• SchoolCenter PictureAccounting 1

    Textbook:  Century 21 Accounting General Journal Anniversary Edition, Ross, Gilbertson, Lehman and Hanson, South-Western, 2003.

    This course provides an understanding of the basic elements and concepts of double entry accounting systems. Specific topics include the accounting cycle, ledger and journal entries., automated accounting, partnership accounting, corporate accounting, and accounting control systems. Class activities include pen and paper exercises, computer applications, and simulations for each type of accounting system. Daily work and test grades are weighed to determine grades. Accounting students have the opportunity to earn advanced standing at Mid State Technical College.
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    This class would be ideal for those students going on to either a technical college or university to pursue and areas of business.  If your child would like to study accounting, then he/she should start accounting courses here at Almond-Bancroft Schools their sophomore year.  Also, if your child would like to start their own business or go into management, accounting gives them an excellent background in financial management.  Once this course is completed, your child will then take Computerized Accounting their junior year.
  • Chapters studied:

    Starting a Proprietorship:

    >Define accounting terms related to starting a service business organized as a proprietorship.

    >Identify accounting concepts and practices related to starting a service business organized as a proprietorship.
    >Classify accounts as assets, liabilities, or owner's equity and demonstrate their relationships in the accounting equation.
    >Analyze how transactions related to starting a service business organized as a proprietorship affect accounts in an accounting equation.
    >Preparing a balance sheet for a service business organized as a proprietorship from information in an accounting equation.

    Starting a Proprietorship:  Changes that Affect Owner's Equity

    >Define accounting terms related to changes that affect owner's equity for a service business organized as a proprietorship.
    >Identify accounting concepts and practices related to changes that affect owner's equity for a service business organized as a proprietorship.
    >Analyze changes in an accounting equation that affects owner's equity for a service business organized as a proprietorship.
    >Prepare a balance sheet for a service business organized as a proprietorship from information in an accounting equation.

    Analyzing Transactions into Debit and Credit Parts

    >Define accounting terms related to analzying transactions into debit and credit parts.
    >Identify accounting practices related to analyzing transactions into debit and credit parts.
    >Use T accounts to analyze transactions showing which accounts are debited or credited for each transaction.
    >Analyze how transactions to set up a business affect accounts.
    >Analyze how transactions affect owner's equity accounts.

    Recording Transactions in a General Journal

    >Define accounting terms related to journalizing transactions.
    >Identify accounting concepts and practices related to journalizing transactions.
    >Record in a general journal transactions to set up a business.
    >Record in a general journal transactions to buy insurance to for cash and supplies on account.
    >Record in a general journal transactions that affect owner's equity and receiving cash on account.
    >Start a new journal page.

    Posting from a General Journal to a General Ledger

    >Define accounting terms related to posting from a general journal to a general ledger.
    >Identify accounting concepts and practices related to posting from a general journal to a general ledger.
    >Prepare a chart of accounts for a service business organized as a proprietorship.
    >Post amounts from a general journal to a general ledger.
    >Prove cash and journalize correcting entries.

    Cash Control Systems

    >Define accounting terms related to using a checking account and a petty cash fund.

    >Identify accounting concepts and practices related to using a checking account.
    >Prepare business papers related to using a checking account.
    >Reconcile a bank statement.
    >Journalize dishonored checks and electronic banking transactions.
    >Establish and replenish a petty cash fund.

    Work Sheet for a Service Business

    >Define accounting terms related to a worksheet for a service business organized as a proprietorship.
    >Identify accounting concepts and practices related to a work shee4t for a service business organized as a proprietorship.
    >Prepare a heading and a trial balance on a work sheet.
    >Plan adjustments for supplies and prepaid insurance.
    >Complete a work sheet for a service business organized as a proprietorship.
    >Identify selected procedures for finding and correcting errors in accounting records.

    Financial Statements for a Proprietorship

    >Define an accounting term related to financial statements for a service business organized as a proprietorship.
    >Identify accounting concepts and practices related to preparation of financial statements for a service business organized as a proprietorship.
    >Prepare an income statement for a service business organized as a proprietorship and analyze an income statement using component percentages.
    >Prepare a balance sheet for a service business organized as a proprietorship.

    Recording Adjusting and Closing Entries for a Service Business

    >Define accounting terms related to adjusting and closing entries for a service business organized as a proprietorship.
    >Identify accounting concepts and practices related to adjusting and closing entries for a service business organized as a proprietorship.
    >Record adjusting entries for a service business organized as a proprietorship.
    >Prepare a post-closing trial balance for a service business organized as a proprietorship.

    Journalizing Purchases and Cash Payments Using Special Journals

    >Define accounting terms related to purchases and cash payments for a merchandising business.
    >Identify accounting concepts and practices related to purchases and cash payments for a merchandising business.
    >Journalize purchases of merchandise using a purchases journal.
    >Journalize cash payments using a cash payments journal.
    >Total, prove, and rule a cash payments journal and start a new cash payments journal page.
    >Journalize other transactions using a general journal.

    Journalizing Sales and Cash Receipts Using Special Journals

    >Define accounting terms related to sales and cash receipts for a merchandising business.
    >Identify accounting concepts and practices related to sales and cash receipts for a merchandising business.
    >Journalize sales on account using a sales journal.
    >Journalize cash receipts using a cash receipts journal.

    Posting to General and Subsidiary Ledgers

    >Define accounting terms related to posting to ledgers.
    >Identify accounting practices related to posting to ledgers.
    >Post from a purchases journal to an accounts payable ledger.
    >Post from a cash payments journal and a general journal to an accounts payable ledger.
    >Post from a sales journal to an accounts receivable ledger.
    >Post from a cash receipts journal to an accounts receivable ledger.
    >Post from a cash payments journal and a general journal to a general ledger.
    >Post journal totals to a general ledger.

    Preparing Payroll Records

    >Define accounting terms related to payroll records.
    >Identify accounting practices related to payroll records.
    >Complete a payroll time card.
    >Calculate payroll taxes.
    >Complete a payroll register and an employee earnings record.
    >Prepare payroll checks.

    Payroll Accounting, Taxes and Reports

    >Define accounting terms related to payroll accounting, taxes, and reports.
    >Identify accounting concepts and practices related to payroll accounting, taxes, and reports.
    >Analyze payroll transactions and record a payroll.
    >Record employer payroll taxes.
    >Prepare selected payroll tax reports.
    >Pay and record withholding and payroll taxes.

    Work Sheet for a Merchandising Business

    >Define accounting terms related to a work sheet for a merchandising business.
    >Identify accounting concepts and practices related to a work sheet for a merchandising business.
    >Begin a work sheet for a merchandising business.
    >Plan adjustments on a work sheet for a merchandising business.
    >Complete a work sheet for a merchandising business.

    Financial Statements for a Partnership

    >Define accounting terms related to financial statements for a merchandising business organized as a partnership.
    >Identify accounting concepts and practices related to financial statements for a merchandising business organized as a partnership.
    >Prepare an income statement for a merchandising business organized as a partnership.
    >Analyze an income statement using component percentages for a merchandising business organized as a partnership.
    >Prepare a distribution of net income statement and an owners' equity statement for a merchandising business organized as a partnership.
    >Prepare a balance sheet for a merchandising business organized as a partnership.

    Recording Adjusting and Closing Entries for a Partnership

    >Identify accounting concepts and practices related to adjusting and closing entries for a merchandising business organized as a partnership.
    >Record adjusting entries.
    >Record closing entries for income statement accounts.
    >Record closing entries for net income or loss and partners' drawing accounts.
    >Prepare a post-closing trial balance.