Tax accounting study guide

Tax accounting study guide - b COURSE OUTLINE ACADEMIC YEAR...

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July 10, 2009 ad b COURSE OUTLINE ACADEMIC YEAR 2009 - 2010 It is the student’s responsibility to retain course outlines for possible future use in support of applications for transfer credit to another educational institution. PROGRAM(S): Accounting COURSE NAME: Introduction To Income Tax COURSE NUMBER: ACCT 461 CREDIT VALUE: Four (4) PREREQUISITE(S): ACCT 211 Introduction to Accounting II REQUIRED TEXT(S): Canadian Tax Principles 2009-2010 Edition Byrd and Chen Pearson, Prentice Hall REFERENCE BOOK: Annotated Federal Income Tax Act 2009 ( 7 th ) Edition APPROVED BY: July 10, 2009 ASSOCIATE DEAN DATE COURSE DESCRIPTION This course provides a study of current Canadian income tax policies, rules and legislation as they relate to the taxation of individuals. Using exercises, problems, cases and tax preparation software, students will apply basic knowledge and understanding of the principles and practices of income taxation that impact individuals. The student will also obtain practical experience by applying knowledge from this and previous courses in preparing tax returns, using the publisher- supplied software “PROFILE T1”.
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2 In addition the student will also be required to interpret the returns and make decisions concerning required adjustments to the returns. One of the major aims of this course is to ensure that the student achieves a sound understanding of the principles and concepts of the Canadian Income Tax Act that is beyond the mere preparation of individual tax returns. LEARNING OUTCOMES The objective of this course is to provide the student with an understanding of the principles of Income Taxation. The student will be able to prepare personal tax returns after completion of the course. The student will be aware of the complexity of the Income Tax Act, and be able to apply the income tax rules to practical situations encountered by individual taxpayers. Please note that the problem material in this text provides coverage of all of the issues that are specified in the Syllabuses of the CGA, and CMA programs. The companion study guide provides detailed Learning Outcomes for each Chapter; the major concepts are summarized below. Upon completion of this course, the successful student will be able to: 1. Outline the role of income tax in Canadian finances and the tax policy principles underlying the Canadian tax system. 2. Explain the legislative process to amend the ITA. 3. Explain the structure of the ITA and comprehend the critical importance of terminology in interpreting it. 4. Determine the source concept classification and how income for tax purposes is computed in the case of a taxpayer liable for Part I tax. 5.
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Tax accounting study guide - b COURSE OUTLINE ACADEMIC YEAR...

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