ACTG 102 - Accounting Procedures II

Credit(s): 4

Prerequisite(s): ACTG 101 or instructor’s consent.
A continuation of ACTG 101, this course covers notes payable and receivable, valuation of receivables, inventories, plant and equipment, the voucher system, accounting for partnerships and corporations, financial statement analysis, and cash flow statements. (Spring Semester)

Course Learning Outcomes: Upon completion of the course, students will be able to

Define partnerships and corporation concepts and practices;
Define partnerships and corporate accounts and their classifications;
Analyze accounts into debit and credit parts for partnerships and corporations;
Journalize and post corporation transactions: stock, dividends, retained earnings, income taxes, bonds, and treasury stock;
Prepare worksheets and financial statements for a corporation and partnership;
Record adjusting, closing, and reversing entries for partnerships and corporations;
Calculate estimated uncollectible accounts, expense using aging, percentage and specific charge-off methods; write off and reinstate accounts;
Calculate and analyze depreciation expense (straight-line, DDB, sum of the years, units ofproduction, modified accelerated cost recovery system) and book value of plant assets;
Determine interest, maturity dates, income of notes receivable, discounting of notes receivable, adjusting entry for accrued interest;
Determine interest, maturity dates of notes payable, discounting of notes payable, adjusting entry for accrued interest, conversion of discount to expense;
Demonstrate understanding of basic accrual concepts and corporate procedures;
Determine ending inventory valuation (specific identification, weighted-average-cost, FIFO, LIFOperpetual) and determine influence on net income;
Allocate costs to plant and equipment and differentiate among expenditures;
Prepare a statement of cash flows;
Analyze financial statements (including calculation of common ratios and presentation of horizontal and vertical analysis).