MCCCD Official Course Competencies:

ACC110  19986-99999

Understanding and Using Accounting Systems

1.

Identify and explain basic concepts and processes of an accounting system. (I)

2.

Define and recognize commonly used accounts. (I)

3.

Describe the use of specialized journals and subsidiary ledgers in a computerized accounting system. (I)

4.

Prepare balance sheets, income statements, statements of cash flow, and statements of equity for selected enterprises. (II)

5.

Analyze common transactions and explain their impact on the financial systems. (I-III)

6.

Explain the major factors involved in the internal and external decision making processes. (II)

7.

Compare and contrast a periodic and a perpetual inventory system. (III)

8.

Explain the purpose and impact of taking a physical inventory of merchandise in a selected organization and describe the impact of various costing techniques used to quantify inventory in dollars.(III)

9.

Use a schedule of accounts receivable and accounts payable. (III)

10.

Perform payroll tax and withholding calculations. (III)

11.

Explain how, where, and when payroll liabilities are paid.(III)

12.

Explain the purpose and use of a Fixed Asset Ledger. (III)

13.

Identify and describe characteristics of a reliable internal control system. (III)

14.

Reconcile a bank statement.(III)

MCCCD Official Course Outline:

ACC110  19986-99999

Understanding and Using Accounting Systems

I. Accounting Systems

A. Definitions

1. Transaction

2. Accounts

3. Documents and Reports

4. Functions and Entities

B. Processing

1. Debit and Credit Rules

2. Journalizing

3. Posting

4. Preparing the Trial Balance

C. Revenue and Expense Measurement

1. Cash Basis

2. Accrual Basis

D. Specialized Journals and Subsidiary Ledgers

II. Financial Statements

A. Preparation

1. Balance Sheet

2. Income Statement

3. Statement of Equity

4. Cash Flow Statement

B. Interpretation and Internal Decision Making

C. Analysis and Comparison for External Decision Making

III. Specific Transactions and Accounting Skills

A. Inventory

1. Periodic and Perpetual Systems

2. Transactional Analysis

3. Physical Inventory

B. Receivables

C. Payables

D. Payroll

1. Employee Withholdings

2. Employer Taxes

3. Forms

4. Payroll Processing

5. Liability Payments

6. Quarterly Processing

7. Annual Processing

E. Fixed Assets

F. Internal Control

1. Cash/Credit Card

2. Bank Reconciliations