acc readings course pack

acc readings course pack - Acc 200 Course Pack Readings...

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Unformatted text preview: Acc 200 Course Pack Readings Spring 2009 (sec 001, 002, 003, 004, and 005) 2 3 TABLE OF CONTENTS Page # COURSE LEARNING OBJECTIVES ---------------------------------------- 5 READINGS (Financial Accounting and Taxation) Section 1 Forms of Business Ownership and the Role of Accounting - 11 Section 2 The Cash Basis of Accounting ----------------------------------- 41 Section 3 The Accrual Basis of Accounting ------------------------------- 57 Section 4 Introduction to Taxation ------------------------------------------ 71 APPENDIX A (Individual Income Tax Rate Schedules) --------------------- 85 APPENDIX B (Select 2007 Tax Forms)---------------------------------------- 87 4 5 NC STATE UNIVERSITY - DEPARTMENT OF ACCOUNTING ACC 200 LEARNING OBJECTIVES Section 1 - Selecting a Form of Business Ownership and The Role of Accounting in Business Students should be able to: 1. Contrast the sole proprietorship, partnership (general and limited) corporate (C-corp and S- corp), and limited liability (LLC and LLP) forms of business ownership. 2. Describe the advantages and disadvantages of the sole proprietorship, partnership, corporate and limited liability (LLP and LLC) forms of business ownership, 3. Contrast the tax treatment of the sole proprietorship, partnership, C-corporation, S- corporation, and LLC forms of business ownership, 4. Describe the three business activities of financing, investing and operating, 5. Define accounting and its role in business, 6. Describe and illustrate the basic financial statements and how they interrelate, 7. Define assets, liabilities, owners equity, revenue and expense and understand their relationship to the financial statements, and 8. Describe the basic accounting concepts underlying financial reporting including the monetary unit assumption, time period assumption, going concern assumption, cost principle, and full disclosure principle. Section 2 - The Cash Basis of Accounting Students should be able to: 1. Describe the cash and accrual bases of accounting, 2. Describe the revenue recognition and matching principles. 3. Use the cash basis of accounting to analyze, record and summarize transactions for a business, 4. Use the cash basis of accounting to prepare financial statements (income statement, balance sheet and retained earnings statement) , and 5. Describe the advantages and disadvantages of the cash basis of accounting. Section 3 - The Accrual Basis of Accounting Students should be able to: 1. Describe the accrual basis of accounting, and 2. Use the accrual basis of accounting to analyze, record, and summarize transactions. 6 Section 4 - Introduction to Taxation Students should be able to: 1. Identify the various taxes affecting business enterprises and individuals including transaction taxes (sales and excise taxes, employment taxes, death taxes, gift taxes, etc.) property and wealth taxes, and income taxes, 2. Distinguish between the basic tax formula for individuals and corporations,...
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acc readings course pack - Acc 200 Course Pack Readings...

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