ACC 193 - Accounting Procedures/Mgmt

1. Perform the accounting procedures for a partnership
   1. List the characteristics of a partnership
   2. Explain the accounting procedures when forming a partnership
   3. Explain the accounting procedures for admission of a new partner
   4. Explain the accounting procedures for the withdrawal of a partner
   5. Compute the division of partnership earnings
   6. Prepare partnership financial statements
2. Perform the accounting procedures for a corporation
   1. List the characteristics of a corporation
   2. Identify the sources of stockholder’s equity
   3. Distinguish between the two main classes of capital stock for a corporation
   4. Perform accounting procedures for the issuance of capital stock for cash and for noncash assets
   5. Perform accounting procedures for capital stock subscriptions and donated capital
   6. Prepare the stockholders’ equity section of the balance sheet
3. Maintain a perpetual inventory
   1. Compute the cost of ending inventory and cost of goods sold under the perpetual system using
   2. Assess the impact on the income statement and the balance sheet of using alternative inventory cost flow assumptions
4. Explain reversing and correcting entries
   1. Explain the purpose of reversing entries
   2. List the adjusting entries that may be reversed
   3. Perform accounting procedures for reversing entries
   4. Demonstrate accounting procedures for correcting entries
5. Explain a bank reconciliation
   1. Interpret a monthly bank statement
   2. Prepare a bank statement
   3. Record journal entries required to adjust the Cash account after the bank reconciliation
6. Calculate bad debts expense
   1. Explain the need for uncollectible accounts to be matched against revenues on the income statement
   2. Prepare accounting entries to record the bad debts adjustment under the allowance method
   3. Prepare accounting entries to recover bad debts under the allowance method
7. Process accounts payable
   1. Explain the steps in processing accounts payable
   2. Explain how a voucher system establishes internal control over cash transactions
   3. Perform accounting entries in an invoice register and a check register
8. Prepare cash flow statement
   1. Identify the component of a cash flow statement
   2. differentiate between indirect and direct method
   3. Explain the relationship of the cash flow statement to the other financial statements
9. Demonstrate the accounting procedures for the transition of a sole proprietorship to a corporation using a computer.
10. Demonstrate the correct accounting procedures for the transition of a service business to a merchandising business using a computer