ACCT 102 Practical Accounting II • 5 Cr.
Covers accounting procedures for corporations and partnerships and analysis of financial statements. Not recommended for students transferring to four-year baccalaureate degree programs. Most four-year universities do not accept this course for credit towards baccalaureate degree requirements. Prerequisite: ACCT 101 with a C or better, or ACCT& 201with a C or better, or entry code.
After completing this class, students should be able to:
- Account for bad debts, distinguish between different inventory-flow assumptions, and calculate cost of inventory.
- Acquire, use, and dispose fixed assets in the accounting records.
- Depreciate fixed assets, amortize intangible assets, and deplete natural resources.
- Calculate bond premium and discount, while considering the time-value-of-money.
- Distinguish between different types of corporate stock and dividends.
- Construct a statement of cash flows using both direct and the indirect methods.
- Infer and assess the liquidity, solvency, and profitability of a corporation using its financial statements.
- Discuss the relationship of ethics to financial accounting.