Maricopa Community Colleges  ACC110   19966-19985 
Official Course Description: MCCCD Approval: 04/23/96
ACC110 19966-19985 L+L 3 Credit(s) 3 Period(s)
Accounting Skills and Applications
Develops basic accounting skills including analyzing and journalizing transactions, comprehension of the balance sheet, income statement , and equity and cash flow statements. Explores usage of specialized journals and subsidiary ledgers in a computerized system. Studies the impact of various transactions on an enterprise, including payroll, receivables, payables, inventory, cash and credit card receipts. Prerequisites: None.
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MCCCD Official Course Competencies:
 
ACC110   19966-19985 Accounting Skills and Applications
1. Identify , explain, and use basic concepts and processes of an accounting system. (I)
2. Define and recognize commonly used accounts. (I)
3. Use specialized journals and subsidiary ledgers in a computerized accounting system. (I)
4. Prepare balance sheets, income statements, statements of cash flow, and statements of equity for selected enterprises. (II)
5. Analyze and record common transactions in a computerized accounting system. (I-III)
6. Explain the major factors involved in the internal and external decision making processes. (II)
7. Maintain a periodic and a perpetual inventory system.(III)
8. Conduct a physical inventory of merchandise in a selected organization and apply inventory costing techniques to quantify it in dollars. (III)
9. Use a schedule of accounts receivable and accounts payable. (III)
10. Perform payroll tax and withholding calculations. (III)
11. Explain how, where, and when payroll liabilities are paid.(III)
12. Develop and maintain a Fixed Asset Ledger. (III)
13. Identify and describe characteristics of a reliable internal control system. (III)
14. Close out a cash register including credit card transactions and accounts for cash short/over.(III)
15. Reconcile a bank statement.(III)
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MCCCD Official Course Outline:
 
ACC110   19966-19985 Accounting Skills and Applications
    I. Accounting Systems
        A. Definitions
          1. Transaction
          2. Accounts
          3. Documents and Reports
          4. Functions and Entities
        B. Processing
          1. Debit and Credit Rules
          2. Journalizing
          3. Posting
          4. Footing the Ledger
          5. Preparing the Trial Balance
        C. Revenue and Expense Measurement
          1. Cash Basis
          2. Accrual Basis
        D. Specialized Journals and Subsidiary Ledgers
      II. Financial Statements
          A. Preparation
            1. Balance Sheet
            2. Income Statement
            3. Statement of Equity
            4. Cash Flow Statement
          B. Interpretation and Internal Decision Making
          C. Analysis and Comparison for External Decision Making
        III. Specific Transactions and Accounting Skills
            A. Inventory
              1. Periodic and Perpetual Systems
              2. Transactions
              3. Physical Inventory
            B. Receivables
            C. Payables
            D. Payroll
              1. Employee Withholdings
              2. Employer Taxes
              3. Forms
              4. Payroll Processing
              5. Liability Payments
              6. Quarterly Processing
              7. Annual Processing
            E. Fixed Assets
            F. Internal Control
              1. Cash/Credit Card
              2. Bank Reconciliations
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