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 |
On This Page
Highlights
- Put your career on-track to become a Certified General Accountant (CGA) 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.
- A four-week full-time placement at the end of your third year provides industry experience and the opportunity to graduate into a job.
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
Education); in large and small enterprises; and in the not-for-profit 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. Through this program, 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.
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, 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 waste and finding operating efficiencies.
Students who progress to the third year gain advanced knowledge of taxation and financial planning. The study of internal controls and methods to prevent fraud 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.
DOUBLE DIPLOMA OPTION
Students can earn a second diploma from a different program in the School of Business in as little as two semesters, upon completion of either the two- or three-year Accounting diploma.
Approximate Cost
Tuition/Ancillary Fees: $3,096 (two semesters)
Consumables Fee: $55
Books and Supplies: $1,100 – $1,250
Admission Requirements
(a) Required academic preparation –
- OSSD/OSSGD or equivalent with courses at the general, advanced, (C), (U), or (M) level
OR
(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.
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.
Loyalist / University Transfer
Turn your diploma into a degree. Credit transfer agreements are in place with the following institutions as of September 2009:
- 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
For more information on university transfer, please click here. Graduates may contact the university of their choice to make individual arrangements. Informal agreements are in place with other institutions and new transfer agreements are added annually.
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. Additionally, students are required to complete a review of a business-related biography or company history.
SOMS 1001 Skills for Success
Building on the concepts introduced in PD 101, this course further develops the essential employability skills required to take on the challenges of the workplace.
SOMS 1002 Business Communications/Computer Applications 1
This course develops writing and presentation skills for the workplace with a range of computer skills to facilitate the design, creation and delivery of these business communications. Through a progressive series of writing and presentation tasks, learners use email, memoranda, short reports, 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, estate 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 balance sheet, the 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.
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 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 Communications/Computer Applications 2
Using the skills from SOMS 1002 as a base, this course continues to engage the learner in both individual and group-based 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, using a range of strategies and tools, 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 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 in the business world and how it effects 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.
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. This course explores the terminology and purpose of a variety of management accounting tools including fixed and variable costs-volume-profit relationships, contribution margin, job and process costing and flexible budgets. Students will learn to identify costs based on their behavior and to accumulate product costs for management use.
LAWS 1000 Business Law
Prepare yourself for the increasing 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, on employment legislation, on tort law and on 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.
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 ratios and percent, the time value of money, simple interest, compound interest, annuities and bonds and cost-benefit analysis.
Prerequisites: SOMS 1003 or MATH 1000
SOMS 1012 Teamwork and Leadership
This course examines how people work in groups, develop leadership skills, make choices and decisions in business given ethical dilemmas, work collaboratively on project teams, provide others with feedback, and handle interpersonal conflicts in an assertive way. Students will develop a portfolio of skills upon completion of the course.
Year 2 - Semester 3
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 1000
ACCT 1002 Financial Accounting 2
The balance sheet and its effects on related items in the income statement and statement of cash flows are the focus of this course. Inventories, receivables and payables are discussed in more detail, increasing the student's knowledge of the accounting cycle. Cash flow analysis and the capital structures of a business are introduced in this financial accounting course.
Prerequisite: ACCT 1000
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
MATH 2000 Descriptive Statistics
The statistical methods of collection, analysis, presentation and interpretation of quantitative data used for making, generalizations, projections and decisions under certain conditions are introduced. The emphasis, using spreadsheet software, will be on the use of descriptive statistical techniques used in the workplace.
Prerequisite: MATH 1001
ECON 2000 Microeconomics
The process and principles of microeconomics though, such as supply and demand, are used to explain price determination and resource allocation in a mixed market setting. The course also looks at the application of microeconomic theory to current and emerging social and economic issues including the most basic question of limited resource allocation to meet human needs.
Year 2 - Semester 4
ACCT 2001 Intermediate Accounting 1
The course examines fundamental accounting assumptions, concepts and principles. The accounting theroy 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 to GAAP. The focus will be on the asset side of the balance sheet.
Prerequisite: ACCT 1002
ACCT 2003 Financial Management 1
Learn to interpret financial statements and demonstrate their relevance to managerial decision making from an executive perspective. Content includes an analysis of the financial environment and its components, taxes and cash flow, security evaluation, capital budgeting, project evaluations, risk and return in the securities market and financial planning.
Prerequisite: ACCT 1002
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
MATH 2001 Inferential Statistics
The student will be exposed to the use of mathematical techniques that aid in managerial decision making. Central tendency, probability distributions and other related techniques will be applied to problems in areas such as hypothesis testing, regression analysis, correlation and linear programming.
Prerequisite: MATH 2000
ECON 2001 Macroeconomics
The processes and principles of macroeconomics thought, such as interest rates, unemployment and inflation are developed to explain the determination of levels of national income and output, employment, price levels and other macroeconomics indicators. How these indicators are related to public policy in Canada will also be examined from a financial perspective. Global issues will be discussed as they affect the Canadian economy.
Prerequisite: ECON 2000
BUSI 1005 Entrepreneurship
In this course students will learn about the skills, competencies and challenges of self employment. By the end of the course, students will have researched and written a comprehensive business plan.
Year 3 - Semester 5
ACCT 2004 Intermediate Accounting 2
An in-depth analysis of accounting for long tern investments, long term liabilities, deferred taxes, pensions, leases and shareholders' equity are undertaken. Students will also focus on the Statement of Cash Flow as an integral component of financial statements. The CICA Handbook, as a resource tool, is also introduced.
Prerequisite: ACCT 2001
ACCT 3000 Taxation 1
The Canadian Income Tax Act is used as students gain the knowledge to complete a personal tax return. Using the Act to prepare a return, students will learn current income tax policies, rules and legislation. Students will calculate taxable income and complete a return using taxation software as well as interpret tax returns to make decisions concerning adjustments. Returns for employed as well as self-employed individuals will be examined. One of the major aims of the course is to take the student's level of knowledge beyond that required to complete a return.
Prerequisite: ACCT 2001
ACCT 3001 Financial Management 2
Content includes an analysis of financial leverage and capital structure, dividends and dividend policy, working capital management, international finance, leasing, mergers and acquisitions, and risk management.
Prerequisite: ACCT 2003
ACCT 3003 Advanced Management Accounting 1
Students will look at the role that managerial accounting plays in the implementation of effective management control systems. Topics will include an analysis of short-run decisions, non-traditional approaches to product costing, relevant information, responsibility accounting, transfer pricing, agency theory and some of the related ethical considerations.
Prerequisite: ACCT 2005
COUN 3000 Career Preparation
Students develop key strategies to market their skills for entry into the workplace.
Year 3 - Semester 6
ACCT 3002 Intermediate Accounting 3
Inter-corporate investments and the concept of a consolidated financial statement are introduced at an advanced level. Other topics covered include segmented reporting, interim reporting, reporting of foreign operations, accounting for changes, corporate income taxes and tax losses, and not for profit reporting.
Prerequisite: ACCT 2004
ACCT 3004 Taxation 2
A working knowledge of the Canadian Income Tax Act will be gained, from a corporate perspective. Business income, rental income and taxable capital gains are also covered.
Prerequisite: ACCT 3000
ACCT 3005 Financial Planning
Using a simulation, students learn the concepts involved in personal financial planning. Planning using savings, investments, budgets and tax shelters are discussed. An emphasis will be on understanding the benefits and consequences of your financial decisions.
ACCT 3006 Advanced Management Accounting 2
In the final management accounting courses, students will further explore the concepts of capital budgeting, financial planning, standard costing, activity based budgeting, income reporting, evaluation of division performance, transfer pricing and incentive systems and performance management.
Prerequisites: ACCT 3003
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.
PLAC 3001 Accounting Placement
Students, in consultation with their faculty adviser, will complete a one month placement opportunity related to accounting. The student's performance will be closely monitored by their faculty adviser and their workplace supervisor. A diary of their workplace activities and the workplace application of the content they have learned will be maintained, and assessed by the faculty adviser. The workplace supervisor will also submit a report of the student's activities and performance for the month.
