Course Description
Students will develop advanced skills that build upon those acquired in Accounting
I. Additional accounting skills such as reconciling uncollectible accounts, calculating
depreciation on assets, interpreting financial information, and calculating notes
and interest will be developed. Computerized accounting will again be incorporated
as an essential tool where resources are available. Prerequisites: Accounting I
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Core Standards of the Course
Standard 1
Students will acquire and use accounting terminology and professional attitude and skills throughout the study of accounting.
Objective 1
Define and use accounting terminology and generally accepted accounting principles effectively.
Objective 2
Develop and demonstrate critical thinking.
Objective 3
Develop and demonstrate problem solving skills.
Objective 4
Develop and demonstrate team building to enhance cooperative learning and interpersonal skills.
Objective 5
Develop and demonstrate business ethics.
Objective 6
Show quality of work.
Objective 7
Enhance decision making skills.
Objective 8
Explore technological advances and programs within the field of accounting.
Standard 2
Students will prepare payroll records.
Objective 1
Prepare and maintain payroll records using manual and computerized systems.
Objective 2
Calculate earnings at an hourly rate piece rate and on a salary, commission, and salary/commission basis.
Objective 3
Calculate deductions including federal income tax, Social Security tax, Medicare tax, state income tax, and other deductions to determine net pay.
Objective 4
Calculate employer's payroll taxes (e.g., Social Security, Medicare, federal unemployment, and state unemployment) and employee benefits paid by the employer.
Objective 5
Prepare payroll reports.
Objective 6
Make Journal Entries related to payroll.
Standard 3
Apply accepted accounting principles to sales, purchases, cash receipts and cash payment/disbursement transactions.
Objective 1
Verify and analyze various source documents related to business transactions.
Objective 2
Analyze and journalize transactions of merchandise sold for cash, on account, or by credit card; post to proper ledger accounts; prove subsidiary ledger by preparing a schedule of accounts receivable.
Objective 3
Analyze and journalize cash receipts' transactions; post to proper ledger accounts.
Objective 4
Analyze and journalize purchases of merchandise on account; demonstrate a knowledge of net purchases; post to proper ledger accounts; prove subsidiary ledger by preparing a schedule of accounts payable.
Objective 5
Analyze and journalize all cash payments transactions; post to proper ledger accounts; prove cash.
Objective 6
Analyze and journalize transactions for the return of merchandise and post to the appropriate ledger accounts.
Standard 4
Students will demonstrate the ability to handle uncollectible accounts/bad debts.
Objective 1
Justify the need for writing off uncollectible accounts/bad debts.
Objective 2
Explain the differences between the direct write-off and allowance method.
Objective 3
Identify and apply the following allowance methods to arrive at the estimate of uncollectible accounts/bad debts: Total Sales, Net Sales and Percentage of Accounts Receivable.
Objective 4
Journalize and post the adjusting entries for collecting a previously written-off account.
Standard 5
Students will demonstrate and explain the principles for handling depreciation of assets.
Objective 1
Justify and explain the need for recording the depreciation of assets.
Objective 2
Estimate depreciation expense, using the Straight-Line method.
Objective 3
Journalize and post the adjusting entry for depreciation.
Standard 6
Students will prepare adjusting entries and financial statements.
Objective 1
Identify trial balance accounts to be adjusted.
Objective 2
Students will analyze the need for and be able to prepare adjusting entries.
Objective 3
Prepare a Trial Balance.
Objective 4
Prepare an Adjusted Trial Balance.
Objective 5
Journalize and post adjusting entries.
Objective 6
Prepare a formal Income Statement for a Merchandising business.
Objective 7
Prepare a Balance Sheet.
Objective 8
Prepare a Statement of Owner's Equity/Partner's Equity/Retained Earnings.
Objective 9
Prepare and explain the purposes of each financial statement and describe the way they articulate with each other.
Standard 7
Students will prepare closing entries and a Post-Closing Trial Balance.
Objective 1
Identify the accounts that need to be closed for a Merchandising business.
Objective 2
Journalize and post the closing entries.
Objective 3
Prepare a Post-Closing Trial Balance.
Standard 8
Students will identify and explain three forms of business ownership: Sole Proprietorship, Partnership and Corporation.
Objective 1
Identify the three forms of business ownership.
Objective 2
List the advantages and disadvantages of each form of business ownership.
Objective 3
Prepare financial statements for each form of business ownership.
Standard 9
Students will demonstrate an understanding of the following recommended enrichment activities (OPTION STANDARD).
Objective 1
Develop and use an inventory system.
Objective 2
Use LIFO, FIFO, or the Weighted Average method for calculating ending inventory.
Objective 3
Use the Gross Profit method of estimating inventory.
Objective 4
Understand and use various tax forms.
Objective 5
Explore internet web sites for accounting purposes.
Objective 6
Explore careers associated with technological advances in accounting.
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