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FIN1020 Accounting Cycle 1

Introductory · 1 credit · BIT - Business, Admin, Finance and IT

Description
Students are introduced to the accounting cycle for a service business. They will analyze and record business transactions up to trial balance for the fiscal period of a business using terminology unique to financial accounting.
Prerequisite
FIN1015: Accounting Prep
Parameters
Access to appropriate computer equipment, software, the Internet and support materials.
Supporting courses
INF1060: Spreadsheet 1 or INF2080: Spreadsheet 2

Outcomes The student will:

  • 1 analyze business transactions

    • 1.1 identify the debit and the credit components of a transaction

    • 1.2 demonstrate how each part of the accounting equation is affected and is in balance

    • 1.3 identify the purpose of a petty cash fund

    • 1.4 describe ethical issues of petty cash

  • 2 journalize transactions including:

    • 2.1 identify and compare the use and parts of a journal

    • 2.2 record the entries for a service business for a monthly business cycle

    • 2.3 record the entries to establish and to replenish the petty cash fund

  • 3 post journal entries to the appropriate general ledger accounts

  • 4 identify the types of accounting errors and apply appropriate correction techniques

  • 5 record ledger account balances on a trial balance

  • 6 demonstrate basic competencies

    • 6.1 demonstrate fundamental skills to:

      • 6.1.1 communicate

      • 6.1.2 manage information

      • 6.1.3 use numbers

      • 6.1.4 think and solve problems

    • 6.2 demonstrate personal management skills to:

      • 6.2.1 demonstrate positive attitudes and behaviours

      • 6.2.2 be responsible

      • 6.2.3 be adaptable

      • 6.2.4 learn continuously

      • 6.2.5 work safely

    • 6.3 demonstrate teamwork skills to:

      • 6.3.1 work with others

      • 6.3.2 participate in projects and tasks

  • 7 make personal connections to the cluster content and processes to inform possible pathway choices

    • 7.1 complete/update a personal inventory; e.g., interests, values, beliefs, resources, prior learning and experiences

    • 7.2 create a connection between a personal inventory and occupational choices

Program of Studies 2009. Source document, © Alberta Education.