Help students learn or review fundamental accounting concepts and principles through the use of QuickBooks and the analysis of business events

Enable students to view financial statements fro a user perspective

Provide students a means to investigate the underlying source documents that generate most financial accounting information

Provide students a means of exploring some managerial aspects of accounting

Upon completion of this course,

students are expected to know basic QuickBooks terminology, basic file management in QuickBooks, navigation techniques, and other essential skills such as printing and correcting mistakes.

students are expected to be able to create balance sheets for different dates, investigate detail supporting balance sheet items, and print balance sheets for distribution.

students are expected to be able to create income statements for different accounting periods, investigate detail supporting income statement items, and print income statements for distribution.

students are expected to be able to create cash flow statements for different accounting periods, investigate detail supporting cash flow statement items, and print cash flow statements for distribution.

students are expected to know how to create and print reports supporting the financial statements including an accounts receivable aging report, a customer account balance report, an inventory valuation report, an accounts payable aging report, and a vendor balance report.

students are expected to know how to create a new company file and add new customers, vendors, employees, accounts, and items. This effort should reinforce the system’s nature of accounting and, in doing so, help students grasp the various steps involved in setting up a business.

students are expected to record cash-oriented transactions classified as financing, investing, and operating activities.

students are expected to know essential accrual accounting concepts including the concepts of accruing revenues and expenses emphasizing the revenue recognition, matching, and expense recognition.

  Course Objectives Outline (Competencies) 

I.  Startup procedure

A.  Hardware and software review

Describe the location and operation of various classroom hardware

B.  Software installation

Describe the installation and boot procedure for course software; create network folders; backup student files

C.  Restore and open a QuickBooks file

D.  Application window

Explain and describe the software application window including such menus, buttons and controls as:

Menu bar, Toolbar

Command menus

Access keys

Shortcut keys

 Text, list, spin boxes

Drop-down lists

Option buttons

Check boxes

Command buttons

E.  Backup and close a QuickBooks file

F.  Printing, Help, and Homepage features

II.  QuickBooks Balance Sheet

Explain and demonstrate at the computer the following operating activities:

Create a balance sheet

Create a comparative balance sheet

Create a summary balance sheet

Use Quickzoom

Modify the balance sheet report form

Memorize the balance sheet report form

Print the balance sheet

III.  QuickBooks Income Statement

Explain and demonstrate at the computer the following operating activities

Create a income statement

Create a comparative income statement

Create a summary income statement

Modify the income statement report form

Print the income statement

IV.  QuickBooks Statement of Cash Flows

Explain and demonstrate at the computer the following operating activities:

Create a statement of cash flows

Format and print the statement of cash flows

V.  Supporting Reports

Create, print and analyze various other QuickBooks reports such as:

Accounts receivable aging report

Customer account balance summary

Inventory valuation summary

Accounts payable aging report

Vendor account balance summary

VI.  Set up a business using QuickBooks

1. Create a new company file using the EasyStep interview

2. Set up company preferences

3. Set up company items

4. Set up customers, vendors and accounts

5. Set up employees and payroll

6.  Create a backup file

VII.  Record business activities

A.  Cash oriented financing activities

Owner investment

Long-term borrowing

B.  Cash oriented investing activities

Short-term investments

Fixed assets

C. Cash oriented operating activities

Purchase orders

Inventory

Prepaid expenses

Unearned revenue

Cash sales

Cash receipts

Cash payments

Payroll activities

VIII.  Adjusting entries

A.     Explain horizontal and vertical analysis

B.     Identify the transactions included in each of the three classifications of the statement of cash flows

C.     Explain how to interpret each of the financial statement analysis reports

IX.  Departmentalized Accounting

Prepare entries necessary to prepare (improve) periodic financial statements such as:

Accrual of revenue and/or expenses

Deferred expenses

Unearned revenue

Adjustments generated from bank reconciliation