Course Description: This course is designed to provide introductory knowledge of accounting principles, concepts, and practices. Included topics are the balance sheet, the income statement, the statement of owner’s equity, the statement of cash flows, worksheets, journals, ledgers, accruals, adjusting and closing entries, internal controls, inventories, fixed and intangible assets, liabilities, equity, and financial statement analysis. This course provides a foundation for more advanced work in the fields of accounting and business..

Course Objectives: Upon completion of the course, the student will be able to:

1. Understand the role of accounting in business.
2. Summarize and apply basic financial accounting terms, concepts and principles.
3. Take a given series of transactions through the accounting cycle.
4. Analyze record and report transactions for service and merchandising businesses.
5. Prepare and analyze financial statements.

Specific Objectives: Upon successful completion of the course the student will be able to:

1. Explain the nature of a business and the role of accounting in business.
2. Apply ethical business practices.
3. Discuss opportunities in the accounting profession and accounting principles and practices.
4. Demonstrate use of the accounting equation and elements of the equation as it applies to business transactions.
5. Identify characteristics of an account, the chart of accounts, normal account balances.
6. Apply the rules of debit and credit when analyzing and recording transactions.
7. Prepare a trial balance and understand the usefulness and limitations of the trial balance.
8. Discover and correct errors incurred in recording transactions.
9. Apply the matching concept, accrual accounting and prepare adjusting entries.
10. Prepare a worksheet, financial statements (balance sheet, income statement, statement of owner’s equity, and statement of cash flows), closing entries, and the post-closing trial balance.
11. Explain the fiscal year and the natural business year.
12. Identify the differences in a service business and a merchandising business.
13. Prepare accounting reports for a merchandising business using both perpetual and periodic inventory systems.
14. Identify the nature of cash and internal control systems.
15. Prepare bank reconciliation.
16. Apply proper accounting methods to receivables including internal control, collections, uncollectible accounts, and notes receivable.
17. Understand the nature and characteristics of notes receivable, accounting for receivables, and presentation on the balance sheet.
18. Demonstrate proper accounting for inventories including cost flow assumptions, costing methods, inventory valuation, internal control, the effect of inventory errors, and estimating inventory costs.
19. Describe the nature of fixed assets, calculate and record depreciation, record capital expenditures and revenue expenditures, disposal of fixed assets. Analysis will include fixed assets, natural resources and intangible assets.
20. Explain the nature of current liabilities, account for short-term notes payable, contingent liabilities, bonds payable and other long-term liabilities.
21. Demonstrate understanding of a corporate form of business by analyzing stockholders’ equity, sources of paid-in capital, and record issuance of stock, dividends and treasury stock transactions.
22. Prepare and analyze the statement of cash flows.
23. Perform basic financial statement analysis by calculating and interpreting commonly used ratios and performance measures.

 

Content Information:

In order to receive a passing grade for ACCT 1200, students must successfully complete:

Chapter quizzes over each assigned chapter.
Chapter assignments and projects.
Comprehensive final exam.

Course Expectations: Students are expected to:

• Spend approximately 15-20 hours per week learning accounting and preparing for quizzes, tests and completing assignments and projects.
• Submit assignments and take quizzes while meeting deadlines for completion.
• Communicate with instructor regularly throughout the course.
• Manage the technology of an on-line course.
• Act in a mature and professional manner when interacting with instructor and classmates.

Student Requirements:

1. Have a valid email address
2. Email the course instructor within three days of registration giving student’s email address.
3. Contact instructor immediately with change of address.
4. The students must have computer literacy skills to:
• Download, save and open files
• Create and submit files with an attachment
• Participate in an online discussion environment
• Create, open and read emails; also, attach files in an email
5. Have adequate computer operating hardware (MS Word and MS Excel)

**See online course information on the NECC website for hardware requirements**

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Tuition and Fees
http://www.northeastcollege.com/PS/Costs/tuition_and_fees.php
Online Admission
http://www.northeastcollege.com/hawknet.php