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Center for Curriculum and Transfer Articulation
Accounting Principles I
Course: ACC111

First Term: 1994 Fall
Lecture   3 Credit(s)   3 Period(s)   3 Load  
Subject Type: Occupational
Load Formula: S

Description: Fundamental theory of accounting principles and procedures

MCCCD Official Course Competencies
1. Demonstrate generally accepted accounting principles. (I)
2. Analyze, journalize, and post business transactions using debits and credits. (II)
3. Prepare a simplified balance sheet and income statement. (III)
4. Compare and contrast accrual and cash basis methods of accounting. (IV)
5. Prepare an eight-column worksheet and make required adjusting, closing, and reversing entries to complete the accounting cycle. (V)
6. Describe accounting procedures applicable to a merchandising business. (VI)
7. Use special journals and subsidiary ledgers. (VII)
8. Describe a petty cash system. (VIII)
9. Prepare a bank reconciliation. (VIII)
10. Describe uncollectible accounts receivable transactions. (IX)
11. Explain and use perpetual and periodic inventory systems for a merchandising firm. (X)
12. Describe inventory cost flow methods. (X)
13. Calculate gross pay, deductions, net pay, and record payroll entries. (XI)
MCCCD Official Course Outline
I. Principles and Concepts of Accounting
   A. The accounting equation
   B. Double-entry system
   C. Cash accounting system
   D. Accrual accounting system
II. Recording Transactions
   A. Nature of accounts
      1. Real
      2. Nominal
   B. Classification of accounts
   C. Journalizing transactions
   D. Posting to the ledger
III. Financial Statements
   A. Income statement
   B. Capital or retained earnings statement
   C. Balance sheet
IV. Revenue and Expense Recognition
   A. Cash basis accounting
   B. Accrual basis accounting
V. Worksheet and Closing
   A. Adjusting entries
      1. Purpose
      2. Procedure
   B. Closing entries
      1. Purpose
      2. Procedure
   C. Reversing entries
      1. Purpose
      2. Procedures
VI. Accounting for a Merchandising Firm
   A. Documents used for purchase and sales transactions
   B. Merchandise inventory procedures
VII. Special Journals
   A. Journal content and arrangement
   B. Delegation of authority
   C. Subsidiary ledgers
VIII. Petty Cash and Bank Reconciliation
   A. Need, placement, and procedures for cash funds
   B. Control of cash payments
IX. Accounts Receivable
   A. Estimating uncollectible accounts
   B. Writing off uncollectible accounts
X. Inventories
   A. Perpetual versus periodic systems
   B. Cost flow methods
XI. Payroll Accounting
   A. Forms
   B. Reports
MCCCD Governing Board Approval Date: 4/26/1994

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.