Feb 07, 2023
ACC 111 - Intro to Accounting Credits: 3
Lecture Hours: 3
Lab Hours: 0
Practicum Hours: 0
Work Experience: 0
Course Type: Open
The course presents the fundamental concepts, procedures, and applications of the accounting cycle and financial statements for service and merchandising businesses as a sole proprietorship. Additional topics include cash control and payroll.
- Discuss basic accounting concepts and procedures
- Describe the purposes of accounting.
- Identify the users of financial information.
- Compare and contrast the three types of business entities.
- Describe the use of generally accepted accounting principles.
- Define basic accounting terms, concepts and principles.
- Record in equation form the financial effects of a business transaction.
- Define, identify, and understand the relationship between asset, liability, and owner’s equity accounts.
- Analyze the effects of business transactions on a firm’s assets, liabilities, and owners equity and record.
- Prepare an income statement, statement of owner’s equity and balance sheet.
- Analyze and record transactions in the proper accounts.
- Set up T accounts for assets, liabilities, and owner’s equity.
- Analyze business transactions and enter them in the accounts.
- Determine the balance of an account.
- Set up T accounts for revenue and expenses.
- Prepare a trial balance.
- Prepare income statement, a statement of owner’s equity, and balance sheet.
- Develop a chart of accounts.
- Record transactions in the general journal.
- Prepare compound journal entries.
- Post journal entries to general ledger accounts.
- Correct errors made in the journal or ledger.
- Determine adjustments for unrecorded business transactions.
- Journalize needed adjusting entries.
- Post the adjusting entries.
- Prepare financial statements.
- Complete the accounting cycle.
- Journalize and post closing entries.
- Prepare a postclosing trial balance.
- Interpret financial statements.
- Review the steps in the accounting cycle.
- Prepare a midterm project over the accounting cycle.
- Control cash
- Demonstrate proper checking procedures
- Reconcile a bank statement
- Journalize adjustments to the cash account as indicated in the bank reconciliation
- List standard internal control procedures and policies for cash
- Prepare payroll records
- Calculate total earnings based on hourly and piece rate
- Calculate overtime pay
- Calculate FICA deductions for Social Security and Medicare, and Federal Income Tax withholding
- Prepare a payroll register
- Journalize and post the payroll entry from data recorded in the payroll register
- Record the payment of payroll.
- Discuss the application of various labor laws required for payroll accounting
- Calculate and journalize the employer’s payroll tax expenses
- Record merchandise and sales transactions applying the perpetual approach.
- Journalize and post sales for cash and on account
- Journalize and post credit memos.
- Compute and journalize the receipt of payment on account.
- Journalize purchase transactions
- Journalize and post debit memos in the general journal.
- Calculate cost of goods sold
- Complete a final project covering the data in Competencies 1-9.
- Journalize transactions and post.
- Prepare adjusting and closing entries.
- Prepare an income statement, statement of owner’s equity, and balance sheet.
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