ONCE0879 - Financial Accounting II

Course Description

After completing this course, you will have a solid understanding of the accounting cycle for a merchandising business where we teach the use of special journals such as the Sales Journal, Purchase Journal, Cash Receipts, and Cash Payments Journal. By applying the concepts learned in this course, you will understand the processes behind Accounts Payable and Accounts Receivable, you will understand how and why financial transactions are documented, you will know what cash flow is and how to improve it, you will know what profit is, how it's interpreted, and what influences its growth. You will also learn the importance of inventory valuation and about Plant and Equipment and Methods of Depreciation and Depreciation for Federal Income Tax. Moreover, you will know where the money in the company you work for, or own, goes. Learn accounting now and achieve a skill that is an invaluable (if not required) asset to your professional development.

We start with teaching the accounting cycle for a merchandising business where we teach the use of special journals such as the Sales Journal, Purchase Journal, Cash Receipts, and Cash Payments Journal. Here we build upon the worksheet with Adjusting Entries and Worksheet for a merchandising business using adjustments for Supplies and the periodic Inventory System moving on to Classified Financial Statements, Closing and Reversing Entries we then continue with learning about Ending Inventory and the importance of inventory valuation. We than move on to learn about Plant and Equipment and Methods of Depreciation and Depreciation for Federal Income Tax.