HONORS ADVANCED ACCOUNTING 1 and 2 Explore Educational and Career Opportunities in Accounting ...

HONORS ADVANCED ACCOUNTING 1 and 2

Explore Educational and Career Opportunities in Accounting

Review concepts learned in Principles of Accounting 1 and 2

Learn Basic Accounting Theory and ProcedureUse Generally Accepted

Accounting Principles (GAAP)

Accounting Concepts and Principles

The Entity ConceptThe Reliability (Objectivity)

PrincipleThe Cost PrincipleThe Going-Concern ConceptThe Stable Monetary Unit Concept

Review the Adjusting Process

Accrual vs. Cash-Basis Accounting

Other Accounting PrinciplesThe Accounting PeriodThe Revenue PrincipleThe Matching PrincipleThe Time-Period Concept

Review the Adjusting Process (Con’t)

Categories of Adjusting EntriesPrepaid ExpensesDepreciationAccrued ExpensesAccrued RevenueUnearned Revenues

Merchandise Inventory

Accounting Principles and InventoriesConsistency PrincipleDisclosure PrincipleMateriality ConceptAccounting Conservatism

Merchandise Inventory

Perpetual vs. Periodic InventoryInventory Costing Methods

Specific Unit CostAverage CostFirst-in, first-out (FIFO)Last-in, first-out (LIFO)

Lower-of-Cost-or-Market Rule

Accounting for Plant Assets and Intangibles

Measuring the Cost of a Plant Asset (Acquisition) Land and Land Improvements Buildings Machinery and Equipment Furniture and Fixtures A Lump-Sum (Basket) Purchase of Assets Capital Expenditures vs. Expenses

Accounting for Property, Plant, Equipment and Intangible Assets

Recording Depreciation Depreciation Methods

Straight-lineUnits-of-productionDeclining-balance

Disposing of a Plant Asset

Accounting for Property, Plant, Equipment and Intangible Assets

Accounting for Natural ResourcesCalculating and Recording Depletion

Accounting for Intangible AssetsCalculating and Recording

AmortizationEthical Issues in Plant Asset

valuations

Current Liabilities and Long-Term Liabilities

Difference between Current Liabilities and Long-term Liabilities

Current Liabilities Accounts Payable Short-Term Notes Payable Sales Tax Payable Current Portion of Long-Term Notes Payable Accrued Expenses (Accrued Liabilities) Unearned Revenues

Current Liabilities that must be Estimated Estimated Warranty Payable Contingent Liabilities

Current Liabilities and Long-Term Liabilities

Long-Term Liabilities (Bonds) Bond Terms

Principal Amount, maturity value, par value Maturity date Stated interest rate

Types of bonds Term Bonds Serial Bonds Secured Bonds Debentures

Bond Prices Par value Discount Premium

Bond Interest Rates Stated Interest Rate Market Interest Rate

Current Liabilities and Long-Term Liabilities

Accounting for Bonds Payable At par At a Discount At a Premium

Adjusting Entries for Bonds Payable Issuing Bonds Between Interest Dates

Reporting Liabilities on the Balance Sheet Issuing Bonds Versus StockEthical Issues in reporting Liabilities

Corporations: Paid-In Capital and the Balance Sheet

Terms and Concepts: Separate Legal Entity Continuous Life and Transferability of

Ownership No Mutual Agency Limited Liability of Stockholders Separation of Ownership and Management Corporate Taxation (Double Taxation) Government Regulation

Corporations: Paid-In Capital and the Balance Sheet

Stockholders’ Equity BasicsPaid-in CapitalRetained Earnings

Stockholders’ RightsClasses of Stock

Common or PreferredPar or no-par

Accounting for the issuance of Stock

Corporations: Paid-In Capital and the Balance Sheet

Prepare the stockholders’ equity section of a corporation’s balance sheet

Retained EarningsAccount for cash dividendsEvaluate company’s return on assets and

return on stockholders’ equityAccounting for Income Taxes by

corporations

Corporations: Effects on Retained Earnings and the Income Statement

Account for stock dividendsDistinguish between stock splits

and stock dividendsAccount for treasury stockRecognize why there may

restrictions on retained earnings

Corporations: Effects on Retained Earnings and the Income Statement

The corporate Income Statement Continuing Operations Special Items

Discontinued operations Extraordinary gains and losses

Earnings per Share Statement of Retained Earnings Combined Statement of Income and Retained

Earnings Prior-Period Adjustments Reporting Comprehensive Income

The Statement of Cash Flows

Cash and Cash Equivalents

Operating, Investing, and Financing Activities

Preparing the Statement of Cash Flows by the Indirect Method

Measuring Cash Adequacy: Free Cash Flow

Partnership Organization

Nature of PartnershipsFormation of a PartnershipDetermine the Value of Net AssetsAdjustments to Proprietorship RecordsPartnership AgreementDissolving the Sole ProprietorshipOpening the Partnership Records

Partnerships: Profit Division and Equity Accounting

Partner’s Capital AccountPartner's Drawing AccountProfit-Sharing AgreementDivision of Partnership ProfitsAdmitting a new PartnerWithdrawal of a PartnerLiquidation of a Partnership

Problem Solving and Decision Making

EXCEL used as the primary tool for problem solving

Analyze Financial Statements for the affect of applying accounting principles

Enrichment Activities

Guest SpeakersStudents Symposium at

Duquesne University sponsored by the PACPAA

Field Trip to Fidelity Investments

Thank You!

The End