Course- Accounting II

Text- Advanced Century 21 South-Western Accounting 8E

Course Description:

This is a continuation of Accounting I.  Students will learn advanced accounting skills for either employment or further education in the field of business.  Procedures covered will be automated accounting for departmentalized merchandising business, end of fiscal period work, plant assets date, and figure depreciation.  This course is suggested for all students interested in accounting management.

Prerequisite:

A "C" or better in Accounting I.  Teacher signature for entry. (Co-op related class)

Objectives:

1. Apply accounting procedures.

2. Accounting knowledge and skills needed for careers in related business fields.

3. Accounting knowledge and skills to serve as a foundation on which to continue the study of accounting at the college level.

4. Know accounting terminology.

How points can be earned each ten weeks!

1. Quizzes/Tests

2. In Class/Homework Assignments

3. Simulations

 ACCOUNTING II (ACC2)

ACC2-1 Students can demonstrate knowledge of accounting terms related to the framework of accounting.

1.   Define accounting terms.

2.   Classify accounts.

3.   Accounting knowledge and skills to serve as a foundation on which to continue the study of accounting at the college level.

ACC2-2   Student can demonstrate knowledge of recording purchases and cash payments.

1.   Record departmental purchases, purchases returns and allowances, and cash payments.

2.   Identify banking practices.

3.   Reconcile a bank statement.

ACC2-3   Students can demonstrate knowledge of recording sales and cash receipts.

1.   Identify practices related to departmental sales and cash receipts.

2.   Record departmental sales, sales returns and allowances, and cash receipts.

3.   Prove cash.  

ACC2-4   Student can demonstrate knowledge and recording departmental payroll data.

1.   Identify accounting practices related to departmental  payroll  systems.

2.   Complete payroll records.

3.   Record a payroll.

ACC2-5 Student can demonstrate knowledge in financial reporting for a departmentalized business.

1.   Identify practices related to financial reporting for a departmentalized business.

2.   Complete selected interim and end-of-fiscal-period work for a departmentalized business.

3.   Analyze financial statements through selected performance ratios.

ACC2-6   Student can demonstrate knowledge of accounting for  uncollectible accounts.

1.   Identify practices related to uncollectible accounts.

2.   Analyze and record entries for writing off uncollectible accounts.

3.   Figure and analyze accounts receivable turnover ratios.

ACC2-7   Student can demonstrate knowledge of accounting for plant assets.

1.   Recording information on plant asset records.

2.   Figure plant asset depreciation.

3.   Recording entries for buying and disposing of plant assets.

4.   Figure and record property tax expense.

ACC2-8   Student can demonstrate knowledge of accounting for notes payable, prepaid expense, and accrued expense.

1.   Record transactions for notes payable.

2.   Analyze and record adjusting entries related to prepaid and accrued expenses.

3.   Analyze and record reversing entries related to prepaid and accrued expenses.

ACC2-9 Student can demonstrate knowledge of accounting for notes receivable, unearned revenue, and accrued revenue.

1.   Analyze and record entries for notes receivable.

2.   Analyze and record adjusting and reversing entries for unearned revenue and accrued revenue.

ACC2-10 Student can demonstrate knowledge of organizational structure of a corporation.

1.   Figure dividends for a corporation.

2.   Record transactions for starting a corporation.

3.   Prepare a balance sheet for a newly formed corporation.

ACC2-11 Student can demonstrate knowledge of acquiring additional capital for a corporation.

1.   Analyze and record entries for issuing additional capital stock.

2.   Analyze and record entries for buying and selling treasury stock.

3.   Analyze and record entries for bonds payable.  

ACC2-12 Student can demonstrate knowledge of financial analysis and reporting for a corporation.

1.   Complete selected end-of-fiscal-period work for a corporation.

2.   Record entries for declaring and paying dividends for a corporation.

3.   Make selected analysis of financial statements for a corporation.

ACC2-13 Student can demonstrate knowledge of inventory planning and valuation.

1.   Value a merchandise inventory using selected costing methods.

2.   Estimate a merchandise inventory using selected estimating methods.

3.   Figure merchandise inventory turnover ratio and average number of days’ sales in merchandise inventory.

ACC2-14 Student can demonstrate knowledge of budgetary planning and control.

1.   Preparing and analyzing budgeted income statements and cash budgets.

2.   Prepare a budgeted income statement.

3.   Prepare a cash budget.

ACC2-15 Student can demonstrate knowledge of accounting information for management decisions.

1.   Prepare an income statement reporting contribution margin.

2.   Figure the break-even point in sales volume and sales unit.

3.   Determine the effect of changes in volume, cost, unit price, and sales mix on net income.

ACC2-16 Student can demonstrate knowledge for financial statement analysis.

1.   Analyze financial statements.

2.   Figure earnings performance analysis.

3.   Figure efficiency analysis.

4.   Figure financial strength analysis.

ACC2-16 Student can demonstrate knowledge of cost accounting for a merchandising business.

1.   Record cost transactions.

2.   Complete selected end-of-fiscal-period work for a departmentalized merchandising business using departmental margins.

ACC2-17 Student can demonstrate knowledge for a manufacturing business.

1.   Identify the elements of manufacturing costs:direct materials, direct labor, and factory overhead.

2.   Identify the flow of costs through the manufacturing process.

3.   Record entries related to cost records for a manufacturing business.

4.   Prepare selected ledger and cost sheets for a manufacturing business.