Course Description
This is a BC Campus online provincial course. It provides you with an introduction to manual accounting. Emphasis will be placed on fundamental accounting principles and their application in day-to-day business situations. This course is based on a service business organized as a sole proprietorship. Accounting 1 provides a solid foundation for learners wishing to further their accounting skills through computer accounting programs, payroll or advanced accounting courses.
Course Content
Basic bookkeeping and accounting skills including:
- double-entry General Journal entries;
- posting to the General Ledger;
- preparing a trial balance;
- recording adjustments in a 10-column worksheet;
- producing period-end financial statements;
- closing the temporary accounts;
- maintaining petty cash; and
- preparing bank reconciliations.
Learning Activities
Communication between instructor and students will be conducted online using the WebCT email, discussion and chat utilities. The instructor will guide the students through a series of learning objectives using motivation and online instruction.
Learning Outcomes
The learner has reliably demonstrated the ability to:
- Define the function of accounting;
- Use accounting terminology appropriately;
- Analyze and record transactions in a General Journal using the double-entry system of debits and credits;
- Apply basic accounting concepts and principles to business transactions;
- Post entries from the General Journal to the General Ledger, crosscheck and balance the ledger and produce a trial balance;
- Finalize the accounting cycle for a service company by completing a 10-column worksheet, recording adjustments and preparing the accounts for a new fiscal year;
- Prepare classified, related financial statements (Income Statement, Statement Of Changes In Owner's Equity, and Balance Sheet) for a proprietorship complying with generally accepted accounting practices;
- Describe and implement internal control measures for cash including the preparation of cheques, deposits and bank reconciliations;
- Analyze and record cash transactions that involve cash short or over;
- Establish, maintain and replenish a petty cash fund; and
- Independently complete accounting simulations through applying learned accounting principles and practices.
Textbook Materials
Textbooks and Materials to be Purchased by Students
College Accounting: A Practical Approach, Canadian Seventh Edition, Slater Zwicker ISBN 0-13-020471-4
College Accounting: A Practical Approach, Study Guide with Working Papers