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 CTBU 101 ~ Accounting Procedures I

  Catalog Course Description  

Teaches the fundamentals of basic accounting concepts and procedures with emphasis on the accounting cycle of a sole proprietorship service enterprise and accrual accounting for a merchandising firm. Comprehensive simulation problem(s) provide application and reinforcement of the complete accounting cycle, use of business papers, cash management, payroll accounting, special journals and subsidiary ledgers may be involved.  

  Course Goals (Expected Outcomes)  

Accounting is often called the language of business because, when confronted with events of a business nature, all people in society—owners, managers, creditors, employees, attorneys, engineers, and so forth—must use accounting terms and concepts to describe these events. Therefore, it is logical that anyone entering the business world should know enough of its “language” to communicate with others and to understand their communications. As students acquire a knowledge of accounting, they will gain an understanding of the way businesses operate and the reasoning involved in making business decisions. The course of instruction provides the following:

Vocational preparation for students entering the job market in accounting

A practical background in accounting for students embarking on other business careers, whether in clerical, secretarial, technical, sales, or management positions.

Retraining for students making career changes

Preparation and background for students planning more advanced studies in  accounting

Upon completion of this course,

students are expected to demonstrate the capabilities required to complete an accounting cycle for a single owner, service oriented, professional or merchandising businesses, including—

The fundamental accounting equation

Books of original and secondary entry

Financial statements

Work sheet

Adjusting and closing entries

Combined journal

Bank accounts and cash funds

Employee and employer components of payroll

Special journals

  Course Objectives Outline (Competencies)  

I.  Introduction

A.  Define accounting

B.  Explain the importance of accounting information

II.  Accounts

A.  Define and identify assets, liability, and owner’s equity accounts

B.  Record a group of business transactions, in column form, involving changes in assets, liabilities, and owner’s equity

C.  Define and identify revenue and expense accounts

D.  Record a group of business transactions, in column form, involving all five elements of the fundamental accounting equation.

III.  Debits/Credits, T accounts, Trial Balance, Financial Statements

A.  Present the fundamental accounting equation with the T account form and label the debit and credit sides as well as the plus and minus sides

B.  Record directly in T accounts

C.  Determine balances of T accounts having entries recorded on both sides of the accounts

D.  Prepare a Trial Balance

E.   Prepare financial statements

IV.  General Journal, General Ledger

A.  Record a group of transactions pertaining to a service enterprise in a two-column general journal

B.  Post entries from a two-column general journal to general ledger accounts

C.  Prepare a trial balance from the ledger accounts

V.  Adjusting Entries, Work Sheet

A.  Complete a work sheet for a service enterprise, involving adjustments

B.  Prepare financial statements from the completed work sheet

C.  Journalize and post adjusting entries

VI.  Closing Entries, Post-Closing Trial Balance

A.  Journalize and post adjusting entries

B.  Prepare a post-closing trial balance

VII.  Combined Journal

A.  Record transactions for both a professional and a service enterprise in a combined journal

B.  Post from the combined journal

C.     Record adjusting and closing entries in a combined journal

VIII.  Bank Accounts, Cash Funds

A.  Reconcile a bank statement

B.  Record the required entries directly from the bank reconciliation

C.  Record journal entries to establish and replenish a Petty Cash Fund

D.  Record the journals entries to establish a Change Fund

E.   Record journal entries for transactions involving Cash Short and Over

IX.  Employee Earnings and Deductions

A.  Calculate total earnings based on an hourly, piece-rate, or commission basis

B.  Determine deductions from tables of employees’ income tax withholding

C.  Complete a payroll register

D.  Journalize the payroll entry from a payroll register

E.  Maintain employees’ individual earnings records

X.  Employer Taxes, Payments, and Reports

A.  Calculate the amount of payroll tax expense and journalize the related entry

B.  Journalize the entry for the deposit of employees’ federal income taxes withheld and FICA taxes

C.  Journalize the entries for the payment of employer’s state and federal unemployment

D.  Journalize the entry for the deposit of employees’ state income taxes withheld

E.  Complete the Employer’s Quarterly Federal Tax Return

F.  Complete year-end tax forms and returns

G.  Determine and record end-of-the-year adjustments for workers’ compensation insurance and accrued salaries.

XI.  Special Journals

A.  Record transactions in Sales, Purchases, Cash Receipts and Cash Payments journals.

B.  Post to subsidiary ledgers

C.  Prepare subsidiary schedules

D.  Calculate and apply cash and/or trade discounts.

  Specific Instructional Materials, References & Text List  

College Accounting, 8th Edition, McQuaig, Douglas J. and Bille, Patricia A., Houghton-Mifflin, 2005

Working Papers to Accompany College Accounting, 8th Edition, McQuaig, Douglas J. and Bille, Patricia A., Houghton-Mifflin, 2005

  Outcomes Assessment and Grading Procedures  

Homework is due at the beginning of the class period. Homework assignments are worth a total of one hundred points. Five points will be deducted for each assignment that is late, missing, or incomplete.  This deduction will begin with the fourth late, missing, or incomplete assignment.

Application tests will be given after each of the seven units. Each test is worth 100 points and will be given at the scheduled time only.

The final grade will consist of the average of the seven unit test scores and the homework grade. 

Satisfactory completion of this course requires consistent classroom attendance and active participation.

82 -  91

  Classroom Policy  

If an instructor is absent from class, the class is not cancelled.  In this course, continue working on the current chapter assignment or reading.  If it happens to be a test day, continue studying for the test or begin reading the next chapter.

There is a policy of no food or drinks in any classroom or lab area in this building.

Only in extreme cases are children allowed in classroom or laboratory facilities, and then only with approval of the instructor prior to class.

Cellular phones, pagers, CD or various media players, and similar devices are prohibited in the classroom and laboratory facilities. Turn it off before entering the classroom. Each use will result in a 20 point deduction from your final grade.

Students with disabilities, whether physical, learning or psychological, who believe that they may need accommodations in this class are encouraged to contact Disability Support Services as soon as possible to ensure that such accommodations are implemented in a timely fashion. Please contact DSS to verify your eligibility for any classroom accommodations and for academic assistance related to your disability by calling 657-2283. The DSS contact person at the College of Technology is Kelley Williford, room A071. She is available Monday-Friday, 9 a.m.-2 p.m.

Free tutoring services for students are available in the Academic Support Center at the COT, A035, Monday through Friday, 8 a.m.-5 p.m. The Academic Support Center on the main campus is open from 8 a.m. - 8 p.m. Monday - Thursday, 8 a.m -5 p.m Friday, and 9 a.m. – noon Saturday.  Tutors specialize in math, writing, anatomy and physiology, and other specialty areas for specific majors. See http://www.msubillings.edu/asc/ for more information or call 247-3022 (COT) or 657-1641 (main campus).

Students rights and responsibilities, as well as the Code of Conduct are outlined in the Montana State University- Billings Student Handbook.  Students should be familiar with the rights and responsibilities of students in the Academic Community.

MSU-B supports a drug free environment. Any student who demonstrates a pattern of behavior that suggests drug or alcohol abuse will be asked to leave class and must participate in a counseling program prior to continued attendance. Continued abuse may result in reprimand, probation, restriction, suspension or expulsion.

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