Course Description:

This course provides an introduction to accounting, within the context of business and business decisions. Students explore the role of accounting information in the decision-making process and learn how to use various types of accounting information found in financial statements and annual reports. This course starts with a discussion of accounting thought and the theoretical background of accounting and the accounting profession. The next topic is the accounting cycle - recording, handling, and summarizing accounting data, including the preparation and presentation of financial statementsfor merchandising and service companies. Following this is an introduction to accounting information systems - manual and computerized. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification, and summarization functions of accounting to enable them to appreciate the varied uses of accounting data. Also discussed are special journals, the voucher system, and simple bank reconciliation.

 

Course Objectives:

At the end of this course, the students are expected to:

1.     Describe the nature, functions, scope and limitations of accounting, its major users and uses, its relationship to other discipline, and its professional status.

2.     Develop basic skills in analyzing, recording, classifying and summarizing transactions of a single proprietorship engaged in service and merchandising business.

3.     Equip himself/herself with a working knowledge of financial statements, their purposes and uses.

4.     Understand the basic accounting principles, theories, and concepts, as they apply to specific accounts, like cash, receivables, payables, inventories and plant assets.

1.      Apply the basic accounting principles, theories and concepts, as they apply to specific accounts, like cash, receivables, payables, inventories and plant assets.

2.      Apply the skills in systematic problem solving.

3.      Operate accounting equipment such as calculator and computer as appropriate to the subject matter.

4.      Prepare in good form properly classified financial statements for single proprietorship engaged in service and merchandising business.

1.     Appreciate the need for the fair and reliable reporting of assets, liabilities, owner’s equity, revenue and expenses, as they affect the economic decision of statement users.

2.     Appreciate the significance of the accounting to his/her personal life.

3.     Appreciate internal control system, business documents and forms, their designs/ uses and relationships with accounting records and reports.

4.     Appreciate the logic of double-entry bookkeeping, the nature and significance of each step in the accounting cycle.   

Course Requirements: Practice set and Workbook

Grading System:

-	1st Half	2nd Half	Total
Quizzes	20%	25%	45%
Attendance, Seatwork, Assignments	5%	5%	10%
Departmental examinations	20%	25%	45%
Total	45%	55%	100%