ACCT 1211
Accounting I
3.0 Credits
Description
This introductory course provides an understanding of the total accounting process, from recording business transactions to preparing simple financial statements. Students also learn how to apply accounting principles to business situations including processing company data and controlling company assets. By teaching manual accounting methods, this course is an ideal foundation for those intending to use a computerized accounting package in the future. During the course, students learn concrete skills that can be applied in operating or establishing a small business while they gain a solid foundation for further study. The course is ideal for those who need to understand two critical reports-the balance sheet and income statement-and how these are constructed. Upon successful completion of this course, students are able to interpret and record business transactions; post, balance, and close a general ledger; and prepare simple financial statements for a proprietorship. (AI, CIM, CPA, LGMA, QAA; ACCT 1211 (previously BUSM 131) and ACCT 1221 (previously BUSM132) together: CGA, CMA, CUIC, ICB, PMAC)
Delivery Method
Delivery is self-paced, allowing you the flexibility to proceed through the course according to your own schedule. You have a choice of delivery through print or web. TRU has no admission requirements and you can register for this course at any time throughout the year.
Prerequisites
Provincial Grade 12 Diploma or equivalent is recommended. Basic mathematics skills are required. Basic computer and Internet skills are required for the web-based version of this course.
Exclusions
Students planning to take or have credit for BBUS 2211 (previously ADMN 231) may not take ACCT 1211 (previously BUSM 131) and ACCT 1221 (previously BUSM132) for further credit.
Objectives
Upon completion of this course, you should be able to:
- Analyze business events, using accounting and financial terms.
- Record business events as entries in general, special, and multi-column journals.
- Post journal entries to the general and subsidiary ledger accounts.
- Balance the general and subsidiary ledgers.
- Prepare classified financial statements with supporting schedules.
- Prepare end-of-period adjusting and closing journal entries.
- Account for a merchandising business, including its inventories and receivables.
- Control cash transactions and prepare bank reconciliations.
- Account for payroll at a rudimentary level.
Course Outline
- Module 1: Accounting and the Business Environment
- Module 2: Recording Business Transactions
- Module 3: Measuring Business Income: The Adjustment Process
- Module 4: Completing the Accounting Cycle
- Module 5: Merchandising Operations and Accounting for Merchandise Inventory
- Module 6: Accounting Information Systems
- Module 7: Internal Control and Cash
- Module 8: Receivables
- Module 9: Property, Plant, and Equipment: Goodwill; and Intangible Assets
- Module 10: Current Liabilities and Payroll
Maximum Completion
30 weeks maximum duration. Students may choose to complete this course in less than the allowed maximum time.
Required Text and Materials
Students will receive all course materials including the textbook in their course package.
Horngren, C., Harrison, Jr., Oliver, M.S., Norwood, P., & Johnston, J.
Accounting: Volume one. 8th Canadian ed.. Toronto, ON: Pearson Prentice Hall, 2011.
Type: Textbook
The above textbook comes bundled with an access code for "myaccountinglab". The bundle ISBN is: 978-0-13-213886- 4.
Additional Requirements
Hand calculator: a calculator is required for basic calculations. However, if you intend to continue with more advanced accounting courses in the future, you might consider buying a financial calculator, such as the Texas Instruments. "Business Analyst" calculator, now.
For computer requirements web students should refer to the section on "Equipments" under Courses in the TRU-OL Calendar or on the TRU-OL website for computer requirements.
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students throughout the course. Primary communication through Blackboard's "Mail" tool or by phone. You will receive the necessary contact information when you start your course. .
Assessment
In order to successfully complete this course, you must obtain at least 50% on the final mandatory examination and 50% overall. It is strongly recommended that students complete all assignments in order to achieve the learning objectives of the course.
Your final grade for the course is determined on the following basis:
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