BA 256 - Principles of Accounting I

Description
A study of principles of financial accounting. This course includes asset, liability, and stockholders’ equity classifications, the accounting cycle for service businesses and merchandisers, accounting information systems, internal control, control of cash, accounts and notes receivable, inventory, plant assets and depreciation, payroll, current and long term liabilities, including bonds payable.

Credit Hours: 4
Contact Hours: 4

School: School of Business & Industry
Department: Business
Discipline: BA

Major Course Revisions: N/A
Last Revision Date Effective: 20240208T17:17:02
Course Review & Revision Year: 2028-2029

Course Type:
Program Requirement- Offering designed to meet the learning needs of students in a specific GRCC program.
Course Format:
Lecture - 1:1

General Education Requirement: None
General Education Learner Outcomes (GELO):
NA

Course Learning Outcomes:
1. Identify and explain principles of accounting.

2. Analyze business transactions (for service and merchandising corporations) using the accounting equation and then record those transactions using double-entry accounting.

3. Complete all of the steps in the accounting cycle.

4. Explain the purpose and principles of internal controls and their limitations.

5. Reconcile bank statements.

6. Value accounts receivable by the direct write-off and allowance methods.

7. Describe procedures for recording notes receivable, including maturity date, interest earned and collection of notes.

8. Demonstrate a working knowledge of accounting for plant assets and intangibles.

9. Calculate and record payroll journal entries, including employee withholdings and employer payroll tax liabilities.

10. Account for current liabilities and long term liabilities, including bonds payable.

Approved for Online Delivery?: Yes

Course Outline:
I.   Introduction

     A. Purpose of Accounting

     B. Careers in Accounting

     C. Types of Business Ownership

     D. Generally Accepted Accounting Principles

     E. Accounting Equation

II. The Accounting Cycle

     A. Journalize and Post Transactions

     B. Calculate and Record Adjusting Entries for Deferrals and Accruals

     C. Prepare and Interpret a Classified Balance Sheet, Multiple-Step Income Statement, and Statement of Retained Earnings

     D. Record Closing Entries.

III. Accounting for Merchandise Transactions, Inventory Valuation, and Cost of Goods Sold

     A. Purchase Transactions with Returns, Discounts, and Freight

     B. Sales Transactions with Returns, Discounts, and Freight

     C. Value Inventory and Cost of Goods Sold with FIFO, LIFO, and Weighted Average

     D. Physical Counts Including in Transit Items and Inventory Shortages

     E. Valuation of Inventories at the Lower of Cost or Market

     F. Control Accounts and Subsidiary Ledgers

IV. Accounting for Cash

     A. Checking Account

     B. Bank Reconciliation

     C. Petty Cash

     D. Internal Controls

V. Recording and Valuing Receivables

     A. Direct Write-off Method

     B. Allowance Method

     C. Notes Receivables

VI. Long-term Assets

     A. Acquisition of Plant Assets

     B. Depreciation by Straight-line, Declining Balance, and Units of Production

     C. Disposals by Discard, Sale, or Exchange

     D. Intangible Asset Acquisition and amortization

     E. Natural Resource Depletion

VII. Bonds

     A. Issuing Bonds at Face Value, Premiums, and Discounts

     B. Interest Expense Payments with Effective Interest Amortization

     C. Determining the Initial Issue Price of a Bond

     D. Retire Bonds at Maturity or Prior to Maturity

VIII Current Liabilities

A. Current Liabilities

B. Contingent Liabilities

IX. Payroll Accounting

     A. Employee Earnings and Deductions

     B. Employee and Employer Payroll Taxes

     C. Journalizing Payroll and Taxes

Mandatory CLO Competency Assessment Measures:
None

Name of Industry Recognize Credentials: NA

Instructional Strategies:
Lecture: 30-60%

Facilitated discussion: 20-60%

Group work: 0-20%

Mediated instruction: 0-20%

Mandatory Course Components:
None

Academic Program Prerequisite: None
Prerequisites/Other Requirements: None
English Prerequisite(s): None
Math Prerequisite(s): None
Course Corerequisite(s): None
Course-Specific Placement Test: None
Course Aligned with IRW: IRW 99
Consent to Enroll in Course: No Department Consent Required

Total Lecture Hours Per Week: 4
Faculty Credential Requirements:
Other (list below), Professionally qualified through work experience in field (Perkins Act or Other) (list below)
Faculty Credential Requirement Details: Business Related Master’s Degree Accounting Related Professional Certification(s) are accepted in leiu of the Master’s Degree.

Maximum Course Enrollment: 28
Equivalent Courses: None
Dual Enrollment Allowed?: Yes
Advanced Placement (AP) Exam Credit Accepted: None
AP Min. Score: NA
Number of Times Course can be taken for credit: 1
First Term Valid: Fall 2019 (8/1/2019)
Programs Where This Courses is a Requirement:
Accounting, A.B., Business Administration, A.B., Management and Supervision, A.B., Marketing, A.B., Pre-Business, A.A. (Cornerstone University), Pre-Business, A.A. (General Transfer), Pre-Business Administration, A.A. (Western Michigan University), Pre-Engineering Management Technology, A.A. (Western Michigan University), Pre-Hospitality Management (Specialized Management), A.A. (Ferris State University), Pre-Management, A.B. (3+1, Davenport University),Pre-Management, A.B. (3+1, Davenport University), Pre-Management, A.B. (3+1, Davenport University), Pre-Music and Entertainment Business, A.A. (3 + 1, Ferris State University), Pre-Sport Management, A.A. (Grand Valley State University)
People Soft Course ID Number: 100039
Course CIP Code: 52.9999

High School Articulation Agreements exist?: No
Non-Credit GRCC Agreement exist?: No
If yes, with which Departments?: NA
Corporate Articulation Agreement exist?: No
If yes, with which Companies?: NA