Course Snapshot for ACC121 - Principles of Accounting I
The information listed below is subject to change. Please review the course syllabus within your online course at the start of class.
Course Competencies
The competencies you will demonstrate in this course are as follows:
- Describe the concepts and principles used in the accounting profession.
- Analyze transactions in relationship to the accounting equation.
- Record transactions in an accounting system for service and merchandising businesses.
- Complete end-of-period work including preparing adjusting entries, financial statements, and closing entries.
- Identify advantages and disadvantages of using both computerized and manual systems.
- Describe the principles and practices of effective internal control systems.
- Account for cash transactions and prepare bank reconciliations.
- State the difference between a note and an account receivable, and demonstrate the calculation of interest on notes and record the related transactions.
- Analyze and prepare journal entries for bad debts.
- Assign a value to inventory using the FIFO, LIFO, and weighted average cost flow assumptions.
- Estimate ending inventory values.
- State the effect of inventory errors on financial statements.
- Account for plant assets, natural resources and intangible assets.
- Calculate and record depreciation, depletion and amortization.
- Account for the disposal of plant assets.
- Analyze, calculate, and journalize transactions relating to current liabilities.
- Apply ethical standards to financial reporting situations to determine appropriate responses
Module Outcomes Mapped to Competencies
Module 1: Accounting and The Recording Process |
Mapped to Course Competencies (above) |
| Describe the concepts and principles used in the accounting profession. | 1 |
| Analyze transactions in relationship to the accounting equation. | 2 |
| Record transactions in an accounting system for service and merchandising businesses. | 3 |
Module 2: Completing the Accounting Cycle |
Mapped to Course Competencies (above) |
| Complete end-of-period work including preparing adjusting entries, financial statements, and closing entries. | 4 |
| Apply ethical standards to financial reporting situations to determine appropriate responses. | 17 |
Module 3: Accounting for Merchandising Operations and Accounting Information Systems |
Mapped to Course Competencies (above) |
| Record transactions in an accounting system for service and merchandising businesses. | 3 |
| Complete end-of-period work including preparing adjusting entries, financial statements, and closing entries. | 4 |
| Assign a value to inventory using the FIFO, LIFO, and weighted average cost flow assumptions. | 10 |
| Estimate ending inventory values. | 11 |
| State the effect of inventory errors on financial statements. | 12 |
| Identify advantages and disadvantages of using both computerized and manual systems. | 5 |
| Apply ethical standards to financial reporting situations to determine appropriate responses. | 17 |
Module 4: Internal Controls , Cash and Receivables |
Mapped to Course Competencies (above) |
| Describe the principles and practices of effective internal control systems. | 6 |
| Account for cash transactions and prepare bank reconciliations. | 7 |
| State the difference between a note and an account receivable, and demonstrate the calculation of interest on notes and record the related transactions. | 8 |
| Analyze and prepare journal entries for bad debts. | 9 |
| Apply ethical standards to financial reporting situations to determine appropriate responses. | 17 |
Module 5: Fixed Assets, Liabilities and Payroll |
Mapped to Course Competencies (above) |
| Account for plant assets, natural resources and intangible assets. | 13 |
| Calculate and record depreciation, depletion and amortization. | 14 |
| Account for the disposal of plant assets. | 15 |
| Analyze, calculate, and journalize transactions relating to current liabilities. | 16 |
| Apply ethical standards to financial reporting situations to determine appropriate responses transactions. | 17 |
Course Time Commitment and Expectations
For every credit hour, students should plan to spend an average of 2-3 hours per week for course-related activities in a 15-week course. For example, a 3 credit hour course would average an average 6-9 hours per week to read/listen to the online content, participate in discussion forums, complete assignments, and study the course material. For 10 and 6-week courses, the amount of time per week will be higher so all course competencies, module outcomes, and assignments will be covered.
Aside from typical reading assignments, this course has the following (Please Note: This list is subject to change based on the discretion of the instructor facilitating this course.):
Assignment | Points |
|---|---|
| Homework (10 @ 30 points each) | 300 |
| Mini Practice (5 @ 60 points each) | 300 |
| Exams (5 @ 50 points each) | 250 |
| TOTAL | 1000 |
CCCOnline Course Quality Commitment
CCCOnline goes to great lengths to assure the quality of your online learning experience. You can expect the following from our courses:
- All CCCOnline courses are developed by content experts and a professional team of instructional designers.
- CCCOnline courses are built with a template that assures accessibility and Quality Matters Design Standards.
- There is navigation consistency across all CCCOnline courses.
- Most of our courses come with illustrative models and videos to enhance learning concepts.