Chabot College
Fall 2005
Course Outline for Business 1A
PRINCIPLES OF ACCOUNTING I
Catalog Description:
1A - Principles of Accounting I
4 units
Basic theory and structure of accounting; accounting cycle and preparation of accounting statements
for service and merchandising operations, receivables, inventory, plant assets, current/long term
liabilities, payroll, accounting principles, concepts, partnerships and corporations. Strongly
recommended: Business 7. May be offered in Distance Education delivery format. 4 hours.
Prerequisite Skills:
None
Expected Outcomes for Students:
Upon completion of this course, the student should be able to:
1. Apply and demonstrate an understanding of the basic accounting principles and concepts;
2. Prepare journal entries, post to ledger, perform adjusting and closing entries at the end of the
period;
3. Prepare financial statements and reports including cash flows;
4. Understand the need for internal control as well as preparing a bank reconciliation;
5. Process transactions relating to both short and long term assets and liabilities;
6. Process transactions relating to receivables, payables;
7. Inventory and Depreciation;
8. Demonstrate an understanding of the cash and accrual methods of accounting;
9. Process transactions relating to a merchandising business;
10. Display a working knowledge of special journals;
11. Apply an understanding of financial analysis and reporting;
12. Discuss the difference in the accounting processes of the sole proprietorship, partnership and
corporations;
13. Identify the ethical issues which exist in the business community.
Course Content:
1. Accounting in Action
a. What is accounting
b. Financial statements
c. Income statement, Balance sheet and Cash flow
2. The recording process
3. Adjusting and closing the accounts
4. Completion of the accounting cycle
5. Accounting for merchandising operations
6. Accounting information systems
a. Subsidiary ledgers
b. Special journals
c. Accounting software
7. Internal control and cash
8. Accounting for receivables
9. Inventories
10. Plant assets, natural resources and intangible assets
11. Current and long-term liabilities
12. Payroll accounting
13. Accounting principles
14. Accounting for partnerships and corporations
Chabot College
Course Outline for Business 1A, Page 2
Fall 2005
Methods of Presentation:
1. Lectures
2. Discussion
3. Problem solving
Assignments and Methods of Evaluating Student Progress:
1. Typical Assignments
a. Given the monthly transactions for a merchandising operation, complete following tasks:
1) Prepare journal entries
2) Post to the ledger
3) Prepare worksheet
4) Month end adjusting and closing entries
5) Month end financial statements and reports
b. Using the given data find the COGS and Ending Inventory using the following methods:
1) FIFO
2) LIFO
3) Specific Identification
4) Weighted Average
5) Lower of cost or market
2. Methods of Evaluating Student Progress
a. Chapter assignments
b. Chapter quizzes
c. Mini practice sets
d. Midterm examination
e. Final examination
Textbook(s) Typical:
ACCOUNTING PRINCIPLES, Weygandt, Kiesco, Kimmel, John Wiley & Sons. Inc., 6th ed.
ACCOUNTING, Hornegren, Harrison, Bamber, 6th ed.
Special Student Materials:
Calculator
dk/jh 10/04
jh/jb 12/04
BUS 1A course outline