River Valley Community College

One College Place

Claremont, NH 03743

ACCOUNTING I

CURRICULUM AND COURSE NUMBER: ACCT 101R

DEPARTMENT: Business & Professional Studies
CREDIT HOURS: 3
SEMESTER HOURS: CLASS: 3 LAB: 0
PREREQUISITES/COREQUISITES: NONE

COURSE DESCRIPTION

This course is designed to give the student a basic understanding of accounting principles. It covers
the accounting cycle, accounting systems, internal controls, the matching concept, the adjusting and
closing processes, and accounting for cash and payroll.

Course Competencies:
Upon successful completion of this course, the student will be able to:
1. Describe the nature of a business
2. Describe the role of accounting in business
3. Describe the importance of business ethics and the basic principles of proper ethical conduct
4. Describe the profession of accounting
5. Summarize the development of accounting principles and relate them to practice
6. State the accounting equation and define each element of the equation
7. Journalize business transactions
8. Explain how business transactions can be stated in terms of the resulting changes in the basic
elements of the accounting equation
9. Describe and prepare the financial statements of a proprietorship and explain how they interrelate
10. Explain why accounts are used to record and summarize the effects of transactions on financial
statements
11. Describe the characteristics of an account
12. List the rules of debit and credit and the normal balances of accounts
13. Analyze and summarize the financial statement effects on transactions
14. Prepare a trial balance and explain how it can be used to discover errors
15. Discover errors in recording transactions and correct them
16. Explain how the matching concept relates to the accrual basis of accounting
17. Explain why adjustments are necessary and list the characteristics of adjusting entries
18. Journalize entries for accounts requiring adjustments
19. Complete the adjustment process and prepare an adjusted trial balance
20. Prepare a work sheet
21. Prepare financial statements from a work sheet
22. Prepare the adjusting and closing entries from a work sheet
23. Explain what is meant by the fiscal year and the natural business year
24. List the objectives of internal control, and define and give examples of the elements of internal
control
25. Describe and illustrate the objectives and elements of internal control
26. Describe and illustrate the application of internal controls to cash
27. Describe the nature of a bank account and its use in controlling cash
28. Prepare bank reconciliations for the purpose of controlling cash
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 29. Describe special-purpose cash funds and complete the accounting for these funds
30. Describe and illustrate the reporting of cash and cash equivalents in the financial statements
31. Determine employer liabilities for payroll, including liabilities arising from employee earnings and
deductions from earnings
32. Describe payroll accounting systems that use a payroll register, employee earnings records and a
general journal
33. Journalize entries for employee payroll and fringe benefits, including vacation pay and pensions

Course Outline:
1. Introduction to Accounting and Business
a. Nature of business
b. Role of accounting in business
c. Business transactions
d. Financial statements
2. Analyzing Transactions
a. Characteristics of an account
b. Analyzing and journalizing transactions in accounts
3. Matching Concept and the Adjusting Process
a. Nature of the adjusting process
b. Recording adjusting entries
4. Accounting Cycle
a. Work sheet
b. Financial statements
c. Closing entries
5. Payroll

a. Payroll and payroll taxes

b. Accounting systems for payroll and payroll taxes

Learning/Instructional Methods:
Lectures Drill Work/Smartboard
Demonstrations Drill Work/ Exercises
Individual help Problems
Assessments Paper and Aplia

Performance Evaluation:
Drill work, case studies, application problems, study guides and chapter assessments, digital learning tool

Suggested Texts and Resources: Century 21 Accounting 9E and Aplia Online Course Card

Origination date:
Revisions: July 2005, January 2009, April 2017

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