Financial Accounting 2 ACCT-221
|Course Name:||Financial Accounting 2|
|Description||A follow-up to Financial Accounting, the Financial Accounting 2 course will cover fundamental accounting topics at the introductory level.
Through instructional strategies that will include lectures, discussions and problem solving, an emphasis will be placed on the preparation of financial statements in accordance with generally accepted accounting principles (GAAP). Among specific topics covered will be: receivables, capital asset valuation and amortization, short and long-term liabilities and equity transactions, the organization and operation of a partnership and a corporation, and reporting of income and retained earnings.
You will be expected to complete various assignments, quizzes, tests and a final exam.
Once you finish Financial Accounting 2, you will have the know-how to:
•Apply knowledge of GAAP in recording, valuing, reporting and analyzing transactions involving receivables, capital assets, current and long-term liabilities and equity transactions for service and retail businesses;
•Prepare financial statements required for proprietorships, partnerships and business corporations specifically the balance sheet and income statement after the required adjustments for accruals;
•Calculate and record the acquisition, disposal, and amortization of capital and intangible assets;
•Apply accounting and reporting practices relating to corporations including accounting for contributed capital and retained earnings;
•Identify, record and analyze various sources of financing and differentiate between the treatment of debt and equity;
•Analyze and explain the effects of managerial decisions on the financial performance of the firm;
•Use mathematical skills and measure performance through ratio analysis to evaluate financial information;
•Explain the information contained in financial statements and reports.
7032 - Office Bookkeeping
Requires the following prerequisite(s):
ACCT-112 - Financial Accounting 1
Or permission of department