AC-131 Accounting I

Course Description:

This course establishes a foundation for the understanding of the nature of accounting, basic accounting concepts and principles, and the complete accounting cycle for service and merchandising types of business operation. Extensive coverage is devoted to the use of various accounting forms and the performance of basic accounting functions including, but not limited to, recording and posting business transactions, preparing a trial balance, work sheet, and simple financial statements. The importance of internal control for cash, preparing bank reconciliation, and performing limited analysis of basic financial reports are also included.

  • This course also meets PLO #(s) 1 and 5 of A.S. Business Administration program.

A.  PROGRAM LEARNING OUTCOMES (PLOs): 
The student will be able to demonstrate basic knowledge and/or skills in:
1.   The different functional areas of business – accounting, management, marketing, economics, and finance – by emphasizing their importance in an organization and describing their interrelationship in the organization’s attempt to achieve its objectives.
2.   The use of cost and managerial accounting concepts and techniques as management tools for planning, controlling, evaluating performance and making decisions.
3.   Business mathematics and elementary statistics by accurately performing common business computations, statistical data presentation and analysis.
4.   Intercultural writing and speaking appropriate for business.
5.   The legal environment and ethical challenges confronting business in general and in the FSM, from both local and global perspectives.

B.  STUDENT LEARNING OUTCOMES (SLOs)- GENERAL:
The student will be able to:
1.   Establish a foundation for the understanding of the nature of accounting, basic accounting concepts and principles, and the complete accounting cycle for service and merchandising types of business operation.
2.   Identify and use accounting forms (general and special journals, general and subsidiary ledgers, work sheet, etc.) and perform basic accounting functions including, but not limited to, recording and posting transactions, preparing a trial balance, work sheet, and simple financial statements, with at least 70% level of accuracy.
3.   Recognize the importance of internal control for cash, prepare bank reconciliation statements, make correcting, adjusting, and correcting entries, and perform limited analysis of basic financial reports.

SLO

PLO 1

PLO 2

PLO 3

PLO 4

PLO 5

1

ID

 

 

 

I

2

IDM

 

 

 

I

3

ID

 

 

 

I

 

I = Introduced
D = Demonstrated
M = Mastered

C.  STUDENT LEARNING OUTCOMES (SLOs)-SPECIFIC
The student will be able to: 

 

      General SLO 1.  Establish a foundation for the understanding of the nature of accounting, basic accounting concepts and principles, and the complete accounting cycle for service and merchandising types of business operation.


Student Learning Outcomes

Assessment Strategies

1.1    Define accounting and related terms; identify the users of accounting information, the three forms of business organizations, and the three types of business operations.

Pre-/Post; Exam

1.2    Identify the elements of accounting, state the accounting equation, record business transactions in equation form, and identify four types of transactions that affect owner's equity.

Pre-/Post; Exam

1.3    Explain the double-entry accounting framework, describe the standard form of account and the T account, state the rules of debit and credit, and record business transactions in T accounts.

Pre-/Post; Exam

1.4    Discuss the business entity concept; state and explain the generally accepted accounting principles (GAAP) of objective evidence, cost, realization, matching.

Pre-/Post; Exam

1.5    Enumerate and perform the steps in the accounting cycle for service and merchandising types of business operation.

Exam

 

      General SLO 2.Identify and use accounting forms (general and special journals, general and subsidiary ledgers, work sheet, etc.) and perform basic accounting functions including, but not limited to, recording and posting transactions, preparing a trial balance, work sheet, and simple financial statements, with at least 70% level of accuracy.


Student Learning Outcomes

Assessment Strategies

2.1    Describe the standard form of a two-column journal, the special journals, the four-column ledger account form, and the chart of accounts.

Pre-/Post; Exam

2.2    Record business transactions in general and special journals (i.e., combined journal, sales journal, purchases journal, cash receipts journal, and cash payments journal), and post business transactions from the journal to the general and subsidiary ledgers.

Exam, Comprehensive Review Problem Solving Activity, Practice Set

2.3    Prepare a trial balance, work sheet, three basic financial statements, post-closing trial balance, and interim statements

Exam, Comprehensive Review Problem Solving Activity, Practice Set

2.4    Identify the components of, and the types of information shown, in the income statement, the statement of owner’s equity, and the balance sheet, and list the sequence that must be followed in preparing these statements.

Pre-/Post; Exam

      General SLO 3Recognize the importance of internal control for cash, prepare bank reconciliation statements, make correcting, adjusting, and correcting entries, and perform limited analysis of basic financial reports.


Student Learning Outcomes

Assessment Strategies

3.1    Describe the need for special controls to protect cash, record transactions involving petty cash, change fund, and cash shortages/overages, and prepare a bank reconciliation.

Exam

3.2    Describe and perform the procedures for locating and correcting errors; explain the need for adjusting entries, and make adjusting entries for supplies used, expired insurance, depreciation, unpaid wages, and merchandise inventory; explain the purpose of the closing process; journalize and post closing entries; make reversing entries for accrued salaries.

Exam

3.3    Calculate working capital and current ratio and explain their significance.

Exam

D.  COURSE CONTENT
1.   The Nature of Accounting
2.   Recording Business Transactions
3.   The Accounting Cycle for a Service Business
4.   Cash and the Combined Journal
5.   Accounting for a Merchandising Business–Purchases and Cash Payments
6.   Accounting for a Merchandising Business–Sales and Cash Receipts
7.   Work Sheet and Adjustments for a Merchandising Business
8.   Financial Statements and Closing Entries for a Merchandising Business
9.   Analyses to Aid in Decision Making
10. The Adjusting and Closing Process for a Merchandising Business
11. The Post-Closing Trial Balance, Reversing Entries, and Interim Statements

E.  METHODS OF INSTRUCTION
1.   Lectures/discussions
2.   Slide Presentations
3.   Problem solving
4.   Collaborative learning
5.   Comprehensive review problem (or simulated practice set)
6.   Online support

F.  REQURIED TEXT(S) AND COURSE MATERIALS:
Dansby, R.L., Kaliski, B.S., & Lawrence, M.D. (2010). College Accounting. St. Paul: Paradigm Publishing (or most recent edition).
Working Papers/Study Guide Manual (Chapters 1-10 only), Accounting Practice Set (optional)

G.  REFERENCE MATERIALS:

McQuaig, D.J. & Bille, P.A. (2008). College Accounting. Boston: Houghton Mifflin Company or latest edition (or most recent edition).
Warren, C.S., Reeve, J.M., and Duchac, J. (2009). Accounting. Mason: South-Western Cengage Learning (or most recent edition).
Walther, L. (2011). Principles of Accounting. Retrieved October 25, 2011, from http://www.principlesofaccounting.com.

H.  INSTRUCTIONAL COSTS
None

I.   EVALUATION
This course requires a grade of “C” or better to enroll in the next-level accounting course.

J.   CREDIT BY EXAMINATION
None

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