ACC 202 - Accounting Cycle

1. Critique accounting terminology
   1. Identify assets, liabilities, equity, revenues and expenses
   2. Classify account types to appropriate financial statements
   3. Distinguish components of annual report
2. Evaluate impact of transactions on accounting equation and financial statements
   1. Balance the accounting equation
   2. Generate Balance Sheet, Income Statement, and Statement of Changes in Retained Earnings
   3. Relate transactions to changes in financial statements
3. Generate transactions to update account balances
   1. Journalize transactions
   2. Identify normal account balances
   3. Detect trial balance errors
4. Prepare adjusting entries
   1. Calculate adjusting entry $
   2. Construct accrual adjusting entries
   3. Construct deferral adjusting entries
   4. Explain effects of adjusting entries on financial statements
5. Perform closing process
   1. Identify permanent and temporary accounts
   2. Prepare closing entries
   3. Determine effects of closing entries on account balances
   4. Ascertain which entries should be reversed
   5. Prepare reversing entries at year end.
6. Evaluate transactions for a merchandising business
   1. Identify normal account balances for a retail company
   2. Articulate account classification for a retail company
   3. Communicate parts of retail income statement
   4. Record transactions as seller
   5. Record transactions as buyer
   6. Prepare retail income statement
7. Reinforce advanced review topics
   1. Distinguish cash and cash equivalents
   2. Relate inventory costing to impact on financial statements
   3. Present income statement with periodic inventory costing
   4. Recognize impact on financial statements of scrapping an asset
   5. Realize impact on financial statements for selling an asset
   6. Comprehend basic issues with revenue recognition