Continues from FMGT 1105. Topics include temporary investments; receivables, capital assets; liabilities; partnerships; corporations; bonds; statements of changes in financial position; financial statement analysis; manufacturing accounting; departmental accounting; cost-volume-profit analysis. Note: Fulltime Financial Management students who receive less than 65% in this course will need to complete FMGT 2100 with a grade of 70 or better before entering Level 3.
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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
Accounting 2 for Financial Management (FMGT 2105) is offered as a part of the following programs:
School of Business + Media
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Programs and courses are subject to change without notice.