Text: Century 21 Accounting (Ross, Hanson, Gilbertson, Lehman, and Swanson; 1993)

Course Description

Major areas to be covered will include more advanced problems, specialized records, payroll, departmentalized accounting, a voucher system, and automated accounting, Cost accounting for merchandising and manufacturing businesses plus records for corporations and partnerships will be studied.

Textbook problems, computerized accounting problems, practice sets, speakers and class discussions are activities of the course.

Objectives

A. The student will be able to demonstrate in writing, a fundamental knowledge of the steps in the accounting cycle.

B. The student will be able to record business transactions for a departmentalized business (purchases and cash payments, sales and cash receipts).

C. The student will be able to figure and record business transactions involving depreciation and depletion of assets by the declining balance, sum of the year’s digits, and the straight line method learned in Accounting 1 & 2.

D. The student will be able to complete the adjusting, closing, and reversing entries for bad debts, depreciation, accrued income, and accrued expenses using correct accounting form and procedure.

E. The student will be able to record the entries to form a partnership, divide the income or loss, and complete end-of-fiscal-period work for a partnership.

F. The student will be able to record, figure, and understand transactions delaying with promissory notes.

G. The student will be able to record, figure, and understand transactions delaying with promissory notes.

H. The student will be able to define in writing and/or orally: Sales taxes, property taxes, and income taxes.

I. The student will be able to record necessary entries to form a corporation, pay dividends to various classes for stockholders, acquire capital for a corporation, and analyze and report the current financial position of a business.

J. The student will be able to prepare financial statements and various ratios for analysis of the progress, operation, and financial position of a business.

K. The student will understand the concept and the cycle for payroll accounting.

L. The student will be able to complete personal income tax forms using both the short and long forms.

M. The student will understand the use of the computer in the accounting field by learning about its various applications and running simple programs on the computer.

N. The student will become acquainted with routines of an accounting firm through listening to speakers talk about their careers and by visiting an accounting firm.

O. The student will complete an automated accounting program.

P. The student will complete a practice set test on a manufacturing business with 60% accuracy.

Pre-Requisites

Accounting 1 & 2

Grading

See Accounting 3 & 4 Grading System Sheet