Description:

This course will introduce the basic accounting procedures needed to maintain daily records for a small business and the use of such records in the decision-making process. Upon successful completion of the course, the student will be able to maintain a set of financial records with the occasional help of an outside accountant. This course does not prepare the student for Accounting II. 3 hrs./wk.

Supplies: Refer to the instructor’s course syllabus for details about any supplies that may be required.

Prerequisites: NONE

Textbook(s): For information see - http://bookstore.jccc.net

Course Fees: NONE

Course Objectives:

Upon successful completion of this course the student should be able to:

1. Analyze, journalize and post business transactions for service and merchandising companies.
2. Prepare financial statements including an income statement, statement of owner’s equity and balance sheet.
3. Complete all steps in the accounting cycle manually and on the computer.
4. Prepare payroll records.

Content Outline & Competencies:

I. Accounting Principles and Concepts
   A. List and define the functions of accounting.
   B. Record transactions in the basic accounting equation.
   C. Prepare an income statement, statement of owner’s equity and balance
sheet.

II. Processing Accounting Data
   A. Record transactions in T-accounts.
   B. Journalize transactions in a journal.
   C. Post transactions to a ledger.
   D. Complete a worksheet.
   E. Prepare a trial balance.
   F. Journalize and post adjusting and closing entries.

III. Computerized System
   A. Complete practice sets on the computer using a general journal
accounting system and a special journal accounting system.

IV. Accounting for Cash
   A. Complete a bank statement reconciliation.
   B. Journalize transactions for establishing and replenishing petty
cash.
   C. List and describe internal controls for cash.

V. Payroll Procedures
   A. Calculate overtime pay, FICA deductions and FIT withholding.
   B. Prepare a payroll register.
   C. Journalize and post the payroll entry from the payroll register.
   D. Calculate and journalize employer payroll tax expenses.
   E. Complete for 941 and 8109.

VI. Special Journals
   A. Journalize transactions using a special journal accounting system.
   B. Post transactions from special journals to a ledger.

VII. Accounting for Merchandising Companies
   A. Prepare financial reports for a merchandising company.
   B. Record adjusting and closing entries for a merchandising company.
   C. Prepare a post-closing trial balance.

Methods of Evaluation of Competencies:

Evaluation of student mastery of course competencies will be accomplished using the following methods:

A minimum of four examinations
Computer Project
Evaluation of homework assignments
Evaluation of classroom participation
                                             
Grade Criteria:
A = 90-100%
B = 80-89%
C = 70-79%
D = 60-69%
F = below 60%

Caveats:

1. Student may need to be able to use the computer lab to complete the computer projects.

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.