ACC 104 - Fundamentals of Bookkeeping

1. Examine basic accounting concepts and procedures
   1. Describe the purposes of accounting
   2. Identify the users of financial information
   3. Compare the three types of business entities
   4. Describe the use of generally accepted accounting principles
   5. Define basic accounting terms, concepts, and principles
2. Analyze the financial effects of a business transaction using the accounting equation format
   1. Define asset, liability, and equity accounts
   2. Identify asset, liability, and equity accounts
   3. Explain the relationship between asset, liability, and owner’s equity accounts
   4. Analyze the effects of business transactions on a firm’s assets, liabilities, and owner’s equity
3. Analyze transactions to correctly identify impacted accounts
   1. Use T-accounts to represent asset, liability, and owner’s equity accounts
   2. Identify if the transaction impacts an asset, liability or equity account
   3. List business transactions in correct accounts
   4. Calculate the balance of an account
   5. Prepare a trial balance
   6. Develop a chart of accounts
4. Journalize transactions in the general journal
   1. Prepare compound journal entries
   2. Post journal entries to general ledger accounts
   3. Correct errors made in the general journal or ledger
5. Account for adjustments for unrecorded business transactions
   1. Identify adjustments for unrecorded business transactions
   2. Journalize needed adjusting entries
   3. Post the adjusting entries  
6. Complete the accounting cycle
   1. Journalize closing entries
   2. Post closing entries
   3. Prepare a post-closing trial balance
   4. Interpret the financial statements
   5. Review the steps in the accounting cycle
7. Complete a midterm project over the accounting cycle
   1. Journalize transactions
   2. Post transactions
   3. Prepare an income statement, statement of owner’s equity, and balance sheet.  
8. Assess Cash Controls 
   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
9. Account for merchandise and sales transactions applying the perpetual inventory approach
   1. Journalize sales for cash and on account.
   2. Post sales for cash and on account.
   3. Journalize credit memos.
   4. Post credit memos.
   5. Compute receipt of payment on account.
   6. Journalize payment on account.
   7. Journalize purchase transactions.
   8. Journalize debit memos in the general journal.
   9. Post debit memos in the general journal.
   10. Calculate cost of goods sold.
10. Complete a final project covering the data listed in Competencies 1 - 9
    1. Journalize transactions
    2. Post transactions
    3. Prepare adjusting entries
    4. Prepare closing entries
    5. Prepare an income statement, statement of owner’s equity, and balance sheet