MCCCD Program Description

Bookkeeping Theory and Practice

Course: ACC107

First Term: 2018 Fall

Lec + Lab 4.0 Credit(s) 5.0 Period(s) 5.0 Load
Subject Type: Occupational
Load Formula: T

Description: Fundamental accounting practices; application to retail stores, professional firms, and personal service operations

MCCCD Official Course Competencies
1. Describe business accounting as it applies to profit-seeking enterprises. (I) 2. Perform the journalizing and posting process. (II) 3. Prepare the trial balance, the income statement, and the balance sheet. (II) 4. Explain and prepare the closing journal entries. (III) 5. Describe internal control as it relates to the handling of cash. (IV) 6. Maintain a record of receipts and payments of cash. (IV) 7. Maintain accurate checking and petty cash records. (IV) 8. Prepare a bank reconciliation. (V) 9. Prepare and maintain individual payroll records. (VI) 10. Prepare a payroll register. (VI) 11. Calculate withholding and other taxes applied to payroll. (VI) 12. Calculate and journalize employer payroll taxes and tax payments. (VII) 13. Describe and demonstrate the accounting procedures for a service enterprise on the cash basis. (VIII) 14. List and describe the parts of the accounting cycle. (IX) 15. Record purchases and sales of a merchandising operation. (X) 16. Explain and prepare adjusting journal entries. (XI) 17. Apply accrual accounting and the record-keeping phases of the accounting cycle to a small retail business. (XI) 18. Apply end-of-period procedures for a merchandising enterprise. (XI)
MCCCD Official Course Competencies must be coordinated with the content outline so that each major point in the outline serves one or more competencies. MCCCD faculty retains authority in determining the pedagogical approach, methodology, content sequencing, and assessment metrics for student work. Please see individual course syllabi for additional information, including specific course requirements.

MCCCD Official Course Outline
I. Nature and purpose of financial accounting A. Functions of accounting B. Accounting versus bookkeeping C. Basic elements of accounting 1. Assets 2. Liabilities 3. Owner`s equity D. Accounting equation (Assets = Liabilities + Capital) E. Transactions F. Financial statements 1. Earnings statements 2. Balance sheet 3. Statement of owner`s equity G. Double-entry acounting H. The account 1. Debits 2. Credits 3. Balance column account form I. Trial balance II. Recording accounting information A. Recording transactions 1. Business papers/source documents 2. The journal 3. Charts of accounts 4. Journalizing 5. Proving the journal 6. Posting B. General Ledger 1. Opening accounts in the general ledger 2. Posting 3. Cross-referencing C. Trial balance 1. Purpose 2. Preparing the trial balance III. Worksheet, financial statements, and closing the books A. Worksheet 1. Form 2. Completing the worksheet B. Financial statements 1. Earnings statement 2. Balance statement C. Expense and revenue summary account 1. Closing revenue accounts 2. Closing expense accounts 3. Closing the expense and revenue summary account 4. Closing the drawing account D. Post-closing trial balance IV. Cash and cash records A. Cash receipts B. Cash disbursements C. Cash journal and subsidiary ledgers D. Cash receipts and cash disbursements journals E. Petty cash F. Bank credit card transactions V. Checking account procedures A. Nature, purpose, and elements of checking account 1. Signature card 2. Deposit tickets 3. Endorsements 4. Dishonored checks 5. Mail and night deposits B. Checks 1. Certified checks 2. Checkbooks C. Bank statements 1. Reconciliation 2. Journalizing corrections D. Special checking accounts E. Savings accounts F. Bank statement and master charge cards VI. Accounting for payroll A. Laws affecting compensation 1. Federal income taxes witheld 2. Federal Insurance Contributions Act (FICA) 3. Federal Unemployment Tax Act (FUTA) 4. Fair Labor Standards Act 5. Laws affecting hiring B. Earnings and payroll deductions 1. Nature of payroll 2. Computing wages and salaries 3. Deductions from gross earnings C. Payroll records 1. Payroll register 2. Payroll checks 3. Individual earnings records D. Payroll preparation 1. Recording gross wages 2. Recording payroll deductions VII. Recording employer payroll taxes A. Employer identification B. Payroll tax expense 1. Filing returns and paying taxes 2. Withholding statements for employees 3. Employer`s tax reports 4. Reports and payment of FUTA 5. Reports of SUI and workman`s compensation VIII. Accounting for service enterprises -- transactions A. Cash basis 1. Chart of accounts 2. Books of account 3. Cash journal 4. General ledger B. Trial balance IX. Accounting for service enterprises -- the accounting cycle A. Worksheets B. Financial statements C. Adjusting and closing D. Other adjusting entries E. The matching concept X. Accounting for a merchandising firm A. Accounts B. Journals C. Bad debts XI. Merchandising enterprise -- end-of-period procedures A. Adjusting entries B. Closing entries

MCCCD Governing Board Approval Date: 5/23/1995

All information published is subject to change without notice. Every effort has been made to ensure the accuracy of information presented, but based on the dynamic nature of the curricular process, course and program information is subject to change in order to reflect the most current information available.