vcc.ca
LERN 1700: Understanding Debits and Credits
Effective date
February 2021
Department
LERN UGotClass
School
Continuing Studies
Description
In this course, you will learn about the accounting equation and the five categories involved in every business (Assets, Liabilities, Owner’s Equity, Revenue and Expenses). Every financial transaction falls into one or more of these categories. Learn how to create a chart of accounts that meet the needs of your business. You will learn how double entry bookkeeping works and the process of recording debits and credits. This course will show you how to identify, analyze and record transactions using journal entries under the cash basis accounting method.
This course is offered in partnership with Learning Education Resource Network - UGotClass. For more information see http://yougotclass.org/index.cfm/VCC
Credits
0.0
Year of study
General Interest
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Create a chart of accounts that meet the needs of your business
- Analyze and record transactions accurately and in a timely fashion
- Maintain your books using the cash basis accounting method
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 16
Total Hours: 16
Total Hours: 16
Instructional Strategies
Grading System
Satisfactory/Unsatisfactory
Passing grade
S - based on:1. Make at least one comment every week in the discussion.
Evaluation Plan
None
Course topics
- The Accounting Equation and Categories The Accounting Equation The Five Accounting Categories The Chart of Accounts Account Placement Activity ~ Categorizing Accounts Cash Basis Accounting vs. Accrual Basis Accounting
- Debits and Credits T-Accounts Debits and Credits Double Entry Bookkeeping Analyze Financial Activities (Transactions)
- Assets, Liabilities, and Owner’s Equity Recording Transactions for Assets Recording Transactions for Liabilities Recording Transactions for Owner’s Equity
- Revenue and Expenses Recording Transactions for Revenue Recording Transactions for Expenses Activity ~ Recording Transactions
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.