Course

Course Summary
Credit Type:
Course
ACE ID:
ECRA-0196
Organization's ID:
BUS101
Organization:
Location:
Classroom-based
Length:
12 weeks (54 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Financial Accounting or Accounting
Description

Objective:

The course objective is to introduce the student to basic accounting principles. The topics covered are financial statement preparation, inventories, receivables, assets and accruals, deferrals, accounting systems and cash control.

Learning Outcomes:

  • Describe the types and forms of businesses, how businesses make money, and business stakeholders
  • Distinguish the activities and financial statements of a service business from those of a merchandising business
  • Name the common classifications of receivables and inventories
  • Describe how depreciation expense is reported on an income statement and prepare a balance sheet that includes fixed assets and intangible assets
  • Define accounting and describe its role in business
  • Discuss basic financial statements and demonstrate how they interrelate
  • Apply basic principles of an accounting system
  • Analyze, record, and summarize accounting for a corporation's operations
  • Examine transactions and prepare financial statements using concepts of accounting
  • Describe and illustrate financial statements of a merchandising business, elements of internal control, and reporting of cash in the financial statements
  • Compare and contrast the use of the three inventory costing methods
  • Define, classify, and account for the cost of fixed assets
  • Compute depreciation using the straight-line and double-declining-balance methods
  • Calculate gross payroll, deductions, and net payroll
  • Prepare payroll tax reports from payroll records

General Topics:

  • Role of accounting in business
  • Basic accounting concepts
  • Accrual accounting concepts
  • Accounting for merchandising businesses
  • Internal control and cash
  • Receivables and inventories
  • Fixed and intangible assets
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Case Studies
  • Classroom Exercise
  • Discussion
  • Learner Presentations
  • Lectures

Methods of Assessment:

  • Examinations
  • Quizzes

Minimum Passing Score:

70%
Supplemental Materials