10101113Accounting 2 - Principles
Course Information
Description
Procedures and financial statement reporting of accounting for partnerships and corporations. Additional topics include current and long term liabilities, time value of money, statement of cash flows, intangibles, analysis of financial statements, investments and managerial concepts.
Total Credits
4
Prior Learning Assessment
  • Exam-College Developed Challenge Exam
Course Competencies
  1. Record depreciation
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Explain the difference between the major depreciation methods
    Compare and analyze depreciation for different methods
    Apply the cost principle to compute the cost of plant assets
    Use accurate dollar amounts
    Differentiate between ordinary repairs, betterments and extraordinary repairs
    You pass the exam at a minimum of 70%

  2. Record the purchase and disposal of plant assets and equipment
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Compute the cost basis of the asset
    Record asset disposal through discarding, selling, or exchanging an asset
    Use accurate dollar amounts
    Use proper journal entry form
    Show all computations clearly
    You pass the exam at a minimum of 70%

  3. Record current and long term liabilities
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Record an interest bearing bearing note
    Record the interest and payment of an interest bearing note
    Compute and record employee payroll expenses and liabilities
    Compute and record employee payroll deductions and liabilities
    Journalize warranty transactions
    Summarize when to account for contingent liabilities
    You pass the exam at a minimum of 70%

  4. Record partnership ownership transactions
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Record the formation of a partnership
    Calculate the distribution of net income to the partners
    Record the admission of a new partner
    Record the withdrawal of a partner
    Record the liquidation of a partnership
    You pass the exam at a minimum of 70%

  5. Record corporation ownership transactions
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Describe the characteristics of a corporation
    Record the formation of a partnership
    Use basic corporation equity terms
    Record the issuance of common and preferred stock at par and in excess of par
    Calculate the distribution of dividends to common and preferred stockholders
    Use common dividend terms
    Record cash and stock dividends
    Record treasury stock transactions
    Compute book value per share
    You pass the exam at a minimum of 70%

  6. Record bond and long-term notes payable transactions
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Explain the differences between bonds and stocks
    Use basic bond terms
    Record the issuance of bonds at par, at a premium and at a discount
    Calculate bond amortization using straight line and the effective interest method
    Record bond interest expense
    Record the retirement of bonds
    Record interest expense for installment notes assuming equal principal payments and equal payments
    You pass the exam at a minimum of 70%

  7. Journalize investments and securities transactions
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Account for trading securities
    Account for held-to-maturity securities
    Account for available for sale securities
    Describe how to report equity securities with controlling influence
    You pass the exam at a minimum of 70%

  8. Prepare a Statement of Cash Flows
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Differentiate between cash flows from operating, financing and investing activities
    Describe the format of the Statement of Cash Flows
    Your Statement of Cash Flows uses the direct and indirect methods
    You pass the exam at a minimum of 70%

  9. Analyze financial statements
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Describe the purpose of financial analysis
    Calculate and interpret common ratios used in analysis
    Prepare vertical and horizontal analysis
    You pass the exam at a minimum of 70%

  10. Utilize financial calculator
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Compute the number of days between dates
    Compute the issue price of a bond
    Utilize the calculator to amortize a bond
    Compute the monthly/yearly payment of a long term liability
    Apply present value concepts to a single amount
    Apply future value concepts to a single amount
    Apply present value concepts to an annuity
    Apply future value concepts to an annuity
    You pass the exam at a minimum of 70%

  11. Journalize transactions using specialized journals
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Account for related transactions using the Sales Journal
    Account for related transactions using the Purchases Journal
    Account for related transactions using the Cash Disbursements Journal
    Account for related transactions using the Cash Receipts Journal
    Properly post from the specialized journals to general ledger accounts with special emphasis on the post reference column
    Post from the specialized journals to related subsidiary accounts
    You pass the exam at a minimum of 70%

  12. Perform a review problem by journalizing transactions related to Accounting 1
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Account for transactions covered from Accounting 1
    You pass the exam at a minimum of 70%