Maricopa Community Colleges  ACC111   19946-99999 

Official Course Description: MCCCD Approval: 04/26/94

ACC111  19946-99999


3 Credit(s)

3 Period(s)

Accounting Principles I

Fundamental theory of accounting principles and procedures.

Prerequisites: None.


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MCCCD Official Course Competencies:



ACC111  19946-99999

Accounting Principles I



Demonstrate generally accepted accounting principles. (I)


Analyze, journalize, and post business transactions using debits and credits. (II)


Prepare a simplified balance sheet and income statement. (III)


Compare and contrast accrual and cash basis methods of accounting. (IV)


Prepare an eight-column worksheet and make required adjusting, closing, and reversing entries to complete the accounting cycle. (V)


Describe accounting procedures applicable to a merchandising business. (VI)


Use special journals and subsidiary ledgers. (VII)


Describe a petty cash system. (VIII)


Prepare a bank reconciliation. (VIII)


Describe uncollectible accounts receivable transactions. (IX)


Explain and use perpetual and periodic inventory systems for a merchandising firm. (X)


Describe inventory cost flow methods. (X)


Calculate gross pay, deductions, net pay, and record payroll entries. (XI)



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MCCCD Official Course Outline:



ACC111  19946-99999

Accounting Principles I



I. Principles and Concepts of Accounting

A. The accounting equation

B. Double-entry system

C. Cash accounting system

D. Accrual accounting system

II. Recording Transactions

A. Nature of accounts

1. Real

2. Nominal

B. Classification of accounts

C. Journalizing transactions

D. Posting to the ledger

III. Financial Statements

A. Income statement

B. Capital or retained earnings statement

C. Balance sheet

IV. Revenue and Expense Recognition

A. Cash basis accounting

B. Accrual basis accounting

V. Worksheet and Closing

A. Adjusting entries

1. Purpose

2. Procedure

B. Closing entries

1. Purpose

2. Procedure

C. Reversing entries

1. Purpose

2. Procedures

VI. Accounting for a Merchandising Firm

A. Documents used for purchase and sales transactions

B. Merchandise inventory procedures

VII. Special Journals

A. Journal content and arrangement

B. Delegation of authority

C. Subsidiary ledgers

VIII. Petty Cash and Bank Reconciliation

A. Need, placement, and procedures for cash funds

B. Control of cash payments

IX. Accounts Receivable

A. Estimating uncollectible accounts

B. Writing off uncollectible accounts

X. Inventories

A. Perpetual versus periodic systems

B. Cost flow methods

XI. Payroll Accounting

A. Forms

B. Reports


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