Principles of Accounting I
Curriculum guideline
In person: Lecture and/or Seminar: 1 X 3 hours per week OR 2 X 2hrs per week
or
Hybrid: minimum 50% in person and up to 50% online
or
Online: Synchronous and/or Asynchronous
Lecture and/or seminar
All methods of instruction apply to in class, hybrid and/or online modes of learning.
- 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.
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;
- explain the use of special journals and subsidiary ledgers;
- demonstrate skills of orderly arrangements of data, self-checking, and systematic analysis of data summarization.
| Assignments and/or quizzes | 15% |
| Midterm examination | 25% |
| Test(s) OR a second midterm examination | 25% |
| Comprehensive final examination | 35% |
| 100% |
Evaluation will be carried out in accordance with the Douglas College Evaluation Policy.
Students must write the midterm(s) and the final examinations to pass the course.
To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.
Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
Horngren, Harrison, et al, Accounting, latest Canadian edition, Pearson Canada (also used in ACCT 1210) Or other textbook(s) or instructor compiled materials (if applicable) as approved by the Accounting Department.
Faculty of Commerce and Business Administration approved calculators only.
Courses listed here must be completed prior to this course:
- No prerequisite courses
Courses listed here must be completed either prior to or simultaneously with this course:
- No corequisite courses
Courses listed here are equivalent to this course and cannot be taken for further credit:
- No equivalency courses