Course Objectives

Grading Procedures

How to be Successful in Accounting

This is an Introductory course in accounting. Students will develop a background in general accounting theory and principles while performing accounting procedures. Accounting systems will be studied including a one-owner service business and a merchandising corporation. Extensive use is made of computerized accounting procedures in addition to manual systems. An excellent course for students considering business and management careers.

Topics Covered

Accounting for a Service Business Organized as a Proprietorship

 Accounting For A Merchandising Business Organized as a Corporation

Additional Procedures

Grading Procedure: Accounting I/II and Business Organization

Quarterly grades will be determined on the basis of total points.

Required written work will include homework and project reports.

Tests will be completed during class time.

Both semester exams will be comprehensive.

All written work must be turned in on the due date in order to receive full credit.

Credit for late work may be reduced by up to 25% for each day beyond the due date.

Classroom Rules:

1.  Be on time

2.  Be seated

3.  Be quiet

4.  Be attentive

5.  Be prepared

6.  Be respectful

7.  Be honest

8.  Be observant of all laboratory safety procedures

9.  Be observant of all school rules

Accounting First Year Course Objectives 

                                          PART I

                          ACCOUNTING as a Career

                                       Century 21

                                    CHAPTER ONE

                               Accounting Careers

                               Performance Tasks

After studying Chapter 1, you will be able to:

a    Define accounting terms related to accounting careers.

b    Identify how accounting serves as a basis for careers.

c     Identify the tasks of various accounting occupations.

d     Describe how communication skills are important in reporting accounting information.

e     Describe how individuals make ethical business decisions.

PART 2

Accounting for a Service Business

Organized as a Proprietorship

Century 21

CHAPTER TWO

Starting a Proprietorship

Performance Tasks

After studying Chapter 2, you will be able to

a   Define accounting terms related to starting a service business organized as a proprietorship

b   Identify accounting concepts and practices related to starting a service business organized as a proprietorship.

c   Classify accounts as assets, liabilities, or owner's equity.

d   Analyze how transactions related to starting a service business organized as a proprietorship affect accounts in an accounting equation.

e   Prepare a balance sheet for a service business organized as a proprietorship from information in an accounting equation.

Century 21

CHAPTER THREE

Changes That Affect Owner's Equity

Performance Tasks

After studying Chapter 3, you will be able to:

a  Define accounting terms related to changes that affect owner's equity for a service business organized as a proprietorship.

b  Identify accounting practices related to changes that affect owner's equity for a service business organized as a proprietorship.

c   Analyze changes that affect owner's equity for a service business organized as a proprietorship in an accounting equation.

d  Prepare a balance sheet for a service business organized as a proprietorship from information in the accounting equation.

Century 21

CHAPTER FOUR

Analyzing Transactions

Performance Tasks

After studying Chapter 4, you will be able to:

a  Define accounting terms related to analyzing transactions into debit and credit parts

b  Identify accounting practices related to analyzing transactions into debit and credit parts.

c   Use T accounts to analyze transactions showing which accounts are debited or credited for each transaction.

d   Verify the equality of debits and credits for each transaction.

                                      Century 21

                                   CHAPTER FIVE

                          Journalizing Transactions

                               Performance Tasks

After studying Chapter 5, you will be able to:

a  Define accounting terms related to journalizing transactions.

b  Identify accounting concepts and practices related to journalizing transactions.

c  Record selected transactions in a five-column journal.

d  Prove equality of debits and credits in a five-column journal.

e  Prove cash.

f   Forward totals from one journal page to another.

g  Rule a five-column journal.

                                      Century 21

                                    CHAPTER SIX

                        Posting to a General Ledger

                               Performance Tasks

After studying Chapter 6, you will be able to:

a   Define accounting terms related to posting from a journal to a general ledger.

b   Identify accounting concepts and practices related to posting from a journal to a general ledger.

c   Prepare a chart of accounts for a service business organized as a proprietorship

d   Post amounts from a journal to a general ledger.

                      Automated Accounting Topic 1

                                    CHAPTER ONE

                                     Introduction

LEARNING OBJECTIVES    

UPON COMPLETION OF THIS CHAPTER, you will be able to:

1.  Identify and define the key terms associated with automated accounting systems.

2.   Describe the various types of windows.

3.  Operate the computer and the accounting software using the keyboard and mouse.

4.   Perform system start-up procedures.

5.   Make menu selections.

6.   Load data from disk.

7.   Perform data entry activities.

8.   Display and print reports.

9.   Access Help information.

10. Save data to a disk.

11. Define terms associated with computerized accounting.

                    Automated Accounting -Topic 1

                                   CHAPTER TWO

                    General Ledger-Service Business

LEARNING OBJECTIVES    

UPON COMPLETION OF THIS CHAPTER, you will be able to:

1.   Record additions, changes, and deletions to the chart of accounts on the chart of accounts input form.

2.    Complete the general journal entries input form

3.    Perform chart of accounts maintenance.

4.     Enter and correct general journal entries.

5.     Display accounts, journal, and ledger reports.

                                      Century 21

                                  CHAPTER SEVEN

                             Cash Control Systems

                               Performance Tasks

After studying Chapter 7, you will be able to:

a    Define accounting terms related to using a checking account and a petty cash fund.

b   Identify accounting concepts and practices related to using a checking account.

c    Prepare business papers related to using a checking account.

d    Reconcile a bank statement.

e    Establish and replenish a petty cash fund.

f     Record selected transactions related to using a checking account and a petty cash fund.

                                      Century 21

                                  CHAPTER EIGHT

                   Work Sheet for a Service Business

                               Performance Tasks

After studying Chapter 8, you will be able to:

a   Define accounting terms related to a work sheet for a service business organized as a proprietorship

b   Identify accounting concepts and practices related to a work sheet for a service business organized as a proprietorship.

c   Plan adjustments for supplies and prepaid insurance.

d   Complete a work sheet for a service business organized as a proprietorship.

e    Identify selected procedures for finding and correcting errors in accounting records.

                                      Century 21

                                   CHAPTER NINE

             Financial Statements for a Proprietorship

                               Performance Tasks

After studying Chapter 9, you will be able to:

a    Define the accounting term related to financial statements for a service business organized as a proprietorship.

b    Identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship.

c     Prepare an income statement for a service business organized as a proprietorship.

d     Analyze an income statement using component percentages.

e    Prepare a balance sheet for a service business organized as a proprietorship

                                      Century 21

                                    CHAPTER TEN

                       Adjusting and Closing Entries

                               Performance Tasks

After studying Chapter 10, you will be able to.

a    Define accounting terms related to adjusting and closing entries for a service business organized as a proprietorship.

b    Identify accounting concepts and practices related to adjusting and closing entries for a service business organized as a proprietorship.

c     Record adjusting entries for a service business organized as a proprietorship.

d     Record closing entries for a service business organized as a

e     Prepare a post-closing trial balance for a service business organized as a proprietorship.

                     Automated Accounting -Topic 2

                                  CHAPTER THREE

      General Ledger-End of Fiscal Period for a Service

                   Business and Bank Reconciliation

LEARNING OBJECTIVES    

UPON COMPLETION OF THIS CHAPTER, you will be able to:

1.   Record adjusting entries on the general journal input form.  

2.   Enter and correct adjusting entries.   

3.   Display adjusting entries.    

4.   Display financial statements.

5.   Perform period-end closing.

6.   Display a post-closing trial balance.

7.   Enter bank reconciliation data.

8.   Display the bank reconciliation report.

                                          PART 3

             Accounting for a Merchandising Business

                         Organized as a Partnership

                                      Century 21

                                 CHAPTER ELEVEN

           Journalizing Purchases and Cash Payments

                               Performance Tasks

After studying Chapter 11, you will be able to:

a   Define accounting terms related to purchases and cash payments for a merchandising business.

b   Identify accounting concepts and practices related to purchases and cash payments for a merchandising business.

c    Analyze purchases and cash payments transactions for a merchandising business.

d   Journalize purchases and cash payments transactions for a merchandising business.

                                      Century 21

                                 CHAPTER TWELVE

                Journalizing Sales and Cash Receipts

                               Performance Tasks

After studying Chapter 12, you will be able to

a   Define accounting terms related to sales and cash receipts for a merchandising business.

b   Identify accounting concepts and practices related to sales and cash receipts for a merchandising business.

c   Analyze sales and cash receipts transactions for a merchandising business.

d   Journalize sales and cash receipts transactions for a merchandising business.

e   Prove and rule a journal

                                      Century 21

                               CHAPTER THIRTEEN

            Posting to General and Subsidiary Ledgers

                               Performance Tasks

After studying Chapter 13, you will be able to:

a     Define accounting terms related to posting to ledgers.

b     Identify accounting practices related to posting to ledgers.

c     Post to a general ledger from a journal.

d     Open accounts in ledgers.

e     Post to subsidiary ledgers from a journal.

f      Prepare subsidiary schedules.

                     Automated Accounting -Topic 3

                                   CHAPTER FOUR

                      Purchases and Cash Payments

LEARNING OBJECTIVES

UPON COMPLETION OF THIS CHAPTER, you will be able to:

1.    Record additions, changes, and deletions to vendors on the vendors input form.

2.     Record purchases-on-account transactions on the purchases journal input form.

3.     Record cash payments on the cash payments journal input form.

4.     Key vendor maintenance data.

5.     Enter and correct purchases journal entries.

6.     Enter and correct cash payments journal entries.

7.     Display a vendor list report.

8.     Display purchases and cash payments journal entries.

9.     Display general ledger and accounts payable ledger reports.

10.   Display a schedule of accounts payable report.

                            Automated Accounting

                                   CHAPTER FIVE

                           Sales and Cash Receipts

LEARNING OBJECTIVES

UPON COMPLETION OF THIS CHAPTER you will he able to:

1.     Record additions, changes and deletions to customers on the customers input form.

2.     Record sales-on-account transactions on the sales journal input form.

3.     Record cash receipts transactions on the cash receipts journal input form.

4.     Key customer maintenance data.

5.     Enter and correct sales and cash receipts journal entries.

6.     Display a customer list.

7.     Display sales and cash receipts journal entries.

8.     Display a schedule of accounts receivable.

9.     Display an accounts receivable ledger report.

                                      Century 21

                              CHAPTER FOURTEEN

                          Preparing Payroll Records

                               Performance Tasks

After studying Chapter 14, you will be able to;

a     Define accounting terms related to payroll records.

b    Identify accounting practices related to payroll records.

c    Calculate employee earnings and deductions.

d      Complete payroll records

e     Prepare payroll checks

                                      Century 21

                                CHAPTER FIFTEEN

               Payroll Accounting, Taxes and Reports

                               Performance Tasks

After studying Chapter 15, you will be able to

a    Identify accounting concepts and practices related to payroll accounts, taxes, and reports.

b     Analyze payroll transactions.

c     Journalize and post payroll transactions.

d      Prepare selected payroll tax reports.

                                      Century 21

                                CHAPTER SIXTEEN

            Work Sheet for a Merchandising Business

                               Performance Tasks

After studying Chapter 16, you will be able to;

a    Define accounting terms related to a work sheet for a merchandising business.

b     Identify accounting concepts and practices related to a work sheet for a merchandising business.

c     Plan adjustments on a work sheet for a merchandising business.

d     Complete a work sheet for a merchandising business.

                                      Century 21

                              CHAPTER SEVENTEEN

               Financial Statements for a Partnership

                               Performance Tasks

After studying Chapter 17, you will be able to

a    Define accounting terms related to financial statements for a merchandising business organized as a partnership.

b     Identify accounting concepts and practices related to financial statements for a merchandising business organized as a partnership.

c     Prepare an income statement for a merchandising business organized as a partnership

d     Analyze an income statement using component percentages for a merchandising business organized as a partnership.

e     Prepare a distribution of net income statement for a merchandising business organized as a partnership.

f     Prepare an owners equity statement for a merchandising business organized as a partnership.

g    Prepare a balance sheet for a merchandising business organized as a partnership.

                                      Century 21

                               CHAPTER EIGHTEEN

            Partnership Adjusting and Closing Entries

                               Performance Tasks

After studying Chapter 18, you will be able to:

a       Identify accounting concepts and practices related to adjusting and closing entries for a merchandising business organized as a partnership.

b     Record adjusting entries for a merchandising business organized as a partnership.

c      Record closing entries for a merchandising business organized as a partnership.

d     Prepare a post-closing trial balance for a merchandising business organized as a partnership.

                     Automated Accounting -Topic 4

                                    CHAPTER SIX

  End of Fiscal Period for a Partnership (Merchandising

                                       Business)

LEARNING OBJECTIVES

UPON COMPLETION OF THIS CHAPTER, you will be able to:

1.   Process the adjusting entries for a merchandising business.

2.    Generate the financial statements for a merchandising business organized as a partnership.

3.   Complete the period-end processing for a partnership.

                            Automated Accounting

                                  CHAPTER SEVEN

                Discounts, Debit Memorandums, and

                             Credit Memorandums

LEARNING OBJECTIVES    

UPON COMPLETION OF THIS CHAPTER, you will be able to:

1.   Record, enter, and process purchases discounts.

2.    Record, enter, and process debit memorandums.

3.    Record, enter, and process sale's discounts.

4.    Record, enter, and process credit memorandums.

                            Automated Accounting

                                    CHAPTER TEN

                                          Payroll

LEARNING OBJECTIVES

UPON COMPLETION OF THIS CHAPTER, you will be able to:

1.     Complete the payroll input forms.

2.     Add, change, and delete employees from the payroll.

3.     Enter and correct payroll transactions.

4.     Display payroll reports.

                                      Century 21

                               CHAPTER NINETEEN

             Recording Purchases and Cash Payments

                            Using Special Journals

                               Performance Tasks

After studying Chapter 19, you will be able to:

a   Define accounting terms related to purchases and cash payments.

b    Identify accounting concepts and practices related to purchases and cash payments.

c    Analyze transactions affecting purchases and cash payments.

d     Journalize and post transactions related to purchases and cash payments.

                                      Century 21

                                CHAPTER TWENTY

                  Recording Sales and Cash Receipts

                            Using Special Journals

                               Performance Tasks

After studying Chapter 20, you will be able to:

a     Define accounting terms related to sales and cash receipts.

b    Identify accounting concepts and practices related to sales and cash receipts.

c     Analyze transactions affecting sales and cash receipts.

d     Journalize and post transactions related to sales and cash receipts.

                                      Century 21

                            CHAPTER TWENTY-ONE

                            Uncollectable Accounts

                               Performance Tasks

After studying Chapter 21, you will be able to:

a     Define accounting terms related to uncollectible accounts.

b      Identity accounting concepts and practices related to uncollectible accounts

c     Calculate estimated uncollectible accounts expense.