10101114Applied Accounting 1
Course Information
Description
Practical application of accounting principles, basic business terminology, practices and techniques are stressed for students not majoring in accounting. Emphasis is on the accounting cycle of journalizing transactions posting, adjusting and closing entries as well as the preparation of accounting statements.
Total Credits
3
Course Competencies
  1. Analyze financial transactions
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner identifies business accounting transactions
    learner identifies accurate accounts and abbreviations
    learner classifies accounts as Assets, Liabilities, Owner's Equity, Revenue or Expense
    learner explains 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 passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner prepares a journal entry in proper form
    learner prepares accurate journal entries
    learner uses accurate dollar amounts

  3. Record transactions in the ledgers
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner posts journal entries into the ledger accounts
    learner prepares an accurate unadjusted trial balance neatly and in good form

  4. Prepare adjusting entries
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner explains why adjusting entries are necessary to provide accurate financial statements
    learner converts cash expenses into the proper accrual basis amount
    learner records the proper entry for an expense initially charged to a prepaid asset account
    learner identifies and records unrecorded/accrued expenses
    learner records depreciation of plant and equipment accurately

  5. Prepare closing entries
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner correctly identifies temporary accounts
    learner journalizes the closing entries
    learner correctly posts the entries to the ledgers
    learner prepares an accurate post-closing Trial Balance neatly and in good form

  6. Prepare worksheet
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner completes adjustments on worksheet
    learner computes adjusted trial balance
    learner identifies and sorts information for the Income Statement and Balance Sheet
    learner completes a ten-column worksheet

  7. Prepare an income statement
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner prepares the Income Statement neatly and in good form
    learner correctly prepares a single-step Income Statement

  8. Prepare a statement of changes in owner's equity
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner prepares the Statement of Changes in Owner's Equity neatly and in good form
    learner correctly prepares a Statement of Changes in Owner's Equity

  9. Prepare a balance sheet
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner prepares the Balance Sheet neatly and in good form
    learner correctly prepares a Balance Sheet

  10. Use accounting software to prepare financial records and statements
    Assessment Strategies
    by completing the assignment by the due date
    by completing the assignment outside of class
    learner may use the textbook, class notes, lab personnel or other students
    Criteria
    learner completes the entire accounting cycle of a given company
    learner prepares accurate trial balances and Financial Statements

  11. Apply internal controls to cash
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner describes the major internal controls relating to cash and their importance
    learner records petty cash transactions
    learner prepares a neat and accurate Bank Reconciliation Statement

  12. Prepare payroll records
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    by passing a closed book exam with at least 70% correct using only a calculator
    Criteria
    learner calculates and records employee payroll expenses and liabilities
    learner completes payroll register and employee earnings records
    learner computes and records employee payroll expenses and liabilities
    learner records payments of payroll liabilities