ACT 1113 - Principles Of Accounting II**

3 Credits

The course is a continuation of financial accounting principles and communication of financial information to external users and introduces the fundamentals of managerial accounting and its respective communication to internal users (management). Students will apply generally accepted accounting principles of financial and corporate reporting from a partnership and corporate perspective. The course will also emphasize managerial costing systems, short-term decision making, budgeting, and performance evaluation.

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

Latest Update Effective: Spring 2022