2022-2023 Catalog 
    Jul 21, 2024  
2022-2023 Catalog [ARCHIVED CATALOG]

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ACCT 116 - Principles of Accounting II

4 Credit: (4 lecture, 0 lab, 0 clinical) 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.

  1. Journalize individual partner investments into the business.
  2. Calculate each partner’s share of net income or net loss.
  3. Journalize closing entries in the general journal.
  4. Journalize the admittance of a new partner.

Goal 2:  Account for corporations.

  1. Journalize the issuance of common stock.
  2. Journalize the issuance of preferred stock.
  3. Journalize treasury stock transactions.
  4. Journalize cash dividend transactions.
  5. Journalize stock dividend transactions.
  6. Prepare corporate financial statements.  

Goal 3:  Analyze cash flows of business entities.

  1. Prepare a statement of cash flows.

Goal 4:  Analyze financial statements.

  1. Prepare a horizontal analysis of an income statement.
  2. Prepare a horizontal analysis of a balance sheet.
  3. Prepare a vertical analysis of an income statement.
  4. Prepare a vertical analysis of a balance sheet.\
  5. Perform financial ratio analysis.

Goal 5:  Apply job order costing techniques.

  1. Journalize transactions for materials.
  2. Journalize transactions for labor.
  3. Journalize transactions for factory overhead.
  4. Jouranlize flow of finished goods.

Goal 6:  Demonstrate cost behavior principles.

  1. Calculate variable costs.
  2. Calculate fixed costs.
  3. Calculate contribution margin.
  4. Calculate break-even point.

Goal 7:  Demonstrate budgeting processes.

  1. Prepare static budgets.
  2. Prepare flexible budgets.

Goal 8:  Account for variances within a standard cost accounting system.

  1. Calculate variances for materials.
  2. Calculate variances for labor.
  3. Calculate variances for factory overhead.
  4. Journalize variances.

Goal 9:  Apply responsibility accounting methods to decentralized organizations.

  1. Prepare budget performance reports.
  2. Prepare divisional income statements.
  3. Calculate return on investment.

Goal 10:  Analyze alternative courses of action.

  1. Calculate differential analysis of alternative courses of action.
  2. Prepare differential analysis report.

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