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Center for Curriculum and Transfer Articulation
Understanding and Using Accounting Systems
Course: ACC110

First Term: 1998 Fall
 Lec + Lab   3 Credit(s)   3 Period(s)   3 Load  
Subject Type: Occupational
Load Formula: S


Description: Develops basic comprehension of the balance sheet, income statement, and equity and cash flow statements. Explores usage of specialized journals and subsidiary ledgers in a computerized system. Studies the impact of various transactions on an enterprise, including payroll, receivables, payables, inventory, cash and credit card receipts



MCCCD Official Course Competencies
1. Identify and explain basic concepts and processes of an accounting system. (I)
2. Define and recognize commonly used accounts. (I)
3. Describe the use of specialized journals and subsidiary ledgers in a computerized accounting system. (I)
4. Prepare balance sheets, income statements, statements of cash flow, and statements of equity for selected enterprises. (II)
5. Analyze common transactions and explain their impact on the financial systems. (I-III)
6. Explain the major factors involved in the internal and external decision making processes. (II)
7. Compare and contrast a periodic and a perpetual inventory system. (III)
8. Explain the purpose and impact of taking a physical inventory of merchandise in a selected organization and describe the impact of various costing techniques used to quantify inventory in dollars.(III)
9. Use a schedule of accounts receivable and accounts payable. (III)
10. Perform payroll tax and withholding calculations. (III)
11. Explain how, where, and when payroll liabilities are paid.(III)
12. Explain the purpose and use of a Fixed Asset Ledger. (III)
13. Identify and describe characteristics of a reliable internal control system. (III)
14. Reconcile a bank statement.(III)
15. Reconcile a bank statement.(III)
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. Accounting Systems
   A. Definitions
      1. Transaction
      2. Accounts
      3. Documents and Reports
      4. Functions and Entities
   B. Processing
      1. Debit and Credit Rules
      2. Journalizing
      3. Posting
      4. Preparing the Trial Balance
   C. Revenue and Expense Measurement
      1. Cash Basis
      2. Accrual Basis
   D. Specialized Journals and Subsidiary Ledgers
II. Financial Statements
A. Preparation
      1. Balance Sheet
      2. Income Statement
      3. Statement of Equity
      4. Cash Flow Statement
   B. Interpretation and Internal Decision Making
   C. Analysis and Comparison for External Decision Making
III. Specific Transactions and Accounting Skills
   A. Inventory
      1. Periodic and Perpetual Systems
      2. Transactional Analysis
      3. Physical Inventory
   B. Receivables
   C. Payables
   D. Payroll
      1. Employee Withholdings
      2. Employer Taxes
      3. Forms
      4. Payroll Processing
      5. Liability Payments
      6. Quarterly Processing
      7. Annual Processing
   E. Fixed Assets
   F. Internal Control
      1. Cash/Credit Card
      2. Bank Reconciliations
      2. Bank Reconciliations
 
MCCCD Governing Board Approval Date: 2/24/1998

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.