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Students will be learning double-entry accounting. Initially, they will
cover the basic steps in the accounting cycle for a service business
operated as a sole proprietorship. They will make journal entries and post
to a general ledger, prepare simple financial statements (balance sheet and
income statement), and learn to reconcile the monthly bank statement.
In the second cycle, students will broaden their basic knowledge of the
accounting cycle for a merchandising business operated as a partnership.
Students will work with subsidiary ledgers Accounts Payable and Accounts
Receivable ledgers in addition to their work with the General Ledger.
Financial statements for this cycle include: balance sheet, income
statement, distribution of net income, schedules of AP and AR.
The culminating project for this course is a simulation entitled Fitness
Center. In this simulation, students will assume the job of accounting
clerk and work with actual source documents, write checks, and post to
ledgers (general and subsidiary) instead of working from workbook pages.
Students will generate their worksheet and financial statements using Excel
spreadsheets that contain formulas that they have prepared while working in
Cycle 2.
Prerequisites for Accounting I: keyboarding completed
Prerequisites for Accounting II: successful completion of Accounting I with
a grade of either A or B.
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