Jul 25, 2024  
2021-2022 Archived Catalog 
2021-2022 Archived Catalog

ACCT-202 Principles of Accounting II

Credits 4 / 4 Contact Hours
Pre-requisite: Placement into ACRD 090 , ACRD 091  or ACRD 092 , completion of ELAP 110 with a minimum grade of 2.0, or successful completion of ACRD 080; MATH-082 or higher or placement into MATH-115 or higher; ACCT-201 .

Principles of Accounting II concentrates on managerial accounting. Topics include job and process cost systems, cost-volume analysis, budgets and capital budgeting, equity investments, time value of money, long-term liabilities, and accounting for quality and cost management. This course utilizes algebra and computer skills including data analytics.

Course Outcomes
1.      Compute cost of goods sold for a manufacturer and for a merchandiser.

2.      Prepare a schedule of cost of goods manufactured and explain its purpose and links to financial statements..

3.      Describe and record the flow of materials, labor and overhead costs in job order costing.

4.      Determine adjustments for overapplied and underapplied factory overhead.

5.      Record the flow of materials, labor and overhead costs in process costing.

6.      Record the transfer of goods across departments, to Finished Goods Inventory, and to Cost of Goods Sold.

7.      Allocate overhead costs to products using the plantwide overhead rate method, departmental overhead rate method, and activity-based costing.

8.      Determine cost estimates using the scatter diagram, high-low, and regression methods of estimating costs.

9.      Compute the break-even point for a single product company.

10.    Compute unit cost under both absorption and variable costing.

11.    Prepare and analyze an income statement using absorption costing and using variable costing.

12.    Convert income under variable costing to the absorption cost basis.

13.    Determine product selling price based on absorption costing.

14.    Prepare the operating budget components of a master budget-for a manufacturing company.

15.    Prepare a cash budget and budgeted financial statements.

16.    Prepare a flexible budget and interpret a flexible budget performance report.

17.    Compute materials and labor variances and overhead controllable and volume variances.

18.    Prepare a responsibility accounting report using controllable costs.

19.    Allocate indirect expenses to departments.

20.    Prepare departmental income statements and contribution reports.

21.    Identify relevant costs and apply them to managerial decisions.

22.    Compute payback period, accounting rate of return, net present value, and internal rate of return and describe its use.

23.    Compute cash flows from operating, investing and financing activities using the indirect method.

24.    Prepare a statement of cash flows.

25.   Conduct thorough and insightful data analysis, and interpret the results correctly using   calculated, detailed and useful business information.