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.

Learning outcomes

  • 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 topics

  • 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.

Assessments

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. Students will receive the necessary contact information at the start of your course.

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