Chabot College

Course Outline for Business 1A,Page 1

Fall 2005

Chabot CollegeFall 2005

Course Outline for Business 1A

PRINCIPLES OF ACCOUNTING I

Catalog Description:

1A - Principles of Accounting I4 units

Basic theory and structure of accounting; accounting cycle and preparation of accounting statements for service and merchandising operations, receivables, inventory, plant assets, current/long term liabilities, payroll, accounting principles, concepts, partnerships and corporations. Strongly recommended: Business 7. May be offered in Distance Education delivery format. 4 hours.

Prerequisite Skills:

None

Expected Outcomes for Students:

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

  1. Apply and demonstrate an understanding of the basic accounting principles and concepts;
  2. Prepare journal entries, post to ledger, perform adjusting and closing entries at the end of the period;
  3. Prepare financial statements and reports including cash flows;
  4. Understand the need for internal control as well as preparing a bank reconciliation;
  5. Process transactions relating to both short and long term assets and liabilities;
  6. Process transactions relating to receivables, payables;
  7. Inventory and Depreciation;
  8. Demonstrate an understanding of the cash and accrual methods of accounting;
  9. Process transactions relating to a merchandising business;
  10. Display a working knowledge of special journals;
  11. Apply an understanding of financial analysis and reporting;
  12. Discuss the difference in the accounting processes of the sole proprietorship, partnership and corporations;
  13. Identify the ethical issues which exist in the business community.

Course Content:

  1. Accounting in Action
  2. What is accounting
  3. Financial statements
  4. Income statement, Balance sheet and Cash flow
  5. The recording process
  6. Adjusting and closing the accounts
  7. Completion of the accounting cycle
  8. Accounting for merchandising operations
  9. Accounting information systems
  10. Subsidiary ledgers
  11. Special journals
  12. Accounting software
  13. Internal control and cash
  14. Accounting for receivables
  15. Inventories
  16. Plant assets, natural resources and intangible assets
  17. Current and long-term liabilities
  18. Payroll accounting
  19. Accounting principles
  20. Accounting for partnerships and corporations

Methods of Presentation:

  1. Lectures
  2. Discussion
  3. Problem solving

Assignments and Methods of Evaluating Student Progress:

  1. Typical Assignments
  2. Given the monthly transactions for a merchandising operation, complete following tasks:

1)Prepare journal entries

2)Post to the ledger

3)Prepare worksheet

4)Month end adjusting and closing entries

5)Month end financial statements and reports

  1. Using the given data find the COGS and Ending Inventory using the following methods:

1)FIFO

2)LIFO

3)Specific Identification

4)Weighted Average

5)Lower of cost or market

  1. Methods of Evaluating Student Progress
  2. Chapter assignments
  3. Chapter quizzes
  4. Mini practice sets
  5. Midterm examination
  6. Final examination

Textbook(s) Typical:

ACCOUNTING PRINCIPLES, Weygandt, Kiesco, Kimmel, John Wiley & Sons. Inc., 6th ed.

ACCOUNTING, Hornegren, Harrison, Bamber, 6th ed.

Special Student Materials:

Calculator

dk/jh 10/04

jh/jb 12/04

BUS 1A course outline