Course

10101153 Systems-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 (Course Outcomes)
  1. Use general journal entries, T accounts, and worksheets
    Assessment Strategies
    by completion of project using Excel
    by results of online quiz
    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
    by completion of flowchart project using Excel
    by results of online quiz

  3. Record the sales and cash receipts cycle
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel
    by results of online quiz
    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

  4. Use the purchases and cash disbursements cycle
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel
    by results of online quiz
    Criteria
    record transactions in the purchases journal
    record transactions in the cash disbursements journal
    post to the general ledger
    maintain an accounts payable subsidiary ledger

  5. Record the payroll cycle
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel
    by results of online quiz
    Criteria
    calculate and record payroll deductions
    record transactions in the payroll journal
    post to the general ledger
    maintain an employee earnings subsidiary ledger

  6. Record the inventory cycle
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel
    by results of online quiz
    Criteria
    implement periodic and perpetual inventory systems
    record inventory purchases and sales

  7. Perform month-end activities
    Assessment Strategies
    by completion of Systems Understanding Aid project using Excel
    by results of online quiz
    Criteria
    calculate and journal month end adjusting entries
    prepare bank reconciliations

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

This Outline is under development.