Description:

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.

Outcomes:

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