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Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2007
Prerequisites:
N/A
Corequisites:
N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A |
Course
Name (short): Bookkeeping
School: All Sheridan Schools
Program(s):
Office Technology Management
Program Coordinator(s):
Deborah Sanche
Course Leader or Contact: Deborah Sanche
Originator: Janet Mickalow
Designate: Janet Mickalow
Version: 3.0
Status: Approved (APPR)
Calendar 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.
Typical Instructional Format
Lecture
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42.0 |
Total hours: |
42.0 |
Courses may be offered in other formats.
Section I Notes:
N/A
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Detailed Description
Gain knowledge of basic accounting procedures and theory. Topics
include: types of business organizations, the accounting equation,
The Balance Sheet, Income Statement, debits and credits, recording
transactions, net income or net loss, laws affecting payroll,
accounts receivable and accounts payable, credit terms, recording
interest paid or received, bank deposits, and the petty cash fund.
Program Context
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Office Technology Management |
Program Coordinator: Deborah Sanche |
Bookkeeping
(ACCG2022/ACCG70009)is one
of the six required courses
in the Office Administration,
Executive Assistant
Certificate Program.
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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:
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Critical Performance
Students demonstrate their ability to record transactions, prepare a
trial balance, post to the general journal and general ledger, make
adjusting entries, and prepare basic payroll functions and financial
statements.
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
- the methods of recording transactions and the Trial Balance
- the procedures for posting to a general journal and general ledger
- the process for adjusting entries and accounts receivables and
accounts payables
- the process for 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
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Evaluation Plan
Students demonstrate their learning in the following ways:
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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.
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Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:
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Essential Employability
Skills
Essential Employability Skills emphasized in the course:
X
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Communication
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X
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Critical Thinking & Problem Solving
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Interpersonal
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X
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Numeracy |
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Information
Management |
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Personal
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Notes: N/A
Prior Learning Assessment and Recognition
PLAR Contact: Multiple PLA Contacts
Students may apply to receive credit by demonstrating achievement
of the course learning outcomes through previous life and work experiences.
This course is eligible for challenge through the following
method(s):
Challenge Exam |
Portfolio |
Interview |
Other |
Not Eligible for PLAR |
X |
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Notes: N/A
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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: Spring/Summer 2007
Professor: Multiple Professors
Textbook(s): Accounting, Canadian 3rd Edition, by Lee and Hales, published by
Prentice Hall, 2002
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
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
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 teller 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
Academic Honesty
The principle of academic honesty requires that all work submitted for evaluation and course credit be the original,
unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on
work, except for group projects arranged and approved by the faculty member, or otherwise submitting work that is not
the student's own violates this principle and will not be tolerated. Instances of academic dishonesty, including
assisting another student to cheat, will be penalized as detailed in the Student Handbook.
Students who have any questions regarding whether or not specific circumstances involve a breach of academic
honesty are advised to discuss them with the faculty member prior to submitting the assignment in question.
Discrimination and Harassment
Sheridan is committed to provide a learning environment that respects the dignity, self esteem and fair treatment
of every person engaged in the learning process. Behaviour which is inconsistent with this principle will
not be tolerated. Details of Sheridan's policy on Harassment and Discrimination are available in the Student Handbook.
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