ACCG2022
Bookkeeping
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  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
 
Section I: Administrative Information
  Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Summer 2004
Prerequisites: N/A
Corequisites: N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A

Program(s): Office Technology Management
Program Coordinator(s): Kellie Hayward
Course Leader or Contact: Kellie Hayward
Version:
7.0
Status: Approved - Under Rev (AREV)

Section I Notes: N/A

 
 
Section II: Course Details

Detailed Description
This course provides you with the knowledge of basic accounting procedures and theory which will prepare you for an entry-level position in a service industry. Topics include: recording transactions to trial balance, control of petty cash, and payroll. This course is designed for students with little or no background in accounting.

Program Context

 
Office Technology Management Program Coordinator: Kellie Hayward
Bookkeeping (ACCG2022) is one of the six required courses in the Office Administration, Executive Assistant Certificate Program.


Course Learning Outcomes
Learning outcomes identify the critical performances, and the knowledge, skills and attitudes that successful students will have reliably demonstrated through the learning experiences and evaluation in the course. Successful students will have demonstrated the following:

 
 
            Knowledge
			
- types of business organizations, starting a business, and 
  transactions of a new business
- revenue, expenses, accounting principles, the accounting equation
- the income statement, statement of owner's equity, and the balance 
  sheet
- recording transactions, the trial balance
- posting to a general journal; posting to a general ledger, the cash 
  receipts journal, bank statements
- adjusting entries; accounts receivables and accounts payable
- employee payroll deductions, taxes and other obligations
 
            Skills
			
- journalize into a two-column general journal
- post to a general ledger
- check the accuracy of their work through a trial balance
- locate and correct errors
- recognize and use source documents
- see the need for adjusting entries
- prepare a six-column work sheet for a service business
- prepare proper classified financial statements; the balance sheet 
  and the income statement
 
            Attitudes
			
- confidence in the performance of basic bookkeeping procedures
- the importance of accounting theories and need for accuracy and 
  attention to detail
Evaluation Plan
Students demonstrate their learning in the following ways:

 
Major Assignment          10%
Test 1                    30%
Test 2                    30%
Test 3                    30%

           Total         100%

Full participation and attendance is recommended for this course.  
Students who miss a class are responsible for any information 
discussed, assigned, or distributed in that class period.

Students are encouraged to attend all classes.

For submission of assignments, the instructor will specify, in 
writing:
  - due dates and special instructions for submissions.
  - deductions for late submission.

All assignments must be completed as individual efforts unless the 
instructor states otherwise in writing.

Tests are to be written in class on the sceduled date.  Exceptions 
may be considered at the discretion of the instructor.  In such 
cases, the instructor may allow the student to write the test after 
the scheduled test date, provided the student contacts the instructor 
to advise him/her of the situation.
  - medical documentation is required for medical situations.
  - requests based on compassionate or other grounds must be
    submitted in writing.

In situations where a student knows, in advance, that s/he will not 
be available on the scheduled test date, the student must contact the 
instructor in writing prior to the scheduled test date providing:
  - an explanation, and
  - a request to write the test on an alternate date.
In these situations, the test must be written in advance of the 
scheduled test date.

All tests not written on the scheduled test date must be written in 
the Test Centre.  Exceptions are tests that require the use of a 
computer.  In these cases, arrangements should be made with the 
instructor to write in class on an alternate date.
Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:

 

Generic Skills
Generic Skills emphasized in the course:

X communication - written X communication - oral X communication - visual
X analytical   creative thinking X decision making
  interpersonal X numeracy   organizational
X problem solving   technological   other (see below)

Notes: N/A

General Education
This General Education course relates to the following themes as specified by the Ministry of Training, Colleges and Universities.

  asthetic appreciation   social understanding
  civic life   understanding science
  cultural understanding   understanding technology
  personal development   work and the economy

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) : Office of the Registrar

Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):

Challenge Exam Portfolio Interview Other Not Eligible for PLAR
X        

Notes:  N/A

 
 
Section III: Topical Outline
Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Effective term: Summer 2004
Professor: Multiple Professors
Textbook(s):
Accounting, 3rd Edition, by Lee and Hales, published by Prentice Hall

Applicable student group(s): Office Administration - Executive Assistant, and for those students who wish to learn more about bookkeeping features.
Course Details:
Topical Outline:

Week 1:
Chapter 1:
Starting a Business and the Balance Sheet
- Types of business organization
- Starting a business
- The fundamental accounting equation
- Transactions of a new business
- Manipulating the fundamental accounting equation
- The balance sheet
            
Week 2:
Chapter 2: Profitabilty and the Income Statement
- Revenue
- Expenses
- Net income
- Net loss
- Owner's withdrawals
- Accounting principles
- Owner's equity
- The fundamental accounting equation with revenue, expense, and 
  drawing
- The income statement
- Rules for preparing the income statement
- Statement of owner's equity
- The balance sheet - not detailing changes in owner's equity
- The balance sheet - detailing changes in owner's equity
- The Accrual Method and the Cash Method of measuring net income
 
Week 3:
Chapter 3: Understanding Debits and Credits and the Trial Balance
- The T-Account
- Rules for recording debits and credits in Balance Sheet accounts
- Recording transactions in the accounts
- Transactions affecting the balance sheet
- Rules for recording debits and credits in Income Statement accounts
- The chart of accounts
- The trial balance
- Trial balance limitations
- Trial balance errors
- The income statement and the balance sheet

Week 4:
Test 1 - Chapters 1 to 3 (30%)
Introduction to Chapter 4

Week 5:
Chapter 4: The General Journal and the General Ledger
- Analysis of a general journal entry
- Posting
- The general ledger after posting is completed
- Transpositions and slides
- How recording errors affect net income

Week 6:
Chapter 5: Adjustments and the Ten-Column Worksheet
- Prepaid expenses
- Adjusting entries
- Adjustment for supplies expense, prepaid insurance, amortization, 
  wages payable, unearned revenue, accrual of revenue
- Effects of the failure to record adjusting entries
- The ten-column worksheet
- Trial balance columns of the worksheet
- Adjustments columns of the worksheet
- Adjusted trial balance columns of the worksheet
- Income statement and balance sheet columns of the worksheet
- Net income on the worksheet
- Net loss on the worksheet
- Preparing the financial statements from the worksheet
- The income statement
- Statement of owner's equity
- The balance sheet
- Finding errors in the income statement and balance sheet columns
- Journalizing the adjusting entries

Week 7:
Chapter 12: Payroll - Employee Deductions
- The employer-employee relationship
- Laws affecting payroll
- Compulsory payroll deductions
- Federal Income tax
- Provincial and Territorial Income tax
- Canada Pension Plan contributions
- Employment Insurance premiums
- Voluntary Payroll deductions
- Salaries and hourly wages
- Calculating the gross payroll
- Federal Income Tax deductions
- Provincial Income Tax deductions
- Deductions for Canada Pension Plan and Employment Insurance
- The Payroll Register
- Steps in completing the Payroll Register
- The journal entry to record the payroll
- The Payroll bank account

Week 8:
Chapter 13: Payroll-Employer Taxes and Other Obligations
- Employer's payroll taxes
- Canada Pension Plan (CPP)
- Employment Insurance
- The calculation of employer's payroll taxes
- Remitting income tax deductions, Canada Pension Plan contributions, 
  and Employment Insurance premiums
- The journal entries to record remittances to the Receiver General
- Employees' Individual Earnings record
- Form T4 - Statement of Remuneration Paid
- Worker's Compensation Insurance
- Employers' Health Tax

Week 9:
Test 2 - Chapters 4, 5, 12, 13 (30%)
Introduction to Chapter 7

Week 10:
Chapter 7: The Sales Journal and the Accounts Receivable Subsidiary 
Ledger
- Special journals
- The Sales account
- Sales and sales invoices
- Provincial Sales Tax
- The Federal Goods and Services Tax
- Harmonized Sales Tax
- The Sales Journal
- Totaling and crossfooting the sales journal
- Posting the multicolumn sales journal
- The accounts receivable subsidiary ledger
- Posting to the Accounts Receivable Subsidiary ledger
- The schedule of accounts receivable
- Posting accounts receivable from the general journal
- Sales returns and allowances
- Sales discounts
- Sales returns and allowances and sales discounts on the income 
  statement
- Paying PST, GST, and HST

Week 11:
Chapter 8: The Purchases Journal and the Accounts Payable Subsidiary 
Ledger
- Purchases and the purchase invoice
- GST accounts
- The Purchases account
- The Purchases journal
- Posting the Purchases journal
- The Accounts Payable Subsidiary ledger
- Posting to the Accounts Payable Subsidiary ledger
- The schedule of accounts payable
- The freight in account
- FOB shipping point and FOB destination
- Debit and credit memoranda
- Purchases and returns and allowances
- Purchases discounts
- Single trade discounts
- Trade discounts and credit terms on the same invoice
- Credit terms

Week 12:
Chapter 9: The Cash Receipts, Cash Payments, and Combined Journals
- Internal control
- Cash management
- Sources of cash receipts
- Cash short and over
- Credit card sales
- The Cash Receipts journal
- Analysis of individual transactions
- Crossfooting the Cash Receipts journal
- Ruling the Cash Receipts journal
- Posting the Cash Receipts journal
- Recording sales discounts in the Cash Receipts journal
- The Cash Payments journal
- Totaling, crossfooting, and ruling the Cash Payments journal
- Posting the Cash Payments journal
- The Combined Cash journal
- Analysis of individual transactions
- Rules for recording transactions in the Combined journal
- Crossfooting, ruling, and posting the Combined Cash journal
- Recording interest paid
- Calculation of interest
- Recording interest received
- Other income and other expense on the income statement
- Miscellaneous ordinary interest calculations

Week 13:
Chapter 10:  The Bank Account and Cash Funds
- Opening a bank account
- Deposits
- Restrictive endorsements
- Automated taller machines
- Cheque stubs
- Stop payment orders
- The bank statement
- Bank statement reconciliation
- Steps in preparing a bank statement reconciliation
- Illustration of a bank statement reconciliation
- Required journal entries
- T-account bank statement reconciliation
- The petty cash fund
- Establishing the fund
- Making petty cash payments
- The petty cash disbursements register
- Reimbursing the petty cash fund
- The change fund

Week 14:
Test 3 - Chapters 7, 8, 9 and 10 (30%)


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