8/26 Chapter 1 Flashcards
The Begin syllabus
has the due dates first due date is 9/23
Textbook
read the graphs they are very helpful
Grading is
curved, very competitive
Class will cover
Financial and Control
Reading
before class
Exams
50 to 60 multiple choice and an essay
Late Assignments
Are not accepted, they are due at 6 pm
TA email
beth.brown@utah.edu
Objectives of SUA
overall objective of the SUA is to help see the whole process
introduce common business documents
introduce flowcharts and key internal controls
Basic Accounting Process
- transactions
- journal entries
- posting
- trial balance
- worksheet
- adjusting journal entries
- financial statements
- closing the books
SUA Reference Guide
read every page, it will be on the test, everything you need is included in the packet
Journals
general journal,
general journal
- record transactions that do not occur on a daily basis, it is irregular.
- taxes
- closing out accounts
- close out all of your expense accounts into your income summary
- then close out all of your revenue accounts into your income summary
types of ledgers
sub-ledgers - you will be making posts to sub ledgers,
general ledger - do not post anything to the general ledger until you have posted all of your transactions, is a year end occurance
The project
- Instructions, flowcharts, and ledgers
- Journals, documents, and related records
- File Tabs - you will use the file tabs to file the documents according to the instructions
Shred the blue copy
you are using the green transaction list transaction list B, also used in quickbooks
Sales Journal
You have to have the double line to say if you
Cash Receipts Journal
when you get cash you have to put it in this, note the deposit control the same person who got the cash can’t initial this. Only nancy ford can initial it when the bank gives her a valid deposit receipt, the 7106.96 and the 825 are added together on the deposit receipt.
Purchase Journal
Only if you purchased inventory
Cash Disbursements Journal
When cash is paid
Payroll Journal
When you pay your employees, this will also be included on the cash disbursements and it will reference to the payroll journal
