OTEC 170 Bookkeeping I provides students with an introduction to manual accounting. Emphasis is placed on fundamental accounting principles and their application in day-to-day business situations. This course is based on a service business organized as a sole proprietorship. Students cover basic bookkeeping skills including double-entry general journal entries, posting to the general ledger, preparing a trial balance, recording adjustments in a ten-column worksheet, producing period-end financial statements, closing the temporary accounts, maintaining petty cash, and preparing bank reconciliations.
Accessibility Services Notice
Students who would like an academic accommodation and who have a documented disability should contact Accessibility Services, if they have not already done so.Course Details| Total number of weeks | 9 |
|---|
| Total Credits | |
|---|
| Total Hours | 60 |
|---|
Typical hours per week breakdown| Other | 60 |
|---|
Learning Outcomes
Upon successful completion of this course, the learner will be able to:
- define the function of accounting.
- use accounting terminology appropriately.
- independently complete accounting simulations through applying learned accounting principles and practices.
- analyze and record transactions in a general journal using the double-entry system of debits and credits.
- post entries from the general journal to the general ledger, cross-check and balance the ledger, and produce a trial balance.
- finalize the accounting cycle for a service company by completing a ten-column worksheet, recording adjustments, and preparing the accounts for a new fiscal year.
- prepare classified, related financial statements (income statement, statement of changes in owner's equity, and balance sheet) for a proprietorship complying with generally accepted accounting practices.
- establish, maintain, and replenish a petty cash fund.
- apply basic accounting concepts and principles to business transactions.
- describe and implement internal control measures for cash including the preparation of cheques, deposits, and bank reconciliations.
- analyze and record cash transactions that involve cash short or over.
Grading Table
| Percentage |
Letter Grade |
GPA |
| 90-100 |
A+ |
4.33 |
| 85-89 |
A |
4.00 |
| 80-84 |
A- |
3.67 |
| 76-79 |
B+ |
3.33 |
| 72-75 |
B |
3.00 |
| 68-71 |
B- |
2.67 |
| 64-67 |
C+ |
2.33 |
| 60-63 |
C |
2.00 |
| 55-59 |
C- |
1.67 |
| 50-54 |
P |
1.00 |
| 0-49 |
F |
0.00 |
| |
DNW |
0.00 |
See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.
Disclaimer
Information contained in this course outline is correct at the time of publication. Content of the course is revised on an ongoing basis to ensure relevance to changing educational, employment and market needs. The instructor will endeavor to provide notice of changes to students as soon as possible. The instructor reserves the right to add or delete material from courses.