Chapter 1Recording Departmental Purchases and Cash Payments

Chapter 1Recording Departmental Purchases and Cash Payments

CENTURY 21 ACCOUNTING, 8e

Advanced

Chapter Objectives

Chapter 1Recording Departmental Purchases and Cash Payments

After studying Chapter 1, you will be able to:

  1. Define accounting terms related to departmental purchases and cash payments.
  2. Identify accounting concepts and practices related to departmental purchases and cash payments.
  3. Journalize and post departmental purchases and purchases returns.
  4. Journalize and post departmental cash payments.

Chapter 2Recording Departmental Sales and Cash Receipts

After studying Chapter 2, you will be able to:

  1. Define terms related to departmental sales and cash receipts.
  2. Identify concepts and practices related to departmental sales and cash receipts.
  3. Journalize and post departmental sales on account and sales returns and allowances.
  4. Journalize and post departmental cash receipts.

Chapter 3Calculating and Recording Departmental Payroll Data

After studying Chapter 3, you will be able to:

  1. Define accounting terms related to a departmental payroll system.
  2. Identify accounting concepts and practices related to a departmental payroll system.
  3. Prepare a commissions record and calculate commission on net sales.
  4. Complete payroll records.
  5. Journalize payroll transactions.

Chapter 4Financial Reporting for a Departmentalized Business

After studying Chapter 4, you will be able to:

  1. Define accounting terms related to cost accounting and financial reporting for a departmentalized merchandising business.
  2. Identify accounting concepts and practices related to cost accounting and financial reporting for a departmentalized merchandising business.
  3. Distinguish between direct and indirect expenses.
  4. Prepare an interim departmental statement of gross profit.
  5. Prepare a work sheet for a departmentalized merchandising business.
  6. Prepare financial statements for a departmentalized merchandising business.
  7. Analyze financial statements using selected component percentages.
  8. Complete end-of-period work for a departmentalized merchandising business.

Chapter 5A Voucher System

After studying Chapter 5, you will be able to:

1.Define accounting terms related to a voucher system.

2.Identify accounting concepts and practices related to a voucher system.

3.Prepare a voucher.

4.Journalize data from vouchers in a voucher register.

5.Journalize voucher payment transactions in a check register.

6.Journalize purchases returns and allowances and payroll transactions in a voucher system.

Chapter 6Inventory Planning and Valuation

After studying Chapter 6, you will be able to:

1.Define accounting terms related to planning and costing inventory.

2.Identify accounting concepts and practices related to planning, counting, and costing inventory.

3.Describe the nature of merchandise inventory.

4.Determine the cost of merchandise inventory using selected costing methods.

5.Estimate the cost of merchandise inventory using selected estimating methods.

6.Calculate merchandise inventory turnover ratio and average number of days’ sales in merchandise inventory.

Chapter 7Accounting for Uncollectible Accounts

After studying Chapter 7, you will be able to:

1.Define accounting terms related to uncollectible accounts.

2.Identify accounting concepts and practices related to uncollectible accounts.

3.Calculate and record estimated uncollectible accounts expense using the direct write-off method.

4.Calculate and record estimated uncollectible accounts expense using the allowance method.

5.Calculate and analyze accounts receivable turnover ratios.

Chapter 8Accounting for Plant Assets

After studying Chapter 8, you will be able to:

1.Define accounting terms related to plant assets and depreciation.

2.Identify accounting concepts and practices related to accounting for plant assets and depreciation.

3.Journalize entries for buying plant assets.

4.Calculate and record property tax expense.

5.Calculate and record depreciation expense for a plant asset using straight-line depreciation.

6.Journalize entries disposing of plant assets.

7.Calculate depreciation expense using other methods.

Chapter 9Accounting for Notes Payable, Prepaid Expenses, and Accrued Expenses

After studying Chapter 9, you will be able to:

1.Define accounting terms related to notes payable, prepaid expenses, and accrued expenses.

2.Identify accounting concepts and practices related to notes payable, prepaid expenses, and accrued expenses.

3.Journalize transactions for notes payable.

4.Journalize adjusting and reversing entries for prepaid expenses initially recorded as expenses.

5.Journalize adjusting and reversing entries for accrued expenses.

Chapter 10Accounting for Notes Receivable, Unearned Revenue, and Accrued Revenue

After studying Chapter 10, you will be able to:

1.Define accounting terms related to notes receivable, unearned revenue, and accrued revenue.

2.Identify accounting concepts and practices related to notes receivable, unearned revenue, and accrued revenue.

3.Journalize transactions for notes receivable.

4.Journalize adjusting and reversing entries for unearned revenue initially recorded as revenue.

5.Journalize adjusting and reversing entries for accrued revenue.

Chapter 11Organizing a Corporation and Paying Dividends

After studying Chapter 11, you will be able to:

1.Define accounting terms related to corporate accounting.

2.Identify accounting concepts and practices related to corporate accounting.

3.Journalize transactions related to starting a corporation.

4.Journalize transactions related to stock subscriptions.

5.Prepare a balance sheet for a newly formed corporation.

6.Calculate dividends for a corporation.

7.Journalize transactions of a corporation related to declaring and paying dividends.

Chapter 12Acquiring Additional Capital for a Corporation

After studying Chapter 12, you will be able to:

1.Define accounting terms related to acquiring capital for a corporation.

2.Identify accounting concepts and practices related to acquiring capital for a corporation.

3.Journalize entries for issuing additional capital stock.

4.Journalize entries for buying and selling treasury stock.

5.Journalize entries for bonds payable.

Chapter 13Financial Analysis and Reporting for a Corporation

After studying Chapter 13, you will be able to:

1.Define terms related to financial analysis and reporting for a corporation.

2.Identify concepts and practices related to financial analysis and reporting for a corporation.

3.Prepare a work sheet for a corporation.

4.Calculate federal income tax for a corporation.

5.Prepare and analyze financial statements for a corporation.

6.Prepare selected end-of-fiscal-period work for a corporation.

Chapter 14Budgetary Planning and Control

After studying Chapter 14, you will be able to:

1.Define accounting terms related to budgetary planning and control.

2.Identify accounting concepts and practices related to preparing and analyzing budgeted income statements and cash budgets.

3.Gather information to prepare a budget.

4.Prepare a budgeted income statement.

5.Prepare a cash budget and performance report.

Chapter 15Management Decisions Using Cost-Volume-Profit Analysis

After studying Chapter 15, you will be able to:

1.Define terms related to accounting information for management decisions.

2.Identify accounting concepts and practices related to preparing accounting information for management decisions.

3.Prepare an income statement reporting contribution margin.

4.Calculate the contribution margin rate.

5.Calculate the breakeven point.

6.Calculate the sales dollars and sales units required to earn a planned amount of net income.

7.Determine the effect of changes in sales volume, unit costs, and unit sales prices on net income.

8.Calculate a sales mix.

Chapter 16Management Decisions Using Present-Value Analysis

After studying Chapter 16, you will be able to:

1.Define accounting terms related to present value.

2.Identify accounting concepts and practices related to present values.

3.Calculate the future value of a single payment.

4.Calculate the present value of a future amount.

5.Make investment decisions using present values.

6.Make investment decisions using the present value of an annuity.

Chapter 17Financial Statement Analysis

After studying Chapter 17, you will be able to:

1.Define accounting terms related to financial statement analysis.

2.Identify accounting concepts and practices related to financial statement analysis.

3.Analyze financial statements.

4.Calculate earnings performance.

5.Perform efficiency analysis.

6.Analyze the long-term financial strength of a business.

Chapter 18Statement of Cash Flows

After studying Chapter 18, you will be able to:

1.Define accounting terms related to cash flow analysis.

2.Identify accounting concepts and practices related to cash flow analysis.

3.Describe operating, investing, and financing activities and provide examples of each.

4.Prepare the operating activities section of a statement of cash flows.

5.Prepare the investing activities and financing activities sections of a statement of cash flows.

6.Prepare a statement of cash flows.

Chapter 19Cost Accounting for a Manufacturing Business

After studying Chapter 19, you will be able to:

1.Define accounting terms related to cost accounting for a manufacturing business.

2.Identify accounting concepts and practices related to cost accounting for a manufacturing business.

3.Identify the elements of manufacturing costs: (1) direct materials,(2) direct labor, and (3) factory overhead.

4.Identify the flow of costs through the manufacturing process.

5.Prepare selected ledgers and cost sheets for a manufacturing business.

Chapter 20Accounting Transactions and Financial Reporting for a Manufacturing Business

After studying Chapter 20, you will be able to:

1.Define accounting terms related to accounting transactions and financial reporting for a manufacturing business.

2.Identify accounting concepts and practices related to accounting transactions and financial reporting for a manufacturing business.

3.Journalize transactions for a manufacturing business.

4.Prepare selected financial statements for a manufacturing business.

Chapter 21Organizational Structure of a Partnership

After studying Chapter 21, you will be able to:

1.Define accounting terms related to forming and expanding a partnership.

2.Identify accounting concepts and practices related to forming and expanding a partnership.

3.Journalize transactions related to forming a partnership.

4.Journalize transactions related to expanding a partnership.

Chapter 22Financial Reporting for a Partnership

After studying Chapter 22, you will be able to:

1.Define accounting terms related to distributing earnings and completing end-of-fiscal-period work for a partnership.

2.Identify accounting concepts and practices related to distributing earnings and completing end-of-fiscal-period work for a partnership.

3.Calculate the distribution of partnership earnings.

4.Journalize entries for withdrawal of partnership earnings.

5.Complete end-of-fiscal-period work for a partnership.

6.Prepare a distribution of net income statement for a partnership.

7.Journalize entries for liquidating a partnership.

Chapter 23Budgeting and Accounting for a Not-for-Profit Organization

After studying Chapter 23, you will be able to:

1.Define accounting terms related to budgeting and accounting for a not-for-profit governmental organization.

2.Identify accounting concepts and practices related to budgeting and accounting for a not-for-profit governmental organization.

3.Describe the process used to develop an operating budget.

4.Journalize budget transactions for a not-for-profit organization.

5.Journalize revenues for a not-for-profit organization.

6.Journalize expenditures, encumbrances, and other transactions for a not-for-profit organization.

Chapter 24Financial Reporting for a Not-for-Profit Organization

After studying Chapter 24, you will be able to:

1.Identify accounting concepts and practices related to financial reporting for a not-for-profit governmental organization.

2.Prepare a worksheet for a governmental organization.

3.Prepare financial statements for a governmental organization.

4.Record adjusting and closing entries for a governmental organization.