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Nov 07, 2024
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ACC 104 - Fundamentals of Bookkeeping Credits: 3 Lecture Hours: 3 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: Voc/Tech The course presents the fundamental concepts, procedures, and applications of the accounting cycle and financial statements for service and merchandising businesses as a sole proprietorship. Competencies
- Examine basic accounting concepts and procedures
- Describe the purposes of accounting
- Identify the users of financial information
- Compare the three types of business entities
- Describe the use of generally accepted accounting principles
- Define basic accounting terms, concepts, and principles
- Analyze the financial effects of a business transaction using the accounting equation format
- Define asset, liability, and equity accounts
- Identify asset, liability, and equity accounts
- Explain the relationship between asset, liability, and owner’s equity accounts
- Analyze the effects of business transactions on a firm’s assets, liabilities, and owner’s equity
- Analyze transactions to correctly identify impacted accounts
- Use T-accounts to represent asset, liability, and owner’s equity accounts
- Identify if the transaction impacts an asset, liability or equity account
- List business transactions in correct accounts
- Calculate the balance of an account
- Prepare a trial balance
- Develop a chart of accounts
- Journalize transactions in the general journal
- Prepare compound journal entries
- Post journal entries to general ledger accounts
- Correct errors made in the general journal or ledger
- Account for adjustments for unrecorded business transactions
- Identify adjustments for unrecorded business transactions
- Journalize needed adjusting entries
- Post the adjusting entries
- Complete the accounting cycle
- Journalize closing entries
- Post closing entries
- Prepare a post-closing trial balance
- Interpret the financial statements
- Review the steps in the accounting cycle
- Complete a midterm project over the accounting cycle
- Journalize transactions
- Post transactions
- Prepare an income statement, statement of owner’s equity, and balance sheet.
- Assess Cash Controls
- Demonstrate proper checking procedures
- Reconcile a bank statement
- Journalize adjustments to the cash account as indicated in the bank reconciliation
- List standard internal control procedures and policies for cash
- Account for merchandise and sales transactions applying the perpetual inventory approach
- Journalize sales for cash and on account.
- Post sales for cash and on account.
- Journalize credit memos.
- Post credit memos.
- Compute receipt of payment on account.
- Journalize payment on account.
- Journalize purchase transactions.
- Journalize debit memos in the general journal.
- Post debit memos in the general journal.
- Calculate cost of goods sold.
- Complete a final project covering the data listed in Competencies 1 - 9
- Journalize transactions
- Post transactions
- Prepare adjusting entries
- Prepare closing entries
- Prepare an income statement, statement of owner’s equity, and balance sheet
Competencies Revised Date: AY2023
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