791-ACCT-1200 - SYLLABUS PRINCIPLES OF ACCOUNTING I...

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SYLLABUSPRINCIPLES OF ACCOUNTING IACCT-12002011WESTERN NEBRASKA COMMUNITY COLLEGEDIVISION OF BUSINESS ANDOFFICE/INFORMATION TECHNOLOGY
I.CATALOG DESCRIPTION:ACCT-1200Principles of Accounting IPrerequisite: NoneThis course is designed to provide introductory knowledge of accountingprinciples, concepts, and practices.Included topics are the balance sheet, theincome statement, the statement of owner’s equity, statement of cash flows,worksheets, journals, ledgers, controlling accounts, accruals, adjusting andclosing entries, internal control, inventories, fixed and intangible assets,depreciation, liabilities, equity, and financial statement analysis. This courseprovides a foundation for more advanced work in the fields of accounting andbusiness.Also offered online(3/45/0/0/0/3)II.COURSE OBJECTIVES/COMPETENCIES:A. Understand the role of accounting in businessB. Summarize and apply basic financial accounting terms, concepts, andprinciples.[GE Goals: 1 & 2]C. Take a given series of transactions through the accounting cycle [GE Goal: 2]D. Analyze, record, and report transactions for service and merchandisingbusinesses.[GE Goals: 1 & 2]E. Prepare and analyze financial statements. [GE Goals: 1 & 2]F. Demonstrate the ability to apply the study skills necessary for success incollege. [GE Goal: 5]G. Demonstrate the ability to work in a cooperative learning environment. [GEGoal: 5]III.INSTRUCTIONAL MATERIALS:A. Text:1. Accounting Principles, 23rd Edition; Warren, Reeve, Duchac;Southwestern Publishing. (Chapters 1-11, 13, and Appendix B)2. Working papers3. Internet, textbook website (student resources), and WebCT
PRINCIPLES OF ACCOUNTING IACCT-12002B. Supplementary materials:1. Display materials, PowerPoint materials, internet, library materials andhandouts supplied by instructorIV.COURSE OUTLINE:A. Introduction to Accounting and Business1. The nature of a business2. The role of accounting in business3. Business ethics and ethical conduct4. The profession of accounting5. Accounting principles and practices6. The accounting equation and elements of the equation7. Business transactions8. Financial statementsB. Analyzing and Recording Transactions1. Characteristics of an account2. Chart of accounts3. Normal balances of accounts4. Rules of debit and credit5. Analyzing and recording transactions6. Preparing a trial balance7. The usefulness and limitations of a trial balance8. Discovering and correcting errors in recording transactionsC. The Matching Concept and the Adjusting Process1. The matching concept2. Accrual basis of accounting
PRINCIPLES OF ACCOUNTING IACCT-120033. The adjusting process and adjusting entriesD. Completing the Accounting Cycle1. Preparing a worksheet

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Term
Spring
Professor
MAria
Tags
Balance Sheet, general education goals

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