Delaware Technical Community College

Campus Location

Dover
Georgetown
Wilmington

Effective Date

202451

Prerequisites

Prerequisite: SSC 100 or concurrent

Course Credits and Hours

3 credit(s)

3 lecture hours/week

1 lab hours/week

Course Description

This course introduces principles and concepts of financial accounting as a means of recording business activities. Students will study the double-entry accounting system and the accounting cycle, including: preparation of journal entries, ledger, trial balance, and financial statements.

Additional Materials

None

Required Text(s)

Obtain current textbook information by viewing the campus bookstore - https://www.dtcc.edu/bookstores online or visit a campus bookstore. Check your course schedule for the course number and section.

Core Course Performance Objectives (CCPOs)

Evaluate basic business transactions, and prepare financial statements. (CCC: 1, 2, 4, 5, 6; PGC: ACT 1, 4, 5; GBT 1, 2, 5; MAN 1, 2; MKT 1, 2)
Prepare a bank reconciliation, establish a petty cash fund, and outline proper internal control procedures. (CCC: 1, 2, 4, 5, 6; PGC: ACT 1, 4, 5; GBT 1, 2, 5; MAN 1, 2; MKT 1, 2)
Maintain accounts payable and accounts receivable records, including an allowance for uncollectible accounts.(CCC: 1, 4, 5, 6; PGC: ACT 1, 4, 5; GBT 1, 2, 4, 5; MAN 1, 2; MKT 1, 2)
Determine inventory cost using various costing methods. (CCC: 1, 4, 5, 6; PGC: ACT 1, 4, 5; GBT 1, 2; MAN 2; MKT 1, 2)
Maintain records for property, plant, and equipment accounts. (CCC: 1, 4, 5, 6; PGC: ACT 1, 4, 5; GBT 1, 2, 5; MAN 1, 2; MKT 1, 2)
Prepare entries for various liability accounts, including the accruals for estimated liabilities. (CCC 1, 2, 4, 5, 6; PGC: ACT 1, 4, 5; GBT 1, 2, 4, 5; MAN 1, 2; MKT 1, 2, 6)
Demonstrate the steps in a complete accounting cycle. (CCC: 1, 4, 6; PGC: ACT 1, 4, 5; GBT 1, 2, 5; MAN 1, 2; MKT 1, 2)

See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.

Measurable Performance Objectives (MPOs)

Upon completion of this course, the student will:

Evaluate basic business transactions, and prepare financial statements.
1. Identify and define accounting terms, concepts, and principles pertaining to the accounting process.
2. Solve the accounting equation by identifying the various elements of business transactions.
3. Use rules of debits and credits for increases and decreases in various types of accounts.
4. Prepare the following financial statements:
  1. Income statement
  2. Statement of owner’s equity
  3. Balance sheet
5. Analyze transactions of a merchandising business.
6. Explain the purpose of a worksheet for a business, including adjustments.
Prepare a bank reconciliation, establish a petty cash fund, and outline proper internal control procedures.
1. Define internal control.
2. List methods used to achieve internal control.
3. Prepare a bank reconciliation and related journal entries.
4. Prepare journal entries for cash receipts when shortages or overages are involved.
5. Prepare journal entries for the establishment and maintenance of petty cash.
Maintain accounts payable and accounts receivable records, including an allowance for uncollectible accounts.
1. Compute interest and prepare journal entries for notes receivables.
2. Apply and record uncollectible accounts using either the direct write-off or allowance method.
3. Describe the use of controlling accounts and subsidiary ledgers in the accounting process.
Determine inventory cost using various costing methods.
1. Define periodic and perpetual inventory systems.
2. Calculate inventory and cost of goods sold using the following methods:
  1. First-in, first-out
  2. Last-in, first-out
  3. Weighted average cost
3. Calculate inventory valuation using the lower of cost or market basis.
Maintain records for property, plant, and equipment accounts.
1. Calculate costs of plant assets.
2. Calculate depreciation using the following methods: straight line, units of production, and declining balance.
3. Prepare general journal entries to record the following:
  1. Depreciation of plant assets
  2. Capital and revenue expenditures
  3. Disposal of plant assets
  4. Depletion of natural resources
  5. Amortization of intangible assets
Prepare entries for various liability accounts, including the accruals for estimated liabilities.
1. Identify and describe known current liabilities.
2. Explain how to account for contingent liabilities.
3. Prepare journal entries to account for short-term notes payable.
4. Compute and record employee payroll deductions and liabilities.
5. Compute and record employer payroll expenses and liabilities.
Demonstrate the steps in a complete accounting cycle.
1. Record and post journal entries for basic business transactions.
2. Prepare a trial balance.
3. Record and post adjusting journal entries.
4. Prepare financial statements in proper form.
5. Record closing journal entries, and complete the closing process.

Evaluation Criteria/Policies

The grade will be determined using the Delaware Tech grading system:

90-100	=	A
80-89	=	B
70-79	=	C
0-69	=	F

Students should refer to the Catalog/Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.

Final Course Grade

Calculated using the following weighted average

Evaluation Measure	Percentage of final grade
Exams (2-6) (Summative Assessments, equally weighed)	50%
Project/Serial Problems (Summative Assessments)	20%
Formative Assessments (Assignments/Activities/Quizzes/)	30%
TOTAL	100%

Program Graduate Competencies (PGCs are the competencies every graduate will develop specific to his or her major)

Accounting (ACT):

Prepare and analyze financial statements in accordance with Generally Accepted Accounting Principles.
Analyze data to process information for decision-making under a product and job costing system.
Apply tax laws to the preparation of tax returns and to tax plans.
Integrate professional, ethical, and legal standards into business practice.
Employ the various theories of management and marketing in a business.

Business Administration Transfer (BAT):

Integrate professional, ethical, and legal standards into business practice.
Employ the various theories of management and marketing in a business.
Analyze data to process information for decision-making under a product and job costing system.
Evaluate the actions taken to acquire and retain customers.
Measure and track financial performance of an organization.
Analyze and apply the strategic management process to organizations.

General Business (GBT):

Integrate professional, ethical and legal standards into business practice.
Employ the various theories of management and marketing in a business.
Apply the principles of human resource management to organizations.
Evaluate the actions taken to acquire and retain customers.
Measure and track financial performance of an organization.
Analyze and apply the strategic management process to organizations.

Management (MAN):

Integrate professional, ethical and legal standards into business practice.
Employ the various theories of management and marketing in a business.
Utilize management functions, roles, and interpersonal skills to lead/manage first-level employees regardless of organizational size.
Apply the principles of human resource management to organizations.
Analyze and apply the strategic management process to organizations.

Marketing (MKT):

Integrate professional, ethical and legal standards into business practice.
Employ the various theories of management and marketing in a business.
Develop integrated sales presentations.
Utilize graphic design elements to develop professional hard-copy and electronic marketing/advertising materials.
Apply e-Marketing techniques to create a competitive presence.
Analyze the marketing strategic planning process of an organization.
Evaluate the actions taken to acquire and retain customers.

Hospitality Management (HMT):

Utilize management roles and interpersonal skills to lead/manage first level employees in a hospitality setting.
Prepare food and beverage menus for a variety of hospitality requirements considering price, quality, and selection.
Utilize knowledge of facilities management to aid in decision making.
Perform cost calculations and apply to decision making situations pertaining to factors of production.
Evaluate levels of food safety and sanitation to maintain a safe and sanitary work environment.
Integrate professional, ethical and legal standards into business practice.
Employ the various theories of management and marketing in a business.

Office Administration (OAT):

Produce the documents necessary for a functioning business office.
Exhibit the skills to produce a keyboarding timing that meets the minimum State requirements.
Integrate office-related skills to function in a professional manner within the workplace.
Use diverse research methods and information sources to complete a variety of business documents.

Entrepreneurship (ENT):

Demonstrate entrepreneurial leadership characteristics.
Conduct market analysis and opportunity assessment.
Perform risk assessment and select risk management strategies.
Articulate a business vision and plan that demonstrates value to the marketplace and the investor.
Plan capital formation to fund business start-up and operation.
Utilize effective marketing, advertising, and customer strategies.
Integrate personal, professional, ethical and legal standards into business decision-making.
Transform innovation into a product or service with sustainable commercial potential.

Core Curriculum Competencies (CCCs are the competencies every graduate will develop)

Apply clear and effective communication skills.
Use critical thinking to solve problems.
Collaborate to achieve a common goal.
Demonstrate professional and ethical conduct.
Use information literacy for effective vocational and/or academic research.
Apply quantitative reasoning and/or scientific inquiry to solve practical problems.

Students in Need of Accommodations Due to a Disability

We value all individuals and provide an inclusive environment that fosters equity and student success. The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. The College's policy on accommodations for persons with disabilities can be found in the College's Guide to Requesting Academic Accommodations and/or Auxiliary Aids Students may also access the Guide and contact information for Disabilities Support Counselors through the Student Resources web page under Disabilities Support Services, or visit the campus Advising Center.

Minimum Technology Requirements

Minimum technology requirements for all distance education type courses.

ACC 101 Accounting I

Credits

Prerequisite

Course Number and Title: