Computer Applications I

Accounting II

Date:	April 28, 2008
Topic:	Financial Reporting for a Departmentalized Business
Objective:	Define Accounting Terms Related to Cost accounting and financial reporting for a departmentalized merchandising business. Identify Accounting Concepts and Practices related to Cost accounting and financial reporting for a departmentalized merchandising business. Distinguish between direct and indirect expenses. Prepare a interim departmental statement of gross profit. Prepare a work sheet for a departmentalized merchandising merchandising business. Prepare financial statements for a departmentalized merchandising business. Analyze financial statements using selected component percentages. Complete end-of-period work for a departmentalized merchandising business.

Entry Task

Define the following accounting terms:

Schedule of accounts receivable

Schedule of accounts payable

Worksheet

Trial balance

Plant assets

Depreciation expense

Responsibility statements

Income statement

Statement of stock holder's equity

Capital stock

Retained earnings

Dividends

Balance Sheet

Instruction: - Discussed in Class

Today we will be covering pages 99-117, in addition to do in the work together problems on pages 110 and 117. Be prepared to take notes.

Assignments - Assignment List

Page 110 Audit questions 1-3, 1-2.

Page 117 Audit questions 1-4, 1-4.