ACC 115 College Accounting

Lecture: 3 Lab: 0 Clinic: 2 Credits: 4

This course introduces basic accounting principles for a business. Topics include the complete accounting cycle with end-of-period statements, bank reconciliation, payrolls, and petty cash. Upon completion, students should be able to demonstrate an understanding of accounting principles and apply those skills to a business organization.

Course is typically offered in Spring.
Course has transfer restrictions - 10 years

Student Learning Outcomes (SLOs)
At successful completion of the course, the student should be able to do the following:

Demonstrate an understanding of basic accounting terminology and the business environment.
Prepare the four basic financial statements using accrual basis accounting: Income Statement, Statement of Changes in Shareholders’ Equity, Balance Sheet, and Statement of Cash Flow.
Prepare a bank reconciliation with adjustments.
Explain, demonstrate and discuss the importance of inventory and various cost flow assumption techniques.
Understand and calculate basic payroll and employer payroll tax deductions.
Account for receivables according to GAAP.
Account for long term assets according to GAAP.
Account for current and long term liabilities according to GAAP.
Account for Shareholders’ Equity transactions.
Analyze use of internal controls in transaction processing and financial reporting practices.