I. General Information
1. Course Title:
Introduction to Accounting
2. Course Prefix & Number:
BUSN 1102
3. Course Credits and Contact Hours:
Credits: 3
Lecture Hours: 3
Lab Hours: 0
Internship Hours: 0
4. Course Description:
This course is a practical introduction to accounting, the language of business, for business owners and managers. Both the how and the why of accounting principles and practices are blended to provide a foundation for the financial management of service and merchandise businesses. The procedural based model of instruction provides a hands-on learning experience for students. The course is recommended for all business careers outside of the accounting field.
5. Placement Tests Required:
| Accuplacer (specify test): |
No placement tests required |
Score: |
|
6. Prerequisite Courses:
BUSN 1102 - Introduction to Accounting
There are no prerequisites for this course.
9. Co-requisite Courses:
BUSN 1102 - Introduction to Accounting
There are no corequisites for this course.
II. Transfer and Articulation
1. Course Equivalency - similar course from other regional institutions:
Alexandria Technical & Community College, MKTG1513 Accounting for Business Managers, 3 credits
Northwest Technical College, ACCT1100 Principles of Bookkeeping, 3 credits
Hennepin Technical College, ACCT1000 Introduction to Accounting, 3 credits
3. Prior Learning - the following prior learning methods are acceptable for this course:
Advanced Standing
III. Course Purpose
1. Program-Applicable Courses – This course is required for the following program(s):
Business Management, AAS
Business Entrepreneurship, Certificate
Business Assistant Certificate
Business Management Diploma
IV. Learning Outcomes
1. College-Wide Outcomes
| College-Wide Outcomes/Competencies |
Students will be able to: |
| Demonstrate reading and listening skills |
Complete five application tests |
| Analyze and follow a sequence of operations |
Complete comprehensive problem #1 |
| Utilize appropriate technology |
Complete mastery problems on CengageNow |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Understand the double-entry accrual accounting system
- Analyze business transactions into debit and credit parts
- Prepare general journal entries
- Post and maintain a general ledger
- Complete a ten column worksheet
- Prepare formal financial statements
- Analyze financial statements for decision making
- Complete all end of the accounting period procedures
- Maintain payroll accounting records
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
- Introduction to Accounting & Financial Management
- The Purpose of Accounting
- The Process of Accounting
- Analyzing Transactions: The Accounting Equation
- The Accounting Equation
- Analyzing Business Transactions
- Financial Statements
- The Double- Entry Framework
- The T Account
- Debits and Credits
- Transaction Analysis
- Journalizing and Posting Transactions
- The Chart of Accounts
- The General Journal
- The General Ledger
- Adjusting Entries and The Work Sheet
- End-of-Period Adjustments
- Adjusting Entries
- The Work Sheet
- Financial Statements and the Closing Process
- The Income Statement
- The Statement of Owner’s Equity
- The Balance Sheet
- Closing Entries
- Accounting Cycle Completed
- Payroll Accounting: Employee Earnings and Deductions
- Employee Earnings
- Employee Deductions
- Payroll Register
- Payroll Accounting: Employer Taxes and Reports
- Employer Payroll Taxes
- FICA-FUTA-SUTA
- Employer Reporting Responsibilities
- Accounting for Sales and Cash Receipts
- Merchandise Sales Transactions
- Journalizing and Posting Transactions
- Schedule of Accounts Receivable
- Accounting for Purchases and Cash Payments
- Merchandise Purchases Transactions
- Journalizing and Posting
- Schedule of Accounts Payable
- Special Journals
- Sales Journal
- Cash Receipts Journal
- Purchases Journal
- Cash Payments Journal
- Adjustments & the Work Sheet for Merchandise Business
- Adjustments for Merchandise Inventory
- Adjustments for Unearned Revenue
- The Work Sheet
- Financial Statements & Year-End Accounting for Merchandise Business
- The Income Statement
- Statement of Owner’s Equity
- The Balance Sheet
- Closing Entries
- Accounting Cycle Completed