Accounting 2

Accounting 2/College Accounting

 

REQUIRED TEXT: Financial & Managerial Accounting:  Needles, Powers & Crosson: 2011 Cengage Learning -  Additional course information and assignments will be on SUNY Delhi's Vanko Hall

 COURSE DESCRIPTION: 

Introduction to basic accounting concepts and principles used in today’s business world with emphasis placed on the preparation of financial statements and maintenance of accounting records throughout the accounting cycle.  Inventory valuation, basic principles of internal control, accounting for the acquisition, depreciation and disposal of fixed assets and current liabilities, including an overview of payroll procedures.

 PRE-REQUISITES:  Accounting 1

LEARNING OBJECTIVES

STUDENT OUTCOMES

MEASUREMENT CRITERIA

To understand and apply the generally accepted basic accounting procedures, concepts, principles, formats, terms and philosophies to financial statements, accounting records, working papers and supporting documents.

 

Students will apply generally accepted basic accounting procedures, concepts, principles, formats, terms and philosophies to financial statements and business transactions

Underlying concepts of the entire course, assessment will be specific to each topic as it is covered. Assessment will be test and homework questions.

To establish and to maintain accounting record and to prepare working papers and financial statements manually in accordance with Generally Accepted Accounting Principles (GAAP).

 

Students will prepare in proper format an income statement

Test or homework question

 

Students will prepare in proper format a classified balance sheet

Test or homework question

To perform accounting functions such as analyzing accounts, journalizing, adjusting and closing entries

Students will prepare in proper format general journal entries to record different transactions

Test or homework question

 

Students will prepare in proper format adjusting entries

Test or homework question

 

Students will prepare in proper format closing entries

Test or homework question

To record accounting transactions relevant to inventories, the acquisition, depreciation and disposal of fixed assets, payroll transactions and other current liabilities.

 

Students will calculate inventory using the different methods and systems

Test or homework question

 

Students will learn different methods of depreciation calculations and calculate gains and losses on disposal of fixed assets

Test or homework question

 MEASUREMENT CRITERIA FOR OBJECTIVES:

 EXAMS AND ASSIGMENTS:  Homework assignments will be assigned, collected and graded at the discretion of the instructor.  These will be reviewed to answer any questions or problems.  These must be turned in at the beginning of the class period to receive credit.  No homework will be accepted after the due date for ANY reason.  Absence from class on a day that an assignment is collected will result in a "zero" for that assignment unless the absence was discussed with the instructor prior to that day.

            Unannounced quizzes will be given at the discretion of the instructor.  These will be included in the homework grade.  A grade of "0" will be given for any quiz that is missed for any reason other than sickness that has been reported to the Health Center, or an absence discussed in advance with the instructor. 

            There will be four hourly exams.  There will be no makeup for exams.  A student who has a legitimate reason for missing an exam as determined by the instructor and less than five hours of absences may take that exam during the final exam period scheduled for that class.  An absence is construed as any physical absence from class for any reason.  There are no excused absences.  This will place the burden on the student for the material covered on the make-up test. This also means that students will be taking two exams during the final exam period.  Any additional missed exams will result in grades of zero.

CLASS OUTLINE: Overview of Accounting

    1. Define accounting and identify users of accounting information.
    2. Describe the different forms of business organizations.
    3. Define financial position and accounting equation.
    4. Identify the four financial statements

        

  1. Measuring Business Transactions
    1. Understand and apply double entry concepts.
    2. Apply the steps for analyzing transactions, record, post entries to the general ledger and determine account balances.
    3. Prepare a trial balance.

       

  2. Measurement of Business Income:
    1. Define net income and its major components, revenue and expenditures.
    2. Apply the continuity and matching principles.
    3. Prepare typical adjusting entries.
    4. Prepare an adjusted trial balance.
    5. Prepare financial statements from an adjusted trial balance.

       

  3. Accounting Financial Reporting and Information Systems:
    1. Prepare required closing entries.
    2. Post closing trial balance.
    3. Prepare a Classified Balance Sheet.
    4. Financial Analysis using liquidity and profitability measures.

       

  4. Merchandising Operations:
    1. Define and distinguish terms of sale for merchandising transactions.
    2. Prepare an income statement under the perpetual and periodic inventory systems.
    3. Apply internal control activities to common merchandising transactions.

       

  5.  Short Term Financial Assets:
    1. Cash, cash equivalents and their reconciliation.
    2. Define accounts receivables and apply the allowance method of accounting for uncollectible accounts.
    3. Record the receipt of a promissory note receivable, record the collection of the note, record a dishonored note and record the adjusting entries associated with notes.

       

  6. Inventories:
    1. Identify management issues related to inventory.
    2. Relate various inventory costs to cost flow and goods flow.
    3. Calculate the cost of inventory using the periodic and perpetual systems, with the specific identification, average costs, FIFO and LIFO methods.

       

  7. Current Liabilities:
    1. Management issues related to recognition, valuation and classification of current liabilities.
    2. Identify, compute and record determinable and estimated current liabilities.
    3. Compute and record the liabilities associated with payroll accounting.

       

  8. Long-Term Assets:
    1. Identify the types of long-term assets and the management related to accounting for them.
    2. Account for the cost of property, plant and equipment.
    3. Define depreciation and compute depreciation under the straight-line and declining balance methods.
    4. Account for the disposal of depreciable assets.
    5. Identify the issues relating to accounting for natural resources and compute deletion.

 

 

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