Concordia University - COMM 217: Financial Accounting (Solutions)

COMM 217 is an introductory course designed to provide students with a fundamental understanding of financial accounting. It explores how businesses measure, report, and analyze financial information in alignment with International Financial Reporting Standards (IFRS). Students will learn to interpret key financial statements - such as assets, liabilities, and cash flows - and understand their interrelationships. Emphasis is placed on how accounting information supports decision-making for both internal and external stakeholders. The course also introduces essential concepts of corporate governance and the basics of personal, corporate, and sales taxes, preparing students to identify their implications for tax planning and reporting.

This course integrates financial accounting with broader business functions within the Bachelor of Commerce program and offers essential skills for students pursuing Accountancy. Main topics to be covered include investing, financing, and operating decisions; adjustments and preparation of financial statements; and detailed reporting of cash, inventory, liabilities, and equity. Students will also analyze financial and non-financial information to communicate insights effectively. Additionally, the course provides an overview of taxation for individuals and small businesses, equipping students with practical knowledge for financial planning and compliance.