ACCT-1071 Accounting Fundamentals RPL Resource Guide 2021

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Red River College *

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1071

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Accounting

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Apr 3, 2024

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Recognition of Prior Learning (RPL) Resource Guide School of Business and Applied Arts Applied Commerce and Management Education ACCT-1071 Accounting Fundamentals

ACCT-1071: Accounting Fundamentals – RPL Resource Guide 2 Recognition of Prior Learning Prepared by: Sean McCorkell Red River College Polytechnic No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder. Inquiries should be addressed to: Manager Academic Quality and RPL Red River College Polytechnic 2055 Notre Dame Avenue Winnipeg, Manitoba, R3H 0J9 Canada Developed: March 2021

ACCT-1071: Accounting Fundamentals – RPL Resource Guide 3 Recognition of Prior Learning Table of Contents Introduction ................................................................................................................... 4 ACCT-1071: Accounting Fundamentals - Course Description .................................. 4 Course Learning Outcomes and Elements of Performance ...................................... 5 Course Resources ......................................................................................................... 5 ACCT-1071: Accounting Fundamentals – Self-Assessment Checklist .................... 6 RPL Assessment Process ............................................................................................ 8 Evaluation of your Prior Learning ................................................................................ 9 Next Steps .................................................................................................................... 10 Appendix 1 ................................................................................................................... 11

ACCT-1071: Accounting Fundamentals – RPL Resource Guide 4 Recognition of Prior Learning Introduction At Red River College Polytech, Recognition of Prior Learning (RPL) is a process that identifies, documents, assesses and recognizes formal study (transfer credit), and informal and non-formal learning gained through work and life experience. RRC Polytech evaluates and grants credit for qualifying previous learning that is equivalent to learning outcomes in College courses and programs. Relevant learning is evaluated through valid, rigorous assessment methods such as skill demonstrations, assignments, evidence collections/portfolios, interview(s), exams, product assessments, etc. These assessments follow RRC Polytech Policy A14 – Recognition of Prior Learning (RPL) . If the learning demonstrated is equivalent to the learning outcomes required in a College course(s) then credit is granted. College faculty are the subject matter experts/assessors who assess the learning. This RPL Resource Guide outlines the RPL process and provides the criteria for assessing prior learning for ACCT-1071: Accounting Fundamentals . Please begin by examining the course description and course learning outcomes. Next review and complete the Self-Assessment Checklist to help you decide if you are a good candidate to proceed with the RPL process. This RPL Resource Guide may be used in the following programs: Business Administration and Applied Accounting. ACCT-1071: Accounting Fundamentals Course Hours: 90 Course Credit Hours: 6 Course Description In this course, you will be introduced to fundamental accounting principles, concepts and techniques. This course will focus on double-entry bookkeeping and the preparation of financial statements focusing on sole proprietorships. Period end processes, such as adjusting accounts and the closing process are also discussed. The result is a complete presentation of the accounting cycle for service and merchandise businesses. Throughout the course, interpreting financial statements from a non-accounting manager perspective will be included.

ACCT-1071: Accounting Fundamentals – RPL Resource Guide 5 Recognition of Prior Learning Course Learning Outcomes and Elements of Performance By the end of this course of study, you should be able to: 1. Describe the conceptual framework of accrual-based accounting to classify transactions under double-entry accounting and recognize cash impacts. 2. Prepare financial statements from an adjusted trial balance to visualize the relationship between the statements and assist with financial analysis. 3. Analyze financial statements using common financial ratios and techniques to evaluate business performance and make recommendations for improvement. 4. Describe the budgeting process to visualize the connection between planning, reporting and analysis. 5. Create financial budgets to differentiate between financial reporting and financial estimates and assumptions in business planning and monitoring. 6. Describe internal control to understand how businesses safeguard assets and ensure the reliability of financial information. 7. Identify internal control weaknesses to make recommendations for improvement. Course Resources Textbook(s): Accounting Fundamentals – Custom E-Publication for Red River College Polytech, Kimmel, Weygandt, Kieso, Trenholm, Irvine, Burnley, Aly, Moroney, Campbell, Hamilton, Warren. John Wiley & Sons, Inc. 2020 6-month access to WileyPlus RRC Polytech Accounting Fundamentals WileyPlus card: 9781119758945 Site access to Wiley Plus is required for the course and includes full access to the custom e-book. Note: Textbook resources may be purchased through the RRC Polytech Bookstore

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