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Preface
LO 1.0 Why it matters
LO 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
LO 1.2 Identify Users of Accounting Information and How They Apply Information
LO 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
LO 1.4 Explain Why Accounting Is Important to Business Stakeholders
LO 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
2.0 Why It Matters
LO 2.1 Describe the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
LO 2.2 Moved to later chapter
Patty Graybeal; Mitchell Franklin; and Dixon Cooper
LO 2.3 Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet
3.0 Why It Matters
LO 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
LO 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
LO 3.3 Define and Describe the Initial Steps in the Accounting Cycle
LO 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
LO 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
LO 3.6 Prepare a Trial Balance
4.0 Why It Matters
LO 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
LO 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
LO 4.3 Record and Post the Common Types of Adjusting Entries
LO 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
LO 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
LO 4.6 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities
LO 4.7 Use a 10-column worksheet (optional step in the accounting cycle)
5.0 Why It Matters
LO 5.1 Describe and Prepare Closing Entries for a Business
LO 5.2 Prepare a Post-Closing Trial Balance
LO 5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
LO 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
6.0 Why It Matters
LO 6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
LO 6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
LO 6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
LO 6.4a Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
LO 6.4b — Analyze and Record Adjusting Entries for the Sale of Merchandise Using the Perpetual Inventory System
LO 6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
LO 6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
LO 6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
7.0 Why It Matters
Mitchell Franklin
LO 7.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
LO 7.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
LO 7.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
LO 7.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
LO 7.5 Examine the Efficiency of Inventory Management Using Financial Ratios
8.0 Why It Matters
LO 8.1 Analyze Fraud in the Accounting Workplace
LO 8.2 Define and Explain Internal Controls and Their Purpose within an Organization
LO 8.3 Describe Internal Controls within an Organization
LO 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
LO 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
LO 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
LO 8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
9.0 Why It Matters
LO 9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
LO 9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
LO 9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
LO 9.4 Discuss the Role of Accounting for Receivables in Earnings Management
LO 9.5 Apply Revenue Recognition Principles to Long-Term Projects
LO 9.6 Explain How Notes Receivable and Accounts Receivable Differ
LO 9.7 Appendix: Comprehensive Example of Bad Debt Estimation
Glossary
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SPSCC -- ACCT& 201 Copyright © 2020 by Patty Graybeal; Mitchell Franklin; and Dixon Cooper is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.