ACC 111 - Introduction to Accounting
Last Date of Approval: Fall 2019
Total Lecture Hours: 45
Total Lab Hours: 0
Total Clinical Hours: 0
Total Work-Based Experience Hours: 0
Students will receive instruction in analyzing and recording various business transactions and in completing the accounting cycle by journalizing, posting, preparing worksheets, making adjusting and closing entries, and preparing financial statements for service and merchandising businesses. Instruction will be provided for accounting for cash by using a petty cash fund, reconciling a bank statement, and utilizing the cash short and over account; calculating and journalizing employees payroll; and calculating and journalizing employer payroll taxes. No previous accounting instruction is necessary.
Mode(s) of Instruction: traditional/face-to-face, and/or online
Credit for Prior Learning: There are no Credit for Prior Learning opportunities for this course.
Course Fees: None
Common Course Assessment(s): None
Student Learning Outcomes and Objectives:
1. Conceptualize accounting as an information cycle.
a. Describe the foundation for accounting for different types of business entities.
b. Apply the financial effects of business transactions
2. Differentiate accounting for merchandising from the buyer and seller perspectives.
a. Account for sales transactions.
b. Account for purchases transactions.
c. Account for inventory using various cost methods.
3. Describe the importance of controlling cash.
a. Recognize effective internal control over cash.
b. Reconcile cash to the bank statement.
4. Account for payroll.
a. Calculate employees' payroll.
b. Calculate the employer's payroll tax liabilities.
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