Jul 12, 2024  
2021-2022 Course Catalog 
2021-2022 Course Catalog [ARCHIVED CATALOG]

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ACCT 1010 - Introduction to Accounting

Credits: 3
Hours/Week: Lecture 3 Lab None
Course Description: This course introduces the practice of accounting. Topics include transaction analysis, double-entry accounting, cash, petty cash, purchases/payables, sales/receivables, and specialized journals. Year-end procedures and financial statement preparation for service and merchandise companies, payroll, inventory valuation, and corporate structure and equity accounting are also covered.
MnTC Goals

Prerequisite(s): None
Corequisite(s): None
Recommendation: None

Major Content
  1. Introduction to the discipline
  2. Analyzing financial transactions
  3. Examining financial impact of transactions on the accounting equation
  4. Journalizing and posting to ledger accounts
  5. The trial balance
  6. End of period adjustments
  7. The 10-column worksheet
  8. Preparing basic financial statements - income statement
    1. owners equity statement
    2. balance sheet
    3. statement of cash flows
  9. Closing the books
  10. Cash Controls
  11. Bank reconciliations
  12. Petty cash
  13. Cash short/over
  14. Calculating and recording payroll data
  15. Calculating and recording payroll tax expense and deposits
  16. Cash, credit card and credit sales
  17. Specialized journals–cash payments, cash receipts, sales and purchases
  18. Invoices
  19. Cash and trade discounts
  20. Cost of goods sold and gross profit
  21. Preparing expanded financial statements
  22. Basic financial analysis
  23. Bad debts/allowance for bad debts
  24. Merchandise inventory valuation methods
  25. Methods of determining depreciation
  26. Disposal of fixed assets
  27. Corporate structure
  28. Stock transactions
  29. Corporate earnings and distributions (dividends)

Learning Outcomes
At the end of this course students will be able to:

  1. classify account types.
  2. apply inventory valuation methods.
  3. analyze financial transactions.
  4. record financial transactions.
  5. account for cash/petty cash.
  6. account for service companies.
  7. account for merchandise companies.
  8. prepare year-end accrual accounting activities.
  9. prepare expanded financial statements.
  10. Account for payroll activity.
  11. calculate and record interest on cost of goods sold.
  12. perform basic financial statement analysis.
  13. account for corporate equity.

Competency 1 (1-6)
Competency 2 (7-10)

Courses and Registration

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