Accounting is a “hands on” subject. You MUST complete the homework to thoroughly understand the concepts and procedures. Forms to complete these exercises and problems are provided in your Study Guide and Working Papers book. You will be required to complete the exercises/problems using McGraw-Hill Homework Manager ™ (Note: connectivity is imbedded with course modules in Canvas Learning management system) which is an online interactive program that grades the homework and gives immediate feedback. These homework assignments represent the minimum requirement, completing the homework is critical for success in completing the mini-projects and assessments. The tentative schedule, listed above, provides a guideline when to complete the various assignments, actual completion dates will be updated in class.
These are located in your text, at the end of Chapters 6 and 13. Working papers are included in your workbooks and Excel template is available for each mini-practice. Practice Set 1 Works with a service company for one month; Mini-Practice Set 2 works with a merchandising company for one month. The full accounting cycle is completed for each set (analysis, recording, adjusting, reporting). NEATNESS Counts. Staple the working papers in the same order they are present in the workbook. A stapler is NOT provided by the instructor. Excel Templates are provided on Canvas Learning Systems.
- Journalize, post, adjust, and correct using double entry accounting system for a service business and create income statement, owner’s equity statement, balance sheet and close accounting period.
- Complete the accounting cycle; journalize, post (compound/single transactions), adjust, and correct using specialized journals, journal, subsidiary ledger, ledger; including payroll, taxes to complete classified financial statements.
- Prepare and make reversing entries and create post-closing trial balance
Four Assessments will be given, including the Final assessment, Assessments will consist mostly of multiple-choice questions but may include matching, terminology, problem solving, computations, journalizing, creation of statements, etc. See the Tentative schedule for exam dates. The exams will be separated into chapters. Assessments are linked to Student Learning Outcomes. No make-ups will be given for late exams. (Note: Exams will be given using Scranton Form 882-E, and will be in-class)
-Use accounting equation, create T accounts, and prepare trial balance, income statement, owner’s equity statement and balance sheet for a sole proprietorship service business
-Use double entry accounting system to journalize, post, make corrections, adjustments, and create: income statement, owner’s equity statement, balance sheet and close for a sole proprietorship service business
- Create transactions using sales journal, purchase journal, cash receipts journal, and subsidiary ledgers to create financial statements for a merchandising business and close
- Understand/apply major federal/state laws related to payroll, payroll taxes, and make corrections, adjustments, reversing entries to complete classified financial statements in addition to post closing trial balance for merchandise business
Note: The final exam will only cover Chapters 10-13. You will have 2 1/2 hrs to complete the exam. Exam will be worth 50 points.
Group Work and Quizzes
Other group work, supplementary assignments, and short, quizzes may be given. These will be on BlackBoard Learning System. No make up is available. Full participation is essential.
McGraw-Hill's Homework Manager for Financial Accounting
McGraw-Hill's Homework Manager is a web-based homework management system that gives you unparalleled power and flexibility in creating homework assignments, tests and quizzes. Homework Manager mirrors directly from the end-of-chapter problems and exercises in your McGraw-Hill textbook. In addition, Homework Manager for Financial Accounting includes all of the test questions that accompany your text. Use Homework Manager to supply online self-graded practice for students, or create assignments and tests: Homework Manager can grade assignments automatically, provide instant feedback to students, and store all results for future grade reporting. Detailed results let you see at a glance how each student does and easily track the progress of every student in your course.
For More Information . . .
For more information on Homework Manager for Financial Accounting, contact your McGraw-Hill/Irwin sales representative.