Standard

R State Standard

£ Institutionally Developed

College: n/a

ACC 1101 – 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/Corequisite: Program admission

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		14	14	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		14	14	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		10	10	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

Media (Print Audio/Visual Web Other)	Note: Please adhere to the APA Formatting and Style Guidelines. Examples: Author, A. A. (Year of publication). Title of work: Capital letter also for subtitle. Location: Publisher. Duncan, G.J., & Brooks-Gunn, J. (Eds.). (1997). Consequences of growing up poor. New York: Russell Sage Foundation.
Print	College Accounting. Robert L. Dansby, Burton S. Kaliski, and Michael D. Lawrence. Fourth Edition. St. Paul: EMC Paradigm Publishing Co., 2000.
Print	Workbook: Working Papers, Chapters 1-29. College Accounting. Robert L. Dansby, Burton S Kaliski, and Michael D. Lawrence. . Fourth Edition. St. Paul: EMC Paradigm Publishing Co., 2000.
Print	Principles of Accounting. Needles, Powers, Crosson (2002). New York: Houghton Mifflin.
Print	College Accounting. Heintz and Parry, 17 ed., Southwestern, 2002.
Print	Accounting. Carl S. Warren, James R. Reeve, and Philip E. Fess; (2002) South-Western/Thomson Learning; 20th ed.; Cincinnati, OH.
Print	Accounting, Working Papers Plus, Carl S. Warren, James R. Reeve, and Philip E. Fess; (2002) South-Western/Thomson Learning; 20th ed.; Cincinnati, OH.
Print	Ten-Key Skill Builder for Calculators. William R. Pasewark; (2000) South-Western/Thomson Learning; 2nd ed.; Cincinnati, OH.
Practice Sets	Coddled Canine Practice Set, South-Western
Practice Sets	Cascade Computers Practice Set

Posted: 09/03/08

Updated: 11/13/08