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Nov 21, 2024
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ACT 1113 - Principles Of Accounting II** 3 Credits
Designed to further the student’s fundamental knowledge of generally accepted concepts and principles of accounting. Completes the basics, working with partnership and corporations. Emphasizes significance of financial statements, their importance, and analysis.
Prerequisite: ACT 1103 Principles Of Accounting I** w/ C grade or better taken within the last 5 years
Course Level Objectives
Upon successful completion of this course, the student will be able to:
1. Account for partnership transactions in accordance with Generally Accepted Accounting Principles (GEO 2, 3)
2. Record stockholder’s equity transactions according to Generally Accepted Accounting Principles (GEO 2, 3)
3. Record transactions for long-term debt in accordance with generally accepted accounting principles (GEO 2, 3)
4. Prepare a statement of cash flows using the indirect method (GEO 2, 3)
5. Apply principles of manufacturing costing systems (GEO 3)
6. Evaluate alternatives used for short-term decision making (GEO 2, 3)
7. Construct budgets and evaluate company performance based on budget versus actual results (GEO 1, 2, 3, 4)
ACTS Equivalent Course Number: ACCT 2013
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