Heartland Community College
Master Course Syllabus
Division name SBS
Course Prefix and Number ACCT 120
Course Title: Small Business Accounting
DATE PREPARED: July 30, 1998
DATE REVISED: September 1, 2010
PCS/CIP CODE: 12-520302
IAI NO. (if available):
EFFECTIVE DATE OF FIRST CLASS: January 1, 2011
CREDIT HOURS: 3
CONTACT HOURS: 3
LECTURE HOURS: 3
LABORATORY HOURS: 0
CATALOG DESCRIPTION (Include specific prerequisites):
This course provides an introduction to general financial accounting principles and their
application for small businesses. Topics will include the accounting cycle, payroll, cash,
receivables, payables, inventory, depreciation, and financial statement preparation. Practical
application of accounting principles will be emphasized throughout the course.
TEXTBOOKS:
Slater, Jeffrey, College Accounting, 11th edition, New York: Pearson Learning
Solutions. Custom Published for Heartland Community College.
RELATIONSHIP TO ACADEMIC DEVELOPMENT PROGRAMS AND
TRANSFERABILITY:
ACCT 120 was designed to meet the specific needs of an Associate of Applied Science degree
or certificate programs and not necessarily as a transfer course, particularly in relation to the
Illinois Articulation Initiative. This course may transfer to various institutions in a variety of
ways. Please see an academic advisor for an explanation concerning transfer options.
LEARNING OUTCOMES:
Course Outcomes
General
Education
Outcomes
1. Describe the role of accounting as an
information development and
communication system that provides
information for economic decisionmaking.
2. Apply the accrual basis accounting
rules to analyze and record
transactions throughout the accounting
cycle including year-end adjustments
for accruals and deferrals and closing
entries.
3. Prepare a classified balance sheet, a
single-step income statement for a
service business, and a multi-step
income statement for a merchandising
business.
4. Utilize payroll accounting record
keeping procedures to compute,
record, and report payroll and payroll
tax obligations.
5. Analyze and record sales, inventory,
and cost of goods sold transactions
using the periodic inventory method.
6. Identify and analyze the components of
an internal control system and the
internal control activities necessary to
safeguard assets and assure the
accuracy and reliability of accounting
records.
7. Analyze and record transactions related
to vendors and customers utilizing a
subsidiary ledger system.
8. Analyze and record transactions related
to the acquisition, depreciation, and
disposal of plant assets.
9. Analyze and record owner equity
transactions for sole proprietorship or a
partnership.
10. Utilize accounting general ledger
software to record basic accounting
transactions.
Throughout
the semester,
students will
achieve the
following
Gen Ed
outcomes:
PS 1
PS 2
CT 1
CT 2
Program
Outcomes
Accounting
Foundations*
Throughout
the semester,
students will
achieve the
following
Accounting
Foundations
program
outcomes:
AF 1
AF 2
AF 3
AF 4
Range of
Assessment
Methods
Throughout the
semester, the
following
assessment
methods will
be used to
measure the
course,
program, and
Gen Ed
learning
outcomes:
Homework,
Exams,
Quizzes, Cases
and other
activities as
determined by
the instructor.
* Accounting Foundations Outcomes:
AF 1 Use critical thinking skills to complete all steps of the accounting cycle according to
generally accepted accounting practices, both manually and using computerized
accounting software, and to prepare financial statements for a company.
AF 2 Create, manage, and protect the accounting information systems, accounting records,
payroll records, and customer and vendor information in accordance with appropriate
laws and regulations, ethical standards, and management policies
AF 3 Prepare accounting records and documentation necessary to prepare sales, payroll, and
income tax returns.
AF 4 Understand and practice professional work habits expected in the accounting field,
including confidentiality and accounting ethics.
COURSE/LAB OUTLINE:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Introduction to Accounting and the Accounting Model
The Accounting Cycle
Accounting for Cash and Internal Control
Accounting for Payroll and Related Liabilities
Accounting for Merchandising Businesses
Accounting for Receivables and Payables
Accounting for Plant Assets
Accounting for Owners’ Equity for Partnerships
Classified Financial Statements
METHOD OF EVALUATION (Tests/Exams, Grading System):
Assessment Method
Exams and Quizzes
Homework
Cases
Other activities to be determined by instructor
TOTAL
% of final grade
50 – 85 %
5 – 20 %
5 – 20 %
5 – 10 %
100 %
Course grades will be determined by total points accumulated during the semester with a
minimum grading scale as follows:
GRADING SCALE:
A
90% - 100%
B
80% - 89%
C
70% - 79%
D
60% - 69%
F
Below 60%
REQUIRED WRITING AND READING:
The text and related reading materials required are designed to provide the basis for the study
of accounting and will be approximately 550 pages for the semester. Homework activities,
problems and/or cases that are assigned throughout the course may require written
communication of their findings. The nature of the writing assignments and total number of
written pages will be determined by the instructor.