ACCOUNTING Contest Basics SAC 2012

Transcription

1 ACCOUNTING Contest Basics SAC 2012

2 P a g e 2 Agenda 1. Overview of contest 2. Examine sample district test (2012 D1) 3. Objective testing formats 4. Introduction to basic problems (using 2012 D1 test) 5. UIL Accounting Review Materials Notebook 6. UIL Accounting Concepts List 7. State-adopted textbooks 8. Contact Information, Websites and Important Dates 9. Contest Rules no changes from last year 10. Study & Practice Materials: Additional Resources 11. Notebook of problems organized by CONCEPT 12. Update Accounting Pilot & Bridge Project

3 P a g e 3 ACCOUNTING Contact Information: LaVerne Funderburk, CPA Dr. David Stevens UIL Accounting State Contest Director Academic Director P.O. Box 827 University Interscholastic League Hamilton, TX Box 8028 University Station Phone: Austin, TX laverne@funderburkcpa.com Office Phone: 512/ Office Fax: 512/ dstevens@uiltexas.org Marsella Jennings UIL Accounting Assistant Director marsellajennings@sbcglobal.net Accounting Pilot & Bridge Project UIL Accounting WEBSITES UIL Academics 1. Archived Exams ( ) 1. Contest Rules (C&CR) 2. State Meet Statistics 2. Vendors (study materials for sale) 3. Concepts List 3. Invitational Meets 4. State Adopted Text Books 4. UIL Calendar 5. Product Sales Tab (study materials) 5. Videos about the contest 6. Contest Preparation Tools 6. Spring Meet Manual IMPORTANT DATES Exam Dates Order Deadline Invitational Set A Jan 4 Jan 26, 2013 Dec 10, 2012 Invitational Set B Feb 1 Mar 2, 2013 Jan 10, 2013 District I Mar 18 23, 2013 n/a District II Mar 25 30, 2013 n/a Regional Apr 18-20, 2013 n/a State May 20-21, 2013 n/a

4 P a g e 4 Q#31 (sometimes you have to do math) A = L + OE Q#32 A = L + OE Q#39 (sometimes you just have to know the theory) Q#43 (use the circle technique) Debits are used to increase or decrease the following accounts: Assets Revenues Liabilities Expenses A. increase increase decrease decrease B. decrease decrease increase increase C. increase decrease decrease increase D. decrease increase decrease decrease Use the following for Group 5: Jan 1 beg. bal bought during year bal. before adjustment and is on Trial Balance Office Supplies 1,890 amount used during year (expense adjustment) Balance after adjustment (December 31) 570

5 P a g e 5 UIL Accounting District 2012-D1 (Group 5) Beg. During Morrow s Farm & Ranch Supply Bal. the Worksheet Jan. 1 Year For the Year Ended December 31, 2011 Account Title Trial Balance Adjustments Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Cash in Bank 8,257 8,257 Office Supplies 1, Merchandise Inventory 36,425 34,280 Accounts Payable 12,742 12,742 Seth Morrow, Capital Seth Morrow, Drawing 18,000 Income Summary Sales Purchases 46,979 Office Supplies Expense Rent Expense 7,800 Utilities Expense 4,979

6 P a g e 6 Solving Steps for Calculations of 2012 District D1 Group 5 Several of these steps COULD be in a different order. 1. Q#24 Use given information to solve Capital balance on Trial Balance: 20, ,800 = 26, Q#25 Solve for the missing Sales amount on the Trial Balance: 8, , ,425 12,742 26, , , , ,979 = 84, Q#26 Use given beginning balance of office supplies to solve what was purchased during the year. Think about the dates. The balance of Office Supplies at the beginning of the day on January 1, 2011 will be the same balance as it was at the end of the day on December 31, , = 1, Q#27 Use the given information on the worksheet to calculate the office supplies expense 1, = 1,320 Plot both the debit and the credit for this adjustment on the worksheet in the Adjustment columns: Office Supplies Expense dr 1,320 Office Supplies cr 1, Merchandise Inventory adjustment: Use given balances on the worksheet to determine the adjustment needed: Beginning balance 36,425 Ending Balance 34,280 = 2,145 Income Summary dr 2,145 Merchandise Inventory cr 2, Q#29 Calculate Net Income: Long Way: Extend all balances to the proper financial statement columns, then calculate column subtotals, then calculate net income from those subtotals, OR Short Way: Use calculator: 84,691 2,145 46,979 1,320 7,800 4,979 = 21, Q#30 Calculate the Capital balance for the Post-Closing Trial Balance dated December 31, 2011: Trial Balance 26,897 + NI 21,468 Drawing 18,000 = 30,365

7 P a g e 7 UIL Accounting District 2012-D1 Beg. During Morrow s Farm & Ranch Supply Bal. the Worksheet Jan. 1 Year For the Year Ended December 31, 2011 Account Title Trial Balance Adjustments Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Cash in Bank 8,257 8, Office Supplies 1, Merchandise Inventory 36, ,280 Accounts Payable 12,742 12, Seth Morrow, Capital Seth Morrow, Drawing 18, Income Summary Sales Purchases 46, Office Supplies Expense Rent Expense 7, Utilities Expense 4,