ACCT 116 - Principles of Accounting II4 Credit (4 lecture, 0 lab) 4 Contact Hours [ACCT 115 ]
This course covers basic procedures for accumulating and using the accounting data needed for managerial planning, controlling and decision making.
OFFERED: spring semesters
Course Goals; Objectives; Competencies
Goal 1: Account for partnerships and limited liability companies.
- Journalize individual partner investments into the business.
- Calculate each partner’s share of net income or net loss.
- Journalize closing entries in the general journal.
- Journalize the admittance of a new partner.
Goal 2: Account for corporations.
- Journalize the issuance of common stock.
- Journalize the issuance of preferred stock.
- Journalize treasury stock transactions.
- Journalize cash dividend transactions.
- Journalize stock dividend transactions.
- Prepare corporate financial statements.
Goal 3: Analyze cash flows of business entities.
- Prepare a statement of cash flows.
Goal 4: Analyze financial statements.
- Prepare a horizontal analysis of an income statement.
- Prepare a horizontal analysis of a balance sheet.
- Prepare a vertical analysis of an income statement.
- Prepare a vertical analysis of a balance sheet.\
- Perform financial ratio analysis.
Goal 5: Apply job order costing techniques.
- Journalize transactions for materials.
- Journalize transactions for labor.
- Journalize transactions for factory overhead.
- Jouranlize flow of finished goods.
Goal 6: Demonstrate cost behavior principles.
- Calculate variable costs.
- Calculate fixed costs.
- Calculate contribution margin.
- Calculate break-even point.
Goal 7: Demonstrate budgeting processes.
- Prepare static budgets.
- Prepare flexible budgets.
Goal 8: Account for variances within a standard cost accounting system.
- Calculate variances for materials.
- Calculate variances for labor.
- Calculate variances for factory overhead.
- Journalize variances.
Goal 9: Apply responsibility accounting methods to decentralized organizations.
- Prepare budget performance reports.
- Prepare divisional income statements.
- Calculate return on investment.
Goal 10: Analyze alternative courses of action.
- Calculate differential analysis of alternative courses of action.
- Prepare differential analysis report.
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