An ACC110 student should be able to:

1. Account for current liabilities – accounts payable, wages payable, warranties, vacation/sick pay payable.
2. Account for contingent liabilities.
3. Make basic payroll entries.
4. Make basic payroll entries.
5. Record the payment of the payroll and payroll taxes.
6. Use a payroll accounting system.
7. Identify and explain the basic objective of financial reporting.
8. Identify the underlying concepts of accounting: entity concept, going-concern concept, time-period concept and the stable-monetary unit concept.
9. Identify and apply the principles of accounting: reliability, comparability, cost, revenue, matching and disclosure principles.
10. Recognize revenue using the point-of-sale method, the collection method, the installment method and the percentage-of-collection method.
11. Report information that satisfies the disclosure principle.
12. Apply two constraints to accounting: materiality and conservatism concepts.
13. Identify the characteristics, including the advantages and disadvantages of a partnership.
14. Account for partners’ initial investments.
15. Use different methods to allocate profits and losses to the partners.
16. Account for the admission of a new partner to the business.
17. Account for the withdrawal of a partner.
18. Account for the liquidation of a partnership.
19. Prepare partnership financial statements.
20. Identify the characteristics of a corporation.
21. Record the issuance of stock.
22. Account for treasury stock.
23. Prepare the stockholders’ equity section of a corporation balance sheet.
24. Allocate dividends to preferred and common stock.
25. Calculate equity per share of common and preferred stocks.
26. Account for stock dividends.
27. Distinguish between a cash and a stock dividend.
28. Record the declaration and payment of a cash dividend.
29. Record the declaration and payment of a stock dividend.
30. Account for basic bonds payable transactions.
31. Record the issuance of bonds at face value, above face value and below face value.
32. Amortize bond premium and discount using the straight-line method.
33. Amortize bone premium and discount using the effective interest method.
34. Account for the retirement of bonds payable.
35. Record ‘sinking fund’ transactions.
36. Account for investments in stock by the cost method.
37. Use the equity method for stock investments.
38. Prepare a departmental income statement.
39. Account for branch operations.
40. Prepare a cost of goods manufactured statement.