Feb 02, 2023  
2022-2023 Lane Community College Catalog 
2022-2023 Lane Community College 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, students will be able to:
1. Explain the relationship between the accounting equation and double-entry bookkeeping
2. Describe how information from the accounting cycle flows into financial statements for a sole proprietorship
3. Analyze and record business transactions, including payroll, accounts receivable and accounts payable, using appropriate accounting journals and ledgers
4. Perform the complete steps of the accounting cycle for service and merchandising businesses
5. Prepare a balance sheet, income statements, and statement of owner’s equity for a sole proprietorship
6. Maintain customer and creditor accounts in subsidiary ledgers
7. Prepare a bank reconciliation and use a petty cash system and change fund
8. Complete all steps of the accounting cycle in a manual practice set

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