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
standard statementCourse Details| Total number of weeks | 9 |
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| Total Credits | |
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| Total Hours | 60 |
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Typical hours per week breakdown| Other | 60 |
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Outcomes
Upon successful completion of this course, the learner will be able to:
- define the function of accounting;
- establish, maintain, and replenish a petty cash fund; and
- independently complete accounting simulations through applying learned accounting principles and practices.
- use accounting terminology appropriately;
- analyze and record transactions in a general journal using the double-entry system of debits and credits;
- apply basic accounting concepts and principles to business transactions;
- 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;
- 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
Academic and Career
See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.
Disclaimer
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