ACCT 202 Accounting Principles II

Accounting Principles II serves as the advanced sequel to ACCT 201, delving deeper into the intricate landscapes of liabilities, owners’ equity, and the comprehensive preparation and analysis of financial statements within a business organization. This course broadens the accounting framework introduced in Accounting Principles I, placing a significant emphasis on the critical elements of financial statements and introducing students to the specialized domain of managerial accounting. Through an exploration of product costing using both job order and process costing systems, alongside an examination of cost-volume-profit relationships, students are equipped with the analytical tools and knowledge to navigate the financial mechanisms of a business effectively.

Beyond the continuation of financial accounting principles, the course objectives are meticulously designed to enhance students’ proficiency in a variety of complex accounting tasks. These include the identification and calculation of the Statement of Cash Flows using the Indirect Method, understanding the valuation and accounting of bond issues, and dissecting the intricacies of debt and equity financing with an emphasis on earnings per share calculations. Additionally, students will master financial statement analysis through ratio, vertical, and horizontal methods, and gain practical insights into product costing and cost accounting concepts such as contribution margin, break even analysis, and the budgeting process. This pivot towards a nuanced comprehension of financial and managerial accounting prepares students not only for the advanced study in the field but also for the practical challenges faced in the accounting profession, thus laying down a strong foundation for future academic and career pursuits in accounting and finance.