BAC211_Principles of Accounting I Module(2of2).pdf -...

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1ContentsCourse Description......................................................................................................4Course Objective.........................................................................................................4Chapter one.........................................................................................................................51.1: Definition of accounting..........................................................................................5Introduction and Evolution of Accounting.................................................................5Primitive Accounting..........................................................................................................5Double-Entry System..........................................................................................................6Industrial Revolution..........................................................................................................7Corporate Organization.......................................................................................................8Public Accounting...............................................................................................................9Income Tax.........................................................................................................................9Government-Influence......................................................................................................10Accounting's Future..........................................................................................................11Computerized Accounting Systems..................................................................................11International Accounting..................................................................................................12Socioeconomic Accounting..............................................................................................12Accounting As An Information System............................................................................12Users of Accounting Information.....................................................................................13Relationship of Accounting to Other Disciplines.............................................................141.2: Specialized Accounting Fields...............................................................................19Specialized accounting fields....................................................................................191.3: Principles and practice...........................................................................................22Principles And Practice.............................................................................................221.4:types of Financial statements for sole proprietorships & Partnerships; Financialstatements for corporations...........................................................................................28Financial Statement For Sole Proprietor Ship& Partnership....................................28Financial Statements For Corporations.....................................................................31Chapter summary..........................................................................................................35SELF-EXAMINATION QUESTIONS........................................................................37ILLUSTRATIVE PROBLEM......................................................................................38Chapter two.......................................................................................................................422.1: - The accounting cycle...........................................................................................42
2Introduction...............................................................................................................422.2: Journal and ledger..................................................................................................50Journals and Accounts..............................................................................................50CHAPTER REVIEW....................................................................................................59SELF-EXAMINATION QUESTIONS........................................................................62ILLUSTRATIVE PROBLEM......................................................................................63Chapter Three....................................................................................................................673.1: - Trial Balance and Adjusting Entries....................................................................673.2: - Matching principle and adjustment.....................................................................723.3: Journalize and posting adjusting and closing entries.............................................78CHAPTER REVIEW....................................................................................................85SELF-EXAMINATION QUESTIONS........................................................................87Chapter Four.....................................................................................................................904.1: - Accounting for merchandising enterprise...........................................................904.2: Transportation costs and sales taxes, turn over tax or VAT................................1004.3: Merchandise inventory systems...........................................................................1054.4: - Accounting for Deferrals and Accruals.............................................................107Adjustments for deferrals and accruals...........................................................................107CHAPTER REVIEW..................................................................................................112SELF-EXAMINATION QUESTION........................................................................115ILLUSTRATIVE PROBLEM....................................................................................116Chapter Five....................................................................................................................1195.1:-Periodic reporting for a merchandise enterprise..................................................1195.2: - Adjusting and closing entries, Reversing entries interim statements, andcorrection of errors......................................................................................................124Procedures for correcting Entries....................................................................................129CHAPTER REVIEW..................................................................................................130SELF-EXAMINATION QUESTIONS......................................................................132Chapter Six......................................................................................................................1346.1: - Accounting systems design...............................................................................134Principles Of Accounting Systems.................................................................................1346.2: Internal Control and the Control Environment....................................................138Internal Control Structure...............................................................................................1386.3: Subsidiary Ledgers and Special Journals.............................................................143Subsidiary Ledgers And Special Journals.......................................................................143
3CHAPTER REVIEW..................................................................................................151SELF-EXAMINATION QUESTlONS......................................................................154ILLUSTRATIVE PROBLEM....................................................................................155Chapter Seven.................................................................................................................1587.1- Accounting ForCash..........................................................................................158Control Over Cash..........................................................................................................1587.2: - Bank reconciliation and internal control of cash receipts.................................1687.3: - Internal control of cash payments......................................................................172CHAPTER REVIEW..................................................................................................180SELF-EXAMINATION QUESTIONS......................................................................183ILLUSTRATIVE PROBLEM....................................................................................184
4Course DescriptionThis course deals with the evolution of accounting; importance of accounting for users;relevance of the generally accepted accounting principles and concepts (GAAP); theaccounting cycle for service and merchandising enterprises; the accounting for deferralsand accruals; principles of accounting system design, and the accounting for cash.

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Term
Fall
Professor
NoProfessor
Tags
Business, Accountant, Certified Public Accountant

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