Course Number: BK096
Course Title: Bookkeeping II

STUDENT LEARNING OUTCOMES

General

This course is designed to further enhance the student's knowledge and skills to demonstrate accounting procedures used in the accounting system, including journalizing, posting, adjusting and closing the accounts, in addition to preparing financial statements for a merchandising business. The internal cash control procedures and payroll bookkeeping are included to familiarize the students in other aspects of accounting functions. The student will complete a bookkeeping practice set (of a hypothetical business in Micronesia) that consists of all documents, accounting books used in a particular merchandising industry.

Specific

The student shall be able to:

 1. Describe the nature of a merchandising business.
 2. Describe the concept of subsidiary ledgers and special journals.
 3. Journalize and post using accounts receivable subsidiary ledgers and special sales journal.
 4. Describe the purchasing process.
 5. Record the purchase of merchandise on account.
 6. Journalize and post using accounts payable subsidiary ledgers and special purchases journal.
 7. Journalize and post using cash receipts and cash payment journals.
 8. Prepare a worksheet for a merchandising business.
 9. Adjust the merchandise inventory account.
10. Prepare a multi-step income statement for a merchandising business.
11. Prepare a classified balance sheet.
12. Prepare adjusting and closing entries for a merchandising business.
13. Explain the operation of a petty cash fund and be able to complete the financial papers involved.
14. Explain banking procedures and reconcile a bank statement.
15. Determine gross earnings, deductions and net pay.
16. Record the expense, liability, and cash disbursement in connection with payroll and record the employer's tax expense.
17. Complete a merchandising business bookkeeping practice set.