Accounting II

The following learning targets represent the major concepts studied and assessed in this course.

Semester 1

Chapter 9 - Accounts payable Subsidiary Ledgers and Controlling Account

• LO1 Distinguish among service, retail merchandising, and wholesale merchandising businesses.
• LO2 Identifies differences between a sole proprietorship and a corporation.
• LO3 Explain the relationship between a subsidiary ledger and a controlling account.
• LO4 Describe accounting procedures used in ordering merchandise.
• LO5 Discuss the purpose of a special journal.
• LO6 Journalize purchases of merchandise on account using a purchases journal.
• LO7 Post merchandise purchases to an accounts payable ledger and a general ledger.
• LO8 Record cash payments using a cash payments journal.
• LO9 Record replenishment of a petty cash fund.
• LO10 Post cash payments to an accounts payable ledger and a general ledger.

Chapter 10 - Accounting for Sales and Cash Receipts

• LO1 Explain the relationship between the accounts receivable ledger and its controlling account.
• LO2 Record sales on account using a sales journal.
• LO3 Record sales on account using a sales journal.
• LO4 Record cash and credit card sales using a cash receipts journal.
• LO5 Journalize cash receipts on account using a cash receipts journal.
• LO6 Post cash receipts to an accounts receivable ledger and a general ledger.
• LO7 Prepare a schedule of accounts receivable.

Chapter 11 - Transactions using General Journal

• LO1 Explain the purpose of a general journal.
• LO2 Account for purchases returns and allowances.
• LO3 Post a general journal to the accounts payable ledger and general ledger.
• LO4 Account for sales returns and allowances.
• LO5 Post a general journal to the accounts receivable ledger and general ledger.
• LO6 Record a correcting entry to the accounts receivable ledger.
• LO7 Explain the relationship between retained earnings and dividends.
• LO8 Account for the declaration and payment of dividends.

Chapter 12 - Preparing Payroll Records

• LO1 Explain how employees are paid.
• LO2 Calculate hourly employee earnings.
• LO3 Demonstrate the process for determining federal income tax withholdings.
• LO4 Demonstrate the process for calculating social security and Medicare taxes.
• LO5 Explain the benefit of funding medical and retirement plans with pretax contributions.
• O6 Prepare a payroll register.
• LO7 Prepare employee earnings records.
• LO8 Justify the use of a payroll checking account.
• LO9 Prepare employee payroll checks.

Chapter 13 - Accounting for Payroll and Payroll Taxes

• LO1 Analyze a payroll transaction
• LO2 Journalize a payroll including employee payroll taxes
• LO3 Calculate and record employer payroll taxes
• LO4 Prepare selected payroll tax reports
• LO5 Pay and record withholding and payroll taxes

 

Semester 2:

Chapter 14 - Accounting for Uncollectible Accounts Receivable

• LO1 Explain the purpose of the allowance method for recording losses from uncollectible accounts.
• LO2 Estimate uncollectible accounts expense using an aging of accounts receivable.
• LO3 Record the adjusting entry for the allowance for uncollectible accounts.
• LO4 Write off an uncollectible account receivable.
• LO5 Account for the collection of an account receivable that was written off.
• LO6 Record the acceptance of a note receivable.
• LO7 Account for the collection of a note receivable.
• LO8 Account for a dishonored note receivable.

Chapter 15 - Preparing Adjusting Entries and Trial Balance

• LO1 Preparean unadjusted trial balance
• LO2 Adjust supplies and prepaid insurance
• LO3 Adjust merchandise inventory.
• LO4 Adjust interest receivable
• LO5 Calculate depreciation expense using the straight-line method.
• LO6 Adjust accumulated depreciation
• LO7 Post adjusting entries
• LO8 Adjust federal income tax payable
• LO9 Prepare an adjusted trial balance

Chapter 16 - Financial Statements and Closing Entries

• LO1 Prepare an income statement for a merchandising business organized as a corporation.
• LO2 Prepare a statement of stockholders’ equity

Unit 8 - Pricing and Economics

• Explain the reasons why price is an important marketing tool. 
• Demonstrate how the economic concept of elasticity of demand relates to pricing decisions. 
• Describe three ways in which the government influences prices.  
• Describe three common pricing objectives for businesses.
• Explain how businesses establish a price range for a product.
• Identify the three components that must be considered when determining the selling price. 
• Identify two marketing tools related to competitive conditions that help marketers set prices.
• Describe the criteria businesses use in establishing the final price a customer pays.
• Explain why extending and managing credit is an important part of marketing.