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Degrees

An ACC 105 student should be able to:

  1. Identify career opportunities in accounting.
  2. Define the terminology applicable to the study of accounting.
  3. Record in equation form the financial effects of a business transaction.
  4. Define, identify, and understand the relationship among assets, liabilities, and owner's equity accounts.
  5. Analyze the effects of business transactions on a firms assets, liabilities, and owner's equity and record these effects in accounting equation form.
  6. Prepare an income statement, statement of owner's equity, and a balance sheet.
  7. Using computer accounting software, develop a chart of accounts, analyze business transactions, record the transactions in a general journal format, and generate a trial balance.
  8. Prepare compound journal entries and post journal entries for general ledger accounts.
  9. Correct errors made in the journal or ledger.
  10. Prepare adjustments for unrecorded business transactions and illustrate the purpose of accruals and deferrals.
  11. Complete a worksheet and prepare financial statements from the completed worksheet.
  12. Journalize and post adjusting entries.
  13. Journalize and post closing entries.
  14. Prepare a postclosing trial balance.
  15. Interpret financial statements and review the steps in the accounting cycle.
  16. Record transactions in special journals such as credit sales, sales returns and allowances, credit card sales, sales tax, purchases of merchandise on credit, purchases, returns and allowances, cash receipts, cash short and over, cash payments, petty cash, and adjusting entries required from the bank reconciliation.
  17. Post from the special journals to both the general and subsidiary ledgers.
  18. Prepare a schedule of accounts receivable and schedule of accounts payable.
  19. Compute trade discounts, cash discounts and net delivered cost of purchases.
  20. Write a check, endorse checks, prepare a bank deposit slip, and maintain a checkbook balance
  21. Reconcile the monthly bank statement and prepare any adjusting entries required from the bank reconciliation.
  22. Apply critical thinking and writing skills to issues raised in specific chapters.
  23. Using a teamwork concept, think through what he/she would do in ethically challenging situations related to accounting.