Business – Accounting

Domestic Admission Requirements
Ontario Secondary School Diploma (OSSD)
Grade 12 English (C, U)
Grade 11 Math (C, U)

Or equivalent

Or mature student status (an applicant who does not have a high school diploma or equivalent, and will have reached the age of 19 years on or before the start of the program). Mature students must undergo academic testing prior to admission into a program. Call the Admissions Office at 705-235-7222 for more details. Note: Academic prerequisites for this program may be obtained free of charge through Academic Upgrading.

Application Process
Fall Intake – Apply to this program on OCAS. When studies commence, you are automatically registered in the first year Business Fundamentals which is a common first year business program for Northern College’s two-year business programs in Accounting, Human Resources Management, Marketing, Global Business, Entrepreneurship and Technology, and Business General studies.

January Intake – Apply directly to the January intake program codes for the common first year Management Certificate program and upon completing this first year, you can register for the fall into the second year of the two-year business program of your choice.

International Students – Admission Requirements and Information

1. English Proficiency, we will require one of the following:

• IELT Academic– International English Language Testing System
  • a minimum overall score of 6.0 must be achieved with no individual band score under 6.0; however, we will accept one band at 5.5.
• TOEFL (Test of English as a Foreign Language) – Computer-based overall minimum score of 79
• PTE (Pearson Test of English) Academic – Graduate Diploma: 58+

NOTE: If your country of citizenship has English as its official language, we may accept alternate proof of English Proficiency

2. Proof of senior high school Diploma/Certificate with an equivalent Grade 12 Mathematics (50% min.) and/or Business/Commerce Stream.

****All educational documents must be submitted in English and will be dependant on the country of citizenship. For more information, contact the international admission office directly at INTLapply@northern.on.ca

Semester 1
Same as Business Fundamentals.

Semester 2
Same as Business Fundamentals.

Semester 3
AC3016 Intermediate Accounting I
AC3034 Management Accounting I
BU3103 Macroeconomics
BU3113 Organizational Behaviour
MA3004 Statistics
EL2003 General Education Elective II

Semester 4
AC4003 Accounting Information Systems
AC4006 Intermediate Accounting II
AC4024 Taxation I
BU4003 Business Law
BU4024 Finance I
EL3003 General Education Elective III

Semester 1

Same as Business Fundamentals.

Semester 2

Same as Business Fundamentals.

Semester 3

AC3016 Intermediate Accounting I
In this course, students will acquire a comprehensive overview of topics and concepts in financial accounting at an intermediate level of complexity. They will learn about the accounting standards and conceptual framework for private and publicly accountable enterprises by completing, identifying and applying the proper presentation and disclosure requirements for all financial statements under ASPE and IFRS. Students will focus on the organization, operation and reporting in a corporate environment with emphasis on the asset section of the balance sheet and examine such topics as cash and receivables, inventory, investments, property, plant and equipment, intangible assets and goodwill.

AC3034 Management Accounting I
In this course, students will be introduced to management accounting, a form of accounting used by managers to plan, control, and make decisions regarding operations. Topics include; Analysis of different types of costs, cost behaviour, cost-volume-profit analysis, job-order costing, activity based costing, variable and absorption costing, budgeting, variance analysis, and relevant costs in decision making for Add/drop, Make/buy, and joint product cost decisions.

AC1049 Accounting Applications
In this course, Students are introduced to a computerized accounting application as utilized by employees and managers in daily operations and decision-making processes. Using SAGE 50 Accounting Software Students will gain practical experience recording business transactions in the General Ledger, Receivables, Payables, Payroll, Inventory and Banking Modules using “real-world” companies and industries. Practical Experience is further obtained by the design, set-up, and implementation an accounting system for a Small Business.

BU3103 Macroeconomics
In this course, students will discuss large-scale, economic phenomena to gain an understanding of the role and relevance of economics in business studies. Students will examine the behaviours of individual nations in a global economics context.  This course will present the Economic Problem and discuss such concepts as scarcity, choice, opportunity cost as well as efficiency & unemployment. You will examine demand & supply and understand how and why economists measure the economy, while learning about GDP, national income and inflation. Further, students will explore business cycles and the aggregate expenditures model.  They will review explanations for such things as prices and output in aggregate demand and supply from a macroeconomics perspective.  And finally, students will consider federal government’s fiscal policy, examine technological change, global trade and the effect of tariffs. 

MA3004 Statistics
In this course, students will apply the necessary mathematical skills for conducting descriptive and inferential statistical analyses with business applications. Topics will include data description and graphical presentation, calculating and interpreting variables relating to central tendency and dispersion, analyzing both descriptive and inferential probability distributions, sampling distributions and estimation, principles of confidence intervals and hypothesis testing in order to test the validity of statistical statements involving samples.

EL2003 General Education Elective II
General Education Courses are selected online each semester by the student from a list provided.

Semester 4

AC4003 Accounting Information Systems
In this course, students will gain systems-based knowledge in the importance of Management Information Systems to Business Strategy.  The 5 Component Model, characteristics of data, organizational strategy, and business processes, form the theory on which practical experience is gained with Business Intelligence Software, Microsoft Access, Artificial Intelligence, and Accounting Information Systems.  Students will gain knowledge in Systems Development Life Cycle, Business Process Modeling, Data Modeling, Information Systems Security, the Cloud and Social Media Information Systems. 

AC4006 Intermediate Accounting II
In this course, students will examine, at an intermediate level, transactions and statement presentation for  Current and Long Term Liabilities with a focus on Bonds, Shareholders’ Equity presentation and recording, Complex Financial instruments, including convertible bonds and derivatives, Earning per Share, accounting for current and deferred income taxes, Pensions and Leases.  In addition, the proper presentation and disclosure requirements for all financial statements

AC4024 Taxation I
Students will become familiar with theoretical concepts and technical rules in the Income Tax Act, specifically those applicable to individual taxpayers, and learn to apply them to the determination of net and taxable income and to the calculation of income taxes payable. Students will use the knowledge acquired to prepare a personal income tax return using tax software. Students will specifically cover the following: By referencing the Income Tax Act, determine net income for tax purposes for all taxpayers as well as the calculation of taxable income and tax payable for individuals. Discuss the administration of the Canada Revenue Agency and describe the filing and tax payment procedures applicable to individuals and trusts. Discuss what constitutes Income or Loss from Office or Employment. Discuss tax credits for individuals used to determine taxable income & taxable payable. Distinguish between depreciation for financial reporting purposes and capital cost allowance for income tax purposes. Calculate Income or Loss from a Business in accordance with the Income Tax Act. Calculate Income from Property in accordance with the Income Tax Act. Calculate Capital Gains and Capital Losses. Identify other sources of income and other deductions used to calculate net income for tax purposes. Discuss provisions for retirement planning contained in the Canadian income tax system. Discuss loss carry-overs and the lifetime capital gains deduction in determining tax payable.

BU4003 Business Law
This course presents a practical study of Canadian business law, including the legal and administrative systems, torts, contracts, employment laws, and general legal considerations that arise for a business. In addition, students will assess intellectual property, patent, trademark, copyright, and franchising laws and apply them to business cases. Students will outline the structure of the Canadian legal system, describe torts and professional liability issues, determine the requirements that form contracts, explain the circumstances that enforce contractual obligations, describe legislation and its function in the marketplace, outline the concepts of real and personal property, and relate Ideas and information laws as they apply to business.

BU4024 Finance I
In this course, students will examine the goals and objectives of financial management with an emphasis on decision making. Students will evaluate data to prepare estimates, apply working capital management techniques, evaluate sources of short-term financing, calculate values and rates of return, and calculate the cost of capital. Students will also examine how to apply accounting concepts to finance, how to evaluate past and present data to prepare estimates and how to forecast trends. They will also learn how to evaluate working capital management techniques and sources of short-term financing. The course will end with a review of techniques used to determine if projects should be accepted or rejected based on common analysis criteria.

EL3003 General Education Elective
General Education Courses are selected online each semester by the student from a list provided.