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ACC220 - Accounting Basics II

ACC220 - Accounting Basics II

Subject Description 

In this second of the two introductory accounting courses, students will expand their understanding of accounting principles and concepts while covering specific topics including: capital assets, corporations` shareholders` equity, and bonds payable. Preparation of the Statements of Retained Earnings and Cash flows will also be covered. Finally, the students will expand their understanding of the role of financial statement users by studying financial statement analysis.

Learning Outcomes 
Upon successful completion of this subject the student will be able to:

1. Demonstrate an understanding of financial accounting concepts, principles and procedures, including internal control.

2. Account for the specific items that appear in general purpose financial statements, including the analysis and recording of transactions, year-end adjusting entries and the financial statement presentation of the various accounts included in:

a. Current Assets;(review)
b. Long-Lived Assets.
c. Liabilities-Current and Long-Term
d. Shareholders` Equity.

3. Prepare the statements included in general-purpose financial reporting. These statements include the Statement of Financial Position and the Statements of Comprehensive Income, Changes of Shareholders Equity, and Cash Flows.

4. Apply financial statement analysis to business decisions including specific analytical tools (eg. ratio analysis) as well as communicating findings.

5. Identify international GAAP,(IFRS) and private GAAP,(ASPE) for topics covered in ACC220.

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