Introductory AccountingACC 111
Practices basic accounting procedures including journalizing, posting, preparation of financial statements, special journals, subsidiary ledgers, petty cash fund, bank reconciliation, and payroll accounting. Not recommended if credit has already been earned in ACC 211. (60-0)
Outcomes and Objectives
Demonstrate an introductory knowledge of the role of accounting in business.
- Define accounting and explain its relevance for business.
- Demonstrate an understanding of the effect of transactions on the basic accounting equation.
- Demonstrate an understanding of the interrelationship of the financial statements.
Demonstrate an introductory knowledge of the accounting cycle.
- Explain the organization of a chart of accounts.
- Record transactions using the rules of debit and credit.
- Post from a journal to a ledger and prepare a trial balance.
- Prepare basic adjusting entries and an adjusted trial balance.
- Prepare financial statements from an adjusted trial balance.
- Journalize and post closing entries and prepare a post-closing trial balance.
Describe procedures for control of cash.
- Demonstrate an understanding of basic bank reconciliations.
- Demonstrate knowledge of petty cash procedures.
Describe payroll concepts and procedures.
- Calculate and journalize employee gross pay, tax withholdings, and net pay.
- Calculate and journalize employer payroll taxes.
- Demonstrate knowledge of payroll records.
Demonstrate an introductory knowledge of accounting for merchandising firms.
- Describe the specific accounts used by merchandising firms.
- Prepare basic journal entries for merchandising firms.
- Describe the use of the accounts receivable and accounts payable ledgers.
- Prepare classified financial statements for merchandising firms.
Recognize the role of ethics in the business environment.
- Describe the social and ethical responsibility of financial managers to stockholders and society.
- Indicate and discuss ethical situations in finance.