The Accounting II class is designed to provide students with the technical and procedural skills required in accounting departments of today's businesses. Not only must the students be trained in basic accounting principles, they must also be proficient in automated systems and advanced applications which require greater analysis and decision making. Accounting is considered the language of business; therefore, it is a crucial component of academic backgrounds for students who will pursue entrepreneurial adventures, professional careers or small business ownership.
In addition to mastering the competencies required in Accounting I, the Accounting II student will be able to do the following upon completion of this course:
Accounting for a Merchandising Business Organized as a Corporation
Recording Purchases and Cash Payments
- Record purchases on account and post using a purchases journal
- Record purchases transactions using a cash payments journal
- Record petty cash and post using a cash payments journal
- Record purchases returns and allowances and post using a general journal
Recording Sales and Cash Receipts
- Record sales on account and post using a sales journal
- Record cash receipts and post using a cash receipts journal
- Record transactions and post using a general journal
- Record transactions for international sales
Accounting for Uncollectible Accounts Receivable
- Calculate, journalize and post estimated uncollectible accounts expense
- Journalize and post entries related to writing off and collecting uncollectible accounts receivable
Accounting for Plant Assets and Depreciation
- Record the buying of a plant asset and the paying of property tax
- Calculate depreciation expense and book value using the straight-line method of depreciation
- Prepare plant asset records and journalize annual depreciation expense
- Record entries related to disposing of plant assets
- Calculate depreciation expense using the double-declining balance method of depreciation
Accounting for Inventory
- Prepare a stock record
- Determine the cost of merchandise inventory using the fifo, lifo, and weighted-average inventory costing methods
- Estimate the cost of inventory using the gross profit method of estimating inventory
Accounting for Notes and Interest
- Calculate interest and maturity dates of notes
- Analyze and record transactions for notes payable
- Analyze and record transactions for notes receivable
Accounting for Accrured Revenue and Expenses
- Record adjusting, closing, and reversing entries for accrued revenue
- Record adjusting, closing, and reversing entries for accrued expenses
Distributing Dividends and Preparing a Work Sheet
- Journalize the declaration and payment of a dividend for a merchandising business organized as a corporation
- Plan end-of-fiscal-period adjustments
- Calculate federal income tax, plan an adjustment for federal income tax expense, and complete a work sheet
Financial Statements and End-of-Fiscal Period Entries
- Prepare and analyze an income statement
- Prepare and analyze a statement of stockholder's equity
- Prepare and analyze a balance sheet
- Record adjusting, closing, and reversing entries
Departmentalized Accounting
Recording Departmental Purchases and Cash Payments
- Perform file maintenance
- Journalize and post departmental purchases and purchases returns
- Journalize and post cash payments
- Reconcile a bank statement
Recording Departmental Sales and Cash Receipts
- Journalize and post departmental sales on account and sales returns and allowances
- Journalize and post cash receipts
Calculating and Recording Departmental Payroll Data
- Maintain employee benefit records and calculate employee earnings
- Complete payroll records
- Journalize payroll transactions
Financial Reporting for a Departmentalized Business
- Prepare interim departmental statement of gross profit
- Prepare a work sheet for a departmentalized business
- Prepare financial statements for a departmentalized business
- Analyze financial statements using selected component percentages
- Complete end-of-period work for a departmentalized business
Accounting Control Systems
Using a Voucher System
- Prepare a voucher
- Journalize data from vouchers in a voucher register
- Journalize voucher payment transactions in a check register
- Journalize purchases returns and allowances and payroll transactions in a voucher system
Inventory Planning and Valuation
- Determine the cost of merchandise inventory using selected costing methods
- Estimate the cost of merchandise inventory using selected estimating methods
- Calculate merchandise turnover ratio and average number of days' sales in merchandise inventory
General Accounting Adjustments
Accounting for Uncollectible Accounts
- Calculate and record estimated uncollectible accounts expense using the direct write-off method
- Calculate and record estimated uncollectible accounts expense using the allowance method
- Calculate and analyze accounts receivable turnover ratios
Accounting for Plant Assets
- Journalize entries for buying plant assets
- Calculate and record property tax expense
- Calculate and record depreciation expense for a plant asset using straight-line depreciation
- Journalize entries for disposing of plant assets
- Calculate depreication expense using other methods
Accounting for Notes Payable, Prepaid Expenses, and Accrued Expenses
- Journalize transactions for notes payable
- Journalize adjusting and reversing entries for prepaid expenses initially recorded as expenses
- Journalize adjusting and reversing entries for accrued expenses
Accounting for Notes Receivable, Unearned Revenue, and Accrued Revenue
- Journalize transactions for notes receivable
- Journalize adjusting and reversing entries for unearned revenue initially recorded as a revenue
- Journalize adjusting and reversing entries for accrued revenue
Corporation Accounting
Organizing a Corporation and Paying Dividends
- Journalize transactions for starting a corporation
- Journalize transactions related to stock subscriptions
- Prepare a balance shset for a newly formed corporation
- Calculate dividends for a corporation
- Journalize transactions of a corporation related to declaring and paying dividends
Acquiring Additional Capital for a Corporation
- Journalize entries for issuing additional capital stock
- Journalize entries for buying and selling treasury stock
- Journalize entries for bonds payable
Financial Analysis and Reporting for a Corporation
- Prepare a work sheet for a corporation
- Calculate federal income tax for a corporation
- Prepare and analyze financial statements for a corporation
- Prepare selected end-of-fiscal-period work for a corporation
