Nov 30, 2022  
2021-2022 Lane Community College Catalog 
2021-2022 Lane Community College Catalog [ARCHIVED CATALOG]

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BT 165 - Introduction to the Accounting Cycle

4 Credit(s)

Introduces fundamental principles of double entry accrual accounting for a sole proprietorship. Students will analyze and record transactions and adjustments, account for payroll transactions, and prepare financial statements for service and merchandising firms.

Learning Outcomes

Upon successful completion of this course, the student should be able to:
1. Analyze and record business transactions.
2. Record transactions using appropriate journals and ledgers (general and subsidiary).
3. Perform all steps necessary to complete the accounting cycle for merchandising and service firms.
4. Prepare balance sheet, income statement and statement of owner's equity for a sole proprietorship.
5. Maintain customer and creditor accounts in subsidiary ledgers.
6. Prepare bank reconciliation and use a petty cash system and change fund.
7. Complete two introductory integrated manual problems.
8. Understand the link between accounting data and the underlying business reality.
9. Maintain legally required payroll records, perform calculations related to payroll and benefits, and record payroll in accounting records.
10. Complete worksheets and journalize adjusting and closing entries. Post entries to ledger accounts.

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