Table of Contents

The Accounting Cycle

Labs cover topics such as: the accounting equation, accounts, account balances, financial statements, Retained Earnings and equity, Statement of Cash Flows, debit/credit rules, journal entries, trial balances, adjustments, depreciation, adjusting entries, steps in the accounting process, closing entries, reversing entries, classified balance sheets, and quick/current ratios.

Current Assets

Labs cover topics such as: sales terminology, buyer and seller journal entries, cost of goods sold, income statements, closing accounts, periodic and perpetual inventory systems, profit margins, controls, cash management, bank reconciliation, petty cash, trading securities, aging of accounts receivable, allowance method, accounts receivable ratios, notes receivable, and inventory.

Long-term Assets

Labs cover topics such as: investment accounting, available-for-sale securities, bond investments, the equity method, consolidation, capital expenditures, lump-sum acquisition, depreciation tables, capital v. revenue expenditures, restoration v. improvement, disposal of pp&e, exchange transactions, depletion, and intangibles.

Liabilities and Equities

Labs cover topics such as: typical current liabilities, notes payable entries, discount on note payable, contingent liabilities, payroll entries, present and future value, calculating note payments, notes payable tables and entries, bond terminology, bond pricing, entries for bonds, financial statement presentation of bonds, effective interest table, effective interest entry with premium, effective interest entry with discount, bonds between interest dates, retirement of bond issues, analysis and commitments, corporate features, common and preferred stock features, stock issue journal entries, dividend concepts, treasury stock, and stock dividend journal entries.

Using Accounting Information

Labs cover topics such as: special reporting, calculating basic eps, profit and equity ratios, accounting qualities,key assumptions, foreign currency transactions, financial statement analysis, cash flow categories, calculating operating cash flows, indirect reconciliation, indirect approach, and cash flow worksheet.

Managerial and Cost Accounting

Labs cover topics such as: managerial accounting concepts, cost characteristics, schedule of cost of goods manufactured, cost flows, cost behavior, high-low method, method of least squares, critical thinking about margins, break-even and target income, sensitivity analysis, cvp for multiple products, job costing, entries for job costing, actual and applied overhead, managing costs and quality, process costing, equivalent units, cost per equivalent unit, journal entries for process costing, analysis of process costing flows, concepts in ABC, and application of ABC.

Budgeting and Decision Making

Labs cover topics such as: budget characteristics, budget components, budget periods, budget processes, cash budget, labor and overhead budget, materials budget, sales budget, fixed factory overhead variances, flexible budgets, labor variances, materials variances, performance reporting, responsibility accounting, variable factory overhead variances, absorption v. variable costing, allocating service department costs, leveraging information systems, residual income, segment reporting, capacity issues, relevant costs, special orders, discontinuing products, present and future value, net present value and compound interest.