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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