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

SYLLABUS
PRINCIPLES OF ACCOUNTING I
ACCT-1200
2011
WESTERN NEBRASKA COMMUNITY COLLEGE
DIVISION OF BUSINESS AND
OFFICE/INFORMATION TECHNOLOGY

I. CATALOG DESCRIPTION:
ACCT-1200
Principles of Accounting I
Prerequisite: None
This course is designed to provide introductory knowledge of accounting
principles, concepts, and practices. Included topics are the balance sheet, the
income statement, the statement of owner’s equity, statement of cash flows,
worksheets, journals, ledgers, controlling accounts, accruals, adjusting and
closing entries, internal control, inventories, fixed and intangible assets,
depreciation, liabilities, equity, and financial statement analysis. This course
provides a foundation for more advanced work in the fields of accounting and
business. Also offered online
(3/45/0/0/0/3)
II. COURSE OBJECTIVES/COMPETENCIES:
A. Understand the role of accounting in business
B. Summarize and apply basic financial accounting terms, concepts, and
principles. [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 merchandising
businesses. [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 in
college. [GE Goal: 5]
G. Demonstrate the ability to work in a cooperative learning environment. [GE
Goal: 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 papers
3. Internet, textbook website (student resources), and WebCT

PRINCIPLES OF ACCOUNTING I
ACCT-1200
2
B. Supplementary materials:
1. Display materials, PowerPoint materials, internet, library materials and
handouts supplied by instructor
IV. COURSE OUTLINE:
A. Introduction to Accounting and Business
1. The nature of a business
2. The role of accounting in business
3. Business ethics and ethical conduct
4. The profession of accounting
5. Accounting principles and practices
6. The accounting equation and elements of the equation
7. Business transactions
8. Financial statements
B. Analyzing and Recording Transactions
1. Characteristics of an account
2. Chart of accounts
3. Normal balances of accounts
4. Rules of debit and credit
5. Analyzing and recording transactions
6. Preparing a trial balance
7. The usefulness and limitations of a trial balance
8. Discovering and correcting errors in recording transactions
C. The Matching Concept and the Adjusting Process
1. The matching concept
2. Accrual basis of accounting

PRINCIPLES OF ACCOUNTING I
ACCT-1200
3
3. The adjusting process and adjusting entries
D. Completing the Accounting Cycle
1. Preparing a worksheet