Course DescriptionStudents continue the study of basic accounting principles and procedures from Principles of Financial Accounting I. Current assets and liabilities, property, plant and equipment, long-term liabilities, and differences among sole proprietorships, partnerships, and corporations are covered.
Upon the successful completion of this course, students will be able to:
- Calculate depreciation by several different methods
- Understand the differences between sole proprietorships, partnerships, and corporations
- Account for the issuance of bonds payable and calculate the amortization of any premiums or discounts
- Prepare a statement of cash flows and understand the purpose of this financial statement
- Calculate various financial ratios related to profitability and solvency of businesses and understand the purposes of the ratios calculated