounting.

Prerequisite: PLAC 3000

ACCT 3011 Auditing Concepts

Students will be introduced to the role and practice of the external auditor and his/her reporting functions. Internal control is emphasized along with the auditor’s objectives and techniques as applied to the accounting records. Topics include reporting, auditing standards and ethics, legal liability, evidence and documentation, and planning, materiality and risk. Students will also be exposed to the role of the internal auditor in the business organization along with the audit of computer based information systems.

Prerequisite: ACCT 3002

ACCT 3012 Professional Competencies

Demonstrate the integration of your knowledge from more than one subject area or topic. Students will be required to combine knowledge from different subject areas and topics. For example, a student may have to integrate their financial and management accounting knowledge along with their marketing skills in the process of solving an assigned business case. Students may choose to work in the not-for-profit, profit or government sector in developing their professional competencies project. A portion of the course will focus on the emerging field of forensics and fraud examination.