|
Oct 31, 2024
|
|
|
|
ACC 193 - Accounting Procedures/Mgmt Credits: 3 Lecture Hours: 3 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: Voc/Tech A project approach to recordkeeping systems and office management. Includes topics in receivables, payables, banking records, planning and organizing, leadership and human relations and communications. Prerequisite: Successful completion of ACC 131 with a grade of “C” or above Competencies
- Perform the accounting procedures for a partnership
- List the characteristics of a partnership
- Explain the accounting procedures when forming a partnership
- Explain the accounting procedures for admission of a new partner
- Explain the accounting procedures for the withdrawal of a partner
- Compute the division of partnership earnings
- Prepare partnership financial statements
- Perform the accounting procedures for a corporation
- List the characteristics of a corporation
- Identify the sources of stockholder’s equity
- Distinguish between the two main classes of capital stock for a corporation
- Perform accounting procedures for the issuance of capital stock for cash and for noncash assets
- Perform accounting procedures for capital stock subscriptions and donated capital
- Prepare the stockholders’ equity section of the balance sheet
- Maintain a perpetual inventory
- Compute the cost of ending inventory and cost of goods sold under the perpetual system using
- Assess the impact on the income statement and the balance sheet of using alternative inventory cost flow assumptions
- Explain reversing and correcting entries
- Explain the purpose of reversing entries
- List the adjusting entries that may be reversed
- Perform accounting procedures for reversing entries
- Demonstrate accounting procedures for correcting entries
- Explain a bank reconciliation
- Interpret a monthly bank statement
- Prepare a bank statement
- Record journal entries required to adjust the Cash account after the bank reconciliation
- Calculate bad debts expense
- Explain the need for uncollectible accounts to be matched against revenues on the income statement
- Prepare accounting entries to record the bad debts adjustment under the allowance method
- Prepare accounting entries to recover bad debts under the allowance method
- Process accounts payable
- Explain the steps in processing accounts payable
- Explain how a voucher system establishes internal control over cash transactions
- Perform accounting entries in an invoice register and a check register
- Prepare cash flow statement
- Identify the component of a cash flow statement
- differentiate between indirect and direct method
- Explain the relationship of the cash flow statement to the other financial statements
- Demonstrate the accounting procedures for the transition of a sole proprietorship to a corporation using a computer.
- Demonstrate the correct accounting procedures for the transition of a service business to a merchandising business using a computer
Add to Portfolio (opens a new window)
|
|