Course
Discontinued
No
Course Code
ACCT 1110
Descriptive
Principles of Accounting I
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
201920
PLAR
Yes
Semester Length
15 Weeks X 4 Hrs. per week = 60 Hrs.
Max Class Size
35
Contact Hours
Lecture: 4 Hrs.
Method(s) Of Instruction
Lecture
Online
Hybrid
Learning Activities
Lecture and/or online.
Course Description
This course will introduce the student to the theory and practice of recording and reporting of financial events for service and merchandising enterprises for the purpose of preparing financial statements. Topics include the accounting cycle, cash and receivables, inventory valuation, and the use of special journals and subsidiary ledgers.
Course Content
- Introduction to accounting concepts; the fundamental accounting equation.
- Basic mechanics of recording using the general journal and the general ledger.
- Adjusting the accounts; preparing financial statements.
- Accrual vs. cash basis of accounting.
- Worksheets; closing entries.
- Merchandising accounting; cost of goods sold (both perpetual and periodic).
- Accounting for cash: petty cash, bank reconciliations and internal control systems.
- Credit card sales; accounting for bad debts; accounts and notes receivable.
- Inventories: periodic and perpetual systems, cost flow methods, effect of errors, estimated inventories.
- Special journals and subsidiary ledgers.
Learning Outcomes
At the end of the course, the successful student should be able to:
- describe the functions of accounting records and financial reports;
- classify, record, and summarize business transactions as they relate to service and merchandising operations;
- prepare adjusting and closing entries and basic financial statements;
- account for the various classifications of assets and liabilities of a business;
- prepare special journals and subsidiary ledgers;
- demonstrate skills of orderly arrangements of data, self-checking and systematic analysis of data summarization.
Means of Assessment
| Assignments | 15% |
| Midterm examination | 25% |
| Test(s) OR a second midterm examination | 25% |
| Comprehensive final examination | 35% |
| 100% |
Students must write the midterm(s) and the final examinations to obtain credit for the course.
Textbook Materials
Horngren, Harrison, et al, Accounting, latest Canadian edition, Pearson Canada (also used in ACCT 1210) Or other textbook(s) as approved by the Accounting Dept.
Instructor compiled materials (if applicable).
Faculty of Commerce and Business Administration approved calculators only.