This is a dual enrollment course offered through Trenholm State Community College design to provide the student with an understanding of the accounting concepts, principles, and terminology. Emphasis is on the accounting cycle and equation as they relate to different types of business ownership. Upon completion, the student should be able to demonstrate accounting procedures used in a proprietorship, partnership, and corporation.
Resources
Trenholm State Application
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OAD135 Syllabus FALL 2018/Spring 2019
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OAD135 Financial Record Keeping Portfolio 2018/2019
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Chapter 1 Accounting: The Language of Business
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This chapter introduces basic accounting concepts and terms. It discusses the importance of good accounting information to all forms of business.
The chapter identifies and discusses career opportunities in accounting including: public accounting, private company accounting, and governmental accounting.
In addition, the various users of accounting information are identified including: owners/managers, suppliers, banks, tax authorities, regulatory agencies, and investors as well as non-profit organizations.
Chapter 2 Analyzing Business Transactions
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This chapter records in equation form the financial effects of a business’s transactions.
This chapter introduces and defines assets, liabilities and owner equity accounts. It evaluates the relationship between the accounts in equation form.
The chapter analyzes the effects of business transactions on a firm’s assets, liabilities, and owner’s equity, and records the effects of transactions using the accounting equation.
This chapter introduces the Income Statement. The Income Statement summarizes changes in owner’s equity that result from revenue and expenses. The difference between revenue and expenses is the net income or net loss of the business for the period.
The Statement of Changes in Owner’s Equity and a Balance Sheet are discussed. Changes in owner’s equity for the period are summarized on the Statement of Owner’s Equity.
Chapter 2 Assignments
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Chapter 3 Analyzing Business transactions Using T Accounts
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This chapter shows how to set up T accounts for assets, liabilities, and owner’s equity. The account name is written on the top of the letter T. Increases and decreases to the account are entered on either the left or right side of the vertical line.
This chapter explains how to enter business transactions into the T accounts.
Chapter 3 Assignments
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Chapter 4 The General Journal and the General Ledger
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This chapter introduces the General Journal and the procedures necessary to record transactions in the General Journal. Recording transactions is called Journalizing. A journal is a chronological record of daily transactions which includes an explanation.
This chapter discusses how a transaction might require a compound general journal entry. All debits are recorded first, followed by the accounts being credited.
The chapter introduces the General Ledger. The posting procedure is explained. Posting is the transfer of data from the General Journal to the General Ledger.
This chapter explains what to do when errors are located in the journal or the ledger. A correcting entry is journalized and posted to correct a mistake which was previously posted.
Chapter 4 Assignments
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