STANDARD COMPETENCIES:

 

 1.   Describe the concepts and principles used in the accounting profession. (I)

 2.   Analyze transactions in relationship to the accounting equation. (II)

 3.   Record transactions in an accounting system for service and merchandising businesses. (II)

 4.   Complete end-of-period work including preparing adjusting entries, financial statements, and closing entries. (II)

 5.   Identify advantages and disadvantages of using both computerized and manual systems. (II)

 6.   Describe the principles and practices of effective internal control systems. (I)

 7.   Account for cash transactions and prepare bank reconciliations. (III)

 8.   State the difference between a note and an account receivable, and demonstrate the calculation of interest on notes and record the related transactions. (IV)

 9.   Analyze and prepare journal entries for bad debts. (IV)

 10. Assign a value to inventory using the FIFO, LIFO, and weighted average cost flow assumptions. (V)

 11. Estimate ending inventory values. (V)

 12. State the effect of inventory errors on financial statements. (V)

 13. Account for plant assets, natural resources and intangible assets. (VI)

 14. Calculate and record depreciation, depletion and amortization. (VI)

 15. Account for the disposal of plant assets. (VI)

 16. Analyze, calculate, and journalize transactions relating to current liabilities. (VII)

 TOPICAL OUTLINE:

 

 I.      Accounting Theory and Practice

 II.     Accounting Cycle

 III.    Accounting for Cash

 IV.     Accounting for Notes and Accounts Receivable

 V.      Accounting for Inventories

 VI.     Accounting for Plant Assets, Natural Resources and Intangible Assets

 VII.    Accounting for Current Liabilities