10101108Applied Accounting
Course Information
Description
Practical application of accounting principles, basic business terminology, practices and techniques are stressed for students not majoring in accounting. The accounting cycle of journalizing transactions, posting, adjusting and closing entries, as well as the preparation of accounting financial statements is emphasized.
Total Credits
3
Course Competencies
  1. Analyze financial transactions
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you identify business accounting transactions and explain their impact on the accounting equation
    you identify typical accounts and abbreviations
    you classify accounts as Assets, Liabilities, Owner's Equity, Revenue or Expense
    you explain how debits and credits increase or decrease the accounts

  2. Record transaction in general journal
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you prepare a journal entries in proper form
    you prepare accurate journal entries with correct accounts and amounts

  3. Record transactions in the ledgers
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you post journal entries into the correct ledger accounts
    you prepare an accurate unadjusted trial balance in good form

  4. Prepare adjusting entries
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you explain why adjusting entries are necessary to provide accurate financial statements
    you convert cash expenses into the proper accrual basis amount
    you record the proper entry for an expense initially charged to a prepaid asset account
    you identify and record unrecorded/accrued expenses
    you record depreciation of plant and equipment accurately

  5. Prepare closing entries
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you identify temporary accounts
    you journalize the closing entries
    you post the entries to the ledgers
    you prepare an accurate post-closing Trial Balance in good form

  6. Prepare an income statement
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you prepare the Income Statement neatly and in good form

  7. Prepare a statement of changes in owner's equity
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you prepare the Statement of Changes in Owner's Equity in good form

  8. Prepare a balance sheet
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you prepare the Balance Sheet in good form

  9. Use accounting software to prepare financial records and statements
    Assessment Strategies
    by completing the assignment by the due date
    by completingan exam with at least 70% correct
    Criteria
    you complete the entire accounting cycle of a given company
    you prepare accurate trial balances and Financial Statements

  10. Apply internal controls to cash
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you describe the major internal controls relating to cash and their importance
    you record petty cash transactions
    you prepare a neat and accurate Bank Reconciliation Statement and determine the correct cash balance

  11. Prepare payroll records
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by completing an exam with at least 70% correct
    Criteria
    you calculate and record employee payroll expenses and liabilities
    you complete payroll register and employee earnings records
    you compute and record employee payroll expenses and liabilities
    you record payments of payroll liabilities