Nov 27, 2021  
College Catalog 2021-2022 
    
College Catalog 2021-2022
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ACCT 1050 - Financial Record Keeping

Credit Hours: 4.00


Prerequisites: None

This course is not recommended for accounting majors or transfer students. This course will provide a procedural and practical approach to maintaining accounting records. The accounting cycle for a service company and a merchandising concern will be covered. Topics will include journals, ledgers, trial balances, financial statements, subsidiary ledgers, and payroll records. Manual and computerized accounting are used.

Billable Contact Hours: 4

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OUTCOMES AND OBJECTIVES
Outcome 1: Upon completion of this course, students will be able to utilize the rules and concepts authorized by generally accepted accounting principles.

Objectives: Upon completion of this course, students will be able to:

  1. Identify these rules and concepts.
  2. Identify when and where various rules and concepts are used.
  3. Demonstrate the use of rules and concepts in various record-recording situations.

Outcome 2: Upon completion of this course, students will be able to distinguish the various aspects of journalizing in accounting records.

Objectives: Upon completion of this course, students will be able to:

  1. Explain the process of journalizing.
  2. Distinguish between debits and credits and their effect on increases and decreases.
  3. Demonstrate the preparation and recording of journal entries.

Outcome 3: Upon completion of this course, students will be able to relate the various methods used to estimate values and expenses.

Objectives: Upon completion of this course, students will be able to:

  1. Calculate cost of sales and ending inventory.
  2. Calculate depreciation expense.
  3. Prepare adjusting journal entries associated with closing accounting records.

Outcome 4: Upon completion of this course, students will be able to prepare required financial statements and analyze business results.

Objectives: Upon completion of this course, students will be able to:

  1. Identify the three primary financial statements and what purpose each serves in presenting the business finances.
  2. Demonstrate the ability to prepare each financial statement.

Outcome 5: Upon completion of this course, students will be able to use a computer program system to record and accumulate financial data in the business world

Objectives: Upon completion of this course, students will be able to:

  1. Explain the role of computer programs in a financial record-keeping system.
  2. Demonstrate the ability to use a computer software system to record and maintain a set of financial records.

COMMON DEGREE OUTCOMES (CDO)
• Communication: The graduate can communicate effectively for the intended purpose and audience.
• Critical Thinking: The graduate can make informed decisions after analyzing information or evidence related to the issue.
• Global Literacy: The graduate can analyze human behavior or experiences through cultural, social, political, or economic perspectives.
• Information Literacy: The graduate can responsibly use information gathered from a variety of formats in order to complete a task.
• Quantitative Reasoning: The graduate can apply quantitative methods or evidence to solve problems or make judgments.
• Scientific Literacy: The graduate can produce or interpret scientific information presented in a variety of formats.

CDO marked YES apply to this course:
Communication: YES
Critical Thinking: YES
Information Literacy: YES
Quantitative Reasoning: YES
COURSE CONTENT OUTLINE
 

  1. Accounting Concepts and Procedures
    1. Explain accounting and the accounting equation
    2. Record transactions into the equation
    3. Prepare 3 financial statements
  2. Debits and Credits: Analyzing and Recording Business
    1. Transactions
    2. Explain T accounts and use to record transactions
    3. Prepare a trial balance and financial statements
  3. Beginning the Accounting Cycle
    1. Analyze and record transactions in a journal
    2. Post to a ledger
    3. Take a trial balance
  4. Accounting Cycle Continued
    1. Explain adjustments
    2. Record them on a worksheet
    3. Prepare financial statements
  5. Accounting Cycle Completed
    1. Journalize and post adjusting entries
    2. Journalize and post closing entries
    3. Take a post-closing trial balance
  6. Banking Procedures and Control of Cash
    1. Explain banking procedures and checking accounts
    2. Explain bank reconciliation
    3. Explain petty cash and chance funds
  7. The Payroll Process
    1. Calculate gross and net pay
    2. Prepare a payroll register and employee earnings record
    3. Calculate employer taxes
    4. Make journal entries
    5. Prepare Quarterly and Annual Reports
  8. Sales and Cash Receipts
    1. Make journal entries
    2. Post to general and subsidiary ledgers
    3. Prepare a schedule of accounts receivable
  9. Purchases and Cash Payments
    1. Make journal entries
    2. Post to general and subsidiary ledgers
    3. Prepare a schedule of accounts payable
  10. Accounting Cycle for a Merchandise Company
    1. Prepare adjusting entries
    2. Prepare financial statements

Primary Faculty
Jex, Fred
Secondary Faculty

Associate Dean
Johnson, Elise
Dean
Balsamo, Michael



Official Course Syllabus - Macomb Community College, 14500 E 12 Mile Road, Warren, MI 48088



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