ACCT 1211: Accounting I

Students develop the ability to record business transactions and prepare financial statements for a small business enterprise. Topics include accounting and the business environment; recording business transactions; adjusting entries; closing entries and completing the accounting cycle; merchandising accounting; accounting information systems; internal control and cash; receivables; property, plant and equipment; goodwill and intangible assets; and current liabilities and payroll accounting.


  • 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

Required text and materials

Students will receive the following:

Miller-Nobles, T. L., Mattison, B., Matsumura, E. M., Meissner, C. A., Johnston, J. L., & Norwood, P. R. (2019). Horngren’s Accounting: Volume 1 plus MyAccountingLab (11th Cdn. ed.). Toronto, ON: Pearson.
Type: Textbook: ISBN: 978-0-13-535970-9

Note: This textbook comes with access to a companion website: MyAccountingLab that is not required but recommended for activities and additional practice.

Additional requirements

Hand calculator: a calculator may be helpful for basic calculations. However, if you intend to continue with more advanced accounting courses in the future, you might consider buying a financial cal¬culator, such as the Texas Instruments. "Business Analyst" calculator, now.


Please be aware that due to COVID-19 safety guidelines all in-person exams have been suspended. As such, all final exams are currently being delivered through ProctorU, which has an approximate fee of $35 involved. There will be more information in your course shell, on how to apply, if your course has a final exam.

To complete this course successfully, you must achieve a passing grade of 50% or higher on the overall course and 50% or higher on the mandatory Final Exam.

Assignment 1 4%
Assignment 2 4%
Assignment 3 4%
Assignment 4 4%
Assignment 5 4%
Assignment 6 4%
Assignment 7 4%
Assignment 8 4%
Assignment 9 4%
Assignment 10 4%
Final Exam (mandatory) 60%
Total 100%

Open Learning Faculty Member

An Open Learning Faculty member is available to assist students. Primary communication through the Learning Environment’s “Mail” tool. Students will receive the necessary contact information at the start of the course.

Search To Top