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Principles of Financial Accounting II (ACC-102)
Various; distance learning format.
Varies (self-study; self-paced).
August 2018 - Present.
Upon completion of this proficiency exam, students will be able to: describe basic accounting approaches and guidelines for assessment relating to different types of investments; explain the fair value option for measuring and reporting investments; prepare the property, plant, and equipment section on a balance sheet; distinguish between land and land improvement costs; explain depreciation; distinguish between service life and physical life; explain cost, service life, salvage value, depreciable base, and book value; describe the operating cycle; distinguish between an employee and an independent contractor; distinguish between gross pay and net pay; record journal entries for payroll and withholdings; record the payroll taxes levied on the employer; identify the characteristics of corporations and their organizations; distinguish between common and preferred stocks, carefully detailing the rights and features of each class; compute earnings per share and book value per share; discuss the following assumptions: entity, going-concern, periodicity, monetary unit, and stable currency; differentiate between the indirect and direct methods of preparing a cash flow statement; and apply methods of horizontal and vertical analysis and use ratio analysis.
This exam focuses on accounting as related to partnerships, corporations and manufacturing concerns. Topics include: long term investments, property, plant and equipment, current liabilities, employer obligations, long - term obligations, corporate, equity accounting, financial reporting and connects, financial analysis, and the statement of cash flows.
In the lower division baccalaureate/associate degree category, 3 semester hours in Accounting, Business, Business Administration, or Finance (8/18).