ACCT 103: Practical Accounting II

Download as PDF

Class Program

Accounting

Credits

Weekly Contact Hours

Course ID

092118

Meets Degree Requirements For

Restricted Elective

Description

This course covers a sole proprietorship merchandising business. Topics include notes payable and receivable, worksheets, financial statements, adjusting and reversing entries, special journals, inventory valuation, and depreciation.

Grading Basis

Graded

Prerequisites

ACCT 102

Course Learning Outcomes

Analyze a merchandise business using the accounting equation

Use the correct techniques for recording accounting transactions

Correctly apply the accounting cycle to a merchandise business.

Create and explain three finanical statements: income statement, statement of owner's equity, and balance sheet

Demonstrate familiarity with special journals.

Demonstrate familiarity with accounting for plant and equipment.

Compute and record notes receivable and notes payable

Compute and record bad debt expense

Core Topics

Use of special journals: Sales, Purchases, Cash Receipts, & Cash Payments.
Inventory valuation and inventory adjustments.
Construct financial statements.
The accounting cycle for a merchandise sole proprietor company
Accounting for plant and equipment
Accounting for notes, receivable and payable, and bad debt expense.