Acc 124 Principles of Accounting I

Acc 124 Principles of Accounting I

ACC 124 PRINCIPLES OF ACCOUNTING I

COURSE DESCRIPTION:

Introduces basic accounting principles and practices, including the accounting cycle, use of the general and special journals, general journal, financial statements, banking transactions, payroll accounting, and adjusting and closing entries for merchandising inventory. 3 credits, 3 hour lecture.

Prerequisites:

English 19 with at least a C, or English placement of English 22 or English 55, or consent of instructor.

GENERAL COURSE OBJECTIVES:

To develop working skills with the goals and methods of generally accepted accounting principles, including practical application and understanding of the accounting cycle, use of the general journal, special journals and ledger, adjusting entries and worksheet, closing entries and post-closing trial balance, internal cash control and payroll.

LEARNER OUTCOMES:

Upon completion of this course, the student should be able to:

  1. Describe the nature and purpose of financial accounting
  2. Explain the concept of the accounting cycle
  3. Explain the accrual and cash basis of accounting
  4. Define basic accounting terminology
  5. Classify accounts
  6. Explain the concept of debit and credit
  7. Describe the effects of business transactions on the assets, liabilities and owner’s equity of a proprietorship
  8. Identify basic source documents
  9. Record business transactions in the general and/or specific journals utilizing the double entry mechanism
  10. Post transactions from the journals to accounts in the general ledger
  11. Complete an end-of period worksheet
  12. Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
  13. Journalize and post adjusting and closing entries
  14. Prepare a post-closing trial balance
  15. Prepare a Bank Reconciliation Report
  16. Explain petty cash and change fund procedures
  17. Explain the process of payroll accounting in terms of employee earnings, deductions, and employer responsibilities for taxes, payments and reports.

BOOKS AND MATERIALS:

Required text: College Accounting, 7th ed. Mc Quaig and Bille

Working Papers Chapters 1--14

COURSE REQUIREMENTS:

ATTENDANCE:

Responsible, self-managed students will demonstrate a professional attitude within the classroom. Attending class, arriving on time, and staying for the duration of the class are expected. It is the student’s responsibility to inform the instructor of anticipated or unavoidable absences. It is the student’s responsibility to complete all work on time and to keep current with the assignments.

CLASSES AND HOMEWORK/READING:

You are responsible for reading all assignments prior to the meeting for which they are assigned. The problems at the end of each chapter that are assigned are to be answered prior to coming to class. They will be discussed in class on the last day we spend on the chapter. The assignments are essential to do well on the exams.

This is your class; use it to your advantage! I encourage you to add your own experiences to the class lecture and discussion about the material. Never hesitate to ask questions. Feel free to come see me or call me to talk about the course or other topic of interest to you.

COMPREHENSIVE PROBLEM:

One comprehensive problem will be assigned after Chapter 5, and is to be completed on your own.

EXAMS:

All exams are to be an individual’s own effort. Academic dishonesty will not be tolerated and will result in a zero (0) grade for that exam. Exams must be taken when scheduled. If an emergency prevents your attendance, you must notify the instructor prior to the exam. All make-up exams taken after the scheduled date will have an automatic deduction of 10 points; therefore, be sure you are prepared and present for the scheduled exams.

GRADING:

4 exams:100 points each 400 points.

Comprehensive

accounting problem100 points100 points

10 homework problems 10 points each100 points

Total600 points

A = 90-100%; B =80—89%; C = 70—79%; D =60—69%; F = 0 to 59%

COURSE SCHEDULE:

The schedule may change at instructor’s discretion to better meet the needs of the class. It is important for you to keep up with the assignments because it is difficult to catch up once fallen behind.

1 WeeksChapter 1. Assets, Liabilities, Owner’s Equity, Revenue and Expense Accounts

1 WeekChapter 2. Recording Business Transactions in T Accounts

1-2 Weeks Chapter 3. The General Journal and the General Ledger

Week 4Exam 1: Chapters 1, 2 and 3

1-2 WeeksChapter 4. Adjusting Entries and Work Sheet

1-2 Weeks Chapter 5. Closing Entries and the Post Closing Trial Balance

Week 7Exam 2. Chapters 4 and5

1-2 WeeksChapter 7. Bank Accounts and Cash Funds

1-2 WeeksChapter 8. Employee Earnings and Deductions

1-2 WeeksChapter 9. Employer’s Payroll Taxes

Week 11Exam 3. Chapters 7 through 9

Week 12Comprehensive Problem Due

1-2 WeeksChapter 10. The Sales Journal (pages 329—348)

1-2 WeeksChapter 11. The Purchase Journal

1-2 WeeksChapter 12. The Cash Receipts Journal and the Cash Payments Journal

1-2 WeeksChapter 13. Work Sheet and Adjusting Entries

Week 17Exam 4. Chapters 10 through 13

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