Standard

R State Standard £ Developed College: n/a

BUS 2200 – Office Accounting

Course Description

Introduces fundamental concepts of accounting. Topics include: accounting equation, debits, credits, journalizing, posting and proving ledger, accounts receivable, accounts payable, cash control, and payroll.

Comptency Areas	Hours
Accounting Equation	Class	4
Debits	D. Lab	4
Credits	P. Lab/O.B.I.	0
Journalizing	Credit	6
Posting and Proving Ledger
Accounts Receivable
Accounts Payable
Cash Control
Payroll

Prerequisite: Program admission

Corequisite:

Course Guide

Competency	After completing this section, the student will be able to:	Hours
		Class	D.Lab	P.Lab/ O.B.I.
ACCOUNTING EQUATION		4	4	0
Permanent accounts	Identify the three main types of permanent accounts
	Define assets, liabilities, and owner's equity
	Give an example of an asset, liability, and owner's equity account
Accounting equation	Write the accounting equation
	Perform calculations using the accounting equation
	Verify the equality of the equation after performing calculations
	Indicate increase or decrease effect of given transactions on the fundamental accounting equation
Owner's equity	List and define the temporary owner's equity accounts
	Define net profit and net loss
	Calculate net profit and net loss
Income statement	Prepare an income statement
Balance sheet	Prepare a balance sheet to verify the accounting equation
DEBITS		2	2	0
Account form	Identify the debit side of an account form or T account
	Debit an account by writing a number on the left side
Debit to increase/decrease	Identify accounts that are debited to show an increase
	Identify accounts that are credited to show a decrease
	Debit accounts after analyzing transactions to decide the increase/decrease effect
CREDITS		2	2	0
Account form	Identify the credit side of an account form or T account
Credit to increase/decrease	Credit an account by writing a number on the right side
	Identify accounts that are credited to show an increase
	Identify accounts that are credited to show a decrease
	Credit accounts after analyzing transactions to determine the increase/decrease effect
JOURNALIZING		2	2	0
Double-entry framework	Explain the dual effect of a transaction upon the accounting elements
Book of original entry	Define and describe a journal and journalizing
Analyzing transactions	Analyze transactions to determine changes in accounting elements
Recording transactions	Record daily transactions in journal form
	Journalize adjusting and closing entries
	Journalize correcting entries
Proving journal	Total debit and credit columns to prove journal
POSTING AND PROVING LEDGER		6	6	0
Posting to ledger	Describe and define a ledger account, the general ledger, and posting
	List steps in the posting process
	Post from a journal to a ledger
Proving the ledger	Foot accounts and record balances in ledger accounts
	Prove the equality of the debits and credits in the general ledger by preparing a trial balance
	Complete a worksheet
ACCOUNTS RECEIVABLE		6	6	0
Subsidiary ledger	Describe relationship between accounts receivable control in general ledger and accounts receivable subsidiary ledger
	Identify transactions affecting accounts receivable
	Describe relationship between accounts receivable and sales
Posting	Post to accounts in accounts receivable subsidiary ledger
Verifying	Prepare schedule of accounts receivable
ACCOUNTS PAYABLE		6	6	0
Subsidiary ledger	Describe relationship between accounts payable control in the general ledger and accounts payable subsidiary ledger
	Identify transactions affecting accounts payable
	Describe relationship between accounts payable and purchases
Posting	Post to accounts in accounts payable subsidiary ledger
Verifying	Prepare a schedule of accounts payable
CASH CONTROL		6	6	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
PAYROLL		6	6	0
Employee's compensation	Calculate gross pay
	Determine deductions: federal income tax, state and local income taxes, social security deductions, and voluntary deductions
	Calculate net pay
	Prepare payroll register
	Prepare payroll checks
	Record payroll in journal form
Employer's payroll taxes	Calculate employer's payroll taxes
	Record employer's payroll taxes in journal form
Tax payments to government	Record tax payments to government in journal form

Suggested Resources

Media Print Audio/Visual (AV) Web Other
Print	Dansby, Robert L., et al. (2004). College Accounting 1-12. Minnesota: Paradigm.
	McQuaig, Douglas J., Bille, Patricia A. (Latest Edition). College Accounting. Boston: Houghton Mifflin Company.
	Slater, Jeffrey. (Latest Edition). College Accounting A Practical Approach 1-10. New Jersey: Prentice Hall Inc.

Posted: 10/29/08