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ACCT 040 – Introduction to Accounting
Introduction to Accounting offers the basics of the Accounting Cycle for both Service and Merchandising businesses. Content includes debit and credit analysis, journals and journalizing, posting to accounts, trial balance and worksheet, statements and year-end activities, and an introduction to computerized accounting. This course satisfies the mathematics requirement for math at the Advanced Math level for the BC Adult Graduation Diploma.

Hours:  120   (Lecture Hours: 120)

Total Weeks:  20

Pre-Requisites: Math 020 Fundamental Mathematics with 70%, or successful completion of an Career and College Preparation Placement.

Course Content:
  • The Accounting Cycle and Generally Accepted Accounting Principles
  • Accounting classifications; chart of accounts
  • Analysis of transactions into debit and credit components
  • Journalizing and Posting to the Ledgers
  • Correcting Journal and Ledger errors
  • Trial Balance and worksheet, including adjustments
  • Financial Statements: Balance Sheet and Income Statement
  • Accrual Basis of Accounting
  • Closing Entries and Post-closing Trial Balance
  • Accounting for Merchandising Businesses
  • Accounts Payable, Accounts Receivable; Special Journals
  • Cost of Goods Sold
  • Cash and Cash Control
  • Payroll Records and Procedures
  • Introductory Computerized Accounting
Learning Outcomes:
  • Explain the role of accounting in business
  • Compare various career opportunities in bookkeeping and accounting
  • Differentiate between various source documents
  • Analyze transactions for either Service or Merchandising businesses into correct debit and credit parts
  • Journalize entries and post to correct ledgers
  • Calculate correct account balances
  • Prepare trial balance and worksheet, including adjusting entries, both manually and electronically
  • Prepare Financial Statements: Balance Sheet, including Cost of Goods section, and Income Statement
  • Demonstrate the Closing of accounts
  • Prepare Post-closing Trial Balance
  • Use software to create financial statements
  • Analyze financial statements to describe present and project future financial status
Passing Grade:  D (50%)

Textbooks: Textbooks are subject to change. Please contact the bookstore at your local campus for current book lists.
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