Principles of Accounting I
- Introduction to accounting concepts; the fundamental accounting equation.
- Basic mechanics of recording using the general journal and the general ledger.
- Adjusting the accounts; preparing financial statements.
- Accrual vs. cash basis of accounting.
- Worksheets; closing entries.
- Merchandising accounting; cost of goods sold (both perpetual and periodic).
- Accounting for cash: petty cash, bank reconciliations and internal control systems.
- Credit card sales; accounting for bad debts; accounts and notes receivable.
- Inventories: periodic and perpetual systems, cost flow methods, effect of errors, estimated inventories.
- Special journals and subsidiary ledgers.
Lecture and/or seminar
All methods of instruction apply to in class, hybrid and/or online modes of learning.
|Assignments and/or quizzes||15%|
|Test(s) OR a second midterm examination||25%|
|Comprehensive final examination||35%|
Evaluation will be carried out in accordance with the Douglas College Evaluation Policy.
Students must write the midterm(s) and the final examinations to pass the course.
To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.
Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
At the end of the course, the successful student should be able to:
- describe the functions of accounting records and financial reports;
- classify, record, and summarize business transactions as they relate to service and merchandising operations;
- prepare adjusting and closing entries and basic financial statements;
- account for the various classifications of assets and liabilities of a business;
- explain the use of special journals and subsidiary ledgers;
- demonstrate skills of orderly arrangements of data, self-checking, and systematic analysis of data summarization.
Horngren, Harrison, et al, Accounting, latest Canadian edition, Pearson Canada (also used in ACCT 1210) Or other textbook(s) or instructor compiled materials (if applicable) as approved by the Accounting Department.
Faculty of Commerce and Business Administration approved calculators only.
No prerequisite courses.
No corequisite courses.
No equivalent courses.
Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.
These are for current course guidelines only. For a full list of archived courses please see https://www.bctransferguide.ca
|Institution||Transfer Details for ACCT 1110|
|Acsenda School of Management (ASM)||ASM ACCT 211 (3)|
|Alexander College (ALEX)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = ALEX COMM 293 (3)|
|Alexander College (ALEX)||ALEX COMM 1XX (3)|
|Athabasca University (AU)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = AU ACCT 253 (3)|
|BC Institute of Technology (BCIT)||BCIT FMGT 1100 (4) or BCIT FMGT 1105 (5)|
|Camosun College (CAMO)||CAMO ACCT 110 (3)|
|Capilano University (CAPU)||CAPU BFIN 141 (3) or CAPU TOUR 116 (3)|
|Coast Mountain College (CMTN)||CMTN ACCT 150 (3)|
|College of the Rockies (COTR)||COTR ACCT 261 (3)|
|Columbia College (COLU)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = COLU ACCT 251 (3)|
|Coquitlam College (COQU)||COQU ACCT 101 (3)|
|Kwantlen Polytechnic University (KPU)||KPU ACCT 1110 (3)|
|Langara College (LANG)||LANG FMGT 1115 (3)|
|Nicola Valley Institute of Technology (NVIT)||NVIT ADMN 115 (3)|
|North Island College (NIC)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = NIC BUS 100 (3)|
|Okanagan College (OC)||OC BUAD 111 (3)|
|Simon Fraser University (SFU)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = SFU BUS 1XX (3) & SFU BUS 251 (3)|
|Trinity Western University (TWU)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = TWU BUSI 121 (3) & TWU BUSI 2XX (3)|
|Trinity Western University (TWU)||TWU BUSI 121 (3)|
|Trinity Western University (TWU)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) & DOUG ACCT 2320 (3) = TWU BUSI 121 (3) & TWU BUSI 222 (3) & TWU BUSI 2XX (3)|
|University of British Columbia - Okanagan (UBCO)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = UBCO MGMT 201 (3) & UBCO MGMT 2nd (3)|
|University of British Columbia - Vancouver (UBCV)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = UBCV COMM 293 (3)|
|University of Northern BC (UNBC)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = UNBC COMM 210 (3)|
|University of the Fraser Valley (UFV)||UFV BUS 143 (3)|
|University of Victoria (UVIC)||UVIC COM 2XX (1.5)|
|University of Victoria (UVIC)||DOUG ACCT 1110 (3) & DOUG ACCT 1210 (3) = UVIC COM 202 (1.5) & UVIC COM 2XX (1.5)|
|Vancouver Community College (VCC)||VCC ACCT 1035 (3) or VCC HOSP 1860 (3)|
|Vancouver Island University (VIU)||VIU ACCT 100 (3)|