Offers practical knowledge of bookkeeping principles, including small-business accounting practices. Introduces the accounting cycle, the specialized journals employed by merchandising firms, and payroll accounting.
Goals, Topics, and Objectives
- Double-Entry Accounting System
- Use a double-entry accounting system to journalize and post business transactions.
- Accrual-Based Accounting and Adjusting Entries
- Prepare the adjusting entries to recognize revenues, expenses, gains, and losses in conformance with the accrual basis of accounting.*
- Journalize and post adjusting entries.
- Preparation of an End-of-Period, Ten-Column Worksheet
- Prepare a ten-column worksheet.
- Preparation of Financial Statements That Meet GAAP
- Prepare an Income Statement, Owner's Equity Statement, and Balance Sheet that conform to generally accepted accounting principles (GAAP).*
- Preparation of Closing Entries and a Post-Closing Trial Balance
- Journalize and post closing entries.
- Prepare a post-closing trial balance.
- Application of Basic Payroll Accounting
- Prepare a payroll register.
- Prepare payroll entries for the recording of payroll, payment of payroll, recording of payroll tax expenses, and payment of payroll tax expenses.
- Bank Accounts and Cash Funds
- Prepare a bank reconciliation and adjusting entries.
- Prepare a petty cash fund reconciliation and adjusting entries.
Assessment and Requirements
Students will be assessed through testing, quizzes, in-class activities, and outside assignments.