Discipline: Business and Finance Date Accepted: 4/11/07
General Course Title: Introduction to Accounting (Bookkeeping) General Course Description:
Covers the fundamentals of double-entry accounting and the debit/credit method of recording transactions. Examines the accounting cycle from recording transactions to preparing financial statements for both service and merchandising entities. College Prerequisite(s): None HS/ROCP Prerequisite(s): None Advisories/Recommendations: None Course Content: ? Asset, liability, owner’s equity, revenue, and expense accounts ? Debits and credits, “T” accounts, and the trial balance ? The general journal and the general ledger ? Adjusting entries and financial statements ? Closing entries and financial statements ? Employee earnings and deductions ? Employer payroll taxes, payments, and reports ? Special journals: sales, purchases, cash receipts, and cash payments ? Depreciation methods ? Bad debt expenses ? Inventory valuation methods Competencies and Skill Requirements (Use additional pages as necessary) At the conclusion of this course, the student should be able to: ? Explain the theory of double-entry bookkeeping, and the role of the Financial Accounting Standards Board (FASB) in the creation of Generally Accepted Accounting Principles ? Differentiate between a calendar year, a fiscal year, and an accounting cycle ? Evaluate both simple and compound business transactions and select appropriate accounts ? Set up and record transactions and post to ledger accounts ? Prepare adjusting and closing entries ? Construct a worksheet for both service and merchandising firms, and measure the amount of net income or loss ? Apply the four inventory valuation methods, and assess the effect each has on the computation of net income or loss ? Set up special purpose journals and evaluate and record transactions as needed ? Differentiate between cash basis accounting and accrual basis accounting ? Prepare depreciation schedules utilizing straight-line, double-declining balance, and MACRS methods ? Apply the allowance method to record bad debts ? Record the accrual and payment of wages and salaries, including payroll taxes Final 4/11/07 1
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Create schedules or accounts receivable and accounts payable to support the ledger accounts Reconcile a bank statement and record changes in the journal as needed Prepare final copies of classified financial statements Examine the ethical responsibilities of accountants in the area of financial reporting and assess the impact of fraudulent reporting on the users of financial statements.
Measurement Methods (include any industry certification or licensure): ? Exams ? Quizzes ? Written assignments ? Financial statement analysis ? Problem/Practice sets ? Portfolios ? Oral and or multimedia presentations Sample Textbooks or Other Support Materials (including Software): Accounting Concepts Procedures & Applications, Glencoe Publishing Century 21 Accounting, Southwestern Publishing Co College Accounting, McQuaig & Billie Houghton Mifflin, 8th edition College Accounting, Slater, 9th edition computerized general ledger programs (e.g. Peachtree) DWG Facilitator’s Signature: [Office use only.] TOPs Code: Date Accepted by Steering Committee: Date: [Office use only.] Internal Tracking Number:
Final 4/11/07 2