Maricopa Community Colleges  ACC250   19936-19946 
Official Course Description: MCCCD Approval: 04/27/93
ACC250 19936-19946 LAB 1 Credit(s) 3 Period(s)
Introductory Accounting Lab
Procedural details of accounting for the accumulation of information and generation of reports for internal and external users. Prerequisites: ACC230 or equivalent.
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MCCCD Official Course Competencies:
 
ACC250   19936-19946 Introductory Accounting Lab
1. Define the accounting equation. (I)
2. Analyze business transactions and record transactions in journals, using debit and credits. (II)
3. Post business transactions from journals and ledgers. (II)
4. Compare and contrast the accrual and the cash basis methods of accounting. (III)
5. Prepare adjusting entries. (IV)
6. Prepare a worksheet. (V)
7. Complete the accounting data processing cycle for a service firm. (V)
8. Prepare reversing entries. (VI)
9. Explain and use the perpetual and periodic inventory systems for a merchandising firm. (VII)
10. Describe inventory cost flow methods. (VII)
11. Describe special journals and subsidiary ledgers. (VIII)
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MCCCD Official Course Outline:
 
ACC250   19936-19946 Introductory Accounting Lab
    I. The Accounting Equation
      II. Transaction Analysis
          A. Recording Transactions
          B. Posting Transactions
        III. Accrual vs. Cash Basis Accounting
          IV. Adjusting Entries
            V. Worksheet and Completion of Accounting Data Processing Cycle
              VI. Reversing Entries
                VII. Inventories
                    A. Periodic vs. Perpetual Systems
                    B. Cost Flow Methods
                  VIII. Special Journals and Subsidiary Ledgers
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