Accounting 7E Test Bank
Accounting 7E Test Bank document sample
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TEACHER: T. Dodson CLASS: Accounting WEEK: OCT.11-15 OBJECTIVE TEACHING STRATEGIES CLASSWORK ASSESSMENTS EXAMS 1, 3 Monday Observation Tuesday 7b EXAMS 2, 4 Grade TEST Observation Journalizing purchases of merchandise for cash WT 10-1, APP, Wednesday 7e Observation OYO Journalizing Purchases of Msde on account and buying supplies WT 10-2, APP, OYO Journalizing cash payments and other transactions WT 10-3, APP 10-3, OYO Thursday 7a MPT 10 Mastery ch 10 Observation Review Grade WKBK CH 10 TEST Friday 7a FAVA NOTES: 1. The students will be able to prepare a balance sheet. 2. The student will be able to prepare an income statement. 3. They will master chapters 1-7 terms on the nine weeks test. 4. They will identify assets, liabilities, and owner’s equity. 5. They will identify revenue and expenses. Cycle 1: Accounting for a Service Business Organized as a Proprietorship. 1. Identify accounting concepts and practices related to a service business organized as a proprietorship. a. Identify the terminology associated with generally accepted accounting principles. b. Demonstrate an understanding of the fundamental accounting equation. 2. Classify accounts used within a business organized as a proprietorship. a. Classify items as assets, liabilities, or owner’s equity. b. Describe the purposes of the revenue, expense, and drawing accounts and illustrate their effects on owner’s equity. 3. Analyze how business transactions increase/decrease accounts within a service business organized as a proprietorship. a. Analyze business transactions using source documents. b. Describe the effect transactions have on the accounting equation. 4. Analyze, journalize, and post business transactions related to a proprietorship. a. Using the double entry method, analyze debit and credit parts of a transaction. b. Explain the purpose of the journal and the process of journalizing business transactions into debit and credit parts. c. Analyze the relationship of the journal to the ledger. d. Explain the purpose of a ledger account and demonstrate how to post information from the journal to the ledger. 5. Apply accounting principles to prepare a worksheet and financial statements (income statement and balance sheet) for the end-of-fiscal period for service business organized as a proprietorship. a. Apply appropriate accounting principles and prepare a trial balance. b. Analyze the trial balance and plan adjustments to bring necessary account balances up-to-date. c. Apply appropriate accounting principles and separate general ledger account balances according to the financial statements to be prepared. d. Demonstrate the ability to calculate net income or net loss for a fiscal period. 6. Apply accounting principles and explain the purposes of the adjusting and closing processes. Calculate, journalize, and post entries necessary to perform both processes and prepare end-of-fiscal period reports. a. Apply accounting principles in calculating, journalizing, and posting adjusting entries. b. Apply accounting principles in journalizing and posting closing entries. c. Apply accounting principles in preparing a post closing trial balance. 7. Identify and explain procedures used in a cash control system for a service business organized as a proprietorship. a. Identify banking terminology. b. Analyze and record transactions related to banking procedures. c. Prepare banking forms related to using a checking account. d. Reconcile a bank statement. e. Analyze, journalize, and post transactions used to establish and maintain a petty cash system. stablish and maintain a petty cash system.