Accounting Objectives

Chapter 1:

  • Define important accounting terms related to starting a service business organized as a proprietorship
  • Identify accounting concepts and practices related to starting a service business organized as a proprietorship
  • Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relations in the accounting equation
  • Analyze how transactions related to starting a service business organized as a proprietorship affect accounts in an accounting equation
  • Prepare a balance sheet for a service business organized as a proprietorship from information in an accounting equation.

Chapter 2:

  • Define accounting terms related to changes that affect owner’s equity for a service business organized as a proprietorship.
  • Identify accounting concepts and practices related to changes that affect owner’s equity for a service business organized as a proprietorship
  • Analyze changes in an accounting equation that affect owner’s equity for a service business organized as a proprietorship
  • Prepare a balance sheet for a service business organized as a proprietorship from information in an accounting equation.

Chapter 3

  1. Define accounting terms related to analyzing transactions into debit and credit parts
  2. Identify accounting practices related to analyzing transactions into debit and credit parts
  3. Use T accounts to analyze transactions showing which accounts are debited or credited for each transaction
  4. Analyze how transactions to set up a business affect accounts
  5. Analyze how transactions affect owner’s equity accounts

Chapter 4

  1. Define accounting terms related to journalizing transactions
  2. Identify accounting concepts and practices related to journalizing transactions
  3. Record in a five-column journal transactions to set up a business
  4. Record in a five-column journal transactions to buy insurance for cash and supplies on account
  5. Record in a five-column journal transactions that affect owner’s equity and receiving cash on account
  6. Prove and rule a five-column journal and prove cash

Chapter 5

  1. Define accounting terms related to posting from a journal to a general ledger
  2. Identify accounting concepts and practices related to posting from a journal to a general ledger
  3. Prepare a chart of accounts for a service business organized as a proprietorship
  4. Post separate amounts from a journal to a general ledger
  5. Post column totals from a journal to a general ledger
  6. Analyze and journalize correcting entries

Chapter 6

  1. Define accounting terms related to using a checking account and a petty cash fund
  2. Identify accounting concepts and practices related to using a checking account
  3. Prepare business papers related to using a checking account
  4. Reconcile a bank statement
  5. Journalize dishonored checks and electronic banking transactions
  6. Establish and replenish a petty cash funds

Chapter 7

  1. Define accounting terms related to a work sheet for a service business organized as a proprietorship
  2. Identify accounting concepts and practices related to a worksheet for a service business organized as a proprietorship
  3. Prepare a heading and a trial balance on a worksheet
  4. Plan adjustments for supplies and prepaid insurance
  5. Complete a worksheet for a service business organized as a proprietorship
  6. Identify selected procedures for finding and correcting errors in accounting records

Chapter 8

  1. Define an accounting term related to financial statements for a service business organized as a proprietorship
  2. Identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship
  3. Prepare an income statement for a service business organized as a proprietorship

Chapter 9

  1. Define accounting terms related to adjusting and closing entries for a service business organized as a proprietorship
  2. Identify accounting concepts and practices related to adjusting and closing entries for a service business organized as a proprietorship
  3. Record adjusting entries for a service business organized as a proprietorship
  4. Record closing entries for a service business organized as a proprietorship
  5. Prepare a post-closing trial balance for a service business organized as a proprietorship

Chapter 10

  1. Define accounting terms related to purchases and cash payments for a merchandising business
  2. Identify accounting concepts and practices related to purchases and cash payments for a merchandising business
  3. Journalize purchases of merchandise for cash
  4. Journalize purchases of merchandise on account and buying supplies
  5. Journalize cash payments and other transactions

Chapter 11

  1. Define accounting terms related to sales and cash receipts for merchandising business
  2. Identify accounting concepts and practices related to sales and cash receipts for a merchandising business
  3. Journalize sales and cash receipts transactions for a merchandising business
  4. Prove and rule a journal

Chapter 12

  1. Define accounting terms related to posting to ledgers
  2. Identify accounting practices related to posting to ledgers
  3. Post to a general ledger from a journal
  4. Post to an accounts payable ledger
  5. Post to an accounts receivable ledger
  6. Verify the accuracy of accounting records

Chapter 13

  1. define accounting terms related to payroll records
  2. Identify accounting practices related to payroll records
  3. Complete a payroll time card\calculate payroll taxes
  4. Calculate payroll taxes
  5. Complete a payroll register and an employee earnings record
  6. Prepare payroll checks

Chapter 14

  1. Define accounting terms related to payroll accounting,taxes, and reports
  2. Identify accounting concepts and practices related to payroll accounting, taxes and reports
  3. Analyze payroll transactions and record a payroll
  4. Record employer payroll taxes
  5. Prepare selected payroll tax reports
  6. Pay and record withholding and payroll taxes

Chapter 15

  1. Define accounting terms related to a work sheet for a merchandising business
  2. Identify accounting concepts and practices related to a work sheet for a merchandising business
  3. Begin a work sheet for a merchandising business
  4. Plan adjustments on a worksheet for a merchandising business
  5. Complete a worksheet for a merchandising business

Chapter 16

  1. Define accounting terms related to financial statements for a merchandising business organized as a partnership
  2. Identify accounting concepts and practices related to financial statements for a merchandising business organized as a partnership
  3. Prepare an income statement for a merchandising business organized as a partnership
  4. Analyze an income statement for a merchandising business organized as a partnership
  5. Prepare a distribution of net income statement and an owner’s’ equity statement merchandising business organized as a partnership
  6. Prepare a balance sheet for merchandising business organized as a partnership

Chapter 17

  1. Identify accounting concepts and practices related to adjusting and closing entries for a merchandising business organized as a partnership
  2. Record adjusting entries
  3. Record closing entries for income statement accounts
  4. Record closing entries for net income or loss and partners drawing accounts
  5. Prepare a post-closing trial balance