This course will introduce students to the concepts and practices of financial accounting for service businesses. Students will complete the accounting cycle for a service business and complete the accounting cycle to trial balance for a merchandising business. Students will be introduced to special journals, subsidiary ledgers, sales taxes, payroll activities, bank reconciliations and petty cash systems. After completing routine and periodic processes manually, students will process some of the same transactions using a computerized accounting system.
- Introduction to accounting concepts and procedures.
- The accounting equation.
- Analyzing business transactions.
- Journalizing, posting and preparing a trial balance for a service business.
- Preparing worksheets and financial statements for a service business.
- Journalizing and posting adjusting and closing entries for a service business.
- Journalizing merchandising transactions in special journals - Sales, Cash Receipts, Purchases, and Cash Payments.
- Preparing bank reconciliation statements.
- Journalizing transactions related to petty cash.
- Preparing a payroll register and journalizing transactions related to payroll.
- Journalizing transactions involving GST and PST.
- Record transactions in General Ledger, Accounts Receivable and Accounts Payable Modules both manually and electronically.
- Display and print financial statements, customer reports and vendor reports.
Methods of Instruction
This course will be offered in a laboratory setting with the instructor using short lectures/demonstrations of concepts and procedures. Students will be guided through the completion of exercises and assigned related projects and simulations.
Means of Assessment
THERE ARE NO ORAL PRESENTATIONS IN THIS COURSE.
The learner has reliably demonstrated the ability to
- complete the accounting cycle for a service business.
- complete the accounting cycle to trial balance for a merchandising business.
- plan, complete and record all payroll-related transactions for a pay period.
- prepare bank reconciliation statements and record transactions related to petty cash.
- complete routine and periodic processes related to the General Ledger, Accounts Receivable and Account Payable Modules in accounting software.
- prepare trial balances, schedules and financial statements in accounting software.
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.
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.
If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.