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Course Number: AC131
Course Title: Accounting I
STUDENT LEARNING OUTCOMES
General
To establish a foundation for the understanding of the accounting
environment, basic accounting concepts, and the accounting model. Each step of
the accounting cycle is covered in detail. Also covered are the sales,
purchases, cash receipts and cash payments journals and their accompanying
accounts receivable and accounts payable subsidiary ledgers; cash; and
preparation of financial statements.
Specific
Students will be able to:
1.
Identify the users, preparers, and purposes
of accounting information. The student will also be able to identify the forms
of
business organizations and types of business transactions and prepare a balance sheet.
2.
Identify and discuss the broad classes of accounts. Explain the basic purpose of
the principal financial statements and the type of
information contained in
each. Additionally, the student will be able to prepare a simple
trial balance, balance sheet, income
statement, and owner's equity statement
with at least 70% accuracy.
3.
Describe what constitutes a business transaction. Analyze and record
transactions in the general journal and post in the general
ledger using the
double-entry accounting system.
4.
Explain the matching concept. Calculate adjustments for supplies used, rent or
insurance prepaid, depreciation, wages unpaid, and
income unearned at the end of
the accounting period and complete the worksheet.
5.
Prepare financial statements from the worksheet and journalize and post
adjustments.
6.
Journalize and post closing entries and prepare a post-closing trial balance.
7.
Use
the sales journal and post to accounts receivable and its subsidiary ledger. Be
able to record sales returns and allowances and
sales of assets other than merchandise on account.
8.
Use
the purchases journal and post to accounts payable and its subsidiary ledger. Be
able to record purchases returns and
allowances and purchase of assets other than merchandise on account.
9.
Use
the Cash Receipts and Cash Payment Journals and post to accounts receivable and
account payable general and subsidiary
ledgers.
10.
Record cash receipts. Reconcile a bank statement and record the bank charges.
Maintain a petty cash system and change fund.
11.
Calculate the adjustments for merchandise
inventory, deferrals, and accruals for a merchandising business and journalize
and post
adjusting entries.
12.
Prepare and analyze financial statements; prepare and journalize closing (and
reversing) entries for a merchandising business.
Prepare a post-closing trial
balance.
13. Record and print
journal/ledger entries, trial balance and financial statements using general
ledger computer software.
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