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The students will:
1. Analyze business transactions to differentiate which special
journal to use in journalizing transactions - sales, purchases,
cash receipts, cash payments, or general journal.
2. Prepare schedules of accounts receivable and accounts payable.
3. Compute and record adjustments for a merchandising firm.
4. Prepare classified financial statements both income statements
and balance sheets.
5. Compute working capital and current ratio.
6. Calculate and record adjusting, closing, and reversing entries
for a merchandising firm.
7. Employ a voucher system including a voucher register in coordination
with a check register to alleviate the possible misuse of funds.
8. Prepare a section of an income statement relating to division of
net income for a partnership involving division of income on the
basis of fractional shares, on the basis of ratio of capital
investments, and on the basis of salary and interest allowances.
9. Memorize and interpret standard accounting terms.
10. Journalize entries for the issuance of par value and no-par value
stock and the sale of stock on a subscription basis.
11. Illustrate the advantages and disadvantages of the corporate form
of business organization.
12. Complete a corporate statement of retained earnings and a balance
sheet, including the following types of accounts: appropriate
retained earnings, stock dividend distributable, dividends payable,
and income tax payable.
13. Compile a departmental worksheet and income statement extended
through gross profit including apportioning operating expenses
among various operating departments.
14. Compare through horizontal and vertical analysis comparative
income statement and balance sheet data.
15. Translate income statement data into trend percentages.
16. Compute (a) working capital, (b) current ratio, (c) quick ratio,
(d) accounts receivable turnover, (e) merchandise inventory
turnover, (f) ratio of stockholders' equity to liabilities, (g)
ratio of the value of plant and equipment to long-term liabilities.
17. Calculate (a) equity per share, (b) rate of return on stockholders'
equity, (c) earnings per share of common stock, and (d) price
earnings ratio.
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1. Accounting for Merchandise: Sales.
A. Special journals.
B. Specific accounts for merchandising firms.
C. Handling sales on account.
D. The sales journal.
E. The accounts receivable ledger.
F. Sales returns and allowances.
G. Computers at work.
1. integrating sales and inventory
H. Computer job simulation.
2. Accounting for Mechandise: Purchases.
A. Purchasing procedure.
B. Purchases journal.
C. The accounts payable ledger.
D. Purchases returns and allowances.
E. Multicolumn purchases journal.
1. invoice register
2. posting directly from purchases invoice
F. Subsidiary ledgers
G. Accounting for transportation charges.
H. Internal control.
I. Computer job simulation.
3. Cash Receipts and Cash Payments.
A. Cash receipts journal.
B. Credit terms.
C. Sales returns and allowances and sales discounts on an income
statement.
D. Cash payments journal: Service enterprise.
E. Cash payments journal: Merchandising enterprise.
F. Purchases returns and allowances.
G. Purchase discounts and freight in on an income statement.
H. Check register.
I. Trade discounts.
J. Comparison of the five types of journals.
K. Computer job simulation.
4. Worksheets and Adjusting Entries for a Merchandising Business.
A. Adjustments for merchandise inventory.
B. Adjustments for unearned revenue.
C. Data for the adjustments.
D. Completion of the work sheet.
E. Adjusting entries.
5. Financial Statements and Closing Entries for a Merchandising Firm.
A. The income statement.
B. The statement of owner's equity and the balance sheet.
C. Balance sheet classifications.
D. Closing entries.
E. Reversing entries.
F. Computers at work: Integrated accounting software.
6. The Voucher System of Accounting.
A. Objectives of the Voucher System.
B. Vouchers.
C. The vouchers payable account.
D. The vouchers register.
E. The check register.
F. Handling of unpaid vouchers.
G. Filing paid vouchers.
H. The voucher system as a managment tool.
I. Recording purchases at the net amount.
J. Computers at work: Embezzling and computers.
7. Accounting for Partnership.
A. Characteristics of a partnership.
B. Advantages of a partnership.
C. Disadvantages of a partnership.
D. Partnership agreements.
E. Accounting entries for partnerships.
F. Division of income or loss.
G. Financial statements for a partnership.
H. Dissolution.
8. Corporations: Organization and Capital Stock.
A. Definition of a corporation.
B. Advantages of a corporation.
C. Disadvantages of a corporation.
D. Forming a corporation.
E. Structure of a corporation.
F. Capital stock of a corporation.
G. Issuing stock of a corporation.
H. Illustration of a corporation.
I. Balance sheet.
J. New accounts and the fundamental accounting equation.
9. Corporations: Work sheet, taxes and dividends.
A. Procedure for recording and playing income taxes.
B. Work sheets for a corporation.
C. Reasons for appropriating retained earnings.
D. Declaration and payments of dividends.
E. Stock split.
F. Statement of retained earnings and balance sheet.
G. Fundamental guidelines for accounting and reports.
10. Departmental Accounting.
A. Gross profit by deparment.
B. Income from operations by department.
C. Departmental margin.
D. Branch accounting.
E. Computers at work: Management information systems.
11. Analyzing and Interpreting Financial Statements.
A. Types of comparison. E. Analysis by owners and
B. Comparative statements. management.
C. Trend percentages. F. Computers at work: Spreadsheets
D. Industry comparisons. and models.