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.