This course continues the study of financial accounting procedures. Areas include: long-term assets, long-term liabilities, accounting for corporations and/or partnerships. The statement of cash flows and financial statement analysis may be covered.
“C” or higher in ACC 124.
- Determine and explain the value of assets, liabilities, and owner's equity according to generally accepted accounting principles.
- Prepare financial statements for a merchandising business.
- Apply appropriate accounting principles to various forms of ownership.
- Apply financial accounting procedures with an emphasis on long-term assets, long-term liabilities, and equity to include corporations and/or partnerships.