vcc.ca
SMBU 1203: Operations for Small Business
Effective date
May 2025
Department
Leadership Skills Certificate
School
Continuing Studies
Description
Students acquire a basic understanding of bookkeeping and accounting for the operation of a small business. Students will learn bookkeeping procedures such as the double-entry system, and will become familiar with financial statements, accounting terms and concepts for businesses small and large. Students will learn how to record business transactions from start to finish as part of the accounting cycle.
Credits
1.0
Year of study
1st Year Post-secondary
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Explain the fundamentals of basic accounting procedures.
- Identify and describe assets, liabilities and owners' equity.
- Balance the accounting equation and properly chart debits and credits.
- Describe the key elements of bookkeeping.
- Recognize and compare the major financial reports required for a small business.
- Identify the accounts belonging to the income statement and balance sheet and prepare an income statement and balance sheet in good form.
- Adjust and close the books at the end of each period and prepare a post-closing trial balance.
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 15
Total Hours: 15
Total Hours: 15
Instructional Strategies
This course is designed to present the fundamental concepts and theories of basic bookkeeping and promote the application to the workplace and professional practice. Course activities will include instructor presentations, required readings and interactive learning activities.
Grading System
Satisfactory/Unsatisfactory
Passing grade
S
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Assignments |
10 |
Summary of required readings |
|
Quizzes/Tests |
20 |
Two or more quizzes covering debit/credit transactions, knowledge of basic bookkeeping principles / types of accounts |
|
Quizzes/Tests |
20 |
Two or more quizzes covering the preparation of a Balance sheet, income statement using journal information |
|
Assignments |
50 |
Completion of worksheets and other in-class assignments |
Course topics
- Definitions: bookkeeping, accounting, ledger account Categories of accounts: assets, liabilities, revenues, expense and owner’s equity Debit and credit as used in bookkeeping Recording transactions General journal and general ledger Trial balance: preparing trial balance, locating errors Basic steps in accounting cycle Net income, revenue, expense and the time period principle Matching and realization principles in recording revenue Prepare an income statement and statement of owners’ equity Adjusting entries: four basic types of adjusting entries
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.