Accounting 2 for Financial Management FMGT 2105

Upon successful completion, the student will be able to:

• Understand and apply generally accepted accounting principles.
• Prepare entries to account for credit sales, including alternative methods of accounting for bad debts.
• Prepare entries to record transactions involving notes receivable including the calculation of interest and the discounting of notes.
• Calculate and record amortization on various types of fixed assets using alternative generally accepted accounting practices.
• Record the entries for the purchase, sale and trade-in of fixed assets.
• Prepare entries to record transactions involving notes payable including the calculation of interest and discount.
• Record the entries required for the various transactions involving long-term liabilities (notes and bonds payable) including the calculation of present value.
• Describe and differentiate the advantages and disadvantages of a corporation, a partnership and a sole proprietorship.
• Record the entries required for the shareholders’ equity of a corporation including share issues, retained earnings, dividends and stock splits.
• Recognize proper presentation in the shareholders’ equity section of a balance sheet for extraordinary items, prior period adjustments and accounting changes.
• Prepare payroll.
• Prepare entries for investment transactions and complete a consolidated worksheet.
• Prepare entries for a partnership including allocation of earnings, admission or retirement of a partner and liquidation of the partnership.
• Prepare and interpret a statement of cash flows.
• Analyze financial statements.
• Comprehensive question.

Effective as of Fall 2018