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Apr 18, 2024
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ACC 102 - Workplace Accounting
Course Department: Business
Last Date of Approval: Fall 2022
3 Credits
Total Lecture Hours: 45
Total Lab Hours: 0
Total Clinical Hours: 0
Total Work-Based Experience Hours: 0
Course Description:
This course serves as an introduction to accounting that is used directly in the operation of small businesses. The difference between business structures will be covered as well as applying the accounting cycle, payroll, tax, and business law accordingly.
Prerequisites/Corequisites: None
Mode(s) of Instruction: Traditional/Face-to-Face
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:
- Understand business ownership structures and choose one according to the owner’s needs
- Differentiate between a sole proprietorship, partnership, LLC, and corporation
- Understand basic tax implications according to each business structure
- Conceptualize accounting as an information cycle
- Record business transactions by journalizing, posting to the ledger, and completing adjusting and closing entries.
- Prepare then analyze performance in the income statement, statement of owner’s equity, and balance sheet.
- Account for payroll, cash and internal control
- Understand and record payroll transactions according to Federal laws
- Calculate employees’ payroll and the employer’s payroll tax liabilities
- Calculate state and federal taxes for payroll, income tax, and sales tax then pay by appropriate due dates
- Complete a bank reconciliation by hand and in computerized software.
- Utilize accounting computer software
- Demonstrate the ability to prepare and navigate an Excel spreadsheet
- Create a workbook to enter financial data
- Enter accounting transactions into a computerized accounting information system
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