BUSA 100 Course Overview

College Accounting Textbook

Schmidt

 

I.          Chapter 1 – Accounting: The language of Business

            A.  What Is Accounting?

1.      The Need for Financial Information

2.      Accounting Defined

3.      Accounting Careers

4.      Users of Financial Accounting

 

            B.  Business and Accounting

1.      Types of Business Entities

2.      Generally Accepted Accounting Principles

 

II.        Chapter 2 – Analyzing Business Transactions

            A.  Property and Financial Interest

1.      Beginning with Analysis

2.      Assets, Liabilities, and Owner’s Equity

 

B.  The Accounting Equation and Financial Statements

1.      The Fundamental Accounting Equation

2.      The Income Statement

3.      The Statement of Owner’s Equity and the Balance Sheet

4.      The Importance of Financial Statements

 

III.       Chapter 3 – Analyzing Business Transactions Using T- Accounts

A.  Transactions That Affect Assets, Liabilities, and Owner’s Equity

1.          Asset, Liability, and Owner’s Equity Accounts

2.          Account Balances

B.  Transactions That Affect Revenue, Expenses, and Withdrawals

1.          Revenue and Expense Accounts

2.          The Drawing Account

3.          The Rules of Debit and Credit

4.          The Trial Balance

5.          Financial Statements

6.          Chart of Accounts

7.          Permanent and Temporary Accounts

 

IV.       Chapter 4 – The General Journal and General Ledget

A.  The General Journal

1.          Journals

2.          The General Journal

B.  The General Ledger

1.          Ledgers

2.          Correcting Journal and Ledger Errors

V.        Chapter 5 – Adjustments and the Worksheet

A.  The Worksheet

1.          The Trial Balance Section

2.          The Adjustments Section

B.  Financial Statements

1.          The Adjusted Trial Balance Section

2.          The Income Statement and Balance Sheet Sections

3.          Preparing Financial Statements

4.          Journalizing and Posting Adjusting Entries

 

VI.       Chapter 6 – Closing Entries and the post-closing Trial Balance

A.  The Closing Process

1.          Self Review

B.  Using Accounting Information

1.          Preparing the Postclosing Trial Information

2.          Interpreting the Financial Statements

3.          The Accounting Cycle

 

VII.     Chapter 7 – Accounting for Sales and Accounts Receivable

A.  Merchandise Sales

1.          Special Journals and Subsidiary Ledgers

2.          The Sales Journal

B.  Accounts Receivable

1.          The Accounts receivable Ledger

2.          Sales Returns and Allowances

3.          Schedule of Accounts Receivable

C.  Special Topics in Merchandising

1.          Credit Sales for a Wholesale Business

2.          Credit Policies

3.          Sales Taxes

 

VIII.    Chapter 8 – Accounting for Purchases and Accounts Payable

A.  Merchandise Purchases

1.          Accounting for Purchases

B.  Accounts Payable

1.          The Accounts Payable Ledger

2.          Purchases Returns and Allowances

3.          Schedule of Accounts Payable

4.          Determining the Cost of Purchases

5.          Internal Control of Purchases

 

IX.       Chapter 9 – Cash Receipts, Cash Payments, and banking procedures

A. Cash Receipts

1.      Cash Transactions

2.      The Cash Receipts Journal

B.  Cash Payments

1.          The Cash Payments Journal

2.          The Petty Cash Fund

3.          Internal Control over Cash

C.  Banking Procedures

1.          Writing Checks

2.          Endorsing Checks

3.          Preparing the Deposit Slip

4.          Handling Postdated Checks

5.          Reconciling the Bank Statement

6.          Adjusting the Financial Records

7.          Internal Control of Banking Activities

 

X.        Chapter 10 – Payroll computations, Records, and Payments

A. Payroll Laws and Taxes

1.      Who Is an Employee?

2.      Federal Employee Earnings and Withholding Laws

3.      State and Local Taxes

4.      Employer’s Payroll Taxes and Insurance Costs

5.      Employee Records Required by Law

B.  Calculating Earnings and Taxes

1.      Computing Total Earnings of Employees

2.      Determining Pay for Hourly Employees

3.      Determining Pay for Salaried Employees

4.      Recording Payroll Information for Employees

C.  Recording Payroll Information

1.      Recording Payroll

2.      Paying Employees

3.      Individual Earnings Records

4.      Completing January Payrolls

 

XI.       Chapter 11 – Payroll Taxes, Deposits, and Reports

A. Social Security, Medicare, and Employee Income Tax

1.      Payment of Payroll Taxes

2.      Wage and Tax Statement, Form W-2

3.      Annual Transmittal of Wage and Tax Statements, Form W-3

B.  Unemployment Tax and Worker’s Compensation

1.      Unemployment Compensation Insurance Taxes

2.      Internal Control over Payroll Operations

 

XII.     Chapter 12 – Accruals, Deferrals, and Worksheets

A. Calculating and Recording Adjustments

1.      The Accrual Basis of Accounting

2.      Using the Worksheet to Record Adjustments

B.  Completing the Worksheet

1.      Preparing the Adjusted Trial Balance Section

2.      Preparing the Balance Sheet and Income Statement Sections

3.      Calculating Net Income or Net Loss

 

XIII.    Chapter 13 – Financial Statements and Closing Procedures

A. Preparing the Financial Statements

1.      The Classified Income Statement

2.      The Statement of Owner’s Equity

3.      The Classified Balance Sheet

B.  Completing the Accounting Cycle

1.      Journalizing and Posting the Adjusting Entries

2.      Journalizing and Posting the Closing Entries

3.      Preparing a Postclosing Trial Balance

4.      Interpreting the Financial Statements

5.      Journalizing and Posting Reversing Entries

6.      Review of the Accounting Cycle