RECEIVABLES

6

6

0

Direct write-off method

Record losses from uncollectible accounts using the direct write-off method.

Allowance method

Record losses from uncollectible accounts using the allowance method based on sales and on accounts receivable.

Record the write-off of an account under the direct write-off method.

Record the recovery of an account previously written off when the direct allowance method was used.

Notes receivable

Describe and explain the nature and use of notes receivable and calculate related interest.

Describe and record transactions involving notes receivable and prepare notes receivable register.

Year end accrual

Record accrued interest receivable at year's end.

Discounting notes receivable

Record transactions relating to the discounting of notes receivable.

Financial statement presentation

Describe the financial statement presentation of both the allowance for uncollectible accounts and the loss from uncollectible accounts.

INVENTORY

7

7

0

Inventory systems

Describe system of inventory use in accounting for a merchandising business.

Identify the two principal inventory systems used in business today.

Inventory valuation

Compute the cost of inventory using the FIFO, LIFO, weighted average, specific identification, and lower cost of market methods of inventory valuation.

Estimate ending inventory using the gross profit and simplified retail methods.

PLANT ASSETS

9

9

0

Recording plant assets

Determine the cost of plant assets.

Record in the general journal the cost of plant assets.

Depreciation and depletion

Calculate and record in the general journal the depreciation of plant assets using a variety of depreciation methods.

Calculate and record in the general journal depletion expense for depletable assets.

Amortization

Calculate and record the amortization of an intangible asset.

Disposition of a long term asset

Record in the general journal the disposition of a long term asset.

PAYROLL

10

10

0

Computing and recording payroll

Compute and record in the general journal an employee's gross earnings, including overtime earnings, deductions, and net pay.

Record gross earnings, deductions, and net pay in the payroll register.

Record in the general journal the distribution of the payroll for the employees.

Record individual earnings in the individual's earnings record.

Employer payroll taxes

Compute and record in the general journal the employer's FICA tax and federal and state unemployment taxes.

Payment of payroll taxes

Record the payment of FICA tax and federal income tax.

Record the payment of federal and state unemployment taxes.

PAYABLES

4

4

0

Promissory notes and interest

Describe and explain the nature and use of promissory notes and calculate related interest.

Describe and record transactions involving notes payable and prepare a notes payable register.

Year end accrual

Record accrued interest payable at year's end.

Accruals  & deferrals

Describe and explain the adjusting entries related to accruals and deferrals.

Record transaction journal entries related to accruals and deferrals.

PARTNERSHIPS

3

3

0

Partnership formation

Demonstrate an understanding of the characteristics of a partnership.

Account for the formation of a partnership.

Division of profit or loss

Account for the division of net income or net loss between partners.

Addition or withdrawal of a partner

Account for the addition or withdrawal of a partner.

SALES TAX RETURNS

1

1

0

Sales tax return preparation

Prepare sales tax returns used in business for the reporting and remittance of sales taxes.

Calculator By Touch Method

Demonstrate use of the Calculator by touch method.