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ACT 145: Basic Accounting Procedures - Course Outline and Objectives, Study notes of Financial Accounting

Jefferson State Community CollegeFinancial Accounting

An outline and objectives for act 145, a 3-semester-hour course focusing on basic bookkeeping procedures and elementary accounting principles. Students will learn to use accounting as an information system, process transactions, prepare financial statements, and understand adjusting entries and the accounting cycle for both service and merchandising businesses. The course covers topics such as identifying uses of accounting information, chart of accounts, debits and credits, and special journals.

Typology: Study notes

Pre 2010

Uploaded on 08/19/2009

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Date Adopted:
Date Reviewed: January 2008
Date Revised: January 2008
ACT 145 - Basic Accounting Procedures
I. ACT 145 - Basic Accounting Procedures – 3 Semester Hours
II. Course Description
This course focuses on basic bookkeeping procedures and elementary accounting principles.
Emphasis is on analyzing and recording financial transactions, classifying and summarizing data, and
preparing financial statements. Upon completion of this course, the student will be able to apply
basic bookkeeping procedures and elementary accounting principles.
III. Prerequisite
None
IV. Textbook
Textbook: College Accounting current edition
Publisher: McGraw-Hill Publishing
Authors: Price, Haddock, Brock
V. Course Objectives
The student will:
1. learn to use accounting as an information.
2. learn to process business transactions.
3. learn to prepare adjusting entries.
4. learn the steps in completing the accounting cycle for a service type business.
5. learn the steps in the accounting cycle for a merchandising business.
6. learn how to use special journals.
VI. Course Outline of Topics
The student will learn to use accounting as an information system.
a) identify the uses of accounting information.
b) identify generally accepted accounting principles.
c) discuss the importance of ethics in accounting.
d) define the business entity concept and compare the different types of business
ownership.
e) construct the accounting equation and define assets, liabilities, and owner
equity.
f) analyze business transactions using the accounting equation.
g) prepare simple versions of the income statement, statement of change in
owner equity, and the balance sheet.
The student will learn to process business transactions.
a) identify commonly used accounts and describe a chart of accounts.
b) learn the rules for the use of debits and credits.
c) analyze transactions using debits and credits in accounts.
d) describe the function of a general ledger and the information contained in the
ledger accounts.
e) learn the purpose of a general journal and record transactions into the journal.
f) learn the steps used to post transactions from the general journal to the general
ledger.
g) learn the purpose of the trial balance and prepare a trial balance.
pf3

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Date Adopted: Date Reviewed: January 2008 Date Revised: January 2008 ACT 145 - Basic Accounting Procedures I. ACT 145 - Basic Accounting Procedures – 3 Semester Hours II. Course Description This course focuses on basic bookkeeping procedures and elementary accounting principles. Emphasis is on analyzing and recording financial transactions, classifying and summarizing data, and preparing financial statements. Upon completion of this course, the student will be able to apply basic bookkeeping procedures and elementary accounting principles. III. Prerequisite None IV. Textbook Textbook: College Accounting current edition Publisher: McGraw-Hill Publishing Authors: Price, Haddock, Brock V. Course Objectives The student will:

  1. learn to use accounting as an information.
  2. learn to process business transactions.
  3. learn to prepare adjusting entries.
  4. learn the steps in completing the accounting cycle for a service type business.
  5. learn the steps in the accounting cycle for a merchandising business.
  6. learn how to use special journals. VI. Course Outline of Topics The student will learn to use accounting as an information system. a) identify the uses of accounting information. b) identify generally accepted accounting principles. c) discuss the importance of ethics in accounting. d) define the business entity concept and compare the different types of business ownership. e) construct the accounting equation and define assets, liabilities, and owner equity. f) analyze business transactions using the accounting equation. g) prepare simple versions of the income statement, statement of change in owner equity, and the balance sheet. The student will learn to process business transactions. a) identify commonly used accounts and describe a chart of accounts. b) learn the rules for the use of debits and credits. c) analyze transactions using debits and credits in accounts. d) describe the function of a general ledger and the information contained in the ledger accounts. e) learn the purpose of a general journal and record transactions into the journal. f) learn the steps used to post transactions from the general journal to the general ledger. g) learn the purpose of the trial balance and prepare a trial balance.

h) using the trial balance, will prepare a simple income statement, statement of change in owner equity, and balance sheet. The student will learn to prepare adjusting entries. a) discuss the period concept and describe the differences in the cash and accrual basis of accounting. b) describe and perform adjusting entries for prepaid expenses. c) describe and perform adjusting entries for accrued expenses. d) describe and perform adjusting entries for accrued revenue. e) describe and perform adjusting entries for unearned revenue. f) describe the nature of depreciation and record transactions for depreciation expense. g) present depreciable assets and accumulated depreciation in the plant section of the balance sheet. The student will learn the steps in completing the accounting cycle for a service type business. a) gain an understanding of the need for a work sheet and prepare a work sheet. b) using a completed work sheet, the student will prepare the following statements for a service type business:

  1. an income statement
  2. a statement of change in owner equity
  3. a classified balance sheet c) using the work sheet, the student will journalize and post the adjusting entries. d) learn the purpose of closing entries and using the work sheet will journalize and post the closing entries. e) learn the purpose of a post-closing trail balance and using the general ledger accounts will prepare a post-closing trial balance. The student will learn the accounting cycle for a merchandising firm. Analyze, record, and post transactions involving the sale of merchandise for cash and on account. a) analyze, record, and post transactions involving sales returns for cash and on account, and collections from credit customers. b) analyze, record, and post transactions involving the purchase of merchandise for cash and on account. c) analyze, record, and post transactions involving purchase returns for cash and on account, and payments to merchandise creditors. d) determine who is responsible for freight, record and post transactions when the terms are: FOB Factory-Collect and prepaid and FOB destination-collect and Prepaid. e) using a completed work sheet the student will prepare:
  4. a classified income statement
  5. a statement of change in owner equity
  6. a classified balance sheet f) using the work sheet the student will:
  7. journalize and post the adjusting entries
  8. journalize and post the closing entries g) using the general ledger accounts the student will prepare a post-closing trial balance. The student will learn how to use special journals. a) learn to record transactions in a combination journal. b) learn to post transactions from the journal to the general ledger accounts and to the Accounts Receivable and Accounts Payable Subsidiary Ledger. c) learn to record transactions in the following special journals:
  9. Sales
  10. Purchases