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Prep Module

In: Business and Management

Submitted By saby123
Words 124995
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CMA Ontario
Accelerated Program

FINANCIAL ACCOUNTING
IFRS
MODULE 1

Financial Accounting – Module 1

Table of Contents
1.

Financial Statements and the Conceptual Framework

2.

The Statement of Cash Flow

3.

Revenue Recognition

110

4.

Cash

139

5.

Accounts Receivable

147

6.

Notes Receivable/Payable

163

7.

Inventory

187

8.

Capital Assets

214

9.

Liabilities

278

10.

Shareholders’ Equity

310

11.

Accounting for Pensions

341

12.

Earnings per Share

384

13.

Accounting for Leases

405

14.

Accounting for NonProfit Organizations

437

15.

Financial Statement Analysis

475

Page 2

3
77

CMA Ontario – September 2009

Financial Accounting – Module 1

1.

Financial Statements and the Conceptual Framework

The purpose of this section is to provide a high level review of the accounting cycle, the preparation of financial statements and the conceptual framework. If you are reading this before the course has started, we recommend that you spend as much time as you can working in the Financial Accounting Primer that you received with the course materials.
In fact, we would recommend that you only spend time working with the primer until the day the course starts.
Chapter 1 of the FA Primer should be read as a preamble to this chapter.

The Accounting Cycle
The accounting cycle describes the process whereby individual transactions get compiled to eventually becoming financial statements. The cycle is as follows:
1.
Transaction: the company enters into a transaction, for example a sale on credit is made. 2.
Transaction analysis: the accountant analyzes the transaction in terms of which account has been impacted upon
3.
Journalization: the transaction gets recorded in a source journal. For example, the credit sale would likely get recorded in a sales journal. Other journals are: purchases journal, cash receipts journal, cash disbursements journal,...

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