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Diploma in Accounting and Payroll

Type

Diploma

Duration

45 Weeks

Internship

8 WEEKS

PROGRAM OVERVIEW

The Diploma in Accounting & Payroll program provides students with a complete exposure to the professional business environment, which will help them develop general proficiency appropriate for accounting and payroll careers. Graduates will learn the essential skills needed to thrive in a business environment.

CAREER OPPORTUNITIES

The Accounting & Payroll Specialist program will qualify graduates to pursue positions such as Payroll Specialist, Accounts Payable Clerk Accounts Receivable Clerk, Accounting Assistant and Office Manager.

ADMISSION REQUIREMENTS

  • An Ontario Secondary School Diploma or equivalent
  • Students are 18 years of age or older
  • Have met all additional requirements established by the private career college for the program

Course Outline:

Accounting and Payroll I (Week 1 to 11)

Introduction to Accounting

  • Fundamentals of Accounting
  • Basic concepts of recording journal entry
  • Posting in Journal Ledger

Accounting for Receivables

  • Identify different kinds of receivables.
  • Recognition of accounts receivable
  • Methods and bases to value receivables
  • Notes receivables and their recognition.

Evaluate short term liquidity.

Long-lived Assets

  • Distinguish between tangible and intangible capital assets.
  • Cost principle to property plant equipment.
  • Concept of Amortization
  • Distinguish between revenue and capital expenditure.

Indicate how to capital asset are reporting in balance sheet.

Liabilities

  • Explain different kinds of liabilities and their accounting.
  • Disclosure requirements for contingencies.
  • Advantages of issuing bonds over common stocks.
  • Entries of issuing bonds and interest expense.
  • Account for long term liabilities.
  • Contrast the accounting for operating leases and capital leases.
  • Analysis of long term liabilities

Compute the debt to total asset ratio, interest coverage and cash interest covera

Corporation-Dividends, Retained Earnings and Income reporting

  • Prepare the entries for different kinds of dividends
  • Identify the items that are reporting in Retained Earnings Statement.
  • Prepare comprehensive shareholders equity section
  • Concept of intra-period tax allocation

Compute earnings per share ratio, payout ratio and dividend yield

Managerial Accounting and Business Environment

  • Difference between financial accounting and managerial accounting.
  • Understand the role of management accountants in an organisation.
  • Concept of managerial accounting.

Cost Terms, Concepts and Classification

  • Identify the three basic cost elements in manufacture of a product.
  • Distinguish between product and period cost
  • Prepare a schedule of cost of goods manufactured.
  • Cost terms variable and fixed cost.
  • Differential cost and opportunity cost.

System Design and Job Order Costing

  • Order Costing
  • Compute predetermined over head rates
  • Job order costing flow of cost
  • Compute under and over allocated overhead cost
  • Recording of journal entries

System Design and Process Costing

  • Compare job costing and process costing.
  • Determine flow of cost in process costing system.
  • Determine equivalent units in a process costing system.
  • Prepare a production report using the weighted average method.
  • FIFO Method Production Reporting.
  • Allocate service department cost to operational cost.
  • Direct and step down method.

Budgeting

  • Importance of business plan.
  • Processes organizations use to create budgets.
  • Prepare sales and production budget.
  • Cash manufacturing cost.

Master budget.

Standard Cost

  • Explain how direct material and direct labour are set.
  • Compute the direct material and direct labour price and efficiency variances.
  • Compute overhead cost variances.
  • Record all standard cost and variances journal entries

Introduction to Advanced management Reporting

  • Case study on different project
  • Reporting of different departments in the company
  • Comparison between different activities performed in the company.

Accounting and Payroll II (Week 12 to 22)

Introduction to Advanced management Reporting

  • Case study on different project
  • Reporting of different departments in the company
  • Comparison between different activities performed in the company.

Reviewing of Financial Accounting

  • Income statement
  • Balance sheet
  • Cash flow statement
  • Review and reinforce accounting concept

Financial Analysis

  • Calculate all 13 financial ratios.
  • Analyze financial position of the company.
  • Profitability
  • Asset utilization
  • Liquidity
  • Debt Utilization
  • Assess profitability using the Dupont system of analysis.
  • Use trend analysis to assess performance
  • Identify different accounting treatments

Financial Forecasting

  • Benefits of forecasting for future health of the business
  • Perform the percentage of sales method of forecasting
  • Determine if additional funds are required in the business
  • Prepare cash Budget

Operating and Financial leverage

  • Operating leverage
  • Financial leverage
  • Combined leverage
  • Assess opportunity and limitation of each type of leverage.

Working Capital and Financial decision

  • Defining working capital
  • Describe the nature of asset growth
  • Explain the financing of assets in terms of hedging
  • Explain the term structure of interest rates
  • Identify the role of risk and profitability in determining the financial plan

Current Asset Management

  • Define current assets, inventory etc as investment in current assets.
  • Discuss cash management as the control of receipt.
  • Discuss cash management as the control of disbursements
  • Describe the technique to make cash management more efficient
  • Calculate yield on various marketable securities.
  • Outline the credit criteria

Sources of short term financing

  • Describe trade credit as an important form of short term financing
  • Calculate cost of trade credit
  • Describe salient feature of short term bank loan
  • Calculate short term bank loan
  • Describe commercial paper
  • Describe borrowing in foreign market

Demonstrate interest rate hedging to reduce borrowing risk

Assignments on various projects

  • Ratios
  • Long term financing
  • Short term financing
  • Leverage ratio
  • Different kinds of financing

Accounting and Payroll III (Week 23 to 33)

Introduction to Excel

  • Understand course expectations
  • Weekly schedule and learning objectives
  • Understand the concept of File Management

Creating and manipulating data, Formatting data and Content

  • Create, save and navigate an excel workbook
  • Enter and edit data in work sheet
  • Construct and copy formulas
  • Use the sum function and edit cells
  • Format data, cells and worksheets
  • Close and reopen a work book
  • Chart data
  • Use page layout view
  • Prepare a work sheet printing and close excel

Presenting data visually

  • Design a worksheet
  • Construct formulas and mathematical operations
  • Format percentages and move formulas
  • Create pie chart and chart sheets
  • Use the excel help system

Financial Applications and Templates

  • Use Financial functions
  • Use goal seek

Create Data table

Using Named Ranges, Templates and Lookup values

  • Open an Excel template
  • Customize a template
  • Save work book as a template
  • Enter data in a customized template
  • Create range names
  • Ensure data integrity
  • Use look up functions

Structuring database in Access

  • Start access and create new blank database objective
  • Add records to a table
  • Rename table fields in datasheet view
  • Modify the design of the table
  • Add second table to a database
  • Print a table

Tables

  • Create and use a query
  • Create and use a form
  • Create and print a report
  • Close and save data base
  • Creating a database using a Template
  • Organize database objects in navigation pane
  • Create a new table in a database created with the template
  • View a report and print a table

 

Sort and Query a Database

  • Open an existing database
  • Create table relationship
  • Sort records in a table
  • Create query in design view
  • Create a new query from an existing query
  • Sort Query results
  • Specify criteria in a query
  • Create a new table by importing excel spread sheets
  • Specify numeric criteria in a query
  • Use compound criteria
  • Use wild cards in a query
  • Group data and calculate statistics in query

Course Introduction and review of network authentication

  • Course outline and Course requirements
  • Basic concept of Accounting Information System
  • Subsidiary ledger
  • Special journals
  • Disk and file management in different network environment
  • Basic Navigation within Simply

Pros/Cons of using the general ledger module only for transaction rec

Getting started and general ledger module

  • Access the data files for the business
  • Edit, Review and Post general journal transactions
  • Create new general ledger account
  • Preparation and analysis of output reports and graphs
  • Identification of the efficiencies and reporting benefits of using the general ledger

module

Analyzing and recording transactions in the G/L and A/R module

  • Review of sales, receivable and receipts transactions
  • Processing sales orders, sales quotes, invoices and sales returns
  • Recording discounts, returns, NSF cheques and credit card sales
  • Correcting errors and recording bad debts
  • Creating and maintaining customer data files
  • Preparation and analysis of output reports and journals

Analyzing and recording transactions in the G/L and A/R module

  • Review of purchasing, payables and payments transactions
  • Recording purchase orders, invoices and returns
  • Recording full or partial payments with or without discounts
  • Recording payments to other suppliers

Creating and maintain vendor files

Review of General, Payables and Receivables Modules

  • General
  • Payables
  • Receivables

Setting up a company

  • Plan and design an accounting system for a small business
  • Carry out procedures for converting from a manual system
  • Creating a charts of accounts
  • Set up links from modules to the general ledger
  • Entering company information – opening balance in the G/L
  • Tax classes, Codes and Rates
  • Entering historical transaction in the A/R and A/P

Modules

  • Payroll
  • Inventory Module
  • Bank Reconciliation Procedures

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    Department Contact Info

    Business

    IIBS Mississauga (PCC Location)
    151 City Center Drive
    Suite #403.
    Mississauga, ON, L5B 1M76

    +1-905-268-0958
    info@iibscollege.ca

    Student Resources

    Mentorship

    The IIBS College has a mentoring program that was established in 2016. We believe that mentoring is a powerful personal and career development tool that can enable our students to achieve their goals and aspirations. We work with developing the technical and soft skills of our students. The program acts as a support system mainly for our students seeking industry knowledge for better opportunities from professionals working in the industry.

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