TEST COVERAGE
There were 40 multiple choice
questions in the pretest. These questions are linked to the following
student learning outcomes (SLOs).
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SLOs ASSESSED
THE STUDENT WILL BE ABLE TO:
1.1 Define accounting and related terms;
identify the users of accounting information, the three forms of
business organizations, and the three types of business operations.
1.2 Identify the elements of accounting,
state the accounting equation, record business transactions in equation
form, and identify four types of transactions that affect owner's
equity.
1.3 Explain the double-entry accounting
framework, describe the standard form of account and the T account,
state the rules of debit and credit, and record business transactions
in T accounts.
1.4 Discuss the business entity concept;
state and explain the generally accepted accounting principles (GAAP)
of objective evidence, cost, realization, matching.
1.5 Enumerate and perform the steps in
the accounting cycle for service and merchandising types of business
operation.
2.1 Describe the standard form of a
two-column journal, the special journals, the four-column ledger
account form, and the chart of accounts.
2.2 Record business transactions in
general and special journals (i.e., combined journal, sales journal,
purchases journal, cash receipts journal, and cash payments journal),
and post business transactions from the journal to the general and
subsidiary ledgers.
2.3 Describe and perform the procedures
for locating and correcting errors in the accounting process; explain
the need for adjusting entries, and make adjusting entries for supplies
used, expired insurance, depreciation, unpaid wages, and merchandise
inventory; explain the purpose of the closing process; journalize and
post closing entries; make reversing entries for accrued salaries.
2.4 Prepare a trial balance, work sheet,
three basic financial statements, post-closing trial balance, and
interim statements
2.5 Identify the components of, and the
types of information shown, in the income statement, the statement of
owner’s equity, and the balance sheet, and list the sequence
that must be followed in preparing these statements.
3.1 Define cash, describe the need for
special controls to protect cash, and identify some of the steps to
control and protect cash.
3.2 Describe the purpose of and need for
a petty cash fund and a change fund; record transactions involving
petty cash, change fund, and cash shortages/ overages.
3.3 Prepare a bank reconciliation.
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POSTTEST
All 40 questions were embedded in the Final Exam, which served
as a posstest. Results (to follow) are shown in Table 2.
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