ACCOUNTING & FINANCE 3 ASSIGNMENTS (subject to change)

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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.

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.

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.

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.

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.

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.

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.

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
  • Problems

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

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

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

Sep 8

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

Sep 3

DUE: Chapter 1

Sep 1

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 and S

Aug 22

Review

  • Chapter 1: Study Guide

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Aug 22

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