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
Upon successful completion of this course, students should be able to:
- 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.