ACT 1003 - Basic Accounting

3 Credits

This course is designed to demonstrate basic accounting procedures needed to maintain daily records for a small business and the use of such records in the decision-making process. Emphasis is on analyzing and recording financial transactions, classifying and summarizing data, and preparing financial statements. Basic payroll functions will also be introduced. Course delivery will consist of lecture, instructor-led sample problems, and small group problem solving. This course does not transfer to a four-year learning institution.

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

1. Solve the basic accounting equation (PLO 1)
2. Prepare basic financial statements (PLO 1)
3. Apply the principles of a double-entry accounting system (PLO 1, 4)
4. Demonstrate banking skills and cash control (PLO 1, 4, 6)
5. Prepare payroll transactions, tax calculations, and forms for reporting. (PLO 1, 4, 5, 6)
6. Employ principles of a perpetual inventory system (PLO 1)