Course Objectives

Grading Procedures

How to be Successful in Accounting

This is an advanced 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 departmentalized merchandising corporation, a manufacturing firm, and non-profit organizations.  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

Departmental Accounting

Managerial Accounting

Other Accounting Systems

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

Advanced Accounting Objectives

Part One

Professional Accounting

Century 21 Advanced Accounting

CHAPTER ONE

Accounting Framework and Concepts

Performance Tasks

After studying Chapter 1, you will be able to:

a  Define accounting terms related to the framework of accounting and the forms of business organization.

b  Identify the framework of accounting.

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

d   Describe how individuals make ethical business decisions.

e  Identify the forms of business organizations, how accounting standards are developed, and the applications of accounting concepts.

Part Two

Departmentalized Accounting

Century 21 Advanced Accounting

CHAPTER TWO

Recording Departmental Purchases and Cash Payments

Performance Tasks

After studying Chapter 2, you will be able to:

a  Define accounting terms related to departmental purchases and cash payments.

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

c   Perform file maintenance.

d   Journalize and post departmental purchases and cash payments.

e   Reconcile a bank statement.

Century 21 Advanced Accounting

CHAPTER THREE

Recording Departmental Sales and Cash Receipts

Performance Tasks

After studying Chapter 3, you will be able to:

a  Define accounting terms related to departmental sales and cash receipts.

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

c   Journalize and post departmental sales and cash receipts.

d   Prove cash.

Century 21 Advanced Accounting

CHAPTER FOUR

Calculating and Recording Departmental Payroll Data

Performance Tasks

After studying Chapter 4, you will be able to:

a   Define accounting terms related to a departmental payroll system.

b  Identify accounting concepts and practices related to a departmen­tal payroll system.

c  Complete payroll records.

d   Journalize payroll transactions.

Century 21 Advanced Accounting

CHAPTER FIVE

Financial Reporting for a Departmental Business

Performance Tasks

After studying Chapter 5, you will be able to:

a  Define accounting terms related to financial reporting for a depart­mentalized business.

b  Identify accounting concepts and practices related to financial reporting for a departmentalized business.

c  Prepare selected interim and end-of-fiscal-period work for a departmentalized business.

d  Analyze financial statements using selected component percentages.

PART 3

ACCOUNTING CONTROL SYSTEMS
Century 21 Advanced Accounting

CHAPTER SIX

A Voucher System

Performance Tasks

After studying Chapter 6, you will be able to:

a   Define accounting terms related to a voucher system.

b   Identify accounting Concepts and practices related to a voucher system.

c   Prepare a voucher.

d   Journalize data from vouchers in a voucher register.

e   Journalize voucher payment transactions in a check register.

f   Journalize purchases returns and allowances and payroll transac­tions in a voucher system.

Century 21 Advanced Accounting

CHAPTER SEVEN

Inventory Planning and Valuation

Performance Tasks

After studying Chapter 7, you will be able to:

a   Define accounting terms related to planning and costing inventory.

b  Identify accounting concepts and practices related to planning, counting, and costing inventory.

c  Determine the cost of merchandise inventory using selected cost­ing methods.

d  Estimate the cost of merchandise inventory using selected esti­mating methods.

e  Calculate merchandise inventory turnover ratio and average num­ber of days' sales in merchandise inventory.

PART 4

GENERAL ACCOUNTING ADJUSTMENTS

Century 21 Advanced Accounting

CHAPTER EIGHT

Accounting for Uncollectible Accounts

Performance Tasks

After studying Chapter 8, you will be able to:

a   Define accounting terms related to uncollectible accounts.

b  Identify accounting concepts and practices related to uncollectible accounts.

c   Calculate estimated uncollectible accounts expense.

d   Analyze and journalize entries related to uncollectible accounts.

e   Calculate and analyze accounts receivable turnover ratios.

Century 21 Advanced Accounting

CHAPTER NINE

Accounting for Plant Assets

Performance Tasks

After studying Chapter 9, you will be able to:

a  Define accounting terms related to plant assets and depreciation.

b  Identify accounting concepts and practices related to accounting for plant assets and depreciation.

c  Record plant asset information on plant asset records.

d  Calculate depreciation expense for a plant asset.

e  Journalize entries for buying and disposing of plant assets.

f   Journalize entries for depreciation.

g   Calculate and record property tax expense.

Century 21 Advanced Accounting

CHAPTER TEN

Accounting for Notes Payable, Prepaid Expenses, and

Accrued Expenses

Performance Tasks

After studying Chapter 10, you will be able to:

a  Define accounting terms related to notes payable, prepaid expenses, and accrued expenses.

b  Identify accounting concepts and practices related to notes payable, prepaid expenses, and accrued expenses.

c   Journalize transactions for notes payable.

d   Journalize adjusting and reversing entries for prepaid expenses initially recorded as expenses.

e   Journalize adjusting and reversing entries for accrued expenses.

Century 21 Advanced Accounting

CHAPTER ELEVEN

Accounting for Notes Receivable, Unearned Revenue,

And Accrued Revenue

Performance Tasks

After studying Chapter 11, you will be able to:

a  Define accounting terms related to notes receivable, unearned revenue, and accrued revenue.

b  Identify accounting concepts and practices related to notes receiv­able, unearned revenue, and accrued revenue.

c   Journalize transactions for notes receivable.

d  Journalize adjusting and reversing entries for unearned revenue initially recorded as revenue.

e   Journalize adjusting and reversing entries for accrued revenue.

PART 5

CORPORATION ACCOUNTING (OVERVIEW)

Century 21 Advanced Accounting

CHAPTER TWELVE

Organizing a Corporation and Paying Dividends

Performance Tasks

After studying Chapter 12, you will be able to:

a  Define accounting terms related to corporate accounting.

b  Identify accounting concepts and practices related to corporate accounting.

c  Journalize transactions for starting a corporation.

d  Prepare a balance sheet for a newly formed corporation.

e  Calculate dividends for a corporation.

f  Journalize transactions for declaring and paying dividends for a corporation.

Century 21 Advanced Accounting

CHAPTER THIRTEEN

Acquiring Additional Capital

for a corporation

Performance Tasks

After studying Chapter 13, you will be able to:

a Define accounting terms related to acquiring capital for a corporation.

b  Identify accounting concepts and practices related to acquiring capital for a corporation.

c   Journalize entries for issuing additional capital stock.

d   Journalize entries for buying and selling treasury stock.

e   Journalize entries for bonds payable.

Century 21 Advanced Accounting

CHAPTER FOURTEEN

Financial Analysis and Reporting

for a corporation

Performance Tasks

After studying Chapter 14, you will be able to:

a  Define accounting terms related to financial analysis and reporting for a corporation.

b  Identify accounting concepts and practices related to financial analysis and reporting for a corporation.

c   Journalize adjusting entries for amortizing an intangible asset.

d   Calculate federal income tax for a corporation.

e   Prepare selected end-of-fiscal-period work for a corporation.

f   Analyze financial statements for a corporation.

PART SIX

CORPORATION ACCOUNTING (OVERVIEW)

Century 21 Advanced Accounting

CHAPTER FIFTEEN

Budgetary Planning and Control

Performance Tasks

After studying Chapter 15, you will be able to:

a Define accounting terms related to budgetary planning and control.

b Identify accounting concepts and practices related to preparing and analyzing budgeted income statements and cash budgets.

c   Prepare a budgeted income statement.

d   Prepare a cash budget.

e   Prepare a performance report.

Century 21 Advanced Accounting

CHAPTER SIXTEEN

Accounting Information for

Management Decisions

Performance Tasks

After studying Chapter 16, you will be able to:

a  Define accounting terms related to accounting information for management decisions.

b  Identify accounting concepts and practices related to preparing accounting information for management decisions.

c  Prepare an income statement reporting contribution margin.

d   Calculate the contribution margin rate and breakeven point.

e  Calculate the sales dollars and sales units required to earn a planned amount of net income.

f  Determine the effect of changes in sales volume, unit costs, and unit sales prices on net income.

g   Calculate a sales mix.

Century 21 Advanced Accounting

CHAPTER SEVENTEEN

Financial Statement Analysis

Performance Tasks

After studying Chapter 17, you will be able to:

a  Define accounting terms related to financial statement analysis.

b Identify accounting concepts and practices related to financial statement analysis.

c   Analyze financial statements.

d  Calculate earnings performance analysis.

e  Calculate efficiency analysis.

f  Calculate financial strength analysis.

PART SEVEN

COST ACCOUNT OVERVIEW

Century 21 Advanced Accounting

CHAPTER EIGHTEEN

Cost Accounting for a

Merchandising Business (Overview)

Performance Tasks

After studying Chapter 18, you will be able to:

a Define accounting terms related to cost accounting for a depart­mentalized merchandising business.

b Identify accounting concepts and practices related to cost accounting for a departmentalized merchandising business.

c  Journalize entries for direct and indirect expenses.

d Prepare selected end-of-fiscal period work for a departmentalized merchandising business using departmental margins.

Century 21 Advanced Accounting

CHAPTER NINETEEN

Cost Accounting for a

Manufacturing Business (Overview)

Performance Tasks

After studying Chapter 19, you will be able to:

a  Define accounting terms related to cost accounting for a manufac­turing business.

b  Identify accounting concepts and practices related to cost accounting for a manufacturing business.

c Identify the elements of manufacturing costs: (1) direct materials, (2) direct labor, and (3) factory overhead.

d Identify the flow of costs through the manufacturing process.

e  Record entries related to cost records for a manufacturing business.

f  Prepare selected ledgers and cost sheets for a manufacturing business.

Century 21 Advanced Accounting

CHAPTER TWENTY

Accounting Transactions and

Financial Reporting for a

Manufacturing Business

Performance Tasks

After studying Chapter 20, you will be able to:

a  Define accounting terms related to accounting transactions and financial reporting for a manufacturing business.

b  Identify accounting concepts and practices related to accounting transactions and financial reporting for a manufacturing business.

c   Journalize transactions for a manufacturing business.

d  Prepare selected financial statements for a manufacturing business.

PART EIGHT

OTHER ACCOUNTING SYSTEMS (OVERVIEW)

Century 21 Advanced Accounting

CHAPTER TWENTY ONE

Organizational Structure

of a Partnership

Performance Tasks

After studying Chapter 21, you will be able to:

a  Define accounting terms related to forming and expanding a partnership.

b  Identify accounting concepts and practices related to forming and expanding a partnership.

c  Journalize transactions related to forming and expanding a partnership.

Century 22 Advanced Accounting

CHAPTER TWENTY TWO

Financial Reporting for a

Partnership

Performance Tasks

After studying Chapter 22, you will be able to

a Define accounting terms related to distributing earnings and completing end-of-fiscal-period work for a partnership.

b Identify accounting concepts and practices related to distribut­ing earnings and completing end-of-fiscal-period work for a partnership.

c  Prepare a distribution of net income statement for a partnership.

d  Journalize entries for withdrawal of partnership earnings.

e  Complete end-of-fiscal-period work for a partnership.

f  Journalize entries for liquidating a partnership.

Century 23 Advanced Accounting

CHAPTER TWENTY THREE

Budgeting and Accounting for a

Not-for-Profit Organization

Performance Tasks

After studying Chapter 23, you will be able to:

a Define accounting terms related to budgeting and accounting for a not-for-profit governmental organization.

b Identify accounting concepts and practices related to budgeting and accounting for a not-for-profit governmental organization.

c Journalize budget, revenues, expenditures, encumbrances, and other transactions for a not-for-profit governmental organization.

Century 24 Advanced Accounting

CHAPTER TWENTY FOUR

Financial Reporting for a

Not-for-Profit Organization

Performance Tasks

After studying Chapter 24, you will be able to:

a Identify accounting concepts and practices related to financial reporting for a not-for-profit government organization

b Complete end-of-fiscal period work for a not-for-profit governmental organization.