Accounting II covers the accounting methods for corporations and their accounting control systems. This course also integrates computerized accounting techniques and methods to prepare advanced students for future employment, or the college bound student interested in office management, business administration and/or accounting.
This course, along with Accounting I, can be articulated for 3 hours of college credit at the community college level.
1. Students will be able to complete the various steps of the accounting cycle and explain the purpose of each step.
2. Students will determine the value of assets, liabilities, and owner’s equity according to generally accepted accounting principles (GAAP), explaining when and why they are used.
3. Students will prepare, interpret and analyze financial statements using manual and computerized systems for a merchandising business organized as a corporation.
4. Students will apply appropriate accounting principles to various forms of ownership, payroll, income taxation and managerial systems.
5. Students will use planning and control principles to evaluate the performance of an organization, apply differential analysis and present value concepts to make decisions.
6. Students will be able to complete state and federal tax returns after completing an ‘Understanding Taxes” unit.
Course Activities: The course work includes journalizing, posting and preparing worksheets, analyzing and interpreting various financial reports. The use of special journals and closing and adjusting entries are also practiced.
Text: Ross, K., Gilbertson, C., Lehman, M., Hanson, R. (2000). Century 21 Accounting. Cincinnati, Ohio: South-Western Publishing.