Course Abstract Details

XACCT-102, Principles of Accounting 2

Credits: 3

Course Description

ACCT-102, Principles of Accounting 2, focuses on accounting from the perspective of the manager. This primary focus of the course is on understanding types of costs and how cost data can be used to make decisions. Students will examine how manufacturing operations differ from those of service organizations or merchandisers and will be able to use costing techniques for each type of organization. In addition, students will be able to prepare master, operating, financial, and flexible budgets and use standard costing. Finally, this course will examine how corporations raise capital through equity financing and the accounting associated with stock transactions. Prerequisites: ACCT-101. Three hours lecture each week. Three credits. Three billable hours

Course Objectives and Grading Information
Upon completion of this course, the student will be able to:
1. Explain cost concepts and be able to analyze and classify costs. (ACCT PG 4, BUAD PG 1)
2. Prepare financial statements for a manufacturing company. (ACCT PG 4, BUAD PG 1)
3. Record cost information using job order costing. (ACCT PG 4, BUAD PG 1)
4. Use activity-based costing and explain its use in target costing. (ACCT PG 4, BUAD PG 1)
5. Describe just-in-time production systems and explain the value to the enterprise. (ACCT PG 4, BUAD PG 1)
6. Compute and analyze cost/volume/profit relationships through the use of contribution margin analysis. (ACCT PG 4, BUAD PG 1)
7. Describe how budgets assist managers in decision making and explain the process of creating a standard and flexible budget. (ACCT PG 4, BUAD PG 1)
8. Account for the issuance of stock, declaration and payment of dividends, and treasury stock transactions. (ACCT PG 4, BUAD PG 1)
9. Prepare and analyze a statement of cash flows, using both the direct and indirect methods. (ACCT PG 3, BUAD PG 1)
10. Demonstrate quantitative literacy by using accounting models to define, represent, and solve mathematical problems. (ACCT PG 1, GE GOAL 3)
11. Use critical thinking to analyze financial transactions. (ACCT PG 2, GE GOAL 2)

Learning Goals

The abbreviations in parentheses represent Learning Goals which have been identified for this course and program of study:

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