Course

10101138 Accounting and Payroll Systems
Course Information
Description
A survey of accounting and payroll systems covering procedures and methods to capture data and report financial information. Specific topics include flowcharting, internal controls, and transaction work in both manual and computerized environments. Special emphasis is also placed on payroll calculations and the processing of payroll information. Lab intensive course involving hands-on experience with Excel spreadsheet software and accounting software.
Total Credits
3
Course Competencies (Course Outcomes)
  1. Complete general journal entries, T accounts and worksheets
    Assessment Strategies
    Excel project (excel files are emailed)
    Criteria
    Prepare general journal entries in good form
    Prepare T accounts in good form
    Prepare worksheets in good form

  2. Use flowcharting to document accounting systems
    Assessment Strategies
    Flowchart project using Excel
    Criteria
    Prepare internal control flowcharts in good form

  3. Complete the sales and cash receipts cycle
    Assessment Strategies
    Systems Understanding project
    Criteria
    Record transactions in the cash receipts journal
    Post to the general ledger
    Maintain an accounts receivable subsidiary ledger

  4. Complete the purchases and cash disbursements cycle
    Assessment Strategies
    Systems Understanding project
    Criteria
    Record transactions in the sales journal
    Record transactions in the cash receipts journal
    Post to the general ledger
    Maintain an accounts receivable subsidiary ledger

  5. Complete the payroll cycle
    Assessment Strategies
    Systems Understanding project
    Criteria
    Calculate and record payroll deductions
    Record transactions in the payroll journal
    Post to the general ledger
    Maintain an employee earnings subsidiary ledger

  6. Complete the inventory cycle
    Assessment Strategies
    Systems Understanding project
    Criteria
    Utilize both periodic and perpetual inventory systems
    Record inventory purchases and sales

  7. Perform month-end and year-end activities
    Assessment Strategies
    Comprehensive accounting systems project
    Criteria
    Calculate and journalize month end adjusting entries
    Prepare bank reconciliations
    Prepare annual financial statements (income statement, statement of changes in owner's equity, balance sheet, and statement of cash flows)
    Prepare support schedules for accounts receivable, accounts payable, and fixed assets
    Journalize closing entries

  8. Create a company and enter transactions within applicable software
    Assessment Strategies
    Accounting software project and submission of software output
    Criteria
    Company information is accurate
    General ledger accounts are entered accurately and create new accounts
    Beginning account balances are entered accurately
    Record and edit general journal entries

  9. Record sales and accounts receivable transactions within applicable software
    Assessment Strategies
    Accounting software project and submission of software output
    Criteria
    Create customer accounts
    Complete sales transactions

  10. Record purchases and accounts payable transactions within applicable software
    Assessment Strategies
    Accounting software project and submission of software output
    Criteria
    Create vendor accounts
    Complete purchases entries

  11. Record cash payments and cash receipts within applicable software
    Assessment Strategies
    Accounting software project and submission of software output
    Criteria
    Complete cash receipts and cash payment entries
    Update customer and vendor accounts

  12. Prepare financial statements within applicable software
    Assessment Strategies
    Accounting software project and submission of software output
    Criteria
    Journalize adjusting entries
    Print financial statements

  13. Prepare payroll within applicable software
    Assessment Strategies
    Accounting software project and submission of software output
    Criteria
    Set-up payroll and withholdings
    Record payroll entries

  14. Use payroll laws and regulations
    Assessment Strategies
    Payroll project using Excel or applicable software
    Criteria
    Use applicable laws and regulations
    Properly calculate hours to be paid

  15. Calculate gross pay, payroll related taxes and deductions as required by the fair labor standards act
    Assessment Strategies
    Payroll project using Excel or applicable software
    Criteria
    Calculate gross pay for hourly and salaried employees
    Calculate gross pay for salaried employees
    Calculate Section 125 deductions
    Calculate retirement and other deductions
    Calculate employee and employer payroll taxes

  16. Use up current tax deposit and reporting requirements
    Assessment Strategies
    Payroll project using Excel or applicable software
    Criteria
    Create payments for taxes (Federal income tax withholding, State income tax withholding, FICA) according to the appropriate regulations
    Prepare required reports (Form W-2, Form W-3, Form 940, Form 941, State Withholding and State Unemployment Tax Reports)

  17. Properly handle tip income
    Assessment Strategies
    Quiz
    Criteria
    Calculate minimum wage for tipped employees
    Report correct tip income