Curriculum Coordinator and Learning Strategist

Dr. Karen McCloskey

MA, PhD, QM Quality Matters

BAF3M

Grade 11

University/College Preparation

Financial Accounting Fundamentals

Find additional course details below, including delivery format, course availability, course duration, prerequisite, tuition fee, hardware/software requirements, etc.

BAF3M

Grade 11

University/College Preparation

Financial Accounting Fundamentals

Find additional course details below, including delivery format, course availability, course duration, prerequisite, tuition fee, hardware/software requirements, etc.

Course Details

Course Code

BAF3M

Course Name

Financial Accounting Fundamentals

Grade

Grade 11

Course Type

University/College Preparation

Format

Asynchronous Delivery

Prerequisite

None

Tuition Fee

$500.00

Course Duration

At Your Own Pace (4 weeks to 6 months)

Credit Value

1.0

Availability

Start Anytime

Course Reviser/Developer

Dr. Karen McCloskey

Latest Revision Date

July 2026

Curriculum

BAF3M – The Ontario Curriculum, Business Studies, Grades 11 and 12, 2006 (Revised)

Course Description, Unit Overview, Timeline

Every business needs someone who can track the money, read the numbers, and understand what they mean. In BAF3M you become that person. You will trace the complete life of a financial transaction, from the moment it occurs to the moment it appears in a polished financial statement, working through the full accounting cycle for both service businesses and merchandising companies. You will use spreadsheet and simulation tools the way accountants actually use them in the workplace, analyse a real business’s financial health using key ratios, investigate the internal controls that protect businesses from fraud, and grapple with the ethical questions that make accounting a profession built on trust. Whether your goal is a career in business, further study in commerce or finance, or simply the ability to understand how the financial world operates, this course gives you the practical skills and the conceptual foundation to get there.

Students practise accounting procedures through guided examples, simulation tasks, case studies, decision-making scenarios, and interactive activities. Assignments apply accounting knowledge to realistic business scenarios.

Outlined below is a description of each unit, including what students will learn and the recommended hours for completion.

Unit Title & Description

Time Allocated

Unit 1: Accounting Foundations and Business Structures

What does it take to run a business, and how do you keep track of it all? This unit introduces accounting as the language of business, exploring who uses financial information and why it must be trustworthy. You will study GAAP, compare the three main business structures, examine the ethical foundation of the profession, and discover the career pathways that accounting can open.

14 Hours

Unit 2: The Accounting Cycle for a Service Business

Follow a business through every step of its financial story. Using Sol’s Pet Sitting Services as your guide, you will classify accounts, analyse transactions, apply debit and credit rules, record journal entries, and post to ledger accounts. Then you will prepare a trial balance and build the three financial statements that show the world how the business is doing: the income statement, the statement of owner’s equity, and the balance sheet. Every step connects to the next, and by the end you will have completed the full accounting cycle from first transaction to final report.

18 Hours

Unit 3: Service Business Year-End Procedures and Financial Statements

What happens when the books need to close? Every accounting period ends with a critical set of steps that transform rough records into accurate, trustworthy financial statements. You will record adjusting entries for supplies, prepaid expenses, accrued expenses, and amortization, then build a six-column worksheet, prepare adjusted financial statements, record closing entries in the correct sequence, and produce a post-closing trial balance. Every number must land in exactly the right place.

18 Hours

Unit 4: Merchandising Businesses, Inventory, Sales Tax, and Year-End Procedures

Step inside a business that buys goods and sells them for a profit. Merchandising accounting introduces new accounts, new transaction types, and real complexity, including returns, discounts, and the HST that every business collects on behalf of the government. You will compare inventory systems, record the full range of purchase and sales transactions, calculate net HST remittance to the CRA, adjust inventory at year-end, and prepare a merchandising income statement with a cost of goods sold section that reveals the true profit margin.

18 Hours

Unit 5: Computerized Accounting and Internal Control

Can software replace an accountant? This unit explores how computerized tools speed up accounting work, and why solid accounting knowledge matters even more when technology is in charge. Through the Thornbury Home Services Case Study, you will apply the accounting cycle using spreadsheet or simulation tools, investigate internal control systems, record petty cash transactions, complete a bank reconciliation, and interpret budget variances.

16 Hours

Unit 6: Financial Analysis, Ethics, Technology, and Careers

Numbers tell a story if you know how to read them. In this unit you will move from preparing financial statements to interpreting them, calculating four key ratios using the statements of Ridgeline Outdoor Co. to identify trends and make comparisons. You will discover how managers, lenders, investors, and governments each use the same financial data for very different decisions, explore the ethical responsibilities that make accounting trustworthy, examine how AI is reshaping the profession, and identify the career pathways available to accountants across Canada.

16 Hours

Final Exam/Culminating Task

Complete a practice exam before completing the final exam

10 Hours

Total Hours

110 Hours

Teaching and Learning Strategies

At Royal Ontario Academy, our asynchronous, self-paced courses are crafted to engage students actively, encouraging deep learning and self-reflection. Our online OSSD courses are normally divided into 8-10 smaller sections to help students learn content in manageable portions. Lessons connect concepts to practical, relatable social, environmental, and economic issues, fostering lifelong learning by helping students apply knowledge to real-life contexts.

Students are encouraged to explore, investigate, and think critically as they progress independently. This approach emphasizes problem-solving skills, guiding students to persist through challenges, reason through complex ideas, and explore alternative solutions on their own, building resilience and independence essential for success beyond the classroom.

Our virtual high school courses provide a variety of learning experiences through virtual labs, simulations, knowledge checks, reflections, and videos. Interactive activities and discussion forums are designed to draw on student’s prior knowledge, keeping them engaged and actively participating. These tools enable OSSD students to practice, reflect, and apply concepts flexibly at their own pace, creating a personalized learning journey tailored to each student’s interests and goals.

Assessment and Evaluation

A wide variety of assessment and evaluation tools will be used to earn credits towards the Ontario Secondary School Diploma at Royal Ontario Academy, including quizzes, tests, projects, essays, journals, and final assessments. The final exam is a closed-book, online test that is proctored and has a time limit. Students may also be required to appear on video for other assessments in certain courses.

At Royal Ontario Academy, the final mark in every course is made up of three parts:

65% is based on coursework completed throughout the online course.
25% is based on a final evaluation.
10% is based on attendance and participation, reflecting consistent weekly engagement with the course.

Depending on the course, the final evaluation may be a proctored written exam, a culminating task such as a project, essay, or presentation, or a combination of both. Attendance and participation reflects how consistently a student engages with their learning each week, and excused absences approved by the Principal do not lower this part of the mark.

Students will receive two reports per course:

First Report (Midterm): Issued when the student reaches the halfway point of the course. It reflects achievement and development to that point, including attendance and participation.
Final Report: Reflects overall achievement and development for the entire course, including attendance and participation.

This course follows the current Growing Success requirements, including the mandatory assessment and evaluation updates that take effect in the 2026-2027 school year. According to Growing Success: Assessment, Evaluation, and Reporting in Ontario Schools, the primary purpose of assessment and evaluation is to improve student learning. To ensure that assessment, evaluation, and reporting are valid and reliable, and that they lead to the improvement of learning for all students, Royal Ontario Academy teachers use practices and procedures that:

are fair, transparent, and equitable for all students;
support all students, including those with special education needs, those who are learning the language of instruction (English or French), and those who are First Nation, Metis, or Inuit;
are carefully planned to relate to the curriculum expectations and learning goals and, as much as possible, to the interests, learning styles and preferences, needs, and experiences of all students;
are communicated clearly to students and parents at the beginning of the course and at other appropriate points throughout the course;
are ongoing, varied in nature, and administered over a period of time to provide multiple opportunities for students to demonstrate the full range of their learning;
provide ongoing descriptive feedback that is clear, specific, meaningful, and timely to support improved learning and achievement;
develop students’ self-assessment skills to enable them to assess their own learning, set specific goals, and plan next steps for their learning.

Accommodations and IEP for Students

At Royal Ontario Academy, we believe that all OSSD students can benefit from a more accommodating online learning experience Accommodations allow for increased access to the course, without any changes to the knowledge and skills the student is expected to demonstrate.

An Individual Education Plan (IEP)is a personalized document that outlines a students’ learning needs, as well as the accommodations or services they require to succeed in their courses. At Royal Ontario Academy, our flexible online learning environment already addresses many common accommodation needs, but if a student requires additional support, our Principal is ready to help you!

– Students with Existing IEP: If a student has an existing IEP from another elementary or secondary school, Royal Ontario Academy can implement the listed accommodations, provided they are applicable within our online learning environment. To do so, a copy of the students’ IEP must be submitted to our Principal for review.

– Students Without IEP: If a student requires accommodations but does not currently have an IEP, our Principal will work with the student to assess their learning needs and develop a path forward. In this case, students will need to submit supporting documentation to help determine the appropriate accommodations.

– English Language Learners:– English Language Learners: Students who enroll at Royal Ontario Academy can provide information about their English language proficiency during the registration process. This information helps our teachers and Principal to tailor their teaching strategies and implement accommodations that support English language learners effectively.

For students and parents wishing to submit IEP documentation or request accommodations, please contact our Principal at info@royalontarioacademy.com

Resources Required by the Student

Students Should Have Access To:

Microphone/camera: For presentations and participating in any interactive activities requiring audio/video input.
Google Docs or similar: For creating and submitting reports and projects.
Google Slides or similar: For presentations.

Frequently Asked Questions (FAQs)

“1. What is BAF3M?
BAF3M is a Grade 11 Financial Accounting Fundamentals course at University Preparation level.

2. What are 3M – (eg: 3M in AWQ3M (BAF3M))
3M for the BAF3M refers to the grade level and the course type. 3 refers to the 9th Grade and the second digit refers to the University Preparation course type.

3. What is the prerequisite for BAF3M?
The prerequisite for Financial Accounting Fundamentals is None

4. How long does it take to complete the BAF3M online course?
The completion of the BAF3M course varies depending on the pace of each student. However, the course can be completed in as little as 4 weeks up to a maximum of 6 months. Longer timelines are available on approval by the Principal.

5. Will my marks be sent directly to OUAC or OCAS?
Yes. We can send your BAF3M online course marks to OUAC (Ontario University’ Application Centre) or OCAS (Ontario College Application Service).

6. How lessons are delivered for the BAF3M?
At Royal Ontario Academy, course learning is asynchronously delivered for the BAF3M in various formats such as videos, question and answers, interactive tools, written notes, simulations, presentations, and external websites/links depending on the subject material of the course.

7. What is the withdrawal policy?
For students registered in Grade 9 and 10 courses, withdrawals can be made at any time and are not recorded on the Ontario Student Transcript (OST).
For students registered in Grade 11 and 12 courses, withdrawals made within 5 days of the issuance of the first (mid-term) report card from Royal Ontario Academy will result in the mark not being recorded on the Ontario Student Transcript (OST). Withdrawals after 5 days of the issuance of the first (mid term) report card will result in a “”W”” being entered in the “”Credit”” column of the OST, along with the mark at the time of withdrawal.

8. What is the due date of my course?
Since your course is self-paced, there are no set due dates, allowing you to progress at your own speed. However, please be mindful of any deadlines for university or college applications.

9. Can I earn my OSSD (Ontario secondary school diploma) credits through online courses?
Yes, you can earn your Ontario Secondary School Diploma (OSSD) credits fully online through Royal Ontario Academy. To earn OSSD credits, you will need to complete 30 credits (18 compulsory and 12 optional), pass the Ontario Secondary School Literacy Test, and fulfill 40 hours of community involvement.

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Canadian Course Pricing

$500

/ 1 course

$900

/ 2 courses

$1275

/ 3 courses

Start your learning journey with us.

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Financial Accounting Fundamentals