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