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Record depreciation
Assessment Strategies
Written Product and/or Exam
Criteria
Explain the difference between the major depreciation methods
Compare and analyze depreciation for different methods
Apply the cost principle to compute the cost of plant assets
Use accurate dollar amounts
Differentiate between ordinary repairs, betterments and extraordinary repairs
You pass the exam at a minimum of 70%
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Record the purchase and disposal of plant assets and equipment
Assessment Strategies
Written Product and/or Exam
Criteria
Compute the cost basis of the asset
Record asset disposal through discarding, selling, or exchanging an asset
Use accurate dollar amounts
Use proper journal entry form
Show all computations clearly
You pass the exam at a minimum of 70%
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Record current and long term liabilities
Assessment Strategies
Written Product and/or Exam
Criteria
Record an interest bearing bearing note
Record the interest and payment of an interest bearing note
Compute and record employee payroll expenses and liabilities
Compute and record employee payroll deductions and liabilities
Journalize warranty transactions
Summarize when to account for contingent liabilities
You pass the exam at a minimum of 70%
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Record partnership ownership transactions
Assessment Strategies
Written Product and/or Exam
Criteria
Record the formation of a partnership
Calculate the distribution of net income to the partners
Record the admission of a new partner
Record the withdrawal of a partner
Record the liquidation of a partnership
You pass the exam at a minimum of 70%
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Record corporation ownership transactions
Assessment Strategies
Written Product and/or Exam
Criteria
Describe the characteristics of a corporation
Record the formation of a partnership
Use basic corporation equity terms
Record the issuance of common and preferred stock at par and in excess of par
Calculate the distribution of dividends to common and preferred stockholders
Use common dividend terms
Record cash and stock dividends
Record treasury stock transactions
Compute book value per share
You pass the exam at a minimum of 70%
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Record bond and long-term notes payable transactions
Assessment Strategies
Written Product and/or Exam
Criteria
Explain the differences between bonds and stocks
Use basic bond terms
Record the issuance of bonds at par, at a premium and at a discount
Calculate bond amortization using straight line and the effective interest method
Record bond interest expense
Record the retirement of bonds
Record interest expense for installment notes assuming equal principal payments and equal payments
You pass the exam at a minimum of 70%
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Journalize investments and securities transactions
Assessment Strategies
Written Product and/or Exam
Criteria
Account for trading securities
Account for held-to-maturity securities
Account for available for sale securities
Describe how to report equity securities with controlling influence
You pass the exam at a minimum of 70%
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Prepare a Statement of Cash Flows
Assessment Strategies
Written Product and/or Exam
Criteria
Differentiate between cash flows from operating, financing and investing activities
Describe the format of the Statement of Cash Flows
Your Statement of Cash Flows uses the direct and indirect methods
You pass the exam at a minimum of 70%
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Analyze financial statements
Assessment Strategies
Written Product and/or Exam
Criteria
Describe the purpose of financial analysis
Calculate and interpret common ratios used in analysis
Prepare vertical and horizontal analysis
You pass the exam at a minimum of 70%
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Utilize financial calculator
Assessment Strategies
Written Product and/or Exam
Criteria
Compute the number of days between dates
Compute the issue price of a bond
Utilize the calculator to amortize a bond
Compute the monthly/yearly payment of a long term liability
Apply present value concepts to a single amount
Apply future value concepts to a single amount
Apply present value concepts to an annuity
Apply future value concepts to an annuity
You pass the exam at a minimum of 70%
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Journalize transactions using specialized journals
Assessment Strategies
Written Product and/or Exam
Criteria
Account for related transactions using the Sales Journal
Account for related transactions using the Purchases Journal
Account for related transactions using the Cash Disbursements Journal
Account for related transactions using the Cash Receipts Journal
Properly post from the specialized journals to general ledger accounts with special emphasis on the post reference column
Post from the specialized journals to related subsidiary accounts
You pass the exam at a minimum of 70%
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Perform a review problem by journalizing transactions related to Accounting 1
Assessment Strategies
Written Product and/or Exam
Criteria
Account for transactions covered from Accounting 1
You pass the exam at a minimum of 70%