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Standard |
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R State Standard |
£ Institutionally
Developed |
College: n/a |
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ACC 101 – Principles of Accounting I |
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Course Description:
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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. |
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Competency Areas: |
Hours: |
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Accounting Vocabulary and Concepts |
Class |
4 |
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The Accounting Cycle and Accounting for a Personal Service Business |
D. Lab |
4 |
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The Accounting Cycle and Accounting for a Merchandising Enterprise |
P. Lab/O.B.I. |
0 |
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Cash Control |
Credit |
6 |
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Prerequisite/Corequisite: Program
admission |
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Course Guide |
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Competency |
After
completing this section, the student will: |
Hours |
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Class |
D. Lab
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P. Lab/ O.B.I. |
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ACCOUNTING VOCABULARY AND CONCEPTS |
2 |
2
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0 |
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The accounting process |
Describe the accounting process. |
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Define related terms. |
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Accounting elements |
Define the accounting elements. |
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14 |
14
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0 |
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The accounting equation |
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Relate the effect of business transactions to the accounting equation. |
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Record business transactions |
Record business transactions in the journal. |
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Post journal entries to the ledger accounts. |
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Prove the accuracy of the ledger. |
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Financial statements |
Prepare a worksheet. |
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Prepare financial statements. |
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End of period procedures |
Prepare adjusting entries. |
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Prepare closing entries. |
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Prepare reversing entries. |
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14 |
14
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0 |
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Accounting for sales and purchases |
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Special journals |
Record business transactions in special journals. |
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Subsidiary ledgers |
Record business transactions in subsidiary ledgers. |
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Prepare schedules of accounting receivables and payables. |
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The periodic summary |
Determine the need for adjusting entries. |
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Calculate adjustments. |
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Record adjusting entries. |
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Prepare a worksheet. |
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Financial statements |
Prepare financial statements. |
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Analyze financial statements. |
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Year end procedures |
Record closing entries. |
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Record reversing entries. |
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CASH CONTROL
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10 |
10
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0 |
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Accounting for cash |
Define cash. |
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Explain a cash transaction's effect on the cash account. |
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Record business transactions involving cash in cash related journals. |
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Prove the accuracy of the cash acc | |||