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
The following materials are required for this course:
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 calculator, such as the Texas Instruments "Business Analyst" calculator, now.
Assessments
Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact exams@tru.ca with any questions about this.
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 | 5% |
| Assignment 2 | 5% |
| Assignment 3 | 5% |
| Assignment 4 | 5% |
| Assignment 5 | 5% |
| Assignment 6 | 5% |
| Assignment 7 | 5% |
| Assignment 8 | 5% |
| Assignment 9 | 5% |
| Assignment 10 | 5% |
| Final Exam (mandatory) | 50% |
| Total | 100% |
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.
