Upon completion of the course, students will be able to:
1. Analyze business transactions to determine account classification in order to record in proper account.
2. Prepare essential financial statements, specifically income statement, statement of owner's equity, and balance sheet using both manual and computerized systems.
3. Recognize and interpret standard accounting terms.
4. Differentiate appropriate journals and ledgers for recording specific business transactions.
5. Identify and correct accounting errors and record adjusting entries.
6. Calculate straight line depreciation.
7. Reconcile bank statement to the general ledger cash account.
8. Calculate and record adjusting journal entries.
9. Record closing entries.
10. Contrast accrual versus cash basis accounting.
11. Create and replenish petty cash fund.
12. Calculate gross wages, determine deductions, and compute net wages.
13. Compute and deposit employer's and employees' payroll taxes and withholdings.
14. Account for merchandise inventory and cost of goods sold.
15. Integrate use of the computer in all phases of the accounting process.
1. Analyzing Business Transactions: Part I
A. Definitions of accounting terminology
B. Career opportunities
C. Types of accounts (general ledger accounts)
3. owner's equity
2. Analyzing Business Transactions: Part II
A. Review of revenue and expense accounts
B. Major financial statements
C. Manual and computerized transactions
3. Recording Business Transactions
A. T account form
B. Debit and credit
C. Trial balance
4. General Journal and General Ledger
A. Recording in the general journal
B. Posting to the general ledger
C. Computerized recording and posting
5. Adjustments and the Worksheet
A. Fiscal period
D. Locating and correcting errors
E. Journalizing adjusting entries
6. Closing Entries and the Post Closing Trial Balance
A. Closing entries
B. Post closing trial balance
C. Interim statements
D. Review 1-cycle problem
7. Contrast Accrual versus Cash Basis Accounting
A. Accrual basis
B. Cash receipts and disbursements basis
8. Reconcile Accounts and Cash Funds
A. Using checking accounts
1. writing checks
2. bank statements
B. The petty cash fund
C. Cash short and over
9. Payroll Accounting
A. Employee and employer
1. payroll records and pay periods
2. employer/employee versus independent contractor relationships
3. laws affecting employees' pay
B. Earnings, deductions, taxes, and reports
1. laws affecting employees' and employers' payroll taxes
2. deductions and deposits
3. payroll register
4. recording payroll entry
10. Accounting for Merchandise Inventory and Cost of Goods Sold
A. Net delivered cost of purchases
B. Calculating cost of goods sold
C. Journalizing changes in inventory
11. Computerized Accounting
A. Compare and contrast manual versus computerized systems
B. Use accounting software to record all transactions, generate reports, and close books.
1. Analyzing Business Transactions: Part II - Computerized transactions
2. General Journal and General Ledger - Computerized recording and posting.
3. Computerized Accounting - Use accounting software to record all transactions, generate
reports, and close books.
College Accounting. 14th ed. Price, John and Haddock, David and Farina, Michael. McGraw Hill. 2014