Accounting

College

Course Outline

Bookkeeping:

Course Description:

This course introduces basic bookkeeping principles, procedures, and concepts as applied to a service business. The bookkeeping cycle, involving journals and ledgers to the preparation of financial statements, is covered. It is strongly recommended students have completed MATH1004 – Math for the Office Professional or an equivalent course.

Student Learning Outcomes:

Upon successful completion of this course, the student will have reliably demonstrated the ability to:

  1. Perform bookkeeping functions in accordance with Generally Accepted Accounting Principles by journalizing and posting entries to the ledgers.

  2. Perform necessary procedures to complete the accounting cycle to prepare financial statements.

  3. Prepare bank reconciliations.

  4. Apply payroll concepts and journalize entries to record payroll transactions.

 

Course Content:

  • Debits and Credits

  • Transaction Analysis

  • Financial Statements

  • General Journal

  • General Ledger

  • Accounts Payable and Cash Payments

  • Accounts Receivable and Cash Receipts

  • Cash and Cash Control, with Banking and Reconciliations

  • GST and PST Remittances

  • Payroll Records and Payments

 

Federal and State Taxes I:

Course Description:

This course examines Federal and state tax laws as they relate to individual income taxes. This course emphasizes the concepts of filing requirements, the determination of and adjustments to gross income, personal and business deductions, and business income.

Student Learning Outcomes:

Students will:

  1. examine the history of the federal income tax system and identify some of the taxes imposed at various governmental levels

  2. demonstrate an understanding of and apply the components of the Federal and state income tax formulas

  3. calculate depreciation, amortization, and depletion applicable to various types of assets.

Course content:

  1. an introduction to taxation and understanding the federal and state tax laws

  2. working with the tax law

  3. tax determination; personal and dependency exemptions: an overview of property transactions

  4. gross income: concepts and inclusions

  5. gross income: exclusions

  6. deductions and losses: in general

  7. deductions and losses: certain itemized deductions

  8. deductions: employee expenses

  9. deductions and losses: certain business expenses and losses

  10. depreciation, cost recovery, amortization, and depletion

 

Computerized Accounting:

Course Description:

This Online course prepares students to apply accounting fundamentals using QuickBooks software as an integrated accounting package. Students will create a chart of accounts, enter customer and vendor transactions, process payroll, and print reports in both service and merchandising businesses. In addition, setting up a new company is covered as well as advanced topics such as exporting to Excel software and using the QuickBooks audit trail.

Student Learning Outcomes:

  1. Demonstrate an understanding of basic computerized accounting terminology, learn how accounting applications are used, and become familiar with the history of the business accounting software solving applications.

  2. Demonstrate an understanding of lists, charts, tables, graphs, and diagrams; learn to use a scientific calculator, and learn about creating estimation operations.

  3. Demonstrate an understanding of creating a service and retail businesses accounting for performing real life accounting applications and the use of various tools to do basic and advanced business accounting.

  4. Demonstrate an understanding of how to maintain a payroll register by adding, changing, and deleting records electronically. Demonstrate understanding of searching for records and filtering records.

  5. Develop banking skills. Develop invoices, customer records, and check registers using the accounting software.

  6. Develop and demonstrate proper use of grammar, spelling, and punctuation as applied in successful business accounting.

  7. Demonstrate an understanding of creating reports and forms, printing reports, adding totals and subtotals to a report using the computer and accounting software as a tool.

Course Content:

  • Creating and using backup of company data

  • Customizing QuickBooks and the Chart of Accounts

  • Planning, Defining, Modifying, and Creating a checking account register

  • Entering, Editing, Modifying, and Navigating customer transactions

  • Establishing a Service Company

  • Creating and modifying vendor transactions

  • Creating and modifying payroll activities

  • Creating, Understanding, and Modifying Accounting Reports

  • Importing and Exporting Tax and Accounting Reports

 

Payroll Accounting:

Course Description:

This course is designed to introduce various types of employee compensations and the current federal and state payroll taxes system. Various types of payroll taxes forms are discussed and prepared.

Student Learning Outcomes:

Upon successful completion of this course, you should be able to:

  • distinguish between an employee and a non-employee

  • apply the Fair Labor Standards Act

  • understand the types of taxable and non-taxable compensation

  • describe health, accident, and retirement benefits

  • calculate gross pay for an employee

  • calculate deductions and net pay for an employee

  • understand the basics about unemployment compensation

  • calculate and prepare payroll tax deposits

  • prepare federal and state quarterly payroll tax reports

  • analyze, record, and summarize payroll accounting transactions in a manual and/or computerized environment.

Course Content:

  • The need for payroll and personnel records

  • Computing wages and salaries

  • Social Security taxes

  • Income tax withholding

  • Unemployment compensation taxes

  • Analyzing and journalizing payroll transactions

  • Payroll Project

  • Computerized payroll accounting