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Analyze financial transactions
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Identify business accounting transactions
Identify accurate accounts and abbreviations
Classify accounts as Assets, Liabilities, Owners' Equity, Revenue or Expense correctly
Explain how debits and credits increase or decrease the accounts
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Record transaction in general journal
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Prepare a journal entry in proper form
Prepare accurate journal entries
Use accurate dollar amounts
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Record transactions in the ledgers
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Post journal entries into the ledger accounts
Prepare an accurate unadjusted trial balance neatly and in good form
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Prepare adjusting entries
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Explain why adjusting entries are necessary to provide accurate financial statements
Convert cash expenses or revenues into the proper accrual basis amount
Record the proper entry for an expense initially charged to a prepaid asset account
Record the proper entry for a revenue initially recorded as an unearned revenue
Identify and record unrecorded/accrued revenues and expenses
Record depreciation of plant and equipment accurately
Identify and record reversing entries accurately
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Prepare closing entries
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Identify temporary accounts correctly
Journalize the closing entries correctly
Post the entries to the ledgers correctly
Prepare an accurate post-closing Trial Balance neatly and in good form
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Prepare an Income Statement
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Prepare the Income Statement neatly and in good form
Prepare a single-step Income Statement correctly
Prepare a multi-step Income Statement correctly
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Prepare a Statement of Owners' Equity
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Prepare the Statement of Owners' Equity neatly and in good form
Prepare a Statement of Owners' Equity correctly
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Prepare a classified balance sheet
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Prepare the balance sheet neatly and in good form
Prepare a balance sheet correctly
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Record merchandising activities
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Explain the difference between a periodic and perpetual inventory system
Prepare accurate journal entries for the purchase and sale of merchandise inventory using both the periodic and perpetual methods
Compute purchase and sales discounts
Prepare the closing entries for a merchandising company
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Apply the major inventory valuation methods
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Explain the difference between the major inventory valuation methods and the impact on cost flows including FIFO, LIFO, & Weighted Average for both perpetual and periodic inventory system
Apply both the retail inventory and gross profit methods to estimate inventory
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Apply internal controls to cash
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Describe the major internal controls relating to cash and their importance
Record petty cash transactions
Prepare a neat and accurate Bank Reconciliation Statement
Use Gross and Net methods of recording merchandise purchase transactions
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Record accounts receivable transactions
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Apply the allowance method to account for Accounts Receivable
Estimate uncollectible amount using methods based on Sales and Accounts Receivable
Prepare accurate journal entries to account for bad debts
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Record notes receivable transactions
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Record receipt of and payment on notes receivable
Compute and record the accrual of interest
Record the honoring and dishonoring of a note receivable
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Record depreciation
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
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
Differentiate between ordinary repairs, betterments, and extraordinary repairs
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Record the purchase and disposal of plant assets and equipment
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Compute the cost basis of the asset
Record asset disposal through discarding, selling, or exchanging an asset
Use proper journal entry form
Show all computations clearly
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Record current and long-term liabilities
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Record an interest-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
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Record bond and long-term notes payable transactions
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
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
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Record corporation ownership transactions
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Describe the characteristics of a corporation
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
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Prepare a Statement of Cash Flows
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Differentiate between cash flows from operating, financing and investing activities
Describe the format of the Statement of Cash Flows
Prepare a Statement of Cash Flows using the direct and indirect methods
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Analyze financial statements
Assessment Strategies
Exam with at least 70% correct, homework assignments and/or projects
Criteria
Describe the purpose of financial analysis
Calculate and interpret common ratios used in analysis
Prepare vertical and horizontal analysis