Accounting 1

Course Description:

Students will develop skills beginning with an understanding of the basic elements and concepts of double entry accounting systems related to a service business organized as a sole proprietorship. 

Skills Include:

Understanding the accounting equation,

Analyzing business transactions,

Entering transactions in journal

Posting to ledgers

Compiling end-of-period financial statements 

Preparing closing entries 

Managing and protecting cash

Standards for this course:

Strand 1 Students will define generally accepted accounting principles and basic business structure.

Strand 2 Students identify the 3 basic accounting equation elements, apply them to accounts, ad use them in the accounting equation.

Strand 3 Students will explain the process of analyzing transactions using double entry accounting and determine debit(s) and credit(s)

Strand 4 Students will identify and use source documents to journalize transactions, post journal entries to the ledger, and prepare a trial balance. 

Strand 5 Students will describe the process of creating the income statement and balance sheet. 

Strand 6 Students will describe how to close an accounting equation.

Strand 7 Students will explain the importance of cash control document of cash control documents and systems in relation to the protection of the business' cash. 

Strand 8 Students will explore automated accounting.