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 and close accounts to the general ledger cash account.
8. Contrast accrual versus cash basis accounting.
9. Create and replenish petty cash fund.
10. Calculate gross wages, determine deductions, and compute net wages.
11. Compute and deposit employer's and employees' payroll taxes and withholdings.
12. Account for merchandise inventory and cost of goods sold.
13. 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.
|Writing: Assessment tools that demonstrate writing skill and/or require students to select, organize and explain ideas in writing.||Writing
0 - 0%
|This is a degree applicable course but assessment tools based on writing are not included because problem solving assessments are more appropriate for this course.
|Problem solving: Assessment tools, other than exams, that demonstrate competence in computational or non-computational problem solving skills.||Problem Solving
20 - 50%
|Homework problems, practice sets, and computerized lab problems.||
|Skill Demonstrations: All skill-based and physical demonstrations used for assessment purposes including skill performance exams.||Skill Demonstrations
0 - 0%
|Exams: All forms of formal testing, other than skill performance exams.||Exams
40 - 75%
|Quizzes and exams: multiple choice, true/false, matching items, completion, problems||
|Other: Includes any assessment tools that do not logically fit into the above categories.||Other Category
0 - 10%
|Attendance and participation||
COLLEGE ACCOUNTING by Price, et al. Published by McGraw Hill, 12th ed, 2010.