ACCT 105: Introduction to Accounting

Class Program
Credits 5 Lecture Hours 55

This course provides the student with an introductory level understanding of the fundamentals of bookkeeping and accounting. The student is provided the procedures for completing the accounting cycle for both a service entity and a merchandising entity within a single proprietorship.

Quarters Offered
Fall,
Winter,
Spring
Course Outcomes

Upon successful completion of the course, students should be able to demonstrate the following knowledge or skills:

  1. Analyze business transactions for both a service entity and a merchandising firm and record transactions in the appropriate book of original entry
  2. Summarize Accounting data into the appropriate ledgers
  3. Complete the necessary end of the period adjustments on a worksheet
  4. From the worksheet, prepare the following financial statements: Income Statement, Statement of Owner’s Equity, and Balance Sheet
  5. Journalize and post the necessary adjusting, closing, and reversing entries
Institutional Outcomes
IO1 Communicate the cumulative effect of business transactions by preparing basic financial statements
Course Content Outline
  1. Introduction
  2. Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts
  3. T Accounts, Debits and Credits, Trial Balance, and Financial Statements
  4. The General Journal and the General Ledger
  5. Adjusting Entries and the Worksheet for a Service Entity
  6. Closing Entries and the Post-Closing Trial Balance
  7. Bank Accounts and Cash Funds
  8. The Sales Journal
  9. The Purchases Journal
  10. The Cash Receipts and Cash Payments Journal
  11. Adjusting Entries and the Worksheet for a Merchandising Entity
  12. Financial Statements and Closing Entries for a Merchandising Entity