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ACC 101 Accounting I

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

Credits

3

Prerequisite

Prerequisite: (MAT 152 or concurrent) or (MAT 162 or concurrent)

See Course Syllabus

Course Number and Title:

ACC 101 Accounting I

Campus Location

  • Dover
  • Georgetown
  • Wilmington

Effective Date

202651

Prerequisites

Prerequisite: (MAT 152 or concurrent) or (MAT 162 or concurrent)

Course Credits and Hours

3 credit(s)

3 lecture hours/week

1 lab hours/week

Course Description

This course introduces the principles and concepts of financial accounting as a means of recording business activities. Topics include 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.

Disclaimer

None

Core Course Performance Objectives (CCPOs)

  1. Evaluate basic business transactions and prepare financial statements. (CCC: 1, 2, 4, 5, 6; PGC: 2, 3, 5)

  2. Prepare a bank reconciliation, establish a petty cash fund, and outline proper internal control procedures. (CCC: 1, 2, 4, 5, 6; PGC: 1, 2, 3, 5)

  3. Maintain accounts payable and accounts receivable records, including an allowance for uncollectible accounts. (CCC: 1, 4, 5, 6; PGC: 1, 2, 3, 5)

  4. Determine inventory cost using various costing methods. (CCC: 1, 4, 5, 6; PGC: 2, 3, 5)

  5. Maintain records for property, plant, and equipment accounts. (CCC: 1, 4, 5, 6; PGC: 2, 3)

  6. Prepare entries for various liability accounts, including the accruals for estimated liabilities. (CCC: 1, 2, 4, 5, 6; PGC: 1, 2, 5)

  7. Demonstrate the steps in a complete accounting cycle. (CCC: 1, 4, 6; PGC: 1, 2, 3, 5)



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:

  1. Evaluate basic business transactions and prepare financial statements.
    1. 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 an income statement, a statement of owner's equity, and a balance sheet.
    5. Analyze transactions of a merchandising business.
  2. 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 general journal entries.
    4. Prepare general journal entries for cash receipts when shortages or overages are involved.
    5. Prepare general journal entries for the establishment and maintenance of petty cash.
  3. Maintain accounts payable and accounts receivable records, including an allowance for uncollectible accounts.
    1. Compute interest and prepare general journal entries for notes receivables.
    2. Record and post 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.
  4. Determine inventory cost using standard inventory costing methods.
    1. Define periodic and perpetual inventory systems.
    2. Calculate inventory and cost of goods sold using the following the first-in first-out, last-in first-out, and weighted average cost methods.
    3. Calculate inventory valuation using the lower of cost or market basis.
  5. Maintain records for property, plant, and equipment accounts.
    1. Calculate the costs of plant assets.
    2. Calculate depreciation using the straight line, units of production, and declining balance methods.
    3. Prepare general journal entries to record the depreciation and disposal of plant assets.
    4. Distinguish between capital and revenue expenditures, and account for them.
    5. Prepare general journal entries to record the depletion of natural resources.
    6. Prepare general journal entries to record the amortization of intangible assets
  6. Prepare entries for various liability accounts, including the accruals for estimated liabilities.
    1. Describe known current liabilities.
    2. Explain how to account for contingent liabilities.
    3. Prepare general journal entries to account for short-term notes payable.
    4. Compute and record employee payroll deductions and liabilities.
    5. Record and post employer payroll expenses and liabilities.
  7. Demonstrate the steps in a complete accounting cycle.
    1. Record and post general 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. Complete the closing process including closing journal entries.

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

Summative Assessments

Exams (2-6 not equally weighed)

40%

Project/Serial Problems

20%

Formative Assessments

The course will contain various formative assessments including but not limited to:

  • Assignments
  • Activities
  • Quizzes

40%

TOTAL

100%

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

1. Integrate professional, ethical, and legal standards into business decision-making.

2. Apply foundational business concepts that lead to strategic thinking and the ability to analyze complex problems.

3. Use professional and technology based skills that are relevant to the dynamic business environment.

4. Employ effective communication skills and collaboration strategies to promote positive organizational outcomes.

5. Apply skills necessary to analyze and interpret business and financial data for decision-making purposes.



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

  1. Apply clear and effective communication skills.
  2. Use critical thinking to solve problems.
  3. Collaborate to achieve a common goal.
  4. Demonstrate professional and ethical conduct.
  5. Use information literacy for effective vocational and/or academic research.
  6. 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 online, hybrid, video conferencing and web conferencing courses.

Academic Integrity

https://dtcc.smartcatalogiq.com/Current/Catalog/Academics/Academic-Integrity

Attendance

https://dtcc.smartcatalogiq.com/Current/Catalog/Search?q=attendance

Cell phone/Electronic Device

https://dtcc.smartcatalogiq.com/Current/Catalog/Student-Policy/Cell-Phone-and-Electronic-Device-Policy

Tuition Adjustment Policy

https://dtcc.smartcatalogiq.com/Current/Catalog/Financial/Tuition-Fee-Adjustment-Policy-Course-or-Semester-Withdrawal