Principles of Accounting I

Curriculum Guideline

Effective Date:
Course Code
ACCT 1110
Principles of Accounting I
Commerce & Business Administration
Start Date
End Term
Not Specified
Semester Length
15 Weeks
Max Class Size
Course Designation
Industry Designation
Contact Hours

In person: Lecture and/or Seminar: 1 X 3 hours per week OR 2 X 2hrs per week


Hybrid: minimum 50% in person and up to 50% online


Online: Synchronous and/or Asynchronous

Method(s) Of Instruction
Learning Activities

Lecture and/or seminar

All methods of instruction apply to in class, hybrid and/or online modes of learning.

Course Description
This course will introduce the student to the theory and practice of recording and reporting of financial events for service and merchandising enterprises for the purpose of preparing financial statements. Topics include the accounting cycle, cash and receivables, inventory valuation, and the use of special journals and subsidiary ledgers.
Course Content
  1. Introduction to accounting concepts; the fundamental accounting equation.
  2. Basic mechanics of recording using the general journal and the general ledger.
  3. Adjusting the accounts; preparing financial statements.
  4. Accrual vs. cash basis of accounting.
  5. Worksheets; closing entries.
  6. Merchandising accounting; cost of goods sold (both perpetual and periodic).
  7. Accounting for cash: petty cash, bank reconciliations and internal control systems.
  8. Credit card sales; accounting for bad debts; accounts and notes receivable.
  9. Inventories: periodic and perpetual systems, cost flow methods, effect of errors, estimated inventories.
  10. Special journals and subsidiary ledgers.
Learning Outcomes

At the end of the course, the successful student should be able to: 

  1. describe the functions of accounting records and financial reports;
  2. classify, record, and summarize business transactions as they relate to service and merchandising operations;
  3. prepare adjusting and closing entries and basic financial statements;
  4. account for the various classifications of assets and liabilities of a business;
  5. explain the use of special journals and subsidiary ledgers;
  6. demonstrate skills of orderly arrangements of data, self-checking, and systematic analysis of data summarization.
Means of Assessment
Assignments and/or quizzes 15%
Midterm examination  25%
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.



Textbook Materials

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.


Courses listed here must be completed prior to this course:

  • No prerequisite courses

Courses listed here must be completed either prior to or simultaneously with this course:

  • No corequisite courses

Courses listed here are equivalent to this course and cannot be taken for further credit:

  • No equivalency courses