ACCT 102 Practical Accounting II • 5 Cr.
Covers accounting procedures for corporations and partnerships and basic analysis of financial statements. Not recommended for students transferring to 4-year colleges. Prerequisite: ACCT 101 with a C- or better, or entry code.
After completing this class, students should be able to:
- Compute and record notes payable and notes receivable.
- Record uncollectable accounts using different costing methods.
- Apply Inventory valuation methods, record adjustments and purchases.
- Identify and explain asset classifications.
- Apply costing methods to record Property, Plant and Equipment.
- Apply GAAP to Partnership and Corporate accounting.
- Create, analyze and describe the Cash Flow Statement.
- Report, analyze, and describe Financial Statements using financial ratios and percentages.
- Identify, calculate and record corporate bonds.
- Discuss the relationship of ethics to financial accounting.