BK-095 Bookkeeping I

Course Description

The course is designed to give students a basic understanding of the accounting environment and accounting principles and concepts. It includes an introduction to the accounting cycle and basic concepts in double entry bookkeeping. The procedures in the accounting cycle such as journalizing business transactions, posting to ledgers , preparation of trial balance , adjusting entries, preparation of financial statements , and closing the books for service industry organized as a proprietorship are covered. The focus on basic principles and rules of bookkeeping will provide the participant with guidelines for recording financial transactions.

• This course also meets PLO #(s): 1 for the Bookkeeping and Secretarial Science programs.

A. PROGRAM LEARNING OUTCOMES (PLOs):
The student will be able to:
1. Demonstrate proper bookkeeping techniques for a small business.
2. Demonstrate general computer competence and information technology literacy.
3. Describe small business management techniques.
4. Communicate effectively in English for business purposes.
5. Perform business computations and apply logic as needed.
6. File documents properly and use common office machines
B. STUDENT LEARNING OUTCOMES (SLOs) - GENERAL:
The student will be able to:

Define and properly use accounting terminology related to the accounting system;
Identify and define accounting concepts and practices related to the accounting system particularly for a service business;
Demonstrate accounting procedures used in the accounting system for a service business, including journalizing, posting, adjusting and closing the accounts, in addition to preparing financial statements.

SLO	PLO1	PLO2	PLO3	PLO4	PLO5	PLO6
1	D
2	D	I	I		I
3	D	I	I		I

I = Introduced
D = Demonstrated
M = Mastered

C. STUDENT LEARNING OUTCOMES (SLOs)-SPECIFIC:
The student will be able to:

General SLO1: Define and properly use accounting terminology related to the accounting system.

Student Learning Outcomes	Assessment Strategies
1.1 Define the accounting process.	Chapter Quiz/Exam
1.2 Describe the role of accountants and the three major accounting career paths.
Describe the users of accounting information.

General SLO2: Identify and define accounting concepts and practices related to the accounting system particularly for a service business.

Student Learning Outcomes	Assessment Strategies
2.1 Discuss the concepts and principles used in accounting.	Chapter Quizzes & Exams Chapter Quizzes & Exams
2.2 Discuss the concept of the accounting equation.
2.3 Discuss the accrual-basis used in accounting.
2.4 Describe the steps in the accounting cycle.
2.5 Describe the nature of a service business and a sole proprietorship.
2.6 Describe the concept of fiscal and interim periods.

General SLO3: Demonstrate accounting procedures used in the accounting system for a service business, including journalizing, posting, adjusting and closing the accounts, in addition to preparing financial statements.

Student Learning Outcomes	Assessment Strategies
3.1 Use the accounting equation to analyze basic transactions in terms of increases and decreases.	Workbook Applications/Quizzes
3.2 Use debits and credits to record increase and decreases in accounts.
3.3 Analyze transactions using T-accounts and using debits and credits.
3.4 Record journal entries in a general journal, post to the general ledger, and prepare a trial balance.	Workbook Applications/Quizzes Midterm & Final Projects
3.5 Describe and prepare the work sheet.
3.6 Describe the content and purpose of the three basic financial statements and how they are related.
3.7 Prepare financial statements directly from the worksheet.
3.8 Journalize and post adjusting entries.
3.9 Journalize and post-closing entries and prepare post-closing trial balance.

D. COURSE CONTENT
A. The Accounting Environment
B. Starting a service business organized as a Proprietorship
C. Analyzing transactions in Debit and Credit Parts
D. Journalizing transactions
E. Posting to a General Ledger
F. Work Sheet for a Service Business
G. Financial Statements for a Proprietorship
H. Closing Entries

E. METHODS OF INSTRUCTION
Lecture, case/problem discussion, audio/video presentations, practice set exercises and projects.

F. REQURIED TEXT(S) AND COURSE MATERIALS
Gilbertson, C.B., & Lehman, M.W. (2009). Fundamentals of Accounting: Course 1 (9th ed.). Cincinnati, OH: South-Western, Cengage Learning. (or most recent edition)

G. REFERENCE MATERIALS
None

H. COSTS
None

I. EVALUATION
None

J. CREDIT BY EXAMINATION
None

College of Micronesia - FSM

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BK-095 Bookkeeping I

Course Description