Basic Accounting Syllabus

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Course Syllabus
Basic Accounting
School Year 2011-2012
First Semester

I. CATALOGUE COURSE DESCRIPTION

A. Course Code and No.: ACCTG 1
B. Course Title: Basic Accounting
C. Course Description:
Basic accounting introduces the importance of accounting and also the basic steps and techniques used. The material covered will also include coverage of the principles and procedures of the accounting cycle for a sole proprietorship and merchandising organizations. General-purpose financial statements will be reviewed, including the Income Statement, Statement of Equity, Balance Sheet, Statement of Cash Flow, and Bank reconciliation. Other topics such as depreciation, inventory, and ratio analysis will be covered. D. Credit Units: 3 Units

E. Pre-requisite: None

II. COURSE OBJECTIVES

A. General Objective
To provide students with the basic knowledge of accounting and the relevant skills to understand the accounting cycle and preparation of financial statements for sole proprietorship. This objective is geared towards making the students to appreciate the rules and functions of accounting, lay a sound foundation for further study of accounting at a higher level, allow them to appreciate the course in relation to their future career and personal financial management and also assess students’ knowledge of basic accounting principles and their application to modern business activities.

B. Specific Objectives

1. Students will understand the importance of the accounting language. 2. Students will understand the three main types of accounting information. 3. Students will be introduced to phases of accounting, accounting principles and underlying assumption in the accounting process 4. Students will be introduced to the accounting cycle 5. Students will be introduced to the three types of accounting reports required by accepted accounting principles. 6. Know the fundamental accounting equation

7. Students will review transaction analysis
8. Students will learn about the Chart of Account
9. Students will learn about the general journal
10. Students will learn about the posting process from the general journal to the general ledger 11. Students will be introduced to the concept of the entire accounting process from journalizing to preparing financial statements 12. Students will understand what an income statement is and which accounts can be found on an income statement 13. Students will understand what a balance sheet is and will identify which accounts can be found on a balance sheet 14. Students will be introduced to the relationship between the balance sheet and the income statement 15. Learn how to prepare a trial balance

16. Learn how to prepare an income statement
17. Learn how to prepare a balance sheet
18. Understand the operating cycle
19. Understand when to record revenue
20. Understand when to record expenses
21. Review the Revenue Recognition and Matching principles 22. Understand Mixed accounts and how to make adjustments to them 23. Understand what a fixed asset is
24. Understand what deprecation is
25. Know how to journalize depreciation transactions
26. Understand the different methods for calculating depreciation 27. Understand what a closing entry is
28. Understand the purpose of temporary accounts
29. Understand the purpose of the Income Summary account and its relationship to net income and retained earnings. 30. Know how to prepare closing entries
31. Outline importance of analyzing financial statements

III. COURSE REQUIREMENTS:

Regular and punctual attendance/assignments/recitations/seatwork/quizzes/exams

IV. EVALUATION:

a. Prelim Grade: (CS x 1.5 + PE x 3.5)/5
b....
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