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AC 101: Principles of Accounting 1


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About

This course introduces the student to the nature, functions, scope and limitations of the accounting discipline as applied to service concerns and merchandising enterprise as a single proprietorship. It provides students with knowledge on how accounting records, techniques and methodologies are utilized to present useful accounting information.

 

Course Objectives: 

  1. At the end of the course, the student is expected to:
  2. Be able to understand the nature, functions, scope and limitations of accounting; its major users and uses; its relationship to other disciplines and professional status.
  3. Understand and be able to explain the logic of double-entry bookkeeping and the nature and significance of each step in the accounting cycle.
  4. Using the double-entry techniques, be able to identify, analyze, record, classify and summarize typical transactions of an entrepreneur engaged in a service or merchandising business.
  5. Be able to accomplish simple accounting-related tasks such as preparing a bank reconciliation, computing interest, operating a petty cash fund, recording transactions in special journals and subsidiary ledgers, and the like.
  6. Be able to prepare in good form a properly classified balance sheet and income statement for an entrepreneur engaged in service or merchandising business.
  7. Appreciate the role of accounting in business and learn more about it.
 References:
  • Basic Accounting Vol. 1 & 2 by G.V. Lising Jr.
  • Fundamentals of Accounting by Mercedes Bartolome-Kimwell
  • College Accounting by Ricardo Harina
  • Basic Accounting by Win Ballada and Susan Ballada
Expectations from student:

The student’s responsibility is to come to each class prepared. She is also expected to take all examinations on the date scheduled. She should read the assigned problems prior to class. She is expected to attend each class and participate actively in the discussions.

Academic Dishonesty

All Entrepreneurship students are expected to be academically honest. Cheating, lying and other forms of immoral and unethical behavior will not be tolerated. Any student found guilty of cheating in examinations or plagiarism in submitted course requirements will (at a minimum) receive an F or failure in the course. Plagiarism and cheating refer to the use of unauthorized books, notes or otherwise securing help in a test; copying tests, assignments, reports or term papers; representing the work of another person as one’s own; collaborating without authority, wit another student during an examination or in preparing academic work; signing another student’s name on an attendance sheet; or otherwise practicing scholastic dishonesty.