At the conclusion of this course, the student should 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. Differentiate between 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.
Lecture-Related Topics & Scope:
I. Analyzing Business Transactions: Part I
A. Definitions of accounting terminology
B. Career opportunities
C. Types of accounts (general ledger accounts)
3. Owner's equity
II. Analyzing Business Transactions: Part II
A. Review of revenue and expense accounts
B. Major financial statements
C. Manual and computerized transactions
III. Recording Business Transactions
A. T account form
B. Debit and credit
C. Trial balance
IV. General Journal and General Ledger
A. Recording in the general journal
B. Posting to the general ledger
C. Computerized recording and posting
V. Adjustments and the Worksheet
A. Fiscal period
D. Locating and correcting errors
E. Journalizing adjusting entries
VI. Closing Entries and the Post Closing Trial Balance
A. Closing entries
B. Post closing trial balance
C. Interim statements
D. Review 1-cycle problem
VII. Accrual versus Cash Basis Accounting
A. Accrual basis
B. Cash receipts and disbursements basis
VIII. Reconcile Accounts and Cash Funds
A. Using checking accounts
1. Writing checks
2. Bank statements
B. Petty cash fund
C. Cash short and over
IX. 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
X. Accounting for Merchandise Inventory and Cost of Goods Sold
A. Net delivered cost of purchases
B. Calculating cost of goods sold
C. Changes in inventory
XI. Computerized Accounting
A. Manual versus computerized systems
Lab-Related Topics & Scope:
I. Analyzing Business Transactions: Part II - Computerized transactions
II. General Journal and General Ledger - Computerized recording and posting
III. Computerized Accounting - Use accounting software to record all transactions, generate reports, and close books
College Accounting. 16th ed. Price, John, and Haddock, David, and Farina, Michael. McGraw Hill. 2021.
Computer Accounting with QuickBooks Online: A Cloud-Based Approach, 4th ed., Carol Yacht and Matthew Lowenron. McGraw Hill. 2023.