Ontario High School Curriculum

BAF3M - Financial Accounting Fundamentals

This course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills that will assist them in future studies and/or career opportunities in business. Students will acquire an understanding of accounting for a service and a merchandising business, computerized accounting, financial analysis, and ethics and current issues in accounting.

Fundamental Accounting Practices

Overall Expectations
By the end of this course, students will:

  1. describe the discipline of accounting and its importance for business;
  2. describe the differences among the various forms of business organization;
  3. demonstrate an understanding of the basic procedures and principles of the accounting cycle for a service business.

Advanced Accounting Practices​

Overall Expectations
By the end of this course, students will:

  1. demonstrate an understanding of the procedures and principles of the accounting cycle for a merchandising business;
  2. demonstrate an understanding of the accounting practices for sales tax;
  3. apply accounting practices in a computerized environment.

Internal Control, Financial Analysis, and Decision Making

Overall Expectations
By the end of this course, students will:

  1. demonstrate an understanding of internal control procedures in the financial management of a business;
  2. evaluate the financial status of a business by analysing performance measures and financial statements;
  3. explain how accounting information is used in decision making.

Ethics, Impact of Technology, and Careers

Overall Expectations
By the end of this course, students will:

  1. assess the role of ethics in,and the impact of current issues on,the practice of accounting;
  2. assess the impact of technology on the accounting functions in business;
  3. describe professional accounting designations and career opportunities.
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