A+ 97% B+ 87% C+ 77% D+ 67% A 93% B 83% C 73% D 63% A- 90% B- 80% C- 70% D- 60%

Transcription

1 General Goal This course is designed to give students an introduction to accounting. In it, we will explore many topics including: accounting for a service business organized as a proprietorship, accounting for a merchandising business organized as a partnership, and accounting for a merchandising business Objectives At the conclusion of this course, students should be able to: 1. Demonstrate literacy with regard to key accounting concepts when discussing business practices. 2. Understand and be able to explain the rules of debit and credit. 3. Understand the accounting equation. 4. Analyze transactions. 5. Know the different types of business ownership and how to account for each. 6. Record and post transactions using the double-entry system. 7. Analyze financial statements. 8. Record adjusting and closing entries. 9. Use special journals to perform accounting procedures. 10. Account for uncollectible accounts receivable. 11. Account for plant assets and depreciation. 12. Account for inventory. 13. Account for notes and interest. 14. Account for accrued revenue and expenses. 15. Distribute dividends. Specific Course Activities Throughout the course you are expected to: 1. Read textbook assignments. 2. Participate in class demonstrations. 3. Take notes and complete sample problems in class. 4. Complete all class assignments and tests. 5. Maintain a professional, business-like attitude. Grading Scale There will be numerous opportunities for you to earn points this semester. This includes points for assignments, study guides, reinforcement activities, unit tests, and any other assignments that I deem appropriate. I will keep you updated on your grade throughout the class so you always know where you stand. Total points earned for each grading period will be used to compute your grade for that grading period using the following scales and weights. (Tests 60%, Daily Work 40%) A+ 97% B+ 87% C+ 77% D+ 67% A 93% B 83% C 73% D 63% A- 90% B- 80% C- 70% D- 60% - Assignments are due on specific days. If you do not turn in an assignment on the due date, you will lose 50% for turning it in a day late and the assignment cannot be turned more than one day late. 1

2 - You are expected to be quiet during exams until all exams are turned in. - Teacher reserves the right to alter grade based on behavior. Attendance Policy Attendance will be handled as outlined in your student handbook. If a student is excused, he/she will have (X+1) to make arrangements for me for missed work. If a student is unexcused, he/she will receive zero credit for all work missed. Any other attendance problems will be handled on an individual basis. Please note that anyone who is absent for less than 3 days and would like a copy of missed work should send me an . All students are expected to act like adults. Therefore, it is expected that they arrive on time and are ready to go by the time the bell rings. The tardy policy will be addressed through the dean s office. Classroom Rules Most established policies regarding conduct, care of property, dress, and other problems will be in effect as stated in your student handbook. However, there are some additional rules for this classroom: 1. Respect everyone in the class. 2. If you have something to say, raise your hand so everyone has a chance to speak. 3. NO CELL PHONES! 4. Arrive on time with the proper materials for Accounting (workbook pages, pencil, calculator). 2

3 Accounting 1 Learning Targets Chapter 1 1. Students will define accounting terms related to starting a service business organized as a proprietorship and to change that affect the accounting equation. 2. Students will identify accounting concepts and practices related to starting a service business organized as a proprietorship and to changes that affect the accounting equation. 3. Students will classify accounts as assets, liabilities, and owner s equity and demonstrate their relationships in the accounting equation. 4. Students will analyze how transactions affect accounts in an accounting equation. Chapter 2 1. Students will define accounting terms related to analyzing transactions into debit and credit parts. 2. Students will identify accounting practices related to analyzing transactions into debit and credit parts. 3. Students will use T accounts to analyze transactions showing which accounts are debited or credited for each transactions. 4. Students will analyze how transactions to set up a business affect accounts. 5. Students will analyze how transactions affect owner s equity accounts. Chapter 3 1. Students will define accounting terms related to journalizing transactions. 2. Students will identify accounting concepts and practices related to journalizing transactions. 3. Students will record transactions in a general journal to set up a business. 4. Students will record in a general journal transactions to buy insurance for cash and supplies on account. 5. Students will record in a general journal transactions that affect owner s equity and receiving cash on account. 6. Students will start a new journal page. Chapter 4 1. Students will define accounting terms related to posting from a general journal to a general journal. 2. Students will identify accounting practices related to posting from a general journal to a general ledger. 3. Students will prepare a chart of accounts for a service business organized as a proprietorship. 4. Students will post amounts from a general journal to a general ledger. 5. Students will prove cash. 6. Students will analyze and journalize correcting entries. Chapter 5 1. Students will define accounting terms related to using a checking accounting and a petty cash fund. 2. Students will identify accounting concepts and practices related to using a checking account. 3. Students will prepare business papers related to using a checking account. 4. Students will reconcile a bank statement. 5. Students will journalize dishonored checks and electronic banking transactions. 6. Students will establish and replenish a petty cash fund. 3

4 Chapter 6 1. Students will define accounting terms related to a work sheet for a service business organized as a proprietorship. 2. Students will identify accounting concepts and practices related to a work sheet for a service business organized as a proprietorship. 3. Students will prepare a heading and a trial balance on a worksheet. 4. Students will plan adjustments for supplied and prepaid and insurance. 5. Students will complete a work sheet for a service business organized as a proprietorship. 6. Students will identify selected procedures for finding and correcting errors in accounting records. Chapter 7 1. Students will define accounting terms related to financial statements for a service business organized as a proprietorship. 2. Students will identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship. 3. Students will prepare an income statement for a service business organized as a proprietorship. 4. Students will prepare a balance sheet for a service business organized as a proprietorship. Chapter 8 1. Students will define accounting terms related to adjusting and closing entries for a service business organized as a proprietorship. 2. Students will identify accounting concepts and practices related to adjusting and closing entries for a service business organized as a proprietorship. 3. Students will record adjusting entries for a service business organized as a proprietorship. 4. Students will record closing entries service business organized as a proprietorship. 5. Students will prepare a post-closing trial balance for a service business organized as a proprietorship. Chapter 9 1. Students will define accounting terms related to purchases and cash payments for a merchandising business. 2. Students will identify accounting concepts and practices related to purchases and cash payments for a merchandising business. 3. Students will journalize purchases of merchandise using a purchases journal. 4. Students will journalize cash payments and cash discounts using a cash payments journal. 5. Students will prepare a petty cash report and journalize the reimbursement of the petty cash fund. 6. Students will total, prove, and rule a cash payments journal and start a new cash payments journal page. 7. Students will journalize purchases returns and allowances and other transactions using a general journal. Chapter Students will define accounting terms related to sales and cash receipts for a merchandising business. 2. Students will identify accounting concepts and practices related to sales and cash receipts for a merchandising business. 3. Students will journalize sales on account using a sales journal. 4. Students will journalize cash receipts using a cash receipts journal. 5. Students will record sales returns and allowances using a general journal. 4

5 Chapter Students will define accounting terms related to posting to ledgers. 2. Students will identify accounting concepts and practices related to posting to ledgers. 3. Students will post separate items from a purchases, cash payments, and general journal to an accounts payable ledger. 4. Students will post separate items from a sales, cash receipts, and general journal to an accounts receivable ledger. 5. Students will post separate items from a cash payments and general journal to a general ledger. 6. Students will post special journal column totals to a general journal. 7. Students will journalize and post correcting entries affecting customer accounts. Chapter Students will define account terms related to payroll records. 2. Students will identify accounting practices related to payroll records. 3. Students will complete a payroll time card. 4. Students will calculate payroll taxes. 5. Students will complete a payroll register and an employee earnings record. 6. Students will prepare payroll checks. Accounting 2 Learning Targets Chapter Students will define accounting terms related to payroll accounting, taxes, and reports. 2. Students will identify accounting concepts and practices related to payroll accounting, taxes, and reports. 3. Students will analyze payroll transactions and record a payroll. 4. Students will record employer payroll taxes. 5. Students will prepare selected payroll tax reports. 6. Students will pay and record withholding and payroll taxes. Chapter Students will define accounting terms related to distributing dividends and preparing a work sheet for a merchandising business. 2. Students will identify accounting concepts and practices related to distributing dividends and preparing a work sheet for a merchandising business. 3. Students will journalize the declaration and payment of a dividend. 4. Students will begin a worksheet for a merchandising business. 5. Students will plan work sheet adjustments for merchandise inventory, supplies, prepaid expenses, uncollectible accounts, and depreciation. 6. Students will calculate federal income tax and plan the work sheet adjustment for federal income tax. 7. Students will complete a work sheet for a merchandising business. Chapter Students will define accounting terms related to financial statements for a merchandising business 5

6 2. Students will identify accounting concepts and practices related to financial statements for a merchandising business 3. Students will prepare an income statement for a merchandising business organized as a corporation. 4. Students will analyze an income statement using component percentages and financial ratios. 5. Students will prepare a statement of stockholder s equity for a merchandising business 6. Students will prepare a balance sheet for a merchandising business organized as a corporation. Chapter Students will identify accounting concepts and practices related to adjusting and closing entries for a merchandising business 2. Students will record adjusting entries. 3. Students will record closing entries for income statement accounts. 4. Students will record the closing entry for dividends. 5. Students will prepare a post- closing trial balance. Chapter Students will define accounting terms related to uncollectible accounts. 2. Students will identify accounting concepts and practices related to uncollectible accounts. 3. Students will calculate, journalize, and post estimated uncollectible accounts expense. 4. Students will journalize and post entries related to writing off and collecting uncollectible accounts receivable. Chapter Students will define accounting terms related to plant assets, depreciation, and property tax expense. 2. Students will identify accounting concepts and practices related to accounting for plant assets, depreciation, and property tax expense. 3. Students will record the buying of a plant asset and the paying of property tax. 4. Students will calculate depreciation expense and book value using the straight- line method of depreciation. 5. Students will prepare plant asset records and journalize annual depreciation expense. 6. Students will record entries related to disposing of plant assets. 7. Students will calculate depreciation expense using the double declining- balance method of depreciation. Chapter Students will define accounting terms related to inventory 2. Students will identify accounting concepts and practices related to inventory. 3. Students will prepare a stock record. 4. Students will determine the cost of merchandise inventory using the fifo, lifo, and weighted- average inventory cost methods, 5. Students will estimate the cost of merchandise inventory using the gross profit method of estimating inventory. Chapter 20 6

7 1. Students will define accounting terms related to notes and interest. 2. Students will identify accounting concepts and practices related to notes and interest. 3. Students will calculate interest and maturity dates for notes. 4. Students will analyze and record transactions for notes payable. 5. Students will analyze and record transactions for notes receivable. Chapter Students will define accounting terms related to accrued revenue and accrued expenses. 2. Students will identify accounting concepts and practices related to accrued revenue and accrued expenses. 3. Students will record adjusting, closing, and reversing entries for accrued revenue. 4. Students will record adjusting, closing, and reversing entries for accrued expenses. Chapter Students will define accounting terms related to financial statements for a merchandising business 2. Students will identify accounting concepts and practices related to financial statements and end- of- fiscal- period entries for a merchandising business 3. Students will plan end- of- fiscal- period adjustments for a merchandising business organized as a corporation. 4. Students will calculate federal income tax, plan an adjustment for federal income tax expense, and complete a work sheet. 5. Students will prepare and analyze an income statement for a merchandising business 6. Students will prepare a statement of stockholder s equity for a merchandising business 7. Students will prepare and analyze a balance sheet for a merchandising business organized as a corporation. 8. Students will record adjusting, closing, and reversing entries for a merchandising business 7