Accounting 1

Accounting is planning, recording, analyzing, and interpreting financial information.

Class Expectations

A business atmosphere will provide the work environment for this class. Students are expected to read the chapters on their own. Following lecture and guided demonstrations, students will work independently in class to complete work. Some work may be assigned for out of class time. Neatness is a must. Blue or black pens will be used for class work and tests. Pencils may be used for study guides, end of chapter questions and worksheets. We will complete two accounting simulations. Materials needed in class every day: pens, pencil, calculator. Students will abide by the rules in the student handbook along with the class rules.

Grading

Students will be graded on total points.  Some daily assignments will be given and are due by the date given.  In the event that work is turned in late, 5 points will be deducted from the grade each day up to three days.  After three days the student will receive  a zero.  Problem tests and objective tests along with simulations will be used to evaluate student understanding.

COURSE TOPICS

• Accounting as a Career
• Starting a Proprietorship
• Changes Affecting Owner’s Equity
• Analyzing Transactions into Debit and Credit Parts
• Recording Transactions in a General Journal
• Posting from a General Journal to General Ledger
• Cash Control Systems
• Works Sheets for Service and Merchandising Businesses
• Financial Statements
• Recording Adjusting and Closing Entries
• Journalizing Sales and Cash Receipts
• Posting to General and Subsidiary Ledgers
• Preparing Payroll Records
• Payroll Accounting, Taxes, and Reports
• Recording Purchases and Cash Payments
• Recording Sales and Cash Receipts
• Accounting for

– Uncollectible Accounts Receivable – Accounting for Plant Assets and Depreciation – Inventory – Notes and Interest – Accrued Revenue and Expenses

• Distributing Dividends
• End-of-Fiscal-Periods Entries
• Forming and Dissolving Business Organizations
• Two Simulations

**Some topics may not be covered