This course and ACC 111 are designed for students who wish to take Accounting 120 over two semesters instead of one, at a slower but more thorough pace. The fundamentals of accounting are developed for different forms of business organizations. Emphasis is on the accounting cycle, analysis and recording of transactions, and on the meaning and preparation of financial statements, voucher systems, short-term investments and inventory control. This course is suggested for non-accounting majors. This is a sequel to ACC 110.
Emphasis is placed on depreciation and disposal of fixed assets and payroll.
Accounting for current and long-term liabilities, partnership, and corporate transactions will be covered. Topics include using cash flows in decision making and analyzing financial statements. This course is suggested for non-accounting majors. Prior or concurrent enrollment in BUS 105 recommended. Presents accounting as an information system that produces summary financial statements primarily for users external to a business or other enterprise.