Chapter 1
- Why would a business owner form as a proprietorship?
- Why would one choose to start a service-based business?
Chapter 2
- Why kind of entries affect owner’s equity for a service business organized as a proprietorship?
Chapter 3
- How does the accounting system of a business analyze data to produce financial information?
- What would happen if you incorrectly analyzed a transaction for an expense and treated it as an asset?
Chapter 4
- What takes place when journalizing?
- Why is balance important between accounts?
Chapter 5
- How do you prepare a chart of accounts for a service business organized as a proprietorship?
- How do you post separate amounts from a journal to a general ledger?
- How do you post column totals from a journal to a general ledger?
Chapter 6
- What are check endorsements?
- What are reasons why a bank may dishonor a check?
- What are reasons why a depositor’s records and a bank’s record may differ?
- Why do businesses have a petty cash fund?
- Why is Cash and not Petty Cash credited when a petty cash fund is replenished?
Chapter 7
- What general ledger accounts are listed in the Trial Balance column on a worksheet?
- Explain how the concept of Matching Expenses with Revenues relates to adjustments?
- What accounts are extended into the Balance Sheet columns of the work sheet?
- How can you check for an error caused by transposed numbers?
Chapter 8
- Why is it important that the income statement and balance sheet be accurate?
- What is the difference between an income statement and a balance sheet and why are they used?
Chapter 9
- Why are adjustments journalized?
- What do the ending balances of permanent accounts for one fiscal period represent at the beginning of the next fiscal period?
- Why are temporary accounts omitted from a post-closing trial balance?
Chapter 10
- What makes the activities of a merchandising business different from those of a service business?
- What are the types of merchandising businesses and how do they differ?
- How is the purchase of merchandise journalized using a purchases journal?
- How does the cash payments journal differ from the general journal?
Chapter 11
- What is the purpose of collecting and journalizing sales tax?
- Which accounting concept is being applied when revenue is recorded at the time a sale is made, regardless of when payment is made?
- What is the purpose of proving a journal?
- Describe how to prove cash?
Chapter 12
- How do you post to a general, accounts payable, and accounts receivable ledgers?
- How do you post to a general ledger from a journal?
- What are the accounting practices related to posting to ledgers?
Chapter 13
- How do you prepare payroll, payroll checks, and the records that must be maintained?
- How do you calculate payroll taxes?
- How do you complete a payroll register?
Chapter 14
- How do you record employer payroll taxes?
- How do you prepare an employer annual report to employees of taxes withheld?
- Explain how to record payroll in a journal.
Chapter 15
- In what order should general ledger accounts be listed on a worksheet?
- What accounts are used for the adjustment for merchandising inventory?
- When does a net loss appear on a worksheet?
- What extra step is required when a 10-column worksheet is prepared instead of an 8- column worksheet?
Chapter 16
- What is the major difference between the income statement for a merchandising business and a service business?
- How does a company determine acceptable component percentage?
- What information used to prepare an owners’ equity statement is obtained from the partners’ capital and drawing accounts?
Essential Questions Link:
http://mlbgsd.k12.pa.us/Page/317
http://pa01001343.schoolwires.net/cms/lib04/PA01001343/Centricity/Domain/476/Chapter%2014%20SLM.pdf
study guide terms for final
http://www.edzone.net/~jewert/classes/acct1/exam4_studyguide.pdf
Mrs. Horwitz's Web Site 