ACCT 1211 - Accounting I

Course Description

Students develop the ability to record business transactions and prepare financial statements for a small business enterprise. Topics include the accounting and the business environment; recording business transactions; adjusting entries; closing entries and completing the accounting cycle; merchandising accounting and inventory; accounting information systems; internal control and cash; receivables; property, plant and equipment; intangible assets and goodwill.

Learning outcomes

• Analyze business events using accounting and financial terms.
• Record business events in general and special journals.
• Post journal entries to general and subsidiary ledger accounts.
• Balance the general and subsidiary ledgers.
• Prepare end-of-period adjusting and closing journal entries.
• Prepare classified financial statements.
• Account for a merchandising business including its inventories and receivables.
• Control cash transactions and prepare bank reconciliations.
• Prepare journal entries for the purchase and depreciation of tangible capital assets.
• Prepare journal entries to record the sale of tangible assets.
• Prepare journal entries for intangible assets and goodwill.

Course topics

• Module 1: Accounting and the Business Environment
• Module 2: Recording Business Transactions
• Module 3: Measuring Business Income: The Adjustment Process
• Module 4: Completing the Accounting Cycle
• Module 5: Merchandising Operations and Accounting for Merchandise Inventory
• Module 6: Accounting Information Systems
• Module 7: Internal Control and Cash
• Module 8: Receivables
• Module 9: Property, Plant, and Equipment; and Goodwill and Intangible Assets

Required text and materials

Students are responsible for purchasing the required materials on their own:

• Miller-Nobles, T. L., Mattison, B., Matsumura, E. M., Meissner, C. A., Johnston, J. L., & Mowbray, G. (2023). Horngren’s Accounting: Volume 1 (12th Cdn. ed.). Pearson.
  Type: E-Textbook. ISBN: 9780136889717

Note: This item can be purchased directly from the following link.

Additional requirements

Hand calculator: a calculator may be helpful for basic calculations. However, if you intend to continue with more advanced accounting courses in the future, you might consider buying a financial calculator, such as the Texas Instruments "Business Analyst" calculator, now.

Assessments

To complete this course successfully, you must achieve a passing grade of 50% or higher on the overall course and 50% or higher on the mandatory Final Exam.

Recommended requisite(s)

Provincial Grade 12 Diploma

Exclusions

• ACCT 1000
• ACCT 1030
• ACCT 1210
• ACCT 2210
• ACCT 2211
• BBUS 2210
• BBUS 2211