ACC106 - Accounting I

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 accounting profession and identify the users and uses of accounting information such as financial statements.
2. Define Generally Accepted Accounting Principles (GAAP) and financial statement concepts and recognize the correct application of these concepts.
3. Analyze transactions and record accounting information throughout the accounting cycle, including adjusting and closing journal entries.
4. Describe the accounting procedures required for merchandising companies including the purchase and sale of inventory.
5. Prepare financial statements including the Balance Sheet, Income Statement and Statement of Owners's Equity.
6. Calculate and interpret financial ratios (e.g. inventory turnover, gross profit margin ratio etc.) in order to evaluate a business organization, given a set of financial statements.
7. Describe and evaluate organizational internal controls and apply specific internal controls for cash including preparation of a bank reconciliation.
8. Explain the role that ethics plays in business and the reporting of financial results and demonstrate the ability to discuss ethics and social responsibility and apply these concepts throughout the various topic areas.

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 http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
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 student.conduct@senecacollege.ca.

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.