• Accounting II

    How Business Does Business



    Accountant

    Purpose of Accounting II:

    The purpose of accounting II is for students to continue learning the basic fundamental principles of business accounting and bookkeeping.  In this second year of accounting the focus will move to the retail side of business that focus on selling goods or products.  Some of the topics covered include merchandise inventory valuation, depreciation of assets, specialized journals, Corporate Accounting, and Business Exploration.  All business decisions are based upon the accurate keeping of the financial records which makes this class an excellent preparation for those students thinking about entering Accounting or Business in a college setting.


    Accounting II Content:

    Business Model - Retail Merchandising

    Accounting Cycle - Application to Merchandising Business

    • One month at a time.
    • General Journal - The first place of original entry
    • Ledger Accounts - Where we keep track of individual accounts
    • Posting - transferring from the Journal to the Ledger
    • Worksheets - End of Month preparations
    • Financial Statements:
    • Income Statements - Profits & Loss
    • Statement of Changes in Owner's Equity
    • Balance Sheet - A=L+OE
    • Closing Accounts - Temporary vs. Permanent accounts
    • Post Closing Trial Balance - The last chance to make sure everything balances.

    Advanced Accounting Concepts covered in Accounting II:

    • Sales & Cash Receipts
    • Purchases and Cash Payments
    • Special Journals:
      • Sales Journal
      • Cash Receipts Journal
      • Cash Payments Journal
      • Purchases Journal
    • Adjustments & The 10 Column Worksheet
    • Financial Statements for the Corporation
    • Completing the Accounting Cycle for a Merchandising Corporation
    • Plant Assets and Depreciation
    • Inventories
    • Cash Funds
    • Uncollectable Accounts
    • More!

    Microsoft Excel Spreadsheets...An integral part of the Course


    Business Management Concepts...an introduction.

Last Modified on June 25, 2012