Accounting I/DMACC ACC 111

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1 Accounting I/DMACC ACC 111 Accounting is the study of the accounting cycle for both a sole proprietorship and a partnership. The learner is expected to complete an accounting packet covering the whole accounting cycle for both a sole proprietorship and a partnership. Students will complete weekly assignments as listed below. Students will be assessed on homework, exams and final projects for both a sole proprietorship and a partnership. This course is being offered for 3 college credits through DMACC. DMACC competencies for ACC 111 will be covered. There will be 1 high school credit given for this course in addition to the 3 DMACC credits. DMACC COMPENTENCIES During this course, the student will be expected to: 1. Discuss basic accounting concepts and procedures. 1.1 Describe the functions of accounting. 1.2 Record transactions in the basic accounting equation. 1.3 Expand the basic accounting equation using revenue, expense, and withdrawal transactions. 1.4 Analyze simple accounting transactions as to their effect on the basic accounting equation. 1.5 Prepare simplified financial statements. 1.6 Define basic accounting terms, concepts and principles. 2. Perform basic accounting transactions. 2.1 Develop a chart of accounts. 2.2 Record transactions in T-account utilizing the rules of debit and credit. 2.3 Prepare a simple trial balance. 2.4 Prepare financial statements from a trial balance. 2.5 Identify the normal balance of an account. 3. Record transaction in general journal. 3.1 Analyze transactions. 3.2 Record transactions in general journal format. 3.3 Post journal entries to general ledger. 3.5 Determine the cause of errors in the trial balance. 3.6 Correct the errors found in the accounts. 4. Complete the accounting cycle. 4.1 Prepare a work sheet for a service business. 4.2 Determine adjustments required to correct the accounts. 4.3 Prepare an income statement from a completed worksheet. 4.4 Prepare a statement of owner's equity from a completed worksheet.

2 4.5 Prepare a balance sheet for a service company. 4.6 Record the adjustments in the general ledger. 4.7 Record the closing entries in the general ledger. 4.8 Prepare a post-closing trial balance. 5. Control cash. 5.1 Demonstrate proper checking procedures. 5.2 Reconcile a bank statement. 5.3 Journalize adjustments to the cash account as indicated in the bank reconciliation. 5.4 Establish a petty cash fund and change fund. 5.5 Replenish a petty cash fund. 5.6 Revise the balance of the petty cash fund. 5.7 Handle transactions involving cash short and over. 5.8 List standard internal control procedures and policies for cash. 6. Prepare payroll records. 6.1 Calculate total earnings based on hourly and piece rate. 6.2 Calculate overtime pay. 6.3 Calculate FICA deductions for Social Security and Medicare, and Federal Income Tax withholding. 6.4 Prepare a payroll register. 6.5 Journalize and post the payroll entry from data recorded in the payroll register. 6.6 Record the payment of payroll in the cash payments journal. 6.7 Record the payment of payroll in the cash payments journal. 6.8 Discuss the application of various labor laws required for payroll accounting. 6.9 Calculate and journalize the employer's payroll tax expenses Demonstrate understanding of Employer s Quarterly Federal Tax Return (Form 941 and 8109) Identify information for Forms W-2, W-3, 940, 1099, 1096, I-9, and W Estimate Worker s Compensation Insurance premiums. 7. Record cash and credit sales, purchases and utilize special journals. 7.1 Journalize and post sales for cash and on account. 7.2 Demonstrate understanding of cash receipts, journal and sales journal. 7.3 Record credit memos in the general ledger. 7.4 Maintain balance in accounts receivable ledger. 7.5 Journalize purchase transactions. 7.6 Maintain balance in accounts payable subsidiary ledger. 7.7 Demonstrate understanding of purchases journal and cash payments journal. 7.8 Record debit memos in the general journal. 7.9 Prepare a schedule of accounts payable and schedule of accounts receivable Calculate cost of goods sold.

3 The following coursework will be given and will go along with DMACC s competencies. Chapter 1 Required: Applications 1.1, 1.2, 1.3, Mastery 1.4, Challenge 1.5, Critical Thinking, Chapter 1 Study Guide, Optional: Recycling 1.1 Chapter 2 Required: Applications 2.1, 2.2, 2.3, 2.4, Mastery 2.5, Challenge 2.6, Critical Thinking, Chapter 2 Study Guide, Optional: Recycling 2.1 Chapter 3 Required: Applications 3.1, 3.2, 3.3, 3.4, 3.5, Mastery 3.6, Challenge 3.7, Critical Thinking, Chapter 3 Study Guide Optional: Recycling 3.1 Chapter 4 Required: Applications 4.1, 4.2, 4.3, 4.4, Mastery 4.5, Challenge 4.6, Critical Thinking, Chapter 4 Study Guide Optional: Recycling 4.1 Chapter 5 Required: Applications 5.1, 5.2, 5.3, 5.4, Mastery 5.5, Challenge 5.6, Critical Thinking, Chapter 5 Study Guide Optional: Recycling 5.1 Required: Reinforcement Activity 1A Chapter 6 Required: Applications 6.1, 6.2, 6.3, 6.4, Mastery 6.5, Challenge 6.6, Critical Thinking, Chapter 6 Study Guide Optional: Recycling 6.1 Chapter 7 Required: Applications 7.1, 7.2, Mastery 7.3, Challenge 7.4, Critical Thinking, Chapter 7 Study Guide Optional: Recycling 7.1 Chapter 8 Required: Applications 8.1, 8.2, 8.3, Mastery 8.4, Challenge 8.5, Critical Thinking, Chapter 8 Study Guide Optional: Recycling 8.1 Required: Reinforcement Activity 1B Required: Rico Sanchez Disc Jockey Simulation

4 Chapter 9 Required: Applications 9.1, 9.2, 9.3, 9-4, 9-5, Mastery 9.6, Challenge 9.7, Critical Thinking, Chapter 9 Study Guide Optional: Recycling 9.1 Chapter 10 Required: Applications 10.1, 10.2, 10.3, Mastery 10.4, Challenge 10.5, Critical Thinking, Chapter 10 Study Guide Optional: Recycling 10.1 Chapter 11 Required: Applications 11.1, 11.2, 11.3, 11.4, 11.5, Mastery 11.6, Challenge 11.7, Critical Thinking, Chapter 11 Study Guide Optional: Recycling 11.1 Chapter 12 Required: Applications 12.1, 12.2, 12.3, 12.4, 12.5, Mastery 12.6, Challenge 12.7, Critical Thinking, Chapter 12 Study Guide Optional: Recycling 12.1 Chapter 13 Required: Applications 13.1, 13.2, 13.3, 13.4, Mastery 13.5, Challenge 13.6, Critical Thinking, Chapter 13 Study Guide Optional: Recycling 13.1 Required: Reinforcement Activity 2A Chapter 14 Required: Applications 14.1, 14.2, 14.3, 14.4, 14.5, 14.6, Mastery 14.7, Challenge 14.7, Critical Thinking, Chapter 14 Study Guide Optional: Recycling 14.1 Chapter 15 Required: Applications 15.1, 15.2, 15.3, 15.4, Mastery 15.5, Challenge 15.6, Critical Thinking, Chapter 15 Study Guide Optional: Recycling 15.1 Chapter 16 Required: Applications 16.1, 16.2, 16.3, 16.4, Mastery 16.5, Challenge 16.6, Critical Thinking, Chapter 16 Study Guide Optional: Recycling 16.1 Required: Reinforcement Activity 2B Required: Unique Global Imports Simulation

5 Grading Scale: A B C D F 0-59 Textbook information: Century 21 Accounting Multicolumn Journal, Gilbertson, Lehman, 2009

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