Version Date: July 12, 2007
Delaware Technical & Community College
Georgetown ■ Dover ■ Stanton ■
DELAWARE TECHNICAL & COMMUNITY COLLEGE
Campus:
Owens
Department:
Business Administration
Course Number and
Title:
Instructor Name:
ACC101-Accounting I
Paula Lucas
Telephone: 302-259-6669
Email:
plucas@dtcc.edu
Prerequisite:
MAT 015 and RDG 051
Course Hours and
Credits:
4 Credits- 5 Hours/Week
3 Hours Lecture
2 Hours Lab
Course Description:
Introduction to principles and concepts of financial
accounting with emphasis on accounting for sole
proprietorships. Areas covered include accounting for
service and merchandising businesses, cash,
receivables, inventory, plant assets and liabilities.
Balance sheet and Income statement preparation and
analysis.
Required Text(s):
Title:
ISBN:
Authors:
Publisher:
Additional Materials:
Working Papers
Practice Set
Study Guide (optional)
Method of Instruction:
Campus Classroom
Disclaimer:
Not Applicable
Fundamental Accounting Principles, 21st Ed
9780078025587
Wild, Shaw, Chiappetta
McGraw-Hill
Core Course Performance Objectives:
The student will be able to:
1. Analyze, record and process basic business transactions for a small service
business and report the financial position and results of operations for that
business. (CCC-1, 2, 5, 6, & 7; PGC-1, 2, 3, 4, 5, & 12)
2. Analyze, record and process basic business transactions for a small
merchandising business and report the financial position and results of
operations for that business. (CCC-1, 2, 5, 6, & 7; PGC-1, 2, 3, 4, 5, & 12)
3. Establish an accounting system for a small business using special purpose
journals and subsidiary ledgers. (CCC-2, 4, 5, 6, & 7; PGC-1, 2, & 3)
4. Prepare a bank reconciliation, establish a petty cash fund and outline proper
internal control procedures. (CCC-1, 2, 4, 5, & 7; PGC-1, 9, & 13)
5. Maintain accounts receivable records including an allowance for uncollectible
accounts. (CCC-5, 6, & 7; PGC-1 & 2)
6. Maintain records for inventory using FIFO, LIFO or weighted average inventory
cash flow assumptions. (CCC-5, 6, & 7; PGC-1 & 3)
7. Maintain records for property, plant and equipment accounts for the costs of
acquisitions, depreciation and disposal of assets. (CCC-5, 6, & 7; PGC-1 & 4)
8. Complete an accounting cycle using a practice set. (CCC-2, 3, 4, 5, 6, & 7; PGC1, 2, 3, 4, 5, 6, 12, 13, & 14)
Measurable Performance Objectives:
1. Analyze, record and process basic business transactions for a small service
business and report the financial position and results of operations for that business.
1.1 Define accounting terms pertaining to the accounting process.
1.2 Identify and define concepts and principles pertaining to the accounting
process.
1.3 Solve the accounting equation by identifying the various elements of business
transactions.
1.4 Use rules of debits and credits for increases and decreases in various types of
accounts.
1.5 Prepare the following financial statements:
1.1.1. Income Statement,
1.1.2. Statement of Owner’s Equity,
1.1.3. Balance Sheet,
1.1.4. Statement of Cash Flows.
1.6 Complete the steps in the accounting cycle.
2. Analyze, record and process basic business transactions for a small merchandising
business and report the financial position and results of operations for that business.
2.1. Analyze transactions of a merchandizing business.
2.2. Prepare a worksheet for a merchandizing business including adjustments for
merchandise inventory, deferrals and accruals.
2.3. Prepare the following financial statements:
2.3.1.
Multi-step Income Statement,
2.3.2.
Statement of Owner’s Equity,
2.3.3.
Balance Sheet for a merchandizing concern.
3. Establish an accounting system for a small business using special purpose journals
and subsidiary ledgers.
3.1
Describe the design and purpose of accounting systems as they relate to
internal control.
3.2
Record transactions in the following special journals:
3.1.1.
Sales,
3.1.2.
Cash Receipts,
3.1.3.
Purchases,
3.1.4.
Cash Payments.
3.3
Describe the use of controlling accounts and subsidiary ledgers in the
accounting process.
3.4
Post from the special journals and general journal to the general ledger and
subsidiary ledgers.
4 Prepare a bank reconciliation, establish a petty cash fund and outline proper internal
control procedures.
4.1 Define internal control.
4.2 List methods used to achieve internal control.
4.3 Prepare a bank reconciliation and related journal entries.
4.4 Prepare journal entries for cash receipts when shortages or overages are
involved.
4.5 Prepare journal entries for the establishment and maintenance of petty cash.
5 Maintain accounts receivable records including an allowance for uncollectible
accounts.
5.1 Compute interest on interest-bearing and discounted notes receivable.
5.2 Prepare journal entries for recording notes receivable.
5.3 Record uncollectible accounts expense using either the direct write-off or
allowance method.
6 Maintain records for inventory using FIFO, LIFO or weighted average inventory cash
flow assumptions.
6.1 Define periodic and perpetual inventory systems.
6.2 Calculate inventory cost using the following methods:
6.2.1
First-In, First-Out;
6.2.2
Last-In, First-Out;
6.2.3
Average Cost.
6.3 Calculate inventory valuation using the lower of cost or market basis.
6.4 Prepare a perpetual inventory record in prescribed form.
6.5 Calculate estimated inventory cost using both the Retail Method and the
6.6
Gross Profit Method.
Prepare a Balance Sheet showing presentation of inventory in a proper
manner.
7 Maintain records for property, plant and equipment accounts for the costs of
acquisitions, depreciation and disposal of assets.
7.1 Determine costs of plant assets.
7.2 Calculate depreciation using the following methods: Straight Line, Units of
Production, Declining Balance.
7.3 Present general journal entries to record the following:
7.3.1
Depreciation,
7.3.2
Capital and Revenue Expenditures,
7.3.3
Disposal of Plant Assets,
7.3.4
Depletion,
7.3.5
Amortization of Intangible Assets.
8 Complete an accounting cycle using a practice set.
8.1 Journalize and post all transactions.
8.2 Prepare trial balance and complete work sheet.
8.3 Journalize and post adjusting and closing entries.
8.4 Prepare financial statements in proper form.
Evaluation Criteria/Policies:
Students will demonstrate proficiency on all measurable performance objectives at least
to the 75 percent level to successfully complete the course. The grade will be
determined using the College Grading System:
92 – 100
83 – 91
75 – 82
0 – 74
=
=
=
=
A
B
C
F
Students should refer to the Student Handbook for information on Academic Standing
Policy, Academic Honesty Policy, Student Rights and Responsibilities, and other
policies relevant to their academic progress.