ACCT 1211: Accounting 1
Students develop the ability to record business transactions and prepare financial statements for a small business enterprise. Topics include accounting and the business environment; recording business transactions; adjusting entries; closing entries and completing the accounting cycle; merchandising accounting; accounting information systems; internal control and cash; receivables; property, plant and equipment; goodwill and intangible assets.
Learning outcomes
- Analyze business events, using accounting and financial terms.
- Record business events in a journal, and review the use if spencial journals.
- Post journal entries to the general and subsidiary ledger accounts.
- Balance the general and subsidiary ledgers.
- Prepare classified financial statements.
- Prepare end-of-period adjusting and closing journal entries.
- Account for a merchandising business, including its inventories and receivables.
- Prepare journal entries for the purchase and depreciation of tangible capital assets.
- Prepare journal entries to record the sale of tangible assets.
- Prepare journal entries for intangible assets and goodwill.
Course topics
- Module 1: Accounting and the Business Environment
- Module 2: Recording Business Transactions
- Module 3: Measuring Business Income: The Adjustment Process
- Module 4: Completing the Accounting Cycle
- Module 5: Merchandising Operations and Accounting for Merchandise Inventory
- Module 6: Accounting Information Systems
- Module 7: Internal Control and Cash
- Module 8: Receivables
- Module 9: Property, Plant, and Equipment; and Goodwill and Intangible Assets
Required text and materials
Students require the following e-textbook, which can be purchased directly from the TRU bookstore website:
Miller-Nobles, T. L., Mattison, B., Matsumura, E. M., Meissner, C. A., Johnston, J. L., & Mowbray, G. (2023). Horngren’s Accounting: Volume 1 plus MyAccountingLab (12th Cdn. ed.). Toronto, ON: Pearson.
Type: E-Textbook: ISBN: 9780136889335
Note: This textbook comes with access to a companion website: MyAccountingLab that is not required but recommended for activities and additional practice.
Additional requirements
Hand calculator: a calculator may be helpful for basic calculations. However, if you intend to continue with more advanced accounting courses in the future, you might consider buying a financial calculator, such as the Texas Instruments "Business Analyst" calculator, now.
Assessments
To complete this course successfully, you must achieve a passing grade of 50% or higher on the overall course and 50% or higher on the mandatory Final Exam.
| Assignment 1: The Business Environment and Recording Business Transactions | 10% |
| Assignment 2: Measuring Business Income and Completing the Accounting Cycle | 10% |
| Assignment 3: Merchandising Operations, Accounting for Merchandise Inventory, and Accounting Information Systems | 10% |
| Assignment 4: Internal Control of Cash and Receivables | 10% |
| Assignment 5: Property, Plant, and Equipment; and Goodwill and Intangible Assets | 10% |
| Final Exam (mandatory) | 50% |
| Total | 100% |