Course
Prefix/Number: ACCT 108
Title: College
Accounting
Division: Applied
Science Division
Program: Accounting
Revision Date: Spring
2008
Academic
x Vocational
Basic
accounting principles and procedures, the accounting cycle, and the records
necessary in maintaining an accounting system for a small business organized as
a sole proprietorship are surveyed in this course. The course is an introductory course with no
prerequisite. The course is not
equivalent to ACCT 201 Financial Accounting and does not prepare the student
for ACCT 202 Managerial Accounting.
None
Paradigm
College Accounting, Chapters 1-12, Fourth Edition Revised; Dansby,
Kaliski, and Lawrence; Paradigm Publishing, Inc., 2004.
Study Guide
and Working Papers that correlate with the text.
At the end
of this course, a student should be able to do the following:
Outcome
1: Explain
the nature and importance of accounting.
Competencies:
1. Define accounting and related terms.
2. Explain who uses accounting
information.
3.
Identify three forms of business organization.
4.
Explain the purpose of accounting (Work Place Skill)
5.
Define assets, liabilities, and capital. (Work Place
Skill
Outcome 2: Use a double entry accounting system.
Competencies:
1. State the accounting equation.
2.
Record business transactions in equation form.
3.
Classify accounts according to type, normal balance, and
financial statement.
4.
Explain the rules of debit and credit.
5.
Record business transactions in T-accounts.
6.
Prepare a trial balance.
Outcome 3: List and perform the steps in the
accounting cycle. (Work Place Skill)
Competencies:
1.
Record transactions in a journal.
2.
Use a chart of accounts.
3.
Post from the journal to the ledger accounts.
4.
Prepare adjusting entries for supplies used, expired
insurance, depreciation, and unpaid wages.
5.
Prepare monthly financial reports, including a basic
income statement, statement of owner’s equity, and balance sheet. (Work
Place Skill)
6.
Explain the purpose of the closing process.
7.
Journalize closing entries.
8.
Explain a post-closing trial balance.
Outcome 4: Identify basic procedures for accounting
for cash.
Competencies:
1.
Describe
basic petty cash procedures.
2.
Prepare a bank reconciliation.
3.
Identify basic internal control procedures over cash.
Outcome 5: Apply basic accounting procedures for a
merchandising business.
Competencies:
1.
Record purchases, sales, cash payments, and cash
receipts for a merchandising business.
2.
Record sales returns and allowances and sales discounts.
3.
Record purchase returns and allowances and purchase
discounts.
4.
Use a periodic inventory system and make adjustments for
merchandise inventory.
5.
Explain a schedule of accounts receivable and a schedule
of accounts payable.
6.
Compute net sales.
7.
Compute cost of goods sold.
8.
Compute gross margin.
I. Introduction
A. Accounting
as a Profession
B. Accounting
Concepts and Principles
II. The
Nature of Accounting
A. Users
of Accounting Information
B. Forms
of Business Organization
C. The
Elements of Accounting
D. Business
Transactions and The Accounting Equation
E. Financial
Statements
III. Recording
Business Transactions
A. The
T-Account
B. Debits
and Credits
C. The
Trial Balance
IV. The
Accounting Cycle for a Service Business
A. Journalizing
B. Posting
C. Adjusting
Entries
D. Financial
Statements
E. Closing
Entries
F. Post-Closing
Trial Balance
V. Cash
and the Combined Journal
VI. The
Accounting Cycle for a Merchandising Business
A. Purchases
and Cash Payments
1. The Purchases Journal
2. The Cash Payments Journal
3. The Accounts Payable Ledger
B. Sales
and Cash Receipts
1. The Sales Journal
2. The Cash Receipts Journal
3. The Accounts Receivable Ledger
C. Adjusting
Entries
D. Financial
Statements
E. Closing
Entries
INSTRUCTIONAL
METHODS
1. Review of
the chapters.
2. Assignment
and review of problems at the end of each chapter.
3. Group
exercises and/or discussions.
The grading scale is as follows:
90% ‑ 100% = A
80%
‑ 89% = B
70% ‑ 79% = C
60% ‑ 69% = D
Under 60% = F
Absences that occur due to students participating in official
college activities are excused except in those cases where outside bodies, such
as the State Board of Nursing, have requirements for minimum class minutes for
each student. Students who are excused will be given reasonable opportunity to
make up any missed work or receive substitute assignments from the instructor
and should not be penalized for the absence.
Proper procedure should be followed in notifying faculty in advance of
the student’s planned participation in the event. Ultimately it is the student’s responsibility
to notify the instructor in advance of the planned absence.
Unless students are participating in a school activity or are excused
by the instructor, they are expected to attend class. If a student’s absences exceed one-hundred
(100) minutes per credit hour for the course or, in the case of
on-line or other non-traditional courses, the student is inactive for
one-eighth of the total course duration, the instructor has the right, but is
not required, to withdraw a student from the course. Once the student has been dropped for
excessive absences, the registrar’s office will send a letter to the student,
stating that he or she has been dropped.
A student may petition the chief academic officer for reinstatement by
submitting a letter stating valid reasons for the absences within one week of
the registrar’s notification. If the
student is reinstated into the class, the instructor and the registrar will be
notified.
Academic
Integrity
NCCC expects every student to
demonstrate ethical behavior with regard to academic pursuits. Academic integrity in coursework is a
specific requirement. Definitions,
examples, and possible consequences for violations of Academic Integrity, as
well as the appeals process, can be found in the College Catalog, Student
Handbook, and/or Code of Student Conduct and Discipline.
Cell
Phone Policy
Student
cell phones and pagers must be turned off during class times. Faculty may
approve an exception for special circumstances.
Pre‑assessment
ideally begins during the advisement and enrollment process with the advisor
and/or instructor interviewing the student to determine the proper level of
placement. During the first two weeks of
a normal semester, students are observed and/or interviewed and assignments are
examined to determine needed competency development. Post‑assessment to determine gain in
competency will be measured at the end of each unit of study.
This course
is one course from the approved program in Vocational Business/Office
Education. It is taken by students
preparing for accounting or bookkeeping positions, students in transfer
programs with no accounting background preparing for Financial Accounting 109,
small business owners, and other business students.
The
Business/Office Education program maintains a Board of Reference for this
vocational component. The coordinator
communicates with the Board on a regular basis concerning issues or problems
that occur and meets with the group one or two times each year.
NOTE:
Information
and statements in this document are subject to change at the discretion of
NCCC. Changes will be published in
writing and made available to students.
NOTE:
If
you are a student with a disability who may need accommodation(s) under the
Americans with Disabilities Act (ADA), please notify the Director of
Advising and Counseling, Chanute Campus, Student Union, 620-431-2820 ext
280 or the Dean, Ottawa Campus, 785-242-2607 ext 312, as soon
as possible. You will need to bring your
documentation for review in order to determine reasonable accommodations, and
then we can assist you in arranging any necessary accommodations.