ACI311 - Introductory Accounting

Outline information
Schools offering this subject
Last revision date Apr 6, 2020 8:30:36 AM
Last review date Apr 6, 2020 8:31:15 AM

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.

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.

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