Course Outcome Summary

Transcription

1 1 of 8 Wisconsin Indianhead Technical College Course Outcome Summary Course Information Alternate Title Description Instructional Level Total Credits 4.00 Total Hours previously Financial Accounting I Complete accounting cycle, special journals, payroll tax principles, special procedures, and financial statements. Accounting applications through practice set approach. Associate Degree Types of Instruction Instruction Type Credits/Hours Presentation (Lecture/Demonstration/Discussion) 3/48 Lab and/or Shop Experience 1/32 Course History Revised By Andrea Schullo (andrea.schullo) Purpose/Goals The student will have a clear understanding of the accounting process, the accounting cycle, the accounting equation, and how financial statements report the condition of a business. Be prepared for Accounting II. Collegewide Outcomes 1. Apply Mathematics Summative 1.1. Performance Demonstration 1.1. Select/Devise a strategy for solving 1.2. Extract relevant numerical data from problems 1.3. Apply the strategy 1.4. Communicate the results 2. Communicate Effectively Summative

2 2.1. Oral Presentation 2.2. Written Product 2.1. Read for information gathering, appreciation, and enjoyment 2.2. Write clearly, concisely, and accurately in a variety of contexts and formats 2.3. Speak clearly, concisely, and accurately in a variety of contexts and formats 2.4. Practice active listening 3. Demonstrate Critical Thinking Skills Summative 3.1. Performance Demonstration 3.1. Analyze Situations 3.2. Evaluate Assumptions 3.3. Design Solutions 4. Interact Socially Summative 4.1. Performance Demonstration 4.1. Demonstrate respectful behavior toward individuals with different opinions and ideas 4.2. Demonstrate constructive feedback skills 4.3. Function effectively as part of a team 4.4. Resolve interpersonal conflicts effectively 5. Use Science/Technology Summative 5.1. Performance Demonstration 5.1. Apply scientific concepts or current technology to solve problems 5.2. Demonstrate a working knowledge of modern technology as it applies to your program of study Program Outcomes 1. Process financial transactions throughout the accounting cycle Type TSA Summative 1.1. Accounting Project or Case Study 1.1. journalize in accordance with current accounting standards 1.2. post to the ledger(s) 1.3. prepare adjusting entries 1.4. complete closing procedures 1.5. prepare financial statements and reports accurately to represent an organization s financial position in accordance with current accounting standards 1.6. use current technology to process and report financial transactions 1.7. adhere to internal controls 1.8. identify ethical considerations for processing financial transactions 2. Analyze basic financial and business information to support planning and decision-making

3 3 of 8 Type TSA Summative 2.1. Accounting Project or Case Study 2.1. analysis is based on research that identifies relevant information 2.2. analysis presents business concerns 2.3. effectively communicate financial and business information 2.4. adhere to internal controls 2.5. identify ethical considerations for analyzing financial and business information 2.6. use current technology to collect, process, and report data and analyses 3. Perform payroll preparation, reporting, and analysis tasks Type TSA Summative 3.1. Accounting Project or Case Study 3.1. prepare payroll forms and reports which adhere to state and federal laws and regulations 3.2. maintain payroll records 3.3. prepare payroll tax deposits 3.4. record payroll transactions 3.5. use current technology to process payroll Course Competencies 1. Examine the basics of accounting and business 1.1. in a written, oral, or multimedia presentation 1.2. on an exam - Performance will be satisfactory when: 1.1. you explain how different types of businesses use accounting 1.2. you explain the importance of ethical behavior in business and accounting 1.3. you explain the business entity concept 1.4. you explain the cost concept 1.5. you utilize the accounting equation 1.6. you describe an income statement 1.7. you describe a statement of owner's equity 1.8. you identify the components of a balance sheet 1.9. you describe statements of cash flows you explain the interrelationships among financial statements 1.a. Examine the role of accounting in various types of businesses 1.b. Discuss the role of ethics in accounting and business 1.c. Explain generally accepted accounting principles 1.d. Demonstrate the accounting equation 1.e. Examine types of financial statements 1.f. Define the elements of change in equity 2. Use a numeric ten-key pad

4 2.1. on a hands-on test 2.2. using software provided by instructor Your performance will be successful when: 2.1. you key between digits per minute (CDPM) 2.2. you keys digits per minute with no errors 2.a. Demonstrate proper hand (finger) placement 2.b. Explain proper fingering for each row 2.c. Explain proper fingering for each column 2.d. Practice all rows/columns for speed 3. Analyze transactions 3.1. in a written, oral, or multimedia presentation 3.2. on an exam - Performance will be satisfactory when: 3.1. you create a chart of accounts 3.2. you explain balance sheet accounts in a double-entry accounting system 3.3. you explain income statement accounts in a double-entry accounting system 3.4. you explain owner withdrawals in a double-entry accounting system 3.5. you describe normal balances in a double-entry accounting system 3.6. you describe journalizing in a double-entry accounting system 3.7. you post journal entries to accounts accurately 3.8. you explain errors affecting and not affecting the trial balance 3.a. Examine the use of accounts to record transactions 3.b. Explain the double-entry accounting system 3.c. Demonstrate posting journal entries to accounts 3.d. Differentiate between the classification of balance sheet and income statement general ledger accounts 3.e. Explain trial balance 4. Examine the adjusting process 4.1. in a written, oral, or multimedia presentation 4.2. on an exam - Performance will be satisfactory when: 4.1. you describe the types of accounts requiring adjustment 4.2. you record adjusting entries for prepaid expenses 4.3. you record adjusting entries for unearned revenues 4.4. you record adjusting entries for accrued revenues 4.5. you record adjusting entries for accrued expenses 4.6. you record adjusting entries for depreciation 4.7. you explain adjusted trial balance 4.a. Explain the matching concept 4.b. Explain the adjusting process

5 4.c. Explain the content of an adjusting entry 4.d. Demonstrate how to record adjusting entries 4.e. Explain the adjusted trial balance 5. Analyze the accounting cycle 5.1. in a written, oral, or multimedia presentation 5.2. on an exam 5.3. by completing an end-of-period worksheet - Performance will be satisfactory when: 5.1. you explain the flow of accounting information 5.2. you complete income statements 5.3. you complete statements of owner's equity 5.4. you complete balance sheets 5.5. you journalize and post closing entries 5.6. you post closing trial balances 5.7. you demonstrate the steps of the accounting cycle 5.8. you complete an end-of-period spreadsheet 5.a. Describe the flow of accounting information 5.b. Examine financial statements 5.c. Explain closing entries 5.d. Illustrate the accounting cycle 5.e. Explain fiscal year 5.f. Examine end-of-period worksheet 6. Examine accounting systems with the use of special journals Domain Cognitive Level Knowledge 6.1. in a written, oral, or multimedia presentation 6.2. on an exam 6.3. by creating special journals - Performance will be satisfactory when: 6.1. you explain controlling accounts and related subsidiary ledgers 6.2. you compare and contrast different accounting systems using special journals 6.3. you explain the components of manual accounting systems 6.4. you explain the components of computerized accounting systems 6.5. you identify the challenges and opportunities of accounting in e-commerce 6.a. Explain basic accounting systems 6.b. Examine manual accounting systems 6.c. Explain controlling accounts and related subsidiary ledgers 6.d. Produce accounting records through the use of special journals 6.e. Examine computerized accounting systems 6.f. Discuss the role of accounting in e-commerce 7. Explore accounting for merchandising businesses Domain Cognitive Level Analysis 7.1. in a written, oral, or multimedia presentation

6 7.2. on an exam 7.3. by compiling inventory records and valuation using a perpetual or periodic inventory system - Performance will be satisfactory when: 7.1. you complete a multiple-step income statement for a merchandising business 7.2. you complete a single-step income statement for a merchandising business 7.3. you demonstrate the difference between a multi-step and single-step income statement for a merchandising business 7.4. you complete a statement of owner's equity for a merchandising business 7.5. you complete a balance sheet for a merchandising business 7.6. you compare and contrast the chart of account content between a periodic and perpetual inventory system 7.7. you complete sales transactions for a merchandising business 7.8. you complete purchase transactions for a merchandising business 7.9. you complete freight, sales taxes, and trade discounts for a merchandising business you complete purchases, purchase discounts, and purchase returns and allowances for a merchandising business you explain the dual nature of merchandise transactions you complete adjusting entries for inventory shrinkage you complete adjusting entries for a merchandising business you compare advantages and disadvantages of manual versus computerized accounting systems for merchandisers you complete cost of merchandise sold using the periodic/perpetual inventory system you complete a chart of accounts under the periodic/perpetual inventory system you record merchandise transactions under the periodic/perpetual inventory system you complete the adjusting process under the periodic/perpetual inventory system you complete financial statements under the periodic/perpetual inventory system you complete closing entries under the periodic/perpetual inventory system 7.a. Review merchandising businesses 7.b. Examine financial statements for a merchandising business 7.c. Explain types of merchandising transactions using periodic/perpetual inventory systems 7.d. Explain the adjusting and closing process for merchandising transactions using periodic/perpetual inventory systems 7.e. Explore manual and computerized accounting systems for merchandisers 7.f. Compare and contrast the periodic and perpetual inventory systems 8. Examine accounting for cash 8.1. in a written, oral, or multimedia presentation 8.2. on an exam - Performance will be satisfactory when: 8.1. you explain the objectives of internal control 8.2. you describe the elements of internal control 8.3. you describe the control environment 8.4. you explain risk assessment 8.5. you explain control procedures 8.6. you explain monitoring 8.7. you describe the elements of cash on hand 8.8. you explain information and communication 8.9. you explain the limitations of internal control you explain control of cash receipts you explain control of cash payments

7 8.12. you describe the parts and functions of a bank statement you explain how a bank statement is used as a control over cash you explain bank reconciliation you complete a bank reconciliation you describe special-purpose cash funds you complete a special-purpose cash fund reconcilitaion you explain the financial reporting of cash 8.a. Examine internal control 8.b. Explain cash controls over receipts and payments 8.c. Examine bank accounts 8.d. Explain bank reconciliation 8.e. Discuss special-purpose cash funds 8.f. Explain the components and analysis of financial statement reporting of cash 9. Explore receivables Domain Cognitive Level Analysis 9.1. in a written, oral, or multimedia presentation 9.2. on an exam - Performance will be satisfactory when: 9.1. you differentiate between different types of receivables 9.2. you explain the direct write-off method for uncollectable accounts 9.3. you explain the difference between direct write-off and allowance methods 9.4. you complete write-offs to the allowance account 9.5. you estimate uncollectables using multiple approaches 9.6. you describe the characteristics of notes receivable 9.7. you complete accounting for notes receivable 9.8. you complete accounting for discounted notes 9.9. you report receivables on a balance sheet 9.a. Classify types of receivables 9.b. Define uncollectable accounts 9.c. Discuss direct write-off method for uncollectable accounts 9.d. Compare and contrast allowance methods for uncollectable accounts 9.e. Compare direct write-off and allowance methods 9.f. Explain notes receivables 9.g. Demonstrate how to report receivables on the balance sheet 9.h. Explain analysis calculations related to receivables 10. Explore current liabilities and payroll Domain Cognitive Level Analysis in a written, oral, or multimedia presentation on an exam - Performance will be satisfactory when: you define accounts payable you explain current portion of long-term debt you explain short-term notes payable you explain liability for employee earnings you calculate emplyee gross pay you calculate deductions from employee earnings

8 10.7. you compute employee net pay you describe payroll register you complete the calcuations of a payroll register and related journal entries you explain and journalize liability for employer's payroll taxes you explain employee's earnings record you explain a W2 and a W you explain payroll checks you explain payroll system diagram you explain internal controls for payroll systems you explain the components of employees' fringe benefits you calculate and journalize vacation pay you explain, calculate, and journalize different types of pensions you calculate and journalize post-retirement benefits you present current liabilities on the balance sheet you explain probable, possible, and remote contingent liabilities you calculate financial ratios related to current assets and current liabilities 10.a. Examine current liabilities for business operations, financing, and payroll 10.b. Examine payroll and payroll taxes 10.c. Examine payroll forms 10.d. Examine accounting systems for payroll and payroll taxes 10.e. Examine employees' fringe benefits 10.f. Examine contingent liabilities 10.g. Demonstrate analysis calculations related to current assets and current liabilities Course Learning Plans and Performance Assessment Tasks Type Title Source Status PAT (No Title) Course Active LP Learning Plan 1 Course Active LP Learning Plan 2 Course Active