Apex Academy Courses

Financial Accounting Principles, Grade 12


Financial Accounting Principles, Grade 12

This course introduces students to advanced accounting principles that will prepare them for postsecondary studies in business. Students will learn about financial statements for various forms of business ownership and how those statements are interpreted in making business decisions.T his course expands students’ knowledge of sources of financing, further develops accounting methods for assets, and introduces accounting for partnerships and corporations.

Prerequisite: Financial Accounting Fundamentals, Grade 11, University/College Preparation

Course Outline

Module 1 Overview: The Accounting Cycle

Guiding Question:
What are the 9 steps of the accounting process?

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.  

Accounting’s history can be traced back thousands of years to the cradle of civilization in Mesopotamia and is said to have developed alongside writing, counting and money. The early Egyptians and Babylonians created auditing systems, while the Romans collated detailed financial information.

In this module we will learn about the steps in the accounting process.

Module 2 Overview: Accounting Practices for Assets

Guiding Question:
How does accounting for long-term or long-lived assets differ from short-lived or normal assets?

An asset in merchandising is an inventory asset that a retailer, distributor or wholesaler purchases from a supplier to sell for profit. Inventory is often the largest and most important asset owned by a merchandising business. The inventory of some companies, like car dealerships or jewelry stores, may cost several times more than any other asset the company owns.

In this module we will learn about a merchandising business and the associated accounting cycle.

Module 3 Overview: Partnerships & Corporations

Guiding Question:
How does accounting for partnerships and corporations differ from other types of business organization?

In this module we will learn about a partnerships and corporations. A partnership is an agreement in which one or more people combine resources in a business with a view to making a profit. In a General Partnership, one or more other owners would share the management of a business, and each partner would be personally liable for all debts and obligations incurred. A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes. We will look at how accounting for partnerships and corporations differ from other business models.

Module 4 Overview: Decision Making

Guiding Question:
How do accountants make decisions? 

In this module we will learn about decision making in accounting. We will look at characteristics of useful financial information and the advantages for a corporation to obtain financing by issuing debt over equity. We will also look at the meaning and significance of free cash flow.

Assessment Breakdown

Course Work, Assignments, and Proctored Tests: 70%
Culminating Independent Study Project: 10%
Final Exam: 20%