Students will be able to journalize an opening entry; interpret information contained in source documents; follow principles of double-entry bookkeeping in the journalizing process; record entries in special journals; total and post special journals; adjust for bad debts using direct write off or allowance methods; analyze transactions involving owners' equity; post from special journals to general and subsidiary ledger accounts; use multi-column ledgers and computerized posting methods; use appropriate posting references; prove accuracy of posting to ensure entries are in-balance; calculate employee earnings based on hourly and/or salaried time records; enter payroll data in a payroll earnings record; demonstrate familiarity with electronic payroll data entry; complete a payroll register; prepare a payroll check and check stub with appropriate information; record information found on W-4 forms in employee data section; demonstrate understanding of payroll taxes; demonstrate understanding of employer payroll liabilities; journalize payroll entries at end of earnings period in appropriate journals; demonstrate understanding of processes and functions of payroll records; reconcile a bank statement; follow-up on outstanding checks, including voiding and/or reissuing checks; demonstrate familiarity with online and electronic banking procedures; exhibit understanding of credit cards and/or debit cards; demonstrate knowledge of a merchandise inventory account; analyze effects on accounts by the purchase and sale of merchandise; determine the cost of merchandise sold; prepare adjusting entries based on physical inventory; complete Accounting Cycle; complete 8 or 10 column worksheets; prepare the needed financial statements from a completed worksheet; verify the financial statements against the worksheet for accuracy; record and post adjusting and closing entries; locate and correct accounting errors; prepare post-closing trial balance from general ledger; identify uses of various business forms used in bookkeeping and/or accounting; locate data from a bookkeeping and/or accounting record or source document; manipulate electronic data for various bookkeeping and/or accounting purposes; use a calculator, adding machine, and computer; demonstrate ability to understand charts and graphs; demonstrate familiarity with basic computer terminology and spreadsheet software; demonstrate understanding of cash or accrual accounting; demonstrate understanding of departmentalized accounting and terminology related to accounting; establish and replenish the petty cash fund; apply various methods of maintaining inventory; differentiate between proprietorship, partnership, and corporation; demonstrate accounting procedures used in partnerships; record accounting entries for the installment payment systems; determine uncollectible accounts through aging of accounts receivable; record bookkeeping entries for distributing dividends; recognize and understand the concept of goodwill; record entries for research and developmental costs; demonstrate understanding of stocks, dividends, declarations and payments; record entries for corporations issuing cash dividends; analyze and project net yearly income. Performance Component: Journal Entries (27%), Posting Verification (10%), Payroll (12%), Complete Worksheet (7%), Financial Statements (14%), Ratio and Partial Horizontal Analysis (10%), and Advanced Journal Entries (20%).