ACCOUNTING 1 AND 2

Course(s) Name: Accounting 1 and Accounting 2

Course Length: 2 Trimesters (70 minutes per day, 5 days per week, 24 weeks)

Credits: 0.5 credit each

Grade Level(s): 10-12

Prerequisite: None for Accounting 1, Accounting 1 prerequisite for Accounting 2

Text: Century 21 Accounting, 8th Edition, Thomsen Publishers (South-Western)

LCC College Now Credit: 3 credits for BT 165, Introduction to the Accounting Cycle

Northwest Christian University Credit: 3 credits for BA 211, Principles of Accounting 1

Course Description: Accounting 1 and 2 provide students the study of the accounting cycle for businesses operated on cash and credit basis. The courses focus on the accounting cycle as related to a service business owned as a proprietorship and merchandising business owned as a corporation. Students are prepared for advanced schooling or for work in the accounting field.

Outcomes	Introduced		Applied	Tested
Accurately analyze and record business transactions
Define accounting elements	x		x	x
Construct accounting equation	x		x	x
Analyze business transactions	x		x	x
Show debit/credit effects on specific types of accounts	x		x	x
Show effect of revenue, expense, and withdrawal transactions on the equation	x		x	x
Use T-accounts to analyze transactions	x		x	x
Prepare trial balance	x		x	x
Accurately prepare accounting reports
Income statements	x		x	x
Statement of Owner’s Equity	x		x	x
Balance sheet	x		x	x
Journalize and post accounting transactions
Use Chart of Accounts for classifying	x		x	x
Use source documents	x		x	x
Journalize transactions in general journal	x		x	x
Post to general ledger using cross reference	x		x	x
Locate and correct errors in journal and ledger	x		x	x
Apply cash control systems
Checking accounts	x		x	x
Bank statements and reconciliation	x		x	x
Dishonored checks	x		x	x
Petty cash	x		x	x
Create an accounting worksheet
Define purpose of worksheet	x		x	x
Prepare 10-column worksheet	x		x	x
Locate and correct errors	x		x	x
Accurately rule worksheet	x		x	x
Prepare financial statements, adjusting/closing entries related to a professional service business	x		x	x
Prepare adjusting entries
Prepare-end-of-period adjustments		x	x	x
Journalize adjusting entries in general journal		x	x	x
Post adjusting entries to general ledger		x	x	x
Prepare closing entries
Define closing entries		x	x	x
Explain temporary vs. permanent accounts		x	x	x
Journalize entries closing temporary accounts		x	x	x
Journalize entries closing income summary accounts		x	x	x
Define how accounting equation is affected after closing		x	x	x
Prepare a post-closing trial balance		x	x	x
Accounting cycle simulation
Eddie Ortega, Disc Jockey		x	x	x
Journalize purchases, cash payments, and withdrawals
Using an expanded journal		x	x	x
Journalize sales and cash receipts		x	x	x
Post to general and subsidiary ledgers
Accounts payable and receivable ledgers		x	x	x
Prepare payroll records
Payroll time cards		x	x	x
Payroll taxes		x	x	x
Payroll register		x	x	x
Payroll checks		x	x	x
Employee earnings records		x	x	x
Journalize payroll accounting, taxes, and reports
Recording and journalizing payment of a payroll		x	x	x
Recording and journalizing payroll taxes		x	x	x
Paying withholding and payroll taxes		x	x	x
Accounting cycle simulation
Zenith Global Imports		x	x	x
Record purchases and cash payments using special journals		x	x	x
Record sales and cash receipts using special journals		x	x	x
Journalize and post uncollectible accounts receivable		x	x	x
Journalize and post plant assets and depreciation		x	x	x
Journalize and post notes and interest		x	x	x
Journalize and post accrued revenue and expenses		x	x	x
Prepare a worksheet for a corporation		x	x	x
Prepare financial statements and end-of-fiscal-period entries for a corporation		x	x	x
Accounting Cycle Simulation
Tronic, Inc.		x	x	x

Evaluation:

Daily work 40%

Tests 40%

Employability (attendance, participation, etc.) 20%