ACC 111 - Intro to Accounting

1. Discuss basic accounting concepts and procedures
   1. Describe the purposes of accounting.
   2. Identify the users of financial information.
   3. Compare and contrast the three types of business entities.
   4. Describe the use of generally accepted accounting principles.
   5. Define basic accounting terms, concepts and principles.
2. Record in equation form the financial effects of a business transaction.
   1. Define, identify, and understand the relationship between asset, liability, and owner’s equity accounts.
   2. Analyze the effects of business transactions on a firm’s assets, liabilities, and owners equity and record.
   3. Prepare an income statement, statement of owner’s equity and balance sheet.
3. Analyze and record transactions in the proper accounts.
   1. Set up T accounts for assets, liabilities, and owner’s equity.
   2. Analyze business transactions and enter them in the accounts.
   3. Determine the balance of an account.
   4. Set up T accounts for revenue and expenses.
   5. Prepare a trial balance.
   6. Prepare income statement, a statement of owner’s equity, and balance sheet.
   7. Develop a chart of accounts.
4. Record transactions in the general journal.
   1. Prepare compound journal entries.
   2. Post journal entries to general ledger accounts.
   3. Correct errors made in the journal or ledger.
5. Determine adjustments for unrecorded business transactions.
   1. Journalize needed adjusting entries.
   2. Post the adjusting entries.
   3. Prepare financial statements.
6. Complete the accounting cycle.
   1. Journalize and post closing entries.
   2. Prepare a postclosing trial balance.
   3. Interpret financial statements.
   4. Review the steps in the accounting cycle.
   5. Prepare a midterm project over the accounting cycle.
7. Control cash
   1. Demonstrate proper checking procedures
   2. Reconcile a bank statement
   3. Journalize adjustments to the cash account as indicated in the bank reconciliation 
   4. List standard internal control procedures and policies for cash
8. Prepare payroll records
   1. Calculate total earnings based on hourly and piece rate
   2. Calculate overtime pay
   3. Calculate FICA deductions for Social Security and Medicare, and Federal Income Tax withholding
   4. Prepare a payroll register
   5. Journalize and post the payroll entry from data recorded in the payroll register
   6. Record the payment of payroll.
   7. Discuss the application of various labor laws required for payroll accounting
   8. Calculate and journalize the employer’s payroll tax expenses
9. Record merchandise and sales transactions applying the perpetual approach.
   1. Journalize and post sales for cash and on account
   2. Journalize and post credit memos.
   3. Compute and journalize the receipt of payment on account.
   4. Journalize purchase transactions
   5. Journalize and post debit memos in the general journal.
   6. Calculate cost of goods sold
10. Complete a final project covering the data in Competencies 1-9.
    1. Journalize transactions and post.
    2. Prepare adjusting and closing entries.
    3. Prepare an income statement, statement of owner’s equity, and balance sheet.