ACC 125 INTRODUCTION TO ACCOUNTING

Transcription

1 ACC 125 INTRODUCTION TO ACCOUNTING APPROVED 12/02/2011 EFFECTIVE FALL

2 Prefix & Number ACC 125 Course Title: Introduction to Accounting Purpose of this submission: New Change/Updated Retire If this is a change, what is being changed? Update Prefix Course Description (Check all that apply) Title Course Number Format Change Credits Prerequisite Competencies Textbook/Reviewed Competencies-nochanges Software/Equipment Does this course require additional fees? No Yes If so, please explain. Is there a similar course in the course bank? No Yes (Please identify) Articulation: Is this course or an equivalent offered at other two and four-year universities in Arizona? No Yes (Identify the college, subject, prefix, number and title: Maricopa CC ACC 115 Computerized Accounting Coconino CC ACC 206 Computerized Accounting AWC ACC 115 Computerized Accounting Is this course identified as a Writing Across the Curriculum course? No Yes Course Textbook, Materials and Equipment Textbook(s) Current edition Title College Accounting A Practical Approach Chapters 1-12 Author(s) Slater Publisher Pearson ISBN for Fall 2012 ISBN-10: ISBN-13: Software/ Equipment My Accounting Lab software by Pearson Course Assessments Description of Possible Course Assessments (Essays, multiple choice, etc.) Exams standardized for this course? Midterm Final Other (Please specify): Where can faculty members locate or access the required standardized exams for this course? Computer Workshop mini practice sets, quizzes and exams (short essay, multiple choice, T/F) Are exams required by the department? No Yes If Yes, please specify: The ancillaries accompanying the text will have examples of exams or exam questions, and the answers to the 2 mini case problems.

3 Student Outcomes: Identify the general education goals for student learning that is a component of this course. Check all that apply: 1. Communicate effectively. a. Read and comprehend at a college level. b. Write effectively in a college setting. 2. Demonstrate effective quantitative reasoning and problem solving skills. 3. Demonstrate effective qualitative reasoning skills. Method of Assessment Computer Workshop mini practice sets, quizzes and exams (short essay, multiple choice, T/F) 4. Apply effective methods of inquiry. a. Generate research paper by gathering information from varied sources, analyzing data and organizing information into a coherent structure. b. Employ the scientific method. 5. Demonstrate sensitivity to diversity a. Experience the creative products of humanity. b. Describe alternate historical, cultural, global perspectives. Office of Instruction Use only: CIP Code: ONET Code: Minimum Qualifications:

4 COURSE INFORMATION Initiator: Candace Hofstadter, Nancy McClure, Jim Childe Date of proposal to Curriculum Sub-Committee: Nov Effective Semester/Year Fall 2012 Spring Summer Prefix & Number: ACC 125 Full Title: (100 character limit) Introduction to Accounting Short Title: (30 character limit) Catalog Course Description: This course introduces students to accounting concepts and theory for the preparation and analysis of financial information. Content includes financial statement fundamentals, cash, receivables, inventory, payables, long-term assets, long-term debt, stockholders equity, cash flow statements, internal controls, and financial statement analysis. Students will apply their knowledge of the generally accepted accounting principles to the complete accounting cycle through financial statement preparation using electronic accounting software. SUN Course Number: Credit Hours: 4 Lecture Hours: 4 Lab Hours: Prerequisite(s) Appropriate score on assessment test or successful completion of PCS 021, TRE 089 and TRM 090 Co-requisite(s) Intended Course Goals By the end of the semester, students will be able to: 1. Understand and apply basic accounting principles and applications using a hand-generated accounting system for a service business. 2. Understand and apply basic accounting principles and applications using a general ledger software package system for a merchandising business. 3. Understand and apply basic accounting principles and applications using a hand-generated accounting system for a merchandising business. 4. Understand and apply basic accounting principles and applications using a general ledger software package system for a service business.

5 Course Competencies and Objectives By the end of the semester, students will be able to: Competency 1 Prepare transactions, record transactions and prepare financial statements. Objective 1.1 Define and list the functions of accounting. Objective 1.2 Record transaction in the basic and extended accounting equation Objective 1.3 Prepare an income statement, statement of owner s equity and balance sheet. Objective 1.4 Discover how revenue, expenses, and withdrawals expand the basic accounting equation. Competency 2 Demonstrate the use of a chart of accounts and trial balance. Objective 2.1 Set up and organize a chart of accounts. Objective 2.2 Record transactions in T accounts according to the rules of debit and credit. Objective 2.3 Prepare a trial balance. Objective 2.4 Prepare a financial statement from a trial balance. Competency 3 Demonstrate the beginning steps of the accounting cycle. Objective 3.1 Analyze, classify and journalize business transactions into a journal. Objective 3.2 Post the information from the journal to the ledger. Objective 3.3 Prepare a trial balance. Competency 4 Demonstrate proper preparation of a worksheet and financial statement. Objective 4.1 Prepare adjustments, prepaid rent, office supplies, depreciation on equipment and accrued salaries. Objective 4.2 Prepare the adjusted trial balance on the worksheet. Objective 4.3 Prepare the income statement and balance sheet sections of the worksheet. Objective 4.4 Prepare a financial statement from the worksheet. Competency 5 Demonstrate the proper steps to completing the accounting cycle. Objective 5.1 Journalize and post adjusting entries. Objective 5.2 Journalize and post-closing entries Objective 5.3 Prepare a post-closing trial balance. Competency 6 Demonstrate proper banking procedures and cash control techniques. Objective 6.1 Deposit, write and endorse checks for a checking account. Objective 6.2 Reconcile a bank statement. Objective 6.3 Establish and replenish a petty cash fund; setting up an auxiliary petty cash record. Objective 6.4 Establish and replenish a change fund. Objective 6.5 Handle transactions involving cash short and over. Competency 7 Calculate employee payroll taxes and prepare necessary reports. Objective 7.1 Calculate gross pay, employee payroll tax deductions for federal income tax withholding, state income tax withholding, FICA (OASDI, Medicare), and net pay. Objective 7.2 Calculate employer taxes for FICA, FUTA, SUTA and workers compensation insurance. Objective 7.3 Prepare a payroll register. Objective 7.4 Maintain an employee earnings record. Competency 8 Demonstrate proper handling techniques of the collection, payment, and reporting of payroll taxes. Objective 8.1 Record payroll and payroll taxes. Objective 8.2 Record the payroll and the paying of the payroll taxes. Objective 8.3 Record employer taxes for FICA, OASDI, FICA, HI, FUTA, SUTA, and workers compensation insurance. Objective 8.4 Pay FUTA, SUTA, and workers compensation insurance. Objective 8.5 Prepare Forms W-2, W-3, 941, and 940

6 Competency 9 Demonstrate accounting for sales related transactions. Objective 9.1 Record and post sales transactions. Objective 9.2 Prepare, journalize and post a credit memorandum. Objective 9.3 Record and post cash receipt transactions. Objective 9.4 Record to the accounts receivable subsidiary ledger. Objective 9.5 Prepare a schedule of accounts receivable. Competency 10 Demonstrate proper techniques for accounting for purchase related transactions. Objective 10.1 Record and post purchase transactions. Objective 10.2 Record to accounts payable subsidiary ledger. Objective 10.3 Prepare, journalize and post a debit memorandum. Objective 10.4 Record and post cash payment transactions. Objective 10.5 Prepare a schedule of accounts payable. Objective 10.6 Journalize transactions for a perpetual accounting system. Competency 11. Properly prepare a worksheet for a merchandise company. Objective 11.1 Figure adjustments for merchandise inventory, unearned rent, supplies used, insurance expired, depreciation expense, and salaries accrued. Objective 11.2 Prepare a worksheet for a merchandise company. Competency 12 Demonstrate completing the accounting cycle for a merchandise company and analyze the financial reports. Objective 12.1 Prepare financial statements for a merchandise company. Objective 12.2 Record adjusting and closing entries. Objective 12.3 Prepare post-closing trial balance. Objective 12.4 Complete reversing entries.