ACC106 - Accounting I

Outline information
Schools offering this subject
Last revision date May 5, 2021 3:28:10 PM
Last review date May 5, 2021 3:28:10 PM

Subject Title
Accounting I

Subject Description

This course introduces the student to a basic accounting system that is required by a business to accurately reflect operating results. This course covers how accounting information is recorded and how this information is used by both internal and external users.

Credit Status
One credit.

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.
  5. Complete the accounting procedures required for merchandising companies including the purchase and sale of inventory.
  6. Recommend internal controls (including the preparation of bank reconciliations) for various business activities.

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.

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

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

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

    •  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.

    •  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.