Course Number: AC220
Course Title: Accounting II

STUDENT LEARNING OUTCOMES

General

To build on the understanding of accounting principles. This includes accounting for: payroll; accounts receivable and bad debts; notes and interest; inventory; depreciation, amortization, depletion and disposal of long-term assets; and partnerships and corporations.

Specific

Students will be able to:

 1. Describe in detail employee payroll accounting; account for employee taxes and deductions in both the FSM and the United States
     systems; and properly complete and interpret the employee earnings record and payroll register.
 2. Account for employer payroll taxes and use both U.S. and FSM payroll forms, journalize and post the liability and payment of payroll
     liabilities.
 3. Calculate the net realizable value of Accounts Receivable and Allowance for Doubtful Accounts using Income Statement and
    Balance Sheet approaches.
 4. Describe in detail the promissory note and make calculations for promissory notes including simple interest and determining the time
    of the note. Account for Notes Receivable and Notes payable. Prepare necessary adjusting entries.
 5. Calculate and/or estimate the value of ending merchandise inventory and cost of goods sold using various valuation/estimation
     methods.
 6. Identify long-term assets and their "depreciable" cost, calculate depreciation using various depreciation methods, record disposal
    of plant assets, and calculate amortization and depletion expenses.
 7. Describe the partnership form of business - its organization, formation, distribution of net income or net loss, dissolution, and
    liquidation. Prepare journal entries for the aforementioned transactions.
 8. Describe the corporate form of business, define its characteristics, explain stock terminology and journalize stock transactions,
    including stock sales and repurchases (treasury stock).
 9. Define retained earnings and calculate and journalize stock and cash dividend transactions and stock splits. Prepare a statement of
     retained earnings and journal entries for retained earnings appropriations.
10. Record and print journal/ledger entries, trial balance and financial statements using general ledger computer software.