AC 141 - Basic Accounting

3 Credits
Outline Effective Date: Academic Year 2025-2026
Revised: Jun 30, 2025
Approved: Aug 6, 2025

Lecture Hours: 45

Course Description:
This is an introductory course in accounting with an emphasis on basic bookkeeping for both service and merchandising types of businesses. The complete accounting cycle is studied including originating entries, posting, financial statement preparation, adjusting entries, and closing entries.

Rationale:
This is a required course for Administrative Professional students. The course is specifically designed for individuals who may require a basic understanding and working knowledge of bookkeeping in a career setting. It is not the requisite course for students wishing to study accounting with an end to becoming a professional accountant.

Prerequisites: None
Corequisites: None

Course Learning Outcomes:
A student who successfully completes the course will have reliably demonstrated the ability to

1. apply basic accounting principles and techniques in the real business world.

2. prepare a simple set of books commencing with the opening entries of a new business through the entire accounting cycle and finalizing with an acceptable set of period end financial statements.

3. adapt the concepts learned in class to any accounting system that they may be confronted with in the real business world.

Required Resource Materials:
None. Class notes are provided by the instructor.

Optional Resource Materials:
None

Conduct of Course:
Methods

Lecture
Assigned Problems - Homework
Lab Assignments
Class Discussion

Regular attendance is essential for success in any course. Absence for any reason does not relieve a student of the responsibility of completing course work and assignments to the satisfaction of the instructor. Poor attendance may result in the termination of a student from a course(s).

If you do not meet the established attendance requirements, your instructor will recommend that the Registrar withdraw you from the course. A failing grade of RW (Required to Withdraw) will appear on your transcript.

In cases of repeated absences due to illness, the student may be requested to submit a medical certificate.

Instructors have the authority to require attendance at classes.

Content of Course:

An Introduction to Bookkeeping Concepts
Transactions and the Balance Sheet
The Income Statement
The General Journal
Adjusting and Closing entries
Bookkeeping for Merchandising firms
Sales Taxes: GST, PST, and HST

Course Assessments:

Assignments	25%
Quizzes	25%
Midterm Exam(s)	25%
Final Project	25%
Total	100%

All marks are averaged to obtain a final percentage for letter grade conversion. Any change in evaluation procedures are disclosed to the students at the beginning of the course.

Official final grades will be available on My Lakeland. Grades posted in D2L should be considered interim grades.
“Lakeland College is committed to the highest academic standards. Students are expected to be familiar with Lakeland College policies and to abide by these policies. Violations of these policies are considered to be serious and may result in suspension or expulsion from the College.”

Course Pass Requirements:
A minimum grade of D (50%) (1.00) is required to pass this course.

Letter	F	D	D+	C-	C	C+	B-	B	B+	A-	A	A+
Percent Range	0-49	50-52	53-56	57-59	60-64	65-69	70-74	75-79	80-84	85-89	90-94	95-100
Points	0.00	1.00	1.30	1.70	2.00	2.30	2.70	3.00	3.30	3.70	4.00	4.00

Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.

Every effort has been made to ensure that information in this course outline is accurate at the time of publication. Lakeland College reserves the right to change courses if it becomes necessary so that course content remains relevant.

In such cases, the instructor will give students clear and timely notice of changes.

No part of this course outline may be reproduced in any form or resold without written permission from Lakeland College.

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5707 College Drive, Vermilion, Alberta, Canada T9X 1K5. Ph: 780 853 8400
Toll-free in Canada: 1 800 661 6490 E-mail: admissions@lakelandcollege.ca

Here at Lakeland College, we acknowledge that the land we gather on is the traditional homeland, hunting, and ceremonial gathering places of the First Nations, Métis and Inuit. The Plains Cree, Woodland Cree, Saulteaux, Blackfoot, Métis, Dene, and Nakota Sioux people have practiced their culture and languages on Treaty 6 and Métis Region 2 territories for generations and were the original caretakers of this land. Many First Nation, Métis and Inuit peoples call this land home today and have done so for millennia. We would like to acknowledge the history we have created together on this land, and to be thankful for the opportunity to walk together side-by-side in friendship, learning from our past, and promoting positive relationships for the past, present and future.