May 30, 2024  
2023-2024 Academic Catalog 
2023-2024 Academic Catalog Archived Catalog

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ACTG 101 - Accounting Procedures I

Credit(s): 4

A practical course in the foundations of accounting, this course emphasizes the complete accounting cycle for a sole proprietorship service business as well as the cycle for a merchandising firm. This course covers receivables and payables as well as banking transactions and payroll. (Fall Semester)

Course Learning Outcomes: Upon completion of the course, students will be able to
  • Define accounting concepts and terms.
  • Define ownership structures and business organizations.
  • Classify accounts: asset, liability, equity, revenue, expense, and cost.
  • Analyze and journalize transactions.
  • Post to ledgers.
  • Prepare worksheets.
  • Compile basic financial statements for sole proprietorships.
  • Record adjusting and closing entries.
  • Prepare post-closing trial balance.
  • Reconcile bank statement.s
  • Manage cash control systems (i.e. petty cash fund).
  • Compute earnings, deductions, and payroll taxes.
  • Maintain payroll accounting records.
  • Journalize and post discounts, returns, and allowances.

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