ACCOUNTING & FINANCE 2 ASSIGNMENTS (subject to change)
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Chapter 24: Financial Reporting for a Not-for-Profit Organization
- LO1 Prepare adjusting entries for a general fund.
- LO2 Prepare financial statements for a general fund.
- LO3 Prepare closing entries for a general fund.
- LO4 Prepare a post-closing trial balance.
- LO5 Describe the components of a comprehensive annual financial report.
Chapter 23: Budgeting and Accounting for a Not-for-Profit Organization
- LO1 Describe the characteristics of not-for- profitorganizations.
- LO2 Describethe process used to develop an operatingbudget for a not-for-profit organization.
- LO3 Journalize budget transactions for a not- for-profit organization.
- LO4 Journalize revenues for a not-for-profit organization.
- LO5 Journalize expenditures, encumbrances, and other transactions for a not-for-profit organization.
Chapter 22: Financial Reporting for a Partnership
- LO1 Calculate the distribution of partnership earnings.
- LO2 Journalize entries for the withdrawal of partnership earnings.
- LO3 Complete end-of-period work for a partnership.
- LO4 Journalize entries for liquidating a partnership.
Chapter 21: Organizatinal Structure of a Partnership
- LO1 Explain the organizational structure of a partnership.
- LO2 Journalize transactions related to the formation of a partnership.
- LO3 Journalize transactions to admit a new partner to an existing partnership.
Chapter 20: Internal Control
- LO1 Explain the difference between an error and a fraud.
- LO2 Describe how past events have affected the development of internal control and auditing standards.
- LO3 Identify the tasks that should be segregated in an accounting system.
- LO4 Use a flowchart to understand an accounting system.
- LO5 Journalize data from vouchers in a voucher register.
- LO6 Journalize voucher payment transactions in a check register.
- LO7 Describe the key controls of a voucher system.
Chapter 19: Process Costing, Activity-Based Costing, and Product Pricing
- LO1 Compare job order costing and process costing.
- LO2 Calculate equivalent units of production.
- LO3 Develop a cost of production report.
- LO4 Journalize the transfer of costs in a process costing system.
- LO8 Use cost-based pricing to calculate the price of a product.
- LO5 Identify cost pools and cost drivers and calculate activity rates in activity-based costing.
- LO6 Use activity-based costing to allocate overhead costs.
- LO7 Use activity-based costing to calculate the total product cost.
- LO8 Use cost-based pricing to calculate the price of a product.
- LO9 Calculate the target cost of a product.
Chapter 18: Management Decision Making Using Differential Analysis
- LO1 Use differential analysis for make or buy decisions.
- LO2 Use differential analysis for special order decisions.
- LO3 Use differential analysis for discontinuing a segment decisions.
- LO4 Use differential analysis for sell or process further decisions.
- LO5 Calculate the future value and present value of an amount.
- LO6 Calculate the future value and present value of an annuity.
- LO7 Use net present value of an annuity to evaluate business decisions.
- LO8 Use net present value of unequal cash flows to evaluate business decisions.
- LO9 Use net present value to evaluate a lease or buy decision.
Chapter 17: Job Order Costing
- LO1 Classify manufacturing costs as direct materials, direct labor, and factory overhead.
- LO2 Prepare ledgers and cost sheets for a manufacturing business.
- LO3 Maintain records and prepare journal entries for materials purchased and used in production.
- LO4 Maintain records and prepare journal entries for labor costs used in production.
- LO5 Maintain records and prepare journal entries for factory overhead.
- LO6 Journalize the transfer of work in process to finished goods.
- LO7 Journalize a sale and the related cost of goods sold.
- LO8 Prepare a statement of cost of goods manufactured.
- LO9 Understand the differences on the income statement and balance sheet for a manufacturing business.
- LO10 Calculate and analyze variances related to direct materials.
- LO11 Calculate and analyze variances related to direct labor.
Chapter 14: Statement of Cash Flows
- LO1 Understand the difference between the direct and indirect methods of preparing the statement of cash flows.
- LO2 Use the indirect method to complete the operating activities section of a statement of cash flows.
- LO3 Complete the investing and financing activities sections of a statement of cash flows.
- LO4 Calculate the operating cash flow ratio and the cash flow margin ratio.
Chapter 13: Financial Reporting Analysis for a Corporation
- LO1 Analyze the financial strength of a business.
- LO2 Analyze the profitability of a business.
- LO3 Perform efficiency analysis of a business.
- LO4 Calculate the market ratios of a business.
- LO5 Calculate permanent and temporary differences in net income and taxable income.
- LO6 Understand the concept of comprehensive income.
Chapter 12: Accounting for Bonds
- LO1 Explain why and how a corporation issues bonds.
- LO2 Journalize the issue of bonds at a discount and at a premium.
- LO3 Account for the payment of bond interest.
- LO4 Journalize the retiring of a bond issue.
- LO5 Account for the early redemption of a bond issue.
- LO6 Explain how to account for convertible bonds.
- LO7 Journalize the purchase and sale of an investment in bonds.
Chapter 11: Corporate Dividends and Treasury Stock
- LO1 Account for the declaration and payment of a cash dividend.
- LO2 Account for the declaration and payment of a stock dividend.
- LO3 Explain why a corporation would purchase its own stock.
- LO4 Journalize entries for buying and selling treasury stock.
- LO5 Journalize transactions for the purchase and sale of the capital stock of other corporations.
Chapter 10: Organizing a Corporation
- LO1 Describe the process for forming a corporation.
- LO2 Describe the two basic kinds of stock.
- LO3 Identify advantages and disadvantages of the corporate form of business.
- LO4 Record the issuances of par-value, no-par-value, and stated-value common stock.
- LO5 Record the issuance of preferred stock.
- LO6 Explain how to account for convertible preferred stock.
Chapter 9: Accounting for Unearned Revenue, Accrued Revenue and Installment Notes Receivable
- LO1 Describe and illustrate the adjusting and reversing entries for unearned revenue.
- LO2 Describe and illustrate the adjusting and reversing entries for accrued revenue.
- LO3 Journalize transactions for gift cards.
- LO4 Record an adjusting entry for gift card breakage.
- LO5 Describe how gift card breakage is reported in the financial statements.
- LO6 Journalize transactions for installment notes receivable.
- LO7 Describe and illustrate the reclassification and reversing entries for installment notes receivable.
Chapter 8: Accounting for Notes Payable, Prepaid Expenses, and Accrued Expenses
- LO1 Journalize transactions for notes payable.
- LO2 Journalize adjusting and reversing entries for prepaid expenses.
- LO3 Compare and contrast prepaid expense accounting procedures.
- LO4 Journalize adjusting and reversing entries for accrued expenses.
- LO5 Account for warranty expenses.
- LO6 Compare the accounting principles supporting the recognition of warranty expense and uncollectible accounts expense.
Chapter 7: Accounting for Plant Assets
- LO1 Journalize the purchase of plant assets.
- LO2 Calculate and record depreciation expense using straight-line depreciation.
- LO3 Journalize the disposal of plant assets.
- LO4 Calculate depreciation expense using the declining-balance depreciation method.
- LO5 Calculate depreciation expense using the units-of-production method.
- LO6 Calculate and record depletion of a natural resource.
Chapter 6: Accounting for Uncollectible Accounts
- LO1 Calculate and record uncollectible accounts expense using the direct write-off method.
- LO2 Calculate and record estimated uncollectible accounts expense using the allowance method.
- LO3 Write off an uncollectible account receivable.
- LO4 Account for the collection of an account receivable that was written off.
- LO5 Calculate and analyze accounts receivable turnover ratios.
Chapter 5: Inventory Planning and Valuation
- LO1 Describe the nature of merchandise inventory.
- LO2 Account for the quantity of merchandise inventory.
- LO3 Determine the cost of merchandise inventory.
- LO4 Determine the reported cost of merchandise inventory.
- LO5 Estimate the cost of merchandise inventory.
- LO6 Calculate the inventory turnover ratio and days’ sales in inventory.
Chapter 4: Financial Reporting for a Departmentalized Business
- LO1 Identify the steps necessary to prepare for end-of-period financial reporting.
- LO2 Prepare an unadjusted trial balance.
- LO3 Journalize adjusting entries.
- LO4 Prepare an adjusted trial balance.
- LO5 Distinguish between direct and indirect expenses of a departmentalized business.
- LO6 Prepare a departmental margin statement.
- LO7 Calculate and analyze vertical analysis ratios.
- LO8 Prepare financial statements for a departmentalized merchandising business.
- LO9 Complete end-of-period work for a departmentalized merchandising business.
Chapter 3: Calculating Recording Departmental Payroll Data
- LO1 Explain how employees are paid.
- LO2 Calculate employee earnings.
- LO3 Prepare payroll reports.
- LO4 Journalize the payment of a payroll.
- LO5 Journalize the payment of payroll taxes.
Chapter 2: Recording Departmental Sales and Cash Receipts
- LO1 Explain the purpose of a departmental accounting system.
- LO2 Journalize and post departmental sales on account using a sales journal.
- LO3 Journalize and post departmental sales returns and allowances.
- LO4 Explain the impact of sales discounts on the collection of accounts receivable.
- LO5 Journalize and post departmental cash receipts using a cash receipts journal.
- Study Guide
- Problems M and S
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Chapter 1: Recording Departmental Purchases and Cash Payments
- LO1 Explain the relationship between the accounting equation and accounting records.
- LO2 Explain the relationship between a subsidiary ledger and a controlling account.
- LO3 Explain the purpose of a departmental accounting system.
- LO4 Journalize departmental purchases of merchandise on account using a purchases journal.
- LO5 Post merchandise purchases to an accounts payable ledger and a general ledger.
- LO6 Journalize departmental purchases returns and allowances.
- LO7 Journalize departmental cash payments using a cash payments journal.
- LO8 Post cash payments to an accounts payable ledger and a general ledger.
- Study Guide
- Problems M and S
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- Syllabus: parents must send email to email@example.com for verification of syllabus must be signed by parent and returned
- Chapter 1: Study Guide