NORMANDLE COMMUNITY COLLEGE

COMMON SOURSE OUTLINE

ACCT 1051 – ACCOUNTING BASICS

CATALOG DESCRIPTION

ACCT 1051 Accounting Basics – 1 credit. Fall, Spring & Summer

Accounting Basics focuses on accounting skills that would enable students to successfully complete ACCT 2251. It introduces basic accounting principles and concepts. The coverage includes the double entry system, generally accepted accounting principles, analysis of accounting transactions, rules of debit and credit and cash vs. accrual methods of accounting. Students will also learn accounting skills through the use of an interactive computer software program.

Recommendation: Some students find it helpful to enroll in Accounting Basics prior to ACCT 2251.

OUTLINE OF MAJOR CONTENT AREAS

1. Role of accounting in business
2. Regulatory agencies
3. Generally accepted accounting principles
4. Accounting equation
5. Analysis of accounting transactions
6. Assets, liabilities, revenues and expenses
7. Rules of debit and credit
8. Normal account balances
9. Cash vs. accrual method of accounting
10. Income statement, statement of owner’s equity and balance sheet

LEARNING OUTCOMES

Upon successful completion of this course the student will be able to:

1. Describe the role of accounting in business
2. Understand the double entry system
3. Analyze transactions using the accounting
4. Demonstrate knowledge of normal account balances
5. Apply rules of debit and credit
6. Differentiate between cash vs. accrual method of accounting
7. Acquire an understanding of assets, liabilities, revenues and expenses
8. Prepare income statement, statement of owner’s equity and balance sheet

EVALUATION METHODS

Basic testing methods including a combination of multiple choice, true/false, problem solving and essay questions will be used for the evaluation of student knowledge.