Standard

ACC 101 - PRINCIPLES OF ACCOUNTING I

Course Description

Introduces the basic concepts of the complete accounting cycle and provides the student with the necessary skills to maintain a set of books for a sole proprietorship. Topics include: accounting vocabulary and concepts, the accounting cycle and accounting for a personal service business, the accounting cycle and accounting for a merchandising enterprise, and cash control. Laboratory work demonstrates theory presented in class.

 

Competency Areas

Hours

 

Accounting Vocabulary and Concepts

Class

4

The Accounting Cycle and Accounting for a Personal Service Business

D. Lab

4

The Accounting Cycle and Accounting for a Merchandising Enterprise

P. Lab/O.B.I.

0

Cash Control

Credit

6

 

 

 

Prerequisite:

Program admission

Corequisite:

 

 

Course Guide

 

Competency

After completing this section, the student will:

Hours

Class

D.Lab

P.Lab/

O.B.I.

ACCOUNTING VOCABULARY AND CONCEPTS

2

2

0

The accounting process

Describe the accounting process. 

 

 

 

 

Define related terms.

 

 

 

Accounting elements

Define the accounting elements.

 

 

 

THE ACCOUNTING CYCLE AND ACCOUNTING FOR A PERSONAL SERVICE BUSINESS

16

16

0

The accounting equation

Classify business transactions.

 

 

 

 

Relate the effect of business transactions to the accounting equation.

 

 

 

Record business transactions

Record business transactions in the journal.

 

 

 

 

Post journal entries to the ledger accounts.

 

 

 

 

Prove the accuracy of the ledger.

 

 

 

Financial statements

Prepare a worksheet.

 

 

 

 

Prepare financial statements.

 

 

 

End of period procedures

Prepare adjusting entries.

 

 

 

 

Prepare closing entries.

 

 

 

 

Prepare reversing entries.

 

 

 

THE ACCOUNTING CYCLE AND ACCOUNTING FOR A MERCHANDISING ENTERPRISE

16

16

0

Accounting for sales and purchases

Calculate cash discounts.

 

 

 

Special journals

Record business transactions in special journals.

 

 

 

Subsidiary ledgers

Record business transactions in subsidiary ledgers.

 

 

 

 

Prepare schedules of accounting receivables and payables.

 

 

 

The periodic summary

Determine the need for adjusting entries.

 

 

 

 

Calculate adjustments.

 

 

 

 

Record adjusting entries.

 

 

 

 

Prepare a worksheet.

 

 

 

Financial statements

Prepare financial statements.

 

 

 

 

Analyze financial statements.

 

 

 

Year end procedures

Record closing entries.

 

 

 

 

Record reversing entries.

 

 

 

CASH CONTROL

16

16

0

Accounting for cash

Define cash.

 

 

 

 

Explain a cash transaction's effect on the cash account.

 

 

 

 

Record business transactions involving cash in cash related journals.

 

 

 

 

Prove the accuracy of the cash account.

 

 

 

 

Establish and maintain a petty cash fund.

 

 

 

 

Manage a checking account.

 

 

 

 

Prepare a bank reconciliation.

 

 

 

 

Suggested Resources

 

Books

 

Brock, H. R., et al. (1990). Accounting principles and applications. New York: McGraw-Hill.

Fess, P. E., & Warren, C. S. (1990). Accounting principles. Cincinnati: South-Western.

Heintz, J. A., et al. (1990). College accounting. Cincinnati: South-Western.