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Demo >> Instructions Students can access the study guide within two business days after the course payment is processed Students can access the 100-question exam webpage within two weeks after course payment is processed Many students and instructors find it the most effective to read the textbook using a study guide during the first two weeks and then read the textbook again with exam questions by hand The normal time for course completion is between a month and one year, but this can be extended if necessary. Most of our students complete the course in one to two months Demo >> Textbook College Accounting John Price et al Demo >> Study Guide Section 1: Accounting in Business Learning Objectives Conceptual Explain the purpose and importance of accounting in the information age.. Identify users and uses of accounting. Identify opportunities in accounting and related fields. Explain why ethics are crucial to accounting. Explain the meaning of generally accepted accounting principles, and define and apply several key principles of accounting. Analytical Define and interpret the accounting equation and each of its components. Analyze business transactions using the accounting equation. Compute and interpret return on assets. Procedural Identify and prepare basic financial statements and explain how they interrelate. Section 2: Analyzing and Recording Transactions Learning Objectives Conceptual Explain the steps in processing transactions. Describe source documents and their purpose. Describe and account and its use in recording transactions. Describe a ledger and a chart of accounts. Define debits and credits and explain their role in double entry accounting. Analytical Analyze the impact of transactions on accounts and financial statements. Compute the debt ratio and describe its use in analyzing company performance. Procedural Record transactions in a journal and post entries to a ledger. Prepare and explain the use of a trial balance. Prepare financial statements from business transactions. Section 3: Adjusting Accounts and Preparing Financial Statements Learning Objectives Conceptual Explain the importance of periodic reporting and the time period principle. Explain the accrual accounting and how it makes financial statements more useful. Identify the types of adjustments and their purpose. Analytical Explain how accounting adjustments link to financial statements. Compare profit margin and describe its use in analyzing company performance. Compute the current ratio and describe what it reveals about a company's financial condition. Procedural Prepare and explain adjusting entries. Explain and prepare an adjusted trial balance. Prepare financial statements from an adjusted trial balance. Section 4: Completing the Accounting Cycle Learning Objectives Conceptual Explain the importance of periodic reporting and the time period principle. Explain the accrual accounting and how it makes financial statements more useful. Identify the types of adjustments and their purpose. Analytical Explain how accounting adjustments link to financial statements. Compare profit margin and describe its use in analyzing company performance. Compute the current ratio and describe what it reveals about a company's financial condition. Procedural Prepare and explain adjusting entries. Explain and prepare an adjusted trial balance. Prepare financial statements from an adjusted trial balance. Section 5: Accounting for Merchandising Operations Learning Objectives Conceptual Describe merchandising activities and identify income components for a merchandising company. Identify and explain the inventory assets of a merchandising company. Describe both perpetual and periodic inventory systems. Analyze and interpret cost flows and operating activities pf a merchandising company. Analytical Compute the acid-test ratio and explain its use to access liquidity. Compute the gross margin ratio and explain its use to access profitability. Procedural Analyze and record transactions for merchandise purchasing using a perpetual system. Analyze and record transactions for merchandise sales using a perpetual system. Prepare adjustments and close accounts for a merchandising company. Define and prepare multi-step and single-step income statements. Section 6: Inventories and Cost of Sales Learning Objectives Conceptual Identify the items making up merchandise inventory. Identify the costs of merchandise inventory. Analytical Analyze the effects of inventory methods for both financial and tax reporting. Analyze the effects of inventory errors on current and future financial statements. Assess inventory management using both inventory turnover and days' sales in inventory. Procedural Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average. Compute the lower of cost or market amount of inventory. Section 7: Accounting Information Systems Learning Objectives Conceptual Identify fundamental principles of accounting information systems. Identify components of accounting information systems. Explain the goals and uses of special journals. Describe the use of controlling accounts and subsidiary ledgers. Explain how technology-based information systems impact accounting. Analytical Compute segment return on assets and use it to evaluate segment performance. Procedural Journalize and post transactions using special journals. Prepare and prove the accuracy of subsidiary ledgers. Section 8: Cash and Internal Controls Learning Objectives Conceptual Define internal control and identify its purpose and principles. Define cash and cash equivalents and explain how to report them. Identify control features of banking activities. Analytical Compute the days' sales uncollected ratio and use it to access liquidity. Procedural Apply internal control to cash receipts and disbursements. Explain and record petty cash fund transactions. Prepare a bank reconciliation. Section 9: Accounting for Receivables Learning Objectives Conceptual Describe accounts receivable and how they occur and are recorded. Describe a note receivable and the computation of its maturity date and interest. Explain how receivables can be converted to cash before maturity. Analytical Compute accounts receivable turnover and use it to help assess financial condition. Procedural Apply the direct write-off and allowance methods to account for accounts receivable. Estimate uncollectibles using methods based on sales and accounts receivable. Record the receipt of a note receivable. Record the honoring and dishonoring of a note and adjustments for interest. Section 10: Plant Assets, Natural Resources, and Intangibles Learning Objectives Conceptual Define internal control and identify its purpose and principles. Explain depreciation and the factors affecting computation. Explain depreciation for partial years and changes in estimates. Analytical Compare and analyze alternative depreciation methods. Compute total asset turnover and apply it to analyze a company's use of assets. Procedural Apply the cost principle to compute the cost of plant assets. Compute and record depreciation using the straight-line, units-of-production, and declining-balance methods. Distinguish between revenue and capital expenditures, and account for them. Account for natural resource assets and their depletion. Account for natural resource assets and their depletion. Account for intangible assets. Section 11: Current Liabilities and Payroll Accounting Learning Objectives Conceptual Describe current and long-term liabilities and their characteristics. Identify and describe known current liabilities. Explain how to account for contingent liabilities. (