ACCT 105 - Accounting for Small Business3 Credit (3 lecture, 0 lab) 3 Contact Hours [Reading Level 3 and Math Level 2 ]
This course provides basic accounting principles and practices from a theoretical and practical approach, with emphasis on the small business. Students receive instruction and hands-on experiences developing a start-up business and the full accounting cycle, including payroll.
OFFERED: fall semesters
Course Goals; Objectives; Competencies
Goal 1: Maintain the general ledger.
- Journalize original transactions in the general journal.
- Journalize adjustments in the general journal.
- Journalize closing entries in the general journal.
- Post journal entries to the general ledger.
Goal 2: Prepare financial statements.
- Prepare an income statement.
- Prepare a statement of owner’s equity.
- Prepare a balance sheet.
Goal 3: Apply basic cash management techniques.
- Journalize the establishment of petty cash.
- Journalize the replenishment of petty cash.
- Prepare bank reconciliation.
- Journalize bank reconciliation adjusting entries.
Goal 4: Calculate basic payroll.
- Calculate employees’ gross pay.
- Calculate employees’ payroll withholding.
- Calculate the employer’s payroll taxes.
- Journalize payroll entries.
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