ACC103 - Pre-Business Accounting I

Outline information
Schools offering this subject
Last revision date Sep 30, 2019 12:55:56 AM
Last review date Dec 2, 2019 12:15:22 AM

Subject Title
Pre-Business Accounting I

Subject Description
This subject introduces the student to: a) what accounting information is required by a business concern to reflect clearly the operating results of the concern over its operating life; b) how this information is recorded in the various business records; c) how this information is used by, and meets the needs of both internal and external users; d) throughout the subject, students will be introduced to generally accepted accounting principles.

Credit Status
One credit.

Note: ACC103 - Accounting Foundations I + ACC104 - Accounting Foundations II is equivalent to ACC106 - Accounting I.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Describe the purpose and use of accounting for a business organization including the application of the accounting equation.
  2. Analyze business transactions in order to record journal entries (including adjusting and closing entries) and maintain an accounting system for a business organization.
  3. Prepare financial statements (Income Statement, Balance Sheet and Statement of Owner’s Equity) for a business organization.
  4. Evaluate a business using selected ratios (either given or calculated) drawn from financial statements.

Essential Employability Skills
Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Manage the use of time and other resources to complete projects.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.