Standard

Competency Areas:

Hours:

Adjusting Entries

Class

3

Correction of Errors

D. Lab

2

Payroll

P. Lab/O.B.I.

0

Depreciation

Credit

4

Inventory

Prerequisite:   Program Admission

Corequisite: 

Course Guide

ADJUSTING ENTRIES

6

4

0

Accruals

Understand accruals

Calculate and record adjusting entries for accrued revenue and accrued expenses

Construct unadjusted trial balance, add (subtract) adjustments and complete adjusted trial balance

Deferrals

Understand deferrals

Calculate and record adjusting entries for deferred revenue and deferred expenses

Construct unadjusted trial balance, add (subtract) adjustments and complete adjusted trial balance

CORRECTION OF ACCOUNTING ERRORS

3

2

0

Bank Reconciliation

Perform bank reconciliation

Error Correction

Find and correct errors revealed by bank reconciliation

Find and correct errors in the trial balance

Find and correct accrual and deferral errors discovered before books are closed.

PAYROLL

6

4

0

Payroll

Carry out basic payroll function, including paying wages, withholding, depositing and reporting taxes and preparing payroll forms.

Report Wages and Taxes

Understand basic reporting of wages & taxes for Forms 940 or 940EZ, 941, W-2, W-3, and 1099

Journal Entries

Make journal entries for payroll distribution, payroll related expenses, payroll liabilities, and remittance of employer taxes

DEPRECIATION

6

4

0

Depreciation

Understand how qualifying assets are depreciated on the financial statements and tax return.

Depreciate for book purposes assets purchased at any time during the year under the straight-line, units of production, declining balance, and sum-of-the-years’ digits methods

Depreciate both listed assets and real-estate for tax purposes

Depreciate vehicles, including passenger automobiles, for tax purposes

INVENTORY

9

6

0

Inventory purchases and sales

Record inventory purchases and sales and determine cost of goods sold and ending inventory under the perpetual and periodic methods

Cost of goods sold and ending inventory

Compute and record cost of goods sold and ending inventory using weighted average, moving average costing, FIFO (first in, first out) costing, and LIFO (last in, first out) costing

Changes in inventory value

Compute and record changes in inventory under the lower of cost or market (LCM) rule

Suggested Resources