10101153Systems-Accounting Cycle
Course Information
Description
The objective of this course is to help students understand and visualize the accounting systems used by companies. This is accomplished by using a manual practice set which has students performing all accounting functions for a small service company. A manual accounting system is used, with the expectation that understanding the flows within a manual system will provide a strong foundation for understanding computerized systems. Students will work with commonly used business documents. Flowcharting and internal control procedures are also covered.
Total Credits
1
Course Competencies
  1. Understand and use general journal entries, T accounts and worksheets.
    Assessment Strategies
    by completion of project using Excel (Excel files are emailed)
    by results of online quiz
    Criteria
    students can prepare general journal entries in good form
    students can prepare T accounts in good form
    students can prepare worksheets in good form

  2. Understand and use flowcharting to document accounting systems.
    Assessment Strategies
    by completion of flowchart project using Excel (Excel files are emailed)
    by results of online quiz
    Criteria
    students can prepare internal control flowcharts in good form

  3. Understand and record the sales and cash receipts cycle.
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel (Excel files rae emailed) and hardcopy documents
    by results of online quiz
    Criteria
    students understand how to record transactions in the sales journal
    students understand how to record transactions in the cash receipts journal
    students understand how to post to the general ledger
    students understand how to maintain an accounts receivable subsidiary ledger

  4. Understand and use the purchases and cash disbursements cycle.
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel (Excel files rae emailed) and hardcopy documents
    by results of online quiz
    Criteria
    students understand how to record transactions in the purchases journal
    students understand how to record transactions in the cash disbursements journal
    students understand how to post to the general ledger
    students understand how to maintain an accounts payable subsidiary ledger

  5. Understand and record the payroll cycle.
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel (Excel files rae emailed) and hardcopy documents
    by results of online quiz
    Criteria
    students understand how to calculate and record payroll deductions
    students understand how to record transactions in the payroll journal
    students understand how to post to the general ledger
    students understand how to maintain an employee earnings subsidiary ledger

  6. Understand and record the inventory cycle.
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel (Excel files rae emailed) and hardcopy documents
    by results of online quiz
    Criteria
    students understand periodic and perpetual inventory systems
    students record inventory purchases and sales

  7. Understand and perform month-end activities.
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel (Excel files rae emailed) and hardcopy documents
    by results of online quiz
    Criteria
    students properly calculated and journalized month end adjusting entries
    students properly prepare bank reconciliations

  8. Understand and perform year-end activities.
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel (Excel files rae emailed) and hardcopy documents
    by results of online quiz
    Criteria
    students properly prepare annual financial statements (income statement, statement of changes in owner's equity, and balance sheet)
    students properly prepare supporting schedules for accounts receivable, accounts payable, and fixed assets)
    students properly journalize closing entries