10101112Accounting 2 - Problems
Course Information
Description
Structured lab designed to reinforce concepts taught in Accounting - Principles. Selected problems will be worked, with an instructor available to answer questions.
Total Credits
1
Course Competencies
  1. Record current and long term liabilities
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you distinguish between current and long term abilities
    you compute and records employee payroll expenses and liabilities
    you compute and record employer payroll deductions and liabilities
    you describe when to account for contingent liabilities

  2. Record partnership ownership transactions
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you record the formation of a partnership
    you calculate the distribution of net income to the partners
    you record the admission of a new partner
    you record the withdrawal of a partner
    you record the liquidation of a partnership

  3. Record corporation ownership transactions
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you describe the characteristics of a corporation
    you record the formation of a partnership
    you define basic corporation equity terms
    you record the issuance of common and preferred stock at par, in excess of par, and at a discount
    you calculate the distribution of dividends to common and preferred stockholders
    you define common dividend terms
    you record cash and stock dividends
    you define common dividend terms
    you explain the purpose of a comprehensive income statement
    you identify the items reported on the Statement of Retained Earnings
    you compute book value per share

  4. Record bond and long-term notes payable transactions
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you explain the differences between bonds and stocks
    you define basic bond terms
    you record the issuance of bonds at par, at a premium, and at a discount
    you calculate bond amortization using straight line and the effective interest method
    you record the retirement of bonds
    you record interest expense for installment notes assuming equal principal payments and equal payments

  5. Prepare a Statement of Cash Flows
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you differentiate between cash flows from operating, financing, and investing activities
    you describe the format of the Statement of Cash Flows
    you prepare a Statement of Cash Flows using the direct and indirect methods

  6. Analyze financial statements
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you describe the purpose of financial analysis
    you calculate and interprets common ratios used in analysis
    you prepare vertical and horizontal analysis

  7. Apply managerial accounting concepts and principles
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you describe the major characteristics of managerial accounting
    you differentiate between the financial statements of manufacturing and merchandising companies
    you classify costs
    you compute and analyze unit contribution margin

  8. Prepare a Manufacturing Statement - job order costing
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you prepare a manufacturing statement and explains its purpose and links to financial statements
    you record the flow of materials, labor and overhead costs
    you record the adjustments for overapplied factory overhead
    you apply multiple overhead allocation rates

  9. Prepare a Manufacturing Statement - process costing
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you differentiate between job order and process costing
    you record the flow of direct materials, direct labor and overhead in process cost accounting
    you compute equivalent units produced in a period
    you prepare a process cost summary
    you record the transfer of goods between departments

  10. Analyze costs using Cost-Volume-Profit analysis
    Assessment Strategies
    by satisfactorily completing and submitting all homework assignments when due
    Criteria
    you classify costs by their behavior
    you compute break-even point for a single and multi-product company
    you grab cost and revenues for a single product