STATE UNIVERSITY OF NEW YORK
COLLEGE OF TECHNOLOGY
CANTON, NEW YORK
COURSE OUTLINE
ACCT 101 - ACCOUNTING PRINCIPLES I
Prepared By: Janice Robinson
SCHOOL OF BUSINESS AND LIBERAL ARTS
BUSINESS DEPARTMENT
UPDATED FALL 2006
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Accounting Principles I: Course Outline for ACCT 101 at SUNY Canton, Study notes of Financial Accounting
An outline for accounting principles i (acct 101) at the state university of new york (suny) college of technology in canton. The course covers accounting concepts, principles, and transactions for sole proprietorships and merchandising companies. Topics include the accounting cycle, financial statements, internal control, and accounting for merchandising, cash, receivables, and inventories.
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STATE UNIVERSITY OF NEW YORK
COLLEGE OF TECHNOLOGY
CANTON, NEW YORK
COURSE OUTLINE
ACCT 101 - ACCOUNTING PRINCIPLES I
Prepared By: Janice Robinson SCHOOL OF BUSINESS AND LIBERAL ARTS BUSINESS DEPARTMENT UPDATED FALL 2006
ACCT 101 - ACCOUNTING PRINCIPLES I
A. TITLE: Accounting Principles I B. COURSE NUMBER: ACCT 101 SHORT TITLE: Accounting Principles I C. CREDIT HOURS: 4 D. WRITING INTENSIVE COURSE (OPTIONAL): E. COURSE LENGTH: 15 weeks F. SEMESTER(S) OFFERED: Fall and Spring G. HOURS OF LECTURE, LABORATORY, RECITATION, TUTORIAL, ACTIVITY: 4 lecture hours per week H. CATALOGUE DESCRIPTION: Basic accounting concepts and principles for the sole proprietorship and merchandising company are introduced with a concentrated emphasis on the accounting cycle and the preparation of financial statements. . I. PRE-REQUISITES/CO-COURSES: None J. STUDENT LEARNING OUTCOMES: Upon completion of this course the student will be able to:
- Define, recognize, and effectively use the business vocabulary introduced in this course
- Recognize the legal, global, and ethical issues affecting financial reporting
- Explain basic generally accepted accounting principles: e.g. historical cost, objectivity, going-concern assumption, entity assumption, and the matching process
- Identify, analyze, journalize, and process relevant business transactions, including the preparation of an Income Statement, Balance Sheet, and Statement of Owners' Equity
- Differentiate between periodic and perpetual inventory systems
- Compute cost of goods sold, ending inventory, and gross profit by applying FIFO, LIFO, and weighted average methods of inventory valuation
- Explain the fundamentals of internal control
- Prepare a bank reconciliation K. TEXTS: as determined by instructor L. REFERENCES: N/A M. EQUIPMENT: technology enhanced classroom
DETAILED OUTLINE
ACCT 101 - ACCOUNTING PRINCIPLES I
I. Introduction to Accounting and Business a. Nature of a Business b. The Role of Accounting in Business c. Business Ethics d. Profession of Accounting e. Generally Accepted Accounting Principles f. Assets, Liabilities, and Owners’ Equity g. Business Transactions and the Accounting Equation h. What Are Financial Statements? II. Analyzing Transactions a. Rules of Debit and Credit b. Normal Account Balances c. Characteristics of an Account d. Analyzing and Summarizing Transactions in Accounts e. Trial Balance Preparation f. Discovery and Correction of Trial Balance Errors III. The Matching Concept and the Adjusting Process a. The Matching Concept b. Accrual vs. Cash Basis Accounting c. Nature of the Adjusting Process d. Recording Adjusting Entries e. Summary of Adjustment Process e. Adjusted Trial Balance Preparation IV. Completing the Accounting Cycle a. Worksheet Preparation b. Adjusting and Closing Entries c. Financial Statement Preparation d. Fiscal vs. Calendar Year V. Accounting Systems and Internal Controls a. Basic Accounting Systems b. Objectives of Internal Control c. Subsidiary Ledgers d. Special Journals e. Manual Accounting Systems f. Computerized Accounting Systems VI. Accounting for Merchandising a. Nature of Merchandising Businesses b. Accounting for Purchases
c. Accounting for Sales d. Accounting for Transportation Costs, Sales Taxes, and Trade Discounts e. Chart of Accounts for a Merchandising Business f. Income Statement for a Merchandising Business g. The Accounting Cycle for a Merchandising Business VII. Cash a. Nature of Cash and the Importance of Controls Over Cash b. Internal Control of Cash Receipts c. Internal Control of Cash Payments d. Bank Accounts: Their Nature and Use as a Control Over Cash e. Bank Reconciliation Preparation f. Set Up and Reconciliation of a Petty Cash Fund g. Presentation of Cash on the Balance Sheet VIII. Receivables a. Classifications of Receivables b. Internal Control of Receivables c. Uncollectible Receivables d. Allowance Method of Accounting for Bad Debt e. Direct Write-0ff Method of Accounting for Bad Debt f. Nature and Characteristics of Promissory Notes g. Accounting for Notes Receivable Transactions h. Presentation of Receivables on the Balance Sheet IX. Inventories a. Internal Control of Inventories b. Effect of Inventory Errors on Financial Statements c. Inventory Cost Flow Assumptions d. Inventory Costing Methods Under a Perpetual Inventory System e. Inventory Costing Methods Under a Periodic Inventory System f. Comparing Inventory Costing Methods g. Valuation of Inventory at Other than Cost h. Presentation of Merchandise Inventory on the Balance Sheet i. Estimating Inventory Cost Using the Retail and Gross Profit Methods