Course Number: BK095
Course Title: Bookkeeping I

STUDENT LEARNING OUTCOMES

General

This course is designed to allow the students to: Define and properly use accounting terminology related to the accounting system; identify and define accounting concepts and practices related to the accounting system; and demonstrate accounting procedures used in the accounting system, including journalizing, posting, adjusting and closing the accounts, in addition to preparing financial statements. The student will complete a bookkeeping practice set (of a hypothetical business in Micronesia) that consists of all documents, accounting books used in a particular service industry.

Specific

The student shall be able to:

 1. Define the accounting process.
 2. Describe the role of accountants and the three major accounting career paths.
 3. Describe the users of accounting information.
 4. Discuss the concepts and principles used in accounting.
 5. Discuss the accrual-basis used in accounting.
 6. Describe the nature of a service business.
 7. Discuss the concept of the accounting equation.
 8. Use the accounting equation to analyze basic transactions in terms of increases and decreases.
 9. Describe the content and purpose of the three basic financial statements and how they are related.
10. Prepare financial statements.
11. Use debits and credits to record increase and decreases in accounts.
12. Analyze transactions using T-accounts and using debits and credits.
13. Record journal entries in a general journal, post to the general ledger, and prepare a trial balance.
14. Describe and prepare the work sheet.
15. Prepare financial statements directly from the worksheet.
16. Journalize and post adjusting entries.
17. Journalize and post closing entries and prepare post closing trial balance.
18. Describe the concept of fiscal and interim periods.
19. Record the transactions of a hypothetical service business existing in Micronesia in a practice set package.