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ACC106 - Basic Accounting Practices
Catalog Description: Survey aspects of financial and managerial accounting with an emphasis on analysis and interpretation of financial statements and the application of key managerial accounting tools for decision-making. Not open to students with credit in ACC101. Designed primarily for Office Technology, Tourism Management, and Fashion Merchandising Management students.
Lecture: 3 hrs.
Course Learning Outcomes (CLOs):
Upon successful completion of this course as documented by semester exams with objective questions and written problems, projects, class participation, and homework, students will be able to:
1)Define accounting and its role in business.
2)Describe the importance of ethics in accounting and business.
3)Identify, describe, and prepare the basic financial statements including the Income Statement, Statement of Retained Earnings, and the Balance Sheet.
4)Analyze business transactions and determine their impact on the business for service, merchandising, and manufacturing organizations using accrual and deferral concepts.
5)Identify and explain the elements of internal controls including the preparation of bank reconciliation and accounting for cash funds.
6)Identify and describe how receivables and inventory are accounted for and reported on the financial statements.
7)Define, classify, and account for fixed assets including calculating depreciation.
8)Describe and illustrate the financing of operations through the issuance of debt and stock.
9)Prepare a financial statement analysis and summary report on a public company using its financial statements and other available online resources.*
10)Use contribution margin to calculate the break-even point and sales necessary to achieve a target profit.
11)Determine the selling price of a product, using the total cost, product cost, variable cost, and target costing concepts.
12)Identify and explain the budgeting process including the preparation of a sales, cost of goods sold, and cash budget.
* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.
1. Role of Accounting in Business
2. Basic Accounting Concepts
3. Accrual Accounting Concepts
4. Merchandising Businesses
5. Internal Controls and Cash
6. Receivables and Inventory
7. Fixed Assets & Intangibles
8. Liabilities and Stockholder's Equity
9. Financial Statement Analysis
10. Manufacturing Businesses
11. Cost Behavior and Cost-Volume-Profit Analysis
12. Product Pricing
Effective Term: Spring 2018