Description:

This course is an introduction to accounting fundamentals. Upon successful completion of this course, a student should be able to analyze transactions, use various journals and ledgers, prepare financial statements and summarize results at the close of the fiscal period for the sole proprietorship. 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. Describe the purpose of accounting and the elements of basic accounting statements.
2. Demonstrate a working knowledge of accounting principles and concepts.
3. Illustrate the process of analyzing and recording accounting entries, including adjusting and closing entries.
4. Prepare financial statements for a sole proprietorship and for a merchandising concern.
5. Describe the accounting for assets, including merchandise inventory, cash, receivables, short-term investments, plant assets, natural resources, and intangible assets.
6. Describe the accounting for liabilities, including current, long-term, and contingent liabilities.

Content Outline & Competencies:

I. Introduction to Accounting Concepts
   A. Describe the purpose of accounting and the work of an accountant.
   B. Identify the elements of basic accounting statements.
   C. Describe the accounting principles and concepts that regulate the
processing and reporting of financial data.

II. Processing Accounting Data
   A. Define double-entry accounting and illustrate the process of
recording accounting entries.
   B. Describe the analysis and recording of adjustment to ledger
accounts.
   C. Describe the analysis and recording of closing entries to ledger
accounts.
   D. Illustrate the preparation of the financial statements.
   E. List and describe the steps in the accounting cycle.
   F. List and describe the financial records necessary for a
merchandising concern.

III. Accounting for Assets
   A. Describe the counting, costing and other valuation of merchandise
inventory.
      1. Calculate the cost of inventory using the generally accepted
methods.
      2. Describe the steps in taking a physical count of merchandise
inventory.
   B. Describe internal control and the accounting for cash.
      1. Identify the principles of internal control for organizations.
      2. Identify the principles of internal control over cash.
      3. Illustrate the steps of preparing a bank reconciliation.
      4. Illustrate the journal entries and procedures used for a petty
cash account.
   C. Describe the accounting for receivables and short-term investments.
      1. Illustrate the accounting for accounts receivable, including
uncollectible accounts.
      2. Describe the methods of converting receivables to cash before
maturity.
      3. Illustrate the accounting and reporting of short-term
investments.
   D. Describe the accounting for plant assets, natural resources, and
intangible assets.
      1. Identify the items that are included in cost of plant assets.
      2. Illustrate the methods used in calculating depreciation.
      3. Illustrate and differentiate the accounting for revenue and
capital expenditures.
      4. Prepare journal entries for disposals of plant assets.
      5. Describe and illustrate accounting for natural resources.
      6. Describe and illustrate accounting for intangible assets.

IV. Accounting for Liabilities
   A. Describe the accounting for current and long-term liabilities.
      1. Define liabilities and classify as current or long-term.
      2. Illustrate accounting for known or determinable liabilities.
      3. Describe accounting for estimated liabilities.
      4. Illustrate accounting for long-term liabilities.
   B. Define contingent liabilities and describe accounting treatment.

CLASSROOM ACTIVITIES:

Lecture and group involvement complemented by visual aids where
appropriate.

Methods of Evaluation of Competencies:

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

Minimum of four examinations
Evaluation of homework assignments
Evaluation of participation in classroom discussions
Optional projects

Grade Criteria:
      A = 90 - 100%
      B = 80 -  89%
      C = 70 -  79%
      D = 60 -  69%
      F = below 60%

Caveats: NONE

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.