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This course has been changed from the previous catalog, the changed field(s) are highlighted in red:

 Course Title:   Practical Accounting I

 Title Abbreviation:   PRACTICAL ACCOUNTING I

 Department:    OFTEC

 Course #:    145

 Credits:    5

 Variable:     No

 IUs:    5

 CIP:    520302

 EPC:    547

 REV:    2013


 Course Description  

Introduction to theory and practice of double entry accounting for service businesses. Includes use of journals and ledgers, worksheets, financial statements, adjusting and closing entries, basic payroll preparation, and bank statement reconciliation.

 Prerequisite  

None

Additional Course Details

Contact Hours (based on 11 week quarter)

Lecture: 55

Lab: 0

Other: 0

Systems: 0

Clinical: 0


Intent: Distribution Requirement(s) Status:  

Vocational Preparatory Required for ATA degree, Required for certificate  

Equivalencies At Other Institutions

Other Institution Equivalencies Table
Institution Course # Remarks
N/A

Learning Outcomes

After completing this course, the student will be able to:

  1. Maintain financial records for a sole-proprietor service business.
  2. Journalize business transactions in a general journal and post them to a general ledger.
  3. Prepare a trial balance.
  4. Complete end-of-period accounting activities: worksheet, financial statements, adjusting and closing entries, and post-closing trial balance.
  5. Complete an accounting practice set applying generally accepted accounting principles.
  6. Complete a bank reconciliation and record related journal entries.
  7. Establish petty cash and change funds and record related journal entries.
  8. Calculate employee earnings and deductions.
  9. Complete payroll records (payroll register and employee earnings record) and record related journal entries.
  10. Calculate employer payroll taxes and record related journal entries.

General Education Learning Values & Outcomes

Revised August 2008 and affects outlines for 2008 year 1 and later.

2. Critical Thinking

Definition: The ability to think critically about the nature of knowledge within a discipline and about the ways in which that knowledge is constructed and validated and to be sensitive to the ways these processes often vary among disciplines.

Outcomes: Students will be able to . . .
2.1 Identify and express concepts, terms, and facts related to a specific discipline.
2.3 Identify, interpret, and evaluate pertinent data and previous experience to reach conclusions.

8. Mathematical Reasoning

Definition: Understanding and applying concepts of mathematics and logical reasoning in a variety of contexts, both academic and non-academic.

Outcomes: Students will be able to . . .
8.2 Correctly apply logical reasoning and mathematical principles to solve problems.

Course Contents

  1. Analyzing business transactions.
  2. Recording business transactions in a general journal.
  3. Posting transactions to ledger accounts.
  4. Adjusting entries.
  5. Work sheets.
  6. Closing entries.
  7. Accounting for payroll.
  8. Bank accounts and cash funds.
  9. Accounting practice set.