ACCT 1100 Syllabus

Subject Code

ACCT

Course Number

1100

Course Title

Financial Accounting I

Prerequisites

Diploma-level program admission

Corequisites

Terms Offered

Offered every semester

Credit Hours

(3-2-4)

Course Description

This course introduces the basic financial accounting concepts of the complete accounting cycle and provides students with the necessary skills to maintain a set of books for a sole proprietorship. Topics include accounting vocabulary and concepts, the accounting cycle for a personal service business, the accounting cycle for a merchandising business, inventory, cash control, and receivables. Laboratory work demonstrates theory presented in class.

Course Outcomes

Accounting and the Role of Accounting in Business

  • Identify types of businesses.
  • Discuss the role of accounting in business.
  • Discuss the importance of ethics in accounting and business.
  • Identify real-world opportunities for accounting professionals.

Cash and Internal Controls

  • Define cash.
  • Apply cash and internal controls.
  • Explain a cash transaction's effect on the cash account.
  • Record business transactions involving cash in cash related journals.
  • Prove accuracy of the cash account.
  • Organize a petty cash fund.
  • Administer a checking account.
  • Prepare a bank reconciliation.

Accounting for a Service Business

  • Describe the accounting process.
  • Define accounting terms in the accounting process.
  • Define the accounting elements.
  • Classify business transactions using the accounting equation.
  • Relate the effect of business transactions on the accounting equation.
  • Record business transactions in the journal.
  • Post journal entries to the ledger accounts.
  • Prove the accuracy of the ledger.
  • Prepare a worksheet.
  • Prepare financial statements.
  • Prepare adjusting entries.

Accounting for a Merchandising Business

  • Establish an accounting cycle for a merchandising business.
  • Compute cash discounts.
  • Compute sales tax owed by a business entity.
  • Prepare sales tax returns used in business for reporting and remittance of sales tax.
  • Record business transactions in special journals.
  • Record business transactions in subsidiary ledgers.
  • Prepare schedules of accounts receivables and payables.
  • Determine the need for adjusting entries.
  • Compute adjustments.
  • Record adjusting entries.
  • Prepare a worksheet.
  • Prepare financial statements.
  • Interpret financial statements.
  • Record closings entries.

Inventory Control

  • Characterize the system of inventory used in accounting for a merchandising business.
  • Identify the two principal inventory systems used in business.
  • Complete the cost of inventory using the FIFO, LIFO, weighted average, specific identification, and lower cost of market methods in inventory valuation.
  • Determine ending inventory using the gross profit and simplified retail methods.

Methods of Accounting for Receivables

  • Record losses from uncollectible accounts using the direct write-off method.
  • Record losses from uncollectible accounts using the allowance method based on sales and on accounts receivable.
  • Record the write-off of an account under the direct write-off method.
  • Record the recovery of an account previously written off when the direct allowance method was used.
  • Break down the nature and use of notes receivable and calculate related interest.
  • Prepare a notes receivable register.
  • Record transactions involving notes receivable and prepare a notes receivable register.
  • Record accrued interest receivable at year's end.
  • Record transactions relating to the discounting of notes receivable.
  • Describe the financial statement presentation of both the allowance for uncollectible accounts and the loss from uncollectible accounts.
  • Prepare closing entries.