10101110Accounting 1 - Problems (Lab)
Course Information
Description
Structured lab designed to reinforce concepts taught in Accounting 1-Principles. Selected problems will be worked, with an instructor available to answer questions.
Total Credits
1
Course Competencies
  1. Analyze financial transactions
    Assessment Strategies
    Written Product
    Criteria
    you identify business accounting transactions
    you identify accurate accounts and abbreviations
    you classify accounts as Assets, Liabilities, Owner's Equity, Revenue or Expense
    you explain how debits and credits increase or decrease the accounts

  2. Record transaction in general journal
    Assessment Strategies
    Written Product
    Criteria
    you prepare a journal entry in proper form
    you prepare accurate journal entries
    you use accurate dollar amounts

  3. Record transactions in the ledgers
    Assessment Strategies
    Written Product
    Criteria
    you post journal entries into the ledger accounts
    you prepare an accurate unadjusted trial balance neatly and in good form

  4. Prepare adjusting entries
    Assessment Strategies
    Written Product
    Criteria
    you explain why adjusting entries are necessary to provide a accurate financial statements
    you convert cash expenses or revenues into the proper accrual basis amount
    you record the proper entry for an expense initially charged to a prepaid asset account
    you record the proper entry for a revenue initially recorded as an unearned revenue
    you identify unrecorded/accrued expenses
    you record unrecorded/accrued expenses
    you identify unrecorded/accrued revenues
    you record unrecorded/accrued revenues
    you record depreciation of plant and equipment accurately

  5. Prepare closing entries
    Assessment Strategies
    Written Product
    Criteria
    you identify temporary accounts
    you journalize the closing entries
    you post the entries to the ledgers
    you prepare an accurate post - closing Trial Balance neatly and in good form

  6. Prepare an Income Statement
    Assessment Strategies
    Written Product
    Criteria
    you prepare the Income Statement neatly and in good form
    you prepare a single-step Income Statement
    you prepare a multi-step Income Statement

  7. Prepare a Statement of Changes in Owner's Equity
    Assessment Strategies
    Written Product
    Criteria
    you prepare the Statement of Changes in Owner's Equity neatly and in good form
    you prepare a Statement of Changes in Owner's Equity

  8. Prepare a Balance Sheet
    Assessment Strategies
    Written Product
    Criteria
    you prepare the Balance Sheet neatly and in good form
    you prepare a Balance Sheet

  9. Record merchandising activities
    Assessment Strategies
    Written Product
    Criteria
    you explain the difference between a periodic and perpetual inventory system
    you prepare accurate journal entries for the purchase and sale of merchandise inventory using the periodic method
    you prepare accurate journal entries for the purchase and sale of merchandise inventory using the perpetual method
    you use accurate dollar amounts
    you compute purchase and sales discounts
    you prepare the closing entries for a merchandising company

  10. Apply the major inventory valuation methods
    Assessment Strategies
    Written Product
    Criteria
    you differentiate between a periodic and perpetual inventory system
    you explain the difference between the major inventory valuation methods and the impact on cost flows
    you apply the retail inventory method to estimate inventory
    you apply the gross profit method to estimate inventory
    you use accurate dollar amounts

  11. Apply internal controls to cash
    Assessment Strategies
    Written Product
    Criteria
    you describe the major internal controls relating to cash and their importance
    you record petty cash transactions
    you prepare a neat and accurate Bank Reconciliation Statement

  12. Record Accounts Receivable transactions
    Assessment Strategies
    Written Product
    Criteria
    you apply the allowance method to account for Accounts Receivable
    you estimate uncollectibles using methods based on sales and Accounts Receivable
    you prepare accurate journal entries to account for bad debts
    you use accurate dollar amounts

  13. Record notes receivable transactions
    Assessment Strategies
    Written Product
    Criteria
    you record receipt of notes receivable
    you compute the accrual of interest
    you record the accrual of interest
    you record receipt of notes receivable
    you record the honoring of a note receivable
    you record payment on notes receivable
    you record the dishonoring of a note receivable
    you use accurate dollar amounts

  14. Record depreciation
    Assessment Strategies
    Written Product
    Criteria
    you differentiate between the major depreciation methods
    you compare depreciation for different methods
    you analyze depreciation for different methods
    you apply the cost principle to compute the cost of plant assets
    you use accurate dollar amounts

  15. Record the purchase and disposal of plant assets and equipment
    Assessment Strategies
    Written Product
    Criteria
    you compute the cost basis of the asset
    you record asset disposal through discarding, selling, or exchanging an asset
    you use accurate dollar amounts
    you use proper journal entry form
    you show all computations clearly