ACCT 103 - Introduction to Accounting

Credits: 4
Lecture Contact Hours: 4
Description: In this course you will learn about the basic accounting cycle for a sole proprietorship in the service or merchandising industry. You will account for cash, sales, purchases, payroll and payroll taxes.

Prerequisites: None.
Corequisites: None.
Recommended: None.

Course Category: Occupational
This Course is Typically Offered: Winter, Spring, Fall
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Course Competencies

Explain the role of accounting in a business.
Analyze business transactions using the accounting equation.
Apply the rules of debits and credits to business transactions.
Prepare journal entries.
Prepare an income statement.
Prepare a statement of owner’s equity.
Prepare a balance sheet.
Complete the accounting cycle for a service company.
Prepare bank reconciliations.
Calculate payroll and related payroll taxes.
Process payroll transactions.
Process transactions using special journals and subsidiary ledgers.
Complete the accounting cycle for a merchandising company.