Douglas College wordmark
Facebook logo Twitter logo Instagram logo Snapchat logo YouTube logo Wordpress logo

Registration for the Fall 2019 semester begins June 25.  Watch your email for more details.

back to search

Principles of Accounting I

Course Code: ACCT 1110
Faculty: Commerce & Business Administration
Department: Accounting
Credits: 3.0
Semester: 15 Weeks X 4 Hrs. per week = 60 Hrs.
Learning Format: Lecture, Online, Hybrid
Typically Offered: Fall, Winter, Summer
course overview

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.

Methods of Instruction

Lecture and/or online.

Means of Assessment

Assignments 15%
Midterm examination  25%
Test(s) OR a second midterm examination  25%
Comprehensive final examination 35%
  100%

Students must write the midterm(s) and the final examinations to obtain credit for 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.

 

 

 

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. prepare special journals and subsidiary ledgers;
  6. demonstrate skills of orderly arrangements of data, self-checking and systematic analysis of data summarization.

course prerequisites

Courses listed here must be completed prior to this course:

  • No prerequisite courses

Corequisites

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

  • No corequisite courses

Equivalencies

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

  • No equivalency courses

curriculum guidelines

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.

course schedule and availability
course transferability

Below shows how this course and its credits transfer within the BC transfer system. 

A course is considered university-transferable (UT) if it transfers to at least one of the five research universities in British Columbia: University of British Columbia; University of British Columbia-Okanagan; Simon Fraser University; University of Victoria; and the University of Northern British Columbia.

For more information on transfer visit the BC Transfer Guide and BCCAT websites.

assessments

If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.