Lecture and/or online.
- 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.
- Accounting for Sales Taxes.
- 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.
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;
- prepare special journals and subsidiary ledgers. and
- demonstrate skills of orderly arrangements of data, self-checking and systematic analysis of data summarization.
|Quizzes and/or tests||20%|
|Comprehensive final examination||40%|
Students must write both the midtern examination and the final examination to obtain credit for the course.
Horngren, Harrison, et al, Accounting, latest Canadian edition, Pearson Canada (also used in ACCT 1210) Or other textbook(s) as approved by the Accounting Dept.
Instructor compiled materials (if applicable).
Faculty of Commerce and Business Administration approved calculators only.