ACC106 - Accounting I

Outline information
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Last revision date May 26, 2014 5:04:24 PM
Last review date Aug 4, 2014 12:15:04 AM

Subject Title
Accounting I

Subject Description
This subject introduces the student to: a) what accounting information is required by a business concern to reflect clearly the operating results of the concern over its operating life; b) how this information is recorded in the various business records; c) how this information is used by, and meets the needs of both internal and external users; d) throughout the subject, students will be introduced to generally accepted accounting principles.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1.      Describe the purpose and use of accounting for a business organization including the application of the accounting equation.
2.      Analyze business transactions in order to record journal entries (including adjusting and closing entries) and maintain an accounting system for a business organization.
3.      Prepare financial statements (Income Statement, Balance Sheet and Statement of Owner’s Equity) for a business organization.
4.      Evaluate a business using selected ratios (either given or calculated) drawn from financial statements.
5.      Complete the accounting procedures required for merchandising companies including the purchase and sale of inventory.
6.      Recommend internal controls (including the preparation of bank reconciliations) for various business activities.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.