ACC120 - Accounting Basics I

Outline information
Semester
Schools offering this subject
Last revision date 2024-01-29 00:05:21.668
Last review date 2024-02-05 00:15:03.297

Subject Title
Accounting Basics I

Subject Description

This course introduces the student to how accounting information is used by, and meets the needs of both internal and external users through effective and efficient communication as well as what accounting information is required by a business concern to reflect clearly the operating results of the enterprise over its operating life. Throughout the course, students will be introduced to generally accepted accounting principles,the interpretation and preparation of financial statements and how this information is recorded in the various business records.

Credit Status
One credit.

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

  1. Discuss the language of accounting and identify the uses and the application of accounting information for various users. (Ex. investors and creditors).
     
  2. Demonstrate an understanding for each of the components of GAAP and financial statement concepts. Recognize and explain the correct application of these concepts.
     
  3. Explain the nature, the general purpose, and interrelationships of the Balance Sheet and the Statements of Income, Retained Earnings and Cash Flow. Discuss how transactions that an enterprise enters into affect these statements and affect decisions of the users.
     
  4. Demonstrate an understanding of the recording process for accounting information:
  • record the more common adjustments necessary at the end of an accounting period;
  • produce the financial statements that are required for both service and merchandise organizations;- understand the procedures required in closing the books to complete the "accounting cycle".
     
  1. Explain the broad principles of cash management and the specific internal control and accounting procedures relating to cash and temporary investment transactions. Explain the purpose of and prepare the bank reconciliation.
     
  2. Account for and explain the treatment of Receivables in general purpose financial accounting.
     
  3. Describe and analyze Merchandising activities and Cost of Goods Sold. Explain the Perpetual and Periodic systems of recording inventory. Discuss the advantages and disadvantages of each system.

Essential Employability Skills

    •  Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

    •  Respond to written, spoken, or visual messages in a manner that ensures effective communication.

    •  Execute mathematical operations accurately.

    •  Apply a systematic approach to solve problems.

    •  Use a variety of thinking skills to anticipate and solve problems.

    •  Locate, select, organize, and document information using appropriate technology and information systems.

    •  Analyze, evaluate, and apply relevant information from a variety of sources.

    •  Show respect for diverse opinions, values, belief systems, and contributions of others.

    •  Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

    •  Manage the use of time and other resources to complete projects.

    •  Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

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@senecapolytechnic.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 Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.