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Accounting I

Standards/Benchmarks

1.0  COMPLETE THE ACCOUNTING CYCLE FOR MERCHANDISING AND SERVICE BUSINESSES

- 1.1 Prepare trial balance

- 1.2 Complete a worksheet

-1.3  Journalize and post adjusting entries.

- 1.4 Prepare financial statements

- 1.5 Journalize and post closing entries

 

2.0  CALCULATE AND RECORD RECEIVABLES

- 2.1Analyze accounts receivable

- 2.2Prepare entries for recording uncollectable accounts

- 2.3Analyze notes receivable

- 2.4Record establishment and receipt of notes and interest

 

3.0  CALCULATE AND RECORD PAYABLES

- 3.1 Analyze notes payable

- 3.2 Record issuance and payment of notes and interest

 

4.0  RECONCILE A BANK STATEMENT

- 4.1 Reconcile a bank statement

- 4.2 Record journal entries

 

5.0  MAINTAIN A PETTY CASH FUND

- 5.1 Establish a petty cash fund

- 5.2 Record entries to replenish petty cash

- 5.3 Calculate and record cash short and over

 

6.0  MAINTAIN PAYROLL ACCOUNTING RECORDS

- 6.1 Prepare a payroll register and earnings record

- 6.2 Calculate employer’s liability for payroll taxes

- 6.3 Record journal entries for payroll

 

7.0  DEMONSTRATE UNDERSTANDING OF THE ACCOUNTING EQUATION

- 7.1 Define and use accounting terminology

- 7.2 From a list of account names, identify as assets, liabilities, and owner’s equity

- 7.3  Identify the effects of revenues and expenses on owner's equity

- 7.4 Identify the effects of investments and withdrawals on owner’s equity

 

8.0  ANALYZE TRANSACTIONS FOR SERVICE AND MERCHANDISING BUSINESSES

- 8.1 Name the accounts involved

- 8.2  Classify those accounts

- 8.3 Determine how each account balance changes

- 8.4 Determine whether the accounts are debited or credited

 

9.0  JOURNALIZE TRANSACTIONS AND POST TO ACCOUNTS

- 9.1 Journalize transactions in the general journal

- 9.2 Journalize transactions in the special journal                                   Updated 9/2012

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