Friday, March 7, 2014

BAT4M Accounting Cycle Test Review List

For Tuesday March 18

Please review the following:

  • Basic Accounting Terms (accounting duties, debit/credit, etc.)
  • Accounting Concepts (Time Period, Business Entity, Going Concern, Monetary Unit Assumption)
  • GAAPs (9 principles: cost principle, objectivity, conservatism, revenue recognition, expense recognition, matching principle, consistency, materiality, full disclosure)
  • Trial Balance (organization, format)
  • Financial Statements (Income Statement and Balance Sheet, formatting, calculating Owner's Equity)
  • General Journal and General Ledger (entries, formatting)
  • Adjusting Entries (definition, determining if they are necessary, creating adjusting entries)
  • Closing Entries (4 entries, permanent/temporary accounts, Income Summary)
  • Accounting Ethics
  • Basic Calculations

You will have to do some Math. Bring a calculator if you need to.

Thursday, March 6, 2014

BTT1O - SmartPhone Theft in Toronto

Minds On

In-Class Activity

  1. Using the EBSCO database (see instructions below), find an article titled "Cellphone thefts soar over past decade" by Patty Winsa in the Toronto Star
  2. What is the article about (3 to 5 key points)?
  3. Using EBSCO, find another article about SmartPhone Safety in Toronto.
  4. List some important advice that your friends could use to stay safe while using their phones.
  5. Visit Cite This For Me and create a works cited list.

BAT4M - Last Class before the March Break

  1. Hand in the Conflicts of Interest Handout (Solutions)
  2. Review Class and Practice Test
  3. Take Up Solutions
  4. You will Receive a MarkBook Printout Handout
  5. Questions
  6. Homework: Make a Review Sheet to Study for the Test

Tuesday, March 4, 2014

BAT4M - Ethics and Accounting, Part II

Minds On

23% of North American companies have experienced some type of accounting fraud, according to PwC (

Recap from Last Class

Bigger than Enron
  • What were some of the key issues shown in the video so far?
  • Key Terms to Know so far: external auditors, stock options, regulators

To Hand In After the Video and Discussion

BTT1O - Research - EBSCO Database


  • You can visit the EBSCO Online Database to access additional articles. This may be useful for your Excel Research Report or other courses.
  • The address is and I will write the username and passwords on the board during the class.

Steps to Follow

  1. Visit and login.
  2. Select a database like EBSCO Educational Database.
  3. Check all of the databases that are relevant to your search.
  4. Enter your search terms (start generally and drill down as you progress).

BTT1O - ESL - Make a Business Card

It is easy to create your own business cards in publisher to print yourself at home or at a store such as Staples or Kinko’s.

Create a business card that features a job that you would like to have. When you finish the card, you will present it to the class and explain how you designed it.

Business Card Essentials

Always include:
  • Company Name
  • Your Name
  • Job Title
  • Contact Information
  • Use clear fonts that are easy to read
Don’t put too much information on the card.


Create a business card with:
  • Your name, job title and company name
  • A picture or clip art
  • A background
  • Fonts and colours
Click here for an example.

BAT4M - Ethics in Accounting

Where do ethics fit in?


The Accounting Cycle
  • ACV.03: demonstrate an understanding of ethics and issues in accounting.

Learning Goals

By the end of this activity you will be able to:
  • reflect on the ethical issues facing business people and accountants
  • examine current accounting issues

Success Criteria

I will know I am successful when:
  • I can research and report on information related to accounting careers and/or accounting issues
  • I can discuss the findings of other students and make valid comments about their reports


pages 19-21, 32


Accountants are expected to perform their job accurately and appropriately. They may be placed in positions where there is a conflict of interest (two competing objectives). Examples of conflicts include:
  • Accounts should honestly report financial statements but their firm will receive more business if they give companies a favourable report (Objectivity Principle).
  • Whistle blowers should come forward to advise shareholders about any material concerns about the business but if they do, they may not be protected (Full Disclosure).
Accountants have legal, professional and moral responsibilities to balance with their job duties.

What are some of the characteristics of an ethical accountant?

A Small Case Study

Nortel Canada

What are some of the accounting principles or ethical values that were/were not violated in this case?

A Larger Case Study

Bigger than Enron

When Enron failed in 2001, it was a shock to the business world not only because it was one of the largest companies in the world but because the checks and balances in the system, such as government regulation and external auditors, failed to identify the problem.

The Federal Government was criticized for pushing deregulation that favoured Enron while receiving campaign donations from the company, which was also tied to George W. Bush. Arthur Andersen was fined for eschewing its responsibility to accurately report on Enron’s financial state and painting the company in the best possible light.

To Hand In After the Video and Discussion

For More Information

Professional Designations

One of the specific expectations of the course is to recognize the differences between Chartered Accountants (CA), Chartered Management Accountant (CMA) and Chartered General Accountant (CGA). Each required different post-secondary courses and professional certifications and is suited for different positions. A CPA was more likely to be involved in the preparation of financial statements and other accounting practices, a CMA might help interpret accounting information in order to make decisions and a CGA had a broader background in business.

To eliminate some of the overlap between the professional associations and reduce confusion, Canadian accounting associations merged in January 2013 under the auspices of CPA Canada. A designation - Chartered Professional Accountant - and training program is under development throughout Canada. It is in place in Ontario currently. Members retain their current designation and add CPA to their credentials.
  • Textbook, page 27.

BTT1O - Selecting Data for Charts


  • Charts make data easier to understand. So firstly, charts should be neat and clear, well-labelled (series, axis, title) and readable (colours/size).
  • But charts should also make people think about the data. Therefore, the charts should highlight something important, insightful or unusual.
  • Charts should make people think. When you show what is happening with a professional chart and explain why it happened with thorough research, you have made a thoughtful project.

Chart Comparison

Which one of these charts highlights better information? Which one clearly shows changes that are happening in Canada?


  • Click here for a downloaded file of these charts. 

  • Discussion

    Sunday, March 2, 2014

    BTT1O - ESL - Microsoft Publisher Poster


    • Microsoft Publisher is used by students for school newspapers, businesses to create posters and business cards and community groups to create newsletters.
    • It is similar to Word but used for projects with more graphics and images.
    • You can insert pictures, text, tables, borders and backgrounds.
    • Example: Golf Tournament Flyer

    Getting Started

    • When you open Microsoft Publisher, you see a screen that allows you to select what you will work on:
    1. Select Quick Publications
    2. Choose the style that you want
    3. Customize your publication
    4. Click on Create
    • Once the publication is open, you can add objects by clicking on the bar on the left hand side:
    • Double-click on parts of your project to change the colour and other features.

    Your Task

    1. Open Microsoft Publisher and create a New Publication.
    2. Under the Task Pane, select Quick Publications.
    3. Select one of the Design Templates to create your design.
    4. Create a poster for an event at Kipling C.I. or in your neighbourhood.
    5. Each poster must include:
      • A Design Template
      • A Picture
      • Clip Art
      • Word Art
      • A Text Box
      • A Table
    6. Customize the poster as you wish.
    7. Use the sample (“Golf Tournament Poster”) to help get started.

    BAT4M - Reversing Entries


    Reversing entries are recorded when there has been a mistake or when an adjusting entry must be reversed to accurately display an accrued expense or revenue. The reversing entries are recorded on the first day of an accounting period. Reversing Entries are part of the Time Period concept in Accounting.

    Learning Goals

    By the end of this activity you will be able to:
    • explain why reversing entries are necessary
    • complete the process of adjusting, closing, reversing and routine entries.

    Place in BAT4M Course

    1. Reversing Entries are part of the Accounting Cycle unit
    2. Textbook: pages 231-234

    How to Use Reversing Entries

    • J. Bernier - an employee - is paid $200 per day ($1,000 per week).
    • Cheques are issued every Friday.
    • March 31 is a Monday but J. Bernier will not be paid until April 4th.
    • The accountant must record the following:
      1. An adjusting entry is made March 31 to record $200 in salary expenses for February.
      2. A closing entry occurs on March 31 to close the salary expenses account into the Income Summary for March.
      3. A reversing entry on April 1st records that the salary expense is less than usual ($200 having been recorded for February).
      4. A routine entry on April 4th records that J. Bernier was paid for the week.
    • When closing entries are completed April 30th, the appropriate amount of Wages Expense will be recorded in April's Income Summary.
    • Click here for the General Journal Entries in a Spreadsheet.

    When to Use Reversing Entries

    Reversing entries are optional; not every company uses them. Some adjusting entries are reversed to display that an account has an abnormal balance. Only accrued expenses and revenues are reversed. Accrued expenses are costs that have been incurred but not paid or recorded, accrued revenues are goods and services delivered but not billed or recorded.
    1. Accrued Revenues Include: interest, uncollected rent, unearned revenue
    2. Accrued Expenses Include: salaries, utilities, taxes

    Sample Problem

    More Resources

    Using Reversing Entries to Correct a Mistake

    Using Reversing Entries for an Accrued Expense