Practical Accounting Procedures 2

Catalog description

Three lecture. Continues the step by step approach to the study of accounting for service, merchandising, and small business operations where ACC 108 leaves off. This course includes all four of the financial statements, basic accounting cycle, special journals, special ledgers, procedures for controlling cash and payroll accounting. Students will be able to: prepare journal entries in the subsidiary journals and post to the subsidiary ledgers; calculate the inventory valuation under the various methods; calculate payroll tax and record the entry in the accounting system; prepare the statement of cash flows and statement of stockholders’ equity; and analyze financial statements. Prerequisite(s): ACC 108