Accounting

Analyze and record a business transaction.

Explain the accounting cycle.

Create and post journal entries to the general ledger accounts.

Prepare and post adjusting and closing journal entries.

Prepare an accounting worksheet.

Prepare unadjusted, adjusted and post-close trial balances.

Prepare a balance sheet, income statement and statement of changes in owner’s equity.

Prepare journal entries for the accounting for merchandising activities.

Explain the assignment of costs to inventory, compute inventory using four commonly used methods, and apply the Lower of Cost or Market rule for valuing inventory.

Explain the use of special journals.

Explain the use of technology-based accounting information systems.

Explain basic internal control procedures.

Prepare bank reconciliations.

Explain generally accepted accounting principles

Calculate, record and explain bad debt expense and the allowance for doubtful accounts using several different methods

Explain and record bad debt journal entries

Explain and properly classify assets, liabilities and equities on the balance sheet

Calculate bond interest using two different methods

Calculate bond value

Calculate and record interest, and determine maturity dates, on notes receivable

Compute and record depreciation using a variety of depreciation methods

Compute and record amortization expense on intangible assets

Explain and record the sale and trade-in of capital assets

Explain partnership formations and how to account for them

Explain corporate formations and how to account for them

Explain and account for cash dividends, stock dividends, stock splits and treasury stock transactions

Prepare a statement of retained earnings

Prepare a statement of cash flow