ACC 220 – Accounting for Small Business

This course presents practical accounting procedures for small business operations including service occupations and retail stores. We will cover the accounting cycle, journals, ledgers, inventory, depreciation, preparation of financial statements, payroll, checking account management, and more.

Chapter 1: What is Accounting
- Introduction: What is Accounting
- Accounting Defined
- Users of Accounting Information
- Types of Businesses and Business Activities
- Ethics in Accounting
- Exercises: Chapter 1
- End of Chapter 1 Reading
Chapter 2: Accounting Principles and Practices
- Introduction: Accounting Principles and Practices
- GAAP - Generally Accepted Accounting Principles
- Account Types
- The Basic Accounting Equation
- Financial Statements
- Accounting in the Headlines
- Glossary: Lesson 2
- Exercises: Chapter 2
- End of Chapter 2 Reading
Chapter 3: The Accounting Cycle
- Introduction: The Accounting Cycle
- The Accounting Cycle
- Accounts, Journals, Ledgers, and Trial Balance
- General Rules for Debits and Credits
- Journal Entries
- Posting to the General Ledger
- Preparing a Trial Balance
- Glossary: Lesson 3
- Debit and Credit Review
- Exercises: Chapter 3
- End of Chapter 3 Reading
Chapter 4: Completion of the Accounting Cycle
- The Accrual Basis and Cash Basis of Accounting
- Classes and Types of Adjusting Entries
- Adjusting for Accrued Items
- Adjusting for Deferred Items
- Preparing an Adjusted Trial Balance
- Preparing Financial Statements
- Closing Entries
- Accounting in the Headlines
- Glossary: Completing the Accounting Cycle
- Exercises: Chapter 4
- End of Chapter 4 Reading
Chapter 5: Accounting For a Merchandising Enterprise
- Merchandising Business
- Merchandise Inventory
- Buyer Entries under Perpetual Method
- Seller Entries under Perpetual Inventory Method
- Glossary: Accounting for a Merchandising Enterprise
- Exercises: Chapter 5
- Ch 5: Appendix A - Buyer Entries under Periodic Inventory System
- Ch 5: Appendix B - Seller Entries under Periodic Inventory Method
- End of Chapter 5 Reading
Chapter 6: Financial Reporting for a Merchandising Enterprise
- Adjusting Entries for a Merchandising Company
- Merchandising Financial Statements
- Journalizing Closing Entries for a Merchandising Enterprise
- Impacts of Inventory Errors on Financial Statements
- Accounting in the Headlines
- Exercises: Chapter 6
- End of Chapter 6 Reading
Chapter 7: Inventory Valuation Methods
- Merchandise Inventory
- Internal Control Issues and Procedures for Inventory
- Inventory Methods under Perpetual Inventory Method
- Lower of Cost or Market Rule
- Effects of Choosing Different Inventory Methods
- Accounting in the Headlines
- Exercises: Chapter 7
- Ch 7: Appendix A - Methods Under a Periodic Inventory System
- End of Chapter 7 Reading
Chapter 8: Special Journals
- Principles of Accounting Systems
- Special Journals
- Subsidiary Ledgers and Control Accounts
- Internal Control and Accounting System Design
- Accounting in the Headlines
- Exercises: Chapter 8
- End of Chapter 8 Reading
Chapter 9: Cash and Internal Control
- Internal Control Structure
- Cash and Internal Control
- Petty Cash
- Preparing a Bank Reconciliation
- Accounting in the Headlines
- Exercises: Chapter 9
- End of Chapter 9 Reading
Chapter 10: Receivables
- Receivables
- Subsidiary Ledgers and Control Accounts
- Direct Write-Off and Allowance Methods
- Estimating Bad Debts
- Accounting for Notes Receivable
- Exercises: Chapter 10
- Ch 10: Appendix A - Accounting for Credit Card Sales
- End of Chapter 10 Reading
Chapter 11: Long-Term Operational Assets
- Long Term Assets
- Entries for Cash and Lump-Sum Purchases of Property, Plant and Equipment
- Methods for Computing Depreciation
- Computing Book value
- Asset Disposal
- Journalize Entries for Trade-In of Similar Assets
- Exercises: Chapter 11
- Ch 11: Appendix A - Intangible Assets
- End of Chapter 11 Reading
Chapter 12: Current Liabilities and Payroll
- Accounting for Current Liabilities
- Payroll Accounting Defined
- Payroll Accounting Entries
- Exercises: Chapter 12
- Ch 12: Appendix A - Entries Related to Notes Payable
- End of Chapter 12 Reading
Chapter 13: Budgeting
- Introduction to Budgeting and Budgeting Processes
- Master Budgets
- Operating Budgets
- Cash Budgets
- Budgeted Balance Sheet
- Other Budgeting Methods
- Glossary
- Exercises: Chapter 13
- Ch 13 Appendix A: Flexible Budgets
- Ch 13 Appendix B: Budgeting in a Merchandising Company
- Ch 13 Appendix C:The Performance Report
- End of Chapter 13 Reading
Appendix A: Partnerships
- Sole Proprietorships and Partnerships
- Journal Entries for Partnerships
- Changes to the Partners
- Appendix A Quiz
- Exercises: Appendix A (revise questions)
- End of Appendix A

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Table of Contents

Chapter 1: What is Accounting

Copyright

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