Lifelong Learning for a Brighter World

Jing Zhou, McMaster University Continuing Education Accounting graduate Jing Zhou, McMaster University Continuing Education Accounting graduate

Accounting

Cheques and balances. It all adds up.

Work towards your CPA designation!

ACC 830 - Basic Bookkeeping C31

Academic Credit Value:
Course Delivery Mode:
Online Self-Study (OSS)
Hours of Study:
Course Prerequisite(s):
N/A
Course Anti-requisite(s):
N/A
Instructor Name:
Helen Montoux
Course Dates:
01/15/2019 - 04/15/2019



Required Course Materials:
N/A
Optional Course Materials:
N/A
Course Description:
This course provides students with a thorough review and improved understanding of the fundamental bookkeeping concepts, theory and applications that are necessary for various CCE diploma and certificate programs. Through the use of self-guided reading and practice questions in most units, students will learn some of the basic principles and skills commonly associated with a senior high school level understanding of bookkeeping.
Learning Outcomes:
By the end of this course, you should be able to:
1.   Identify the basic steps in the bookkeeping process
2.   Identify the accounts belonging to the income statement and balance sheet
3.   Adjust the books at the end of each period
4.   Prepare an income statement and balance sheet in good form
5.   Close the books and prepare a post-closing trial balance
Course Evaluation
Students will demonstrate knowledge and an understanding of the accounting concepts covered in Basic Bookkeeping by completing three assignments and a final online quiz. All evaluation components are mandatory.

Refer to your Course and Assignment Schedule posted to the Course Overview section of the course shell for due dates.  

All assignment details and instructions are provided at the end of each unit/module. Please read the assignments before you begin your course, so that you are familiar with the requirements. The best way to be successful on your assignment is to make sure you keep pace with the course and not fall behind. This will ensure you have ample time to contact your instructor with questions and arrange for any support needed to successfully complete the course.

Distribution of course marks will be as follows:

Assignment #1 25%
Assignment #2 25%
Assignment #3 30%
Online Quiz 20%
TOTAL 100%
Course Format:
This course is designed to present the fundamental concepts and theories in Basic Book Keeping and promote the application to the workplace and professional practice. Course activities will include instructor presentations, required readings and experiential learning activities (i.e. case studies, group discussions, projects, etc.).
Assignment Submission:
Course assignments are submitted to the appropriate A2L Assignment folder by the specified due date
Late Coursework:
Late assignments will be subject to a 2% per day late penalty (includes weekends and holidays) for up to seven (7) days. After this date, no assignments will be accepted and a grade of zero (0) will be applied. Extensions for course work must be approved by the instructor before the due date (see Academic Regulations below), and will be granted for illness or emergencies only. Students may be asked to submit supporting documentation for an extension request.  NOTE:  This policy applies to assignments and other hand in type coursework only.  This policy does not apply to discussion board topics/postings which do not allow for late postings/contributions. 

Policy & Procedures:

Academic Regulations (Attendance, Coursework, Tests/Exams):
In accordance with McMaster University’s General Academic Regulations, “it is imperative that students make every effort to meet the originally scheduled course requirements and it is a student’s responsibility to write examinations as scheduled.” Therefore, all students are expected to attend and complete the specific course requirements (i.e. attendance, assignments, and tests/exams) listed in the course outline on or by the date specified.  Students who need to arrange for coursework accommodation, as a result of medical, personal or family reasons, must contact the course instructor within 48 hours of the originally scheduled due date. It is the student’s responsibility to contact the Program Manager/Program Associate to discuss accommodations and procedures related to deferred tests and/or examinations within 48 hours of the originally scheduled test/exam, as per policy.  Failure to contact the course instructor, in the case of missed coursework, or the Program Manager/Program Associate, in the case of a missed test/examination, within the specified 48 hour window will result in a grade of zero (0) on the coursework/exam and no further consideration will be granted.  

*Note: Supporting documentation will be required but will not ensure approval of accommodation(s).

Academic Integrity
You are expected to exhibit honesty and use ethical behaviour in all aspects of the learning process. Academic credentials you earn are rooted in principles of honesty and academic integrity. Academic dishonesty is to knowingly act or fail to act in a way that results or could result in unearned academic credit or advantage. This behaviour can result in serious consequences, e.g. the grade of zero on an assignment, loss of credit with a notation on the transcript (notation reads: “Grade of F assigned for academic dishonesty”), and/or suspension or expulsion from the university.

It is your responsibility to understand what constitutes academic dishonesty. For information on the various types of academic dishonesty please refer to the Academic Integrity Policy, located at http://www.mcmaster.ca/academicintegrity/

The following illustrates only three forms of academic dishonesty:
Plagiarism, e.g. the submission of work that is not one’s own or for which other credit has been obtained.
Improper collaboration in-group work.
Copying or using unauthorized aids in tests and examinations.
Academic Accommodations:
Students with disabilities who require academic accommodations must contact the Student Accessibility Centre (SAS) to meet with an appropriate Disability Services Coordinator. To contact SAS, phone 905-525-9140 ext. 28652, or email sas@mcmaster.ca. For further information, consult McMaster University’s Policy for Academic Accommodation for Students with Disabilities.
On-line Elements:
In this course, we will be using on-line elements, which may include email, Avenue to Learn, WebEX, and external web sites.  Students should be aware that, when they access the electronic components of this course, private information such as first and last names, user names for the McMaster e-mail accounts, and program affiliation may become apparent to all other students in the same course. The available information is dependent on the technology used. Continuation in this course will be deemed consent to this disclosure. If you have any questions or concerns about such disclosure please discuss this with the course instructor.
Turnitin.com:
In this course, we will be using a web-based service (Turnitin.com) to reveal plagiarism.  Students will be expected to submit their work electronically to Turnitin.com so that it can be checked for academic dishonesty.  Students who do not wish to submit their work to Turnitin.com must still submit a copy to the assigned Assignment folder and add a note in the comment section that they do not wish to have the paper scanned by Turnitin.  Those files will not be selected for submission.  No penalty will be assigned to a student who does not submit work to Turnitin.com.  All submitted work is subject to normal verification that standards of academic integrity have been upheld (e.g., on-line search, etc.).  To see the Turnitin.com Policy, please go to www.mcmaster.ca/academicintegrity.
Course Changes:
The instructor reserves the right to modify elements of the course and will notify students accordingly.
Course Withdrawal Policy:
Policies related to dropping a course and course withdrawals are posted to the Centre for Continuing Education’s program webpage, FAQs & Policies (https://www.mcmastercce.ca/cce-policies#Dropping). 
Storm Closure Policy:
In the event of inclement weather, the Centre for Continuing Education will abide by the University’s Storm Closure Policy: https://www.mcmaster.ca/policy/Employee/storm_emergency_policy.pdf, and will only close if the University is closed. All in-class courses, exams and room bookings by internal and external clients will be cancelled if the Centre for Continuing Education is closed. On-line courses will take place as scheduled.
Grading Scale:
 Grade Equivalent
Grade Point
Equivalent Percentages
A+ 12 90-100
A 11 85-89
A- 10 80-84
B+ 9 77-79
B 8 73-76
B- 7 70-72
C+ 6 67-69
C 5 63-66
C- 4 60-62
D+ 3 57-59
D 2 53-56
D- 1 50-52
F 0 0-49
Course Schedule:
 Unit Start Date

Unit Name and Description

 Learning Outcomes
 1 Week 1 An Introduction to Bookkeeping

This unit describes key principles governing the bookkeeping process and common account names used to identify financial statements items. Students will practice how to name accounts that are commonly used on company financial statements

This unit is intended to:
  • define bookkeeping and its relationship to accounting
  • describe and define a ledger account
  • define the 5 categories of accounts: assets, liabilities, revenues, expenses and owners’ equity
  • name and classify accounts according to the 5 categories
2

Week 2

The Accounting Equation

Students are introduced to the format of the balance sheet through the introduction of the accounting equation. Students will perform transaction analysis to identify accounts affected in financial transactions and their impact on the balance sheet. The concepts of debit and credit are introduced as a way bookkeepers adjust the account balances to reflect their actual values accurately on financial statements.

This unit is intended to:
  • Identify and describe financial transactions using the account names learned in unit 1
  • define debit and credit as used in the process of bookkeeping
  • use transaction analysis to connect the concept of account naming, and debit and credit journalizing transactions
  • record simple bookkeeping transactions in a general journal
3 Week 3 The Ledger

Students learn how to update account balances in the general ledger as a result of periodic financial
transactions. The “T” account is introduced as a surrogate for the ledger to update account balances. Students learn the purpose of and how to prepare a trial balance. Evergreen Retail is presented as a comprehensive practice problem to provide students practice in journalizing transactions, posting and preparing a trial balance.

This unit is intended to:
  • demonstrate the posting of transactions from the general journal to a general ledger
  • prepare a trial balance from the general ledger
  • describe how to locate errors in a trial balance
  • describe the basic steps in the accounting cycle
Ass't #1 Week 4 Units 1, 2 and 3  
4 Week 5 Measuring Business Income

Students learn how to prepare an income statement by using common revenue and expense accounts discussed in unit 1. Students are introduced to the concept of cost allocation of non-cash expenses and revenue recognition through study of the matching principle.

This unit is intended to:
  • explain the nature of net income, revenue, expense and the time period principle
  • apply the matching and
    realization principles in recording revenue and expense
  • define and record amortization
  • prepare an income statement and statement of owners’ equity and explain their relationship to the balance sheet
5 Week 6 and 7 Completing the Accounting Cycle Part
1: Adjusting the Books

Adjusting entries are introduced in this unit as an important element in identifying all revenues and expenses for a period.

This unit is intended to:
  • state the purpose of adjusting entries and explain how they relate to accrual accounting
  • describe the four basic types of adjusting entries
  • demonstrate the preparation of an adjusted trial balance
  • demonstrate the preparation of a
    statement of owners’ equity
6 Week  8 and 9 Completing the Accounting Cycle Part
2: Closing the Books and Preparing the Income Statement and Preparing the Balance Sheet

Students are shown how to prepare an income statement in good form. Students are introduced to closing income statement accounts as a means to updating equity on the balance sheet. Students are shown how to prepare a balance sheet in good form using data from the previous problem used in practice exercise “Evergreen Retail”. The key steps in preparing a company’s financial records as presented in the course notes is summarized.

This unit is intended to:
  • prepare an income statement in good form
  • close the books at the end of a financial operating cycle
  • demonstrate the preparation of a balance sheet
Ass't #2 Week 10 Units 4, 5, 6  
Ass't #3 and Online Quiz Week 11, 12 and 13 These assessments are comprehensive of the course.  The multiple choice quiz allows you 1 attempt.  This assignment and quiz are in place of a formal final exam.