Computerized enhanced instruction examines nature and purpose of
accounting theory and procedures through study of accounting cycle,
asset valuation and financial statements. Develops foundation of
accounting knowledge for additional learning in subsequent courses.
No prerequisite. Credit given for AC11 or AC13/AC14, but not both.
A-E-G/4 credit hrs.
III. GOALS OF THE COURSE:
The accounting faculty will assist accounting and non-accounting majors to
achieve the desired learning outcomes listed below. In addition, the faculty will provide an opportunity for all students to develop and improve their
analytical skills.
To that end, instruction will be directed at introducing students to:
A. Double entry accounting via manual problems and accounting
software.
B. Adjustments required for the preparation of accurate financial
statements.
C. The unique problems involved in valuing various categories of
assets and obligations.
D. The financial statements of publicly traded corporations.
IV. STUDENT LEARNING OUTCOMES:
Upon successful completion of AC11 (Principles of Accounting I) students will:
A. have a thorough understanding of basic accounting principles and the
double-entry system.
B. be familiar with additional fundamental accounting topics such as:
1. financial statements
2. accruals and deferrals
3. merchandising operations
4. inventory
5. internal control and cash
6. receivables and payables
7. plant and intangible assets
8. payroll accounting
C. be prepared for more advanced study in accounting and/or
other related business subjects.
D. be familiar with accounting software.
V. SPECIAL INSTRUCTIONS/INFORMATION FOR THE TEACHER:
A. Prerequisite to this course: None
B. Programs that require this course:
A.S. Degree: Accounting
Business Administration
A.A.S. Degree: Accounting
Business Administration
Culinary Arts
Office Management
Paralegal Studies
Marketing
Retail Business Management
1-Year Certificate: Accounting
Business Management
C. Courses which require this as a prerequisite or corequisite:
AC12: Principles of Accounting II
AC15: Managerial Accounting
AC16: Practical Accounting
AC17: Managerial Accounting for the Hospitality Industry
AC26: Governmental Accounting
AC37: Computer Accounting Principles
AC82: Electronic Spreadsheet Applications for Accounting
D. External Jurisdiction: None
VI. MAJOR TOPICS REQUIRED (50 Hours)
A. THE ACCOUNTING CYCLE (18.5 HOURS)
Introduction to financial transactions, financial statements and
double entry accounting. Adjusting the accounts for accruals and
deferrals, closing the accounts and completion of the accounting
cycle.
B. MERCHANDISING OPERATIONS (11.5 HOURS)
Recording purchases and sales of inventory under the perpetual
System. Inventory cost flow assumptions and the affect on financial
Statements. Use of subsidiary ledgers.
C. ACCOUNTING FOR ASSETS (11.5 HOURS)
1. Internal control and cash. Bank reconciliations.
2. Accounts receivable and the allowance for bad debts. Notes
receivable and accrued interest calculations.
3. Plant assets, depreciation and disposal. Intangible assets
and amortization.
D. CURRENT LIABILITIES AND PAYROLLS (3.5 HOURS)
E. EVALUATION OF STUDENT PERFORMANCE (5 HOURS)
It is strongly suggested that there be at least three (3) full period examinations (or the equivalent in distance education sections) and
three (3) computer projects. The examinations could include short answers, journal entries, financial statement preparations and essay
questions.
The Business Administration and Accounting Department endorses the college’s “Writing to Learn” initiative and strongly recommends that a writing component be included in all business and accounting courses.
