Chabot College
Fall 2004
Course Outline for Business 7
GENERAL ACCOUNTING
Catalog Description:
7 – General Accounting
3 units
Bookkeeping practice, debit and credit practice, books of original entry, ledgers, working papers,
adjusting and closing entries, income statement, balance sheets, and statement of owner’s equity,
cash, payroll, special journals, merchandising firms. (Combined credit for Computer Application
Systems 60, Business 5, and/or Business 7 may not exceed 12 units.) 3 hours lecture, 1 hour
laboratory.
Prerequisite Skills:
None
Expected Outcomes for Students:
Upon completion of this course, the student should be able to:
1.
2.
3.
4.
5.
6.
7.
8.
9.
define the fundamental accounting equation and its logical bookkeeping applications;
describe basic accounting theory and practice as it relates to a service or retail type operation;
perform routine bookkeeping duties;
develop the income statement, balance sheet, and statement of owners equity;
summarize stages of the accounting cycle;
discuss specifics of bank accounts and cash funds;
differentiate among various special journals;
prepare, relate, and analyze financial statements for merchandising firms;
define payroll accounting and distinguish between employee earnings, deductions and taxes.
Course Content:
1.
2.
3.
4.
5.
Concepts and procedures
a. Assets, liabilities, owner’s equity, revenue, expenses, and withdrawals
b. The accounting equation
c. The financial statements
Debits and credits
a. Fundamental definition
b. Trial balance
The accounting cycle
a. Journalizing – general journal
b. Posting – ledger
c. Adjustments
d. Worksheet
e. Closing
f. Post-closing trail balance
Banking procedures and control of cash
a. Checking accounts
b. Bank reconciliations
c. Petty cash
d. Cash over and short
Payroll
a. Employee earnings
b. Employee deductions
c. Employer taxes
d. Tax reports
Chabot College
Course Outline for Business 7, Page 2
Fall 2004
6.
7.
Special journals
a. Sales journals
b. Cash receipts journal
c. Purchase journal
d. Cash payments journal
e. Combined journal
f. Sales tax, credit and debit memos
g. Returns and allowances
Accounting cycle for merchandising
a. Journalizing and posting adjusting and closing entries
b. Worksheets
c. Preparation of financial reports
d. Reversing entire
Methods of Presentation:
1.
2.
3.
Lecture
Discussion
Problem solving
Assignments and Methods of Evaluating Student Progress:
1.
2.
Typical Assignments
a. Using transactions and a chart of accounts, journalize the transactions and post them to
the general ledger.
b. Using adjustments, complete the worksheet. Journalize and post the adjusting entries.
Methods of Evaluating Student Progress
a. Graded problems
b. Examinations
c. Assignments
d. Final examination
Textbook(s) (Typical):
College Accounting, McQuaig and Billie, Houghton-Mifflin Publishing, 2004
Special Student Materials:
Calculator
Revised 11/25/03
DK/hps
Revision 1/12/04