ACI311 - Introductory Accounting

Outline information
Schools offering this subject
Last revision date 2018-04-10 11:35:58.895
Last review date 2018-04-10 11:36:10.244

Subject Title
Introductory Accounting

Subject Description
ACI311 provides an introduction to accounting concepts and procedures, with an emphasis on the practical applications of bookkeeping: examination of source documents, double-entry journalizing, posting to the general ledger, preparing a trial balance, journalizing and posting adjusting and closing entries, and producing financial statements such as the income statement and balance sheet. Students will learn accounting concepts and procedures for a merchandising business, inventory systems, payroll systems, cash controls, control accounts, and special journals. Students will be able to prepare a worksheet and complete the accounting cycle for a company. 

Credit Status
ACI311 is a required credit for all School of Office Administration - Executive students enrolled in the one-year accelerated diploma program.

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

  1. Understand the purpose of accounting,  and compare personal and business accounting, and use appropriate accounting terminology.
  2. Demonstrate an understanding of GAAP and IFRS principles.
  3. Demonstrate competence in double-entry bookkeeping (debit and credit) by being able to journalize and post entries to the general ledger.
  4. Identify the difference between a service proprietorship and a merchandising company by preparing a multi-step income statement.
  5. Perform necessary procedures to complete "accounting cycle" in order to prepare financial statements.
  6. Understand the purpose of bank reconciliations and cash controls.
  7. Apply basic payroll concepts and journalize entries to record payroll transactions.
  8. Demonstrate an attitude of professionalism, as evidenced by an ability to meet deadlines, complete assignments and perform tests and in-class assignments as scheduled.

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

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

Show respect for diverse opinions, values, belief systems, and contributions of others.

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

Take responsibility for one's own actions, decisions, and consequences.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

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 Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.