ACCOUNTING & FINANCE 2 ASSIGNMENTS (subject to change)
Chapter 24: Financial Reporting for a Not-for-Profit Organization
- Objectives
- 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.
- Study Guide
- Problems 2, M
Chapter 23: Budgeting and Accounting for a Not-for-Profit Organization
- Objectives
- 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.
- Study Guide
- Problems 1, 2, 3, M
Chapter 22: Financial Reporting for a Partnership
- Objectives
- 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.
- Study Guide
- Problems 3, M
May 27
Chapter 21: Organizatinal Structure of a Partnership
- Objectives
- 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.
- Study Guide
- Problems 1, 2, M
May 13
Chapter 20: Internal Control
- Objectives
- 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.
- Study Guide
- Problems M
May 6
Chapter 19: Process Costing, Activity-Based Costing, and Product Pricing
- Objectives
- 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.
- Study Guide
- Problems 1, 2, 3, M
Apr 22
Chapter 18: Management Decision Making Using Differential Analysis
- Objectives
- 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.
- Study Guide
- Problems 2, 3, M
Apr 8
Chapter 17: Job Order Costing.
- Objectives:
- 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.
- Study Guide
- Problem M
Apr 1
Chapter 16: Management Decision Making Using Cost-Volume-Profit Analysis
- Objectives:
- LO1 Differentiate between fixed and variable costs
- LO2 Prepare an income statement reporting contribution margin
- LO3 Calculate the contribution margin per unit and the contribution margin rate
- LO4 Calculate the break-even income statement
- LO5 Calculate the sales dollars and sales units required to earn a planned amount of net income
- LO6 Determine the effect of changes in sales volume, unit costs, and unit sales prices on net income
- LO7 Calculate a sales mix
- Study Guide
- Problems 3 and M
Mar 25
Chapter 15: Budgetary Planning and Control
- Objectives:
- LO1 Prepare a sales budget
- LO2 Prepare a purchases budget
- LO3 Prepare a selling expenses budget
- LO4 Prepare an administrative expenses budget
- LO5 Prepare another revenue and expenses budget
- LO6 Prepare a budgeted income statement
- LO7 Prepare a cash receipts budget
- LO8 Prepare a cash budget
- LO9 Prepare a performance report
- LO10 Identify performance measures in a balanced scorecard system
- Study Guide
- Problems 4 and M
Mar 11
Chapter 14: Statement of Cash Flows
- Objectives:
- LO1 Identify the use of a statement of cash flows
- LO2 Identify the difference between the direct and indirect methods of preparing the statement of cash flows
- LO3 Calculate cash flows from operating activities using the indirect method
- LO4 Complete the operating activities section of a statement of cash flows using the indirect method
- LO5 Complete the investing activities section of a statement of cash flows
- LO6 Complete the financing activities section of a statement of cash flows
- LO7 Complete the statement of cash flows
- LO8 Calculate the operating cash flow ratio and the cash flow margin ratio
- Study Guide
- Problems M and C
Mar 4
Chapter 13: Financial Reporting and Analysis for a Corporation
- Objectives:
- LO1 Identify the users of financial statement analysis
- LO2 Identify the objectives of financial statement analysis
- LO3 Analyze the short-term financial strength of a business
- LO4 Analyze the profitability of a business
- LO5 Analyze the profitability of a business
- LO6 Perform efficiency analysis of a business
- LO7 Calculate the market ratios of a business
- LO8 Calculate permanent and temporary differences in net income and taxable income
- LO9 Identify the components of comprehensive income
- LO10 Identify where non-recurring items appear on the income statement
- Study Guide
- Problems 1-4, M, C
Feb 28
Chapter Chapter 12: Accounting for Bonds
- Objectives:
- LO1 Explain why and how a corporation issues bonds
- LO2 Journalize the issue of bonds at a discount and at a premium
- LO3 Journalize interest payments for bonds issued at a discount and a premium
- LO4 Journalize the retiring of a bond issue
- LO5 Journalize the early Redemption of a bond issue LO6 Explain how to account for convertible bonds
- LO7 Journalize the purchase of an investment in bonds
- LO8 Journalize the receipt of interest on bonds purchased at a discount and a premium
- LO9 Journalize the sale of a bond investment
- Study Guide
- Problems 1-4, M
Feb 17
Chapter 11: Corporate Dividends and Treasury Stock
- Objectives:
- LO1 Journalize the Declaration and payment of a cash dividend
- LO2 Journalize the Declaration and payment of a stock dividend
- LO3 Describe the impact of a stock dividend
- LO4 Explain why a corporation would purchase its own stock
- LO5 Journalize entries for buying and selling treasury stock
- LO6 Journalize the purchase and sale of the capital stock of other corporations
- LO1 Describe the process for forming a corporation
- Study Guide
- Problems 1, 2, 3, M, C
Feb 10
Chapter 10: Organizing a Corporation
- Objectives:
- 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 Journalize the issuances of par-value, no par-value, and stated-value common stock
- LO5 Describe the process for taking a corporation public
- LO6 Journalize the issuance of preferred stock
- LO7 Explain how to account for convertible preferred stock
- Study Guide
- Problems 1, 2, M, C
Feb 28
Chapter 9: Accounting for Unearned Revenue, Accrued Revenue, and Installment Notes Receivable
- Objectives:
- LO1 Journalize the adjusting and reversing entries for unearned revenue
- LO2 Journalize the adjusting and reversing entries for accrued revenue
- LO3 Journalize transactions for gift cards
- LO4 Journalize the 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 Journalize the reclassification and reversing entries for installment notes receivable
- Study Guide
- Problems 1, 2, 3, M
- Submit problems together for grading
Feb 15
Chapter 8
- Objectives:
- LO1 Journalize transactions for notes payable
- LO2 Journalize adjusting and reversing entries for prepaid expenses
- LO3 Compare prepaid expense accounting procedures
- LO4 Journalize adjusting and reversing entries for accrued expenses
- LO5 Journalize warranty accruals and payments
- LO6 Compare the accounting principles supporting the recognition of warranty expense and uncollectible accounts expense
- Study Guide
- Problems 2, 3, M
- Submit problems together for grading
Jan 7
Chapter 7
- Objective:
- LO1 Record the purchase of plant assets
- LO2 Describe how asset purchases are recorded using International Financial Accounting Standards
- LO3 Identify the three forms often used in calculating depreciation
- LO4 Calculate depreciation expense using the straight-line method
- LO5 Record depreciation expense
- LO6 Describe how to account for repair and maintenance payments
- LO7 Journalize the disposal of plant assets
- LO8 Calculate depreciation expense using the declining balance method
- LO9 Calculate depreciation expense using the units-of-production method
- LO10 Calculate depreciation expense for income tax reporting
- LO11 Compare annual depreciation expense for 3 depreciation methods
- LO12 Calculate depletion of a natural resource
- Study Guide
- Problems 1-3, M
- Submit problems individually for grading
Dec 17
DUE: Chapter 5
Chapter 6
- Objective:
- 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.
- Study Guide
- Problems 1, 2-3, M
Nov 25
Chapter 5
- Objective:
- 1. Define accounting terms related to planning and costing inventory.
- 2. Identify accounting concepts and practices related to planning, counting, and costing inventory.
- 3. Describe the nature of merchandise inventory.
- 4. Determine the cost of merchandise inventory using selected costing methods.
- 5. Estimate the cost of merchandise inventory using selected estimating methods.
- 6. Calculate merchandise inventory turnover ratio and average number of days’ sales in merchandise inventory.
- Study Guide
- Problems 2, 3, C
Nov 4
Chapter 4: Financial Reporting for a Departmentalized Business
- Objective
- LO1 Prove the accuracy of the subsidiary and general ledgers
- LO2 Journalize adjusting entries
- LO3 Prepare an adjusted trial balance
- LO4 Calculate the federal income tax adjustment
- LO5 Distinguish between direct and indirect expenses of a departmentalize business
- LO6 Prepare a departmental margin statement
- LO7 Analyze financial statements using vertical analysis ratios
- LO8 Prepare financial statements for a departmentalized merchandising business
- LO9 Journalize closing entries for a departmentalized merchandising business
- LO10 Prepare a post-closing trial balance
- LO11 Summarize the accounting cycle
- Study Guide
- Problem M, C
Chapter 3: Calculating Recording Departmental Payroll Data
- Objectives
- 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.
- Study Guide
- Problems M and C
- Recycling Problem
Aug 27
Chapter 2: Recording Departmental Sales and Cash Receipts
- Objectives
- 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
Aug 23
Chapter 1: Recording Departmental Purchases and Cash Payments
- Objectives
- 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, C and S
Aug 22
Review
- Chapter 1: Study Guide
Aug 22
IN CLASS: Course requirements/expectations
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