Feb 24, 2021
ACCT 121 Introduction to Accounting II
Course covers basic accounting concepts, principles, and financial statement preparation for a sole proprietorship. The course emphasizes merchandising operations, special journals, payroll, and payroll taxes.
Prerequisites: ACCT 111 , MATH 087 (or equivalent placement scores for MATH 098 or higher), or instructor permission.
Quarters Offered: Fall, Winter
This course teaches to the global outcome of Communication.
This course teaches to the global outcome of Teamwork.
Upon successful completion of this course students will be able to:
- Describe and illustrate merchandising operations and the two types of inventory systems
- Account for the purchase of inventory using a perpetual system
- Account for the sale of inventory using a perpetual system
- Adjust and close the accounts of a merchandising business
- Prepare a merchandiser’s financial statements
- Use inventory-related ratios to evaluate a business
- Use the sales journal, the cash receipts journal, and the accounts receivable subsidiary ledger
- Use the purchases journal, the cash payments journal, and the accounts payable subsidiary ledger
- Calculate gross pay, employee payroll tax deductions for federal income tax withholding, state income tax withholding, FICA, and net pay
- Calculate employer taxes for FICA, FUTA, SUTA, and workers’ compensation insurance
- Prepare a payroll register
- Maintain an employee earnings record
- Record payroll and payroll taxes
- Record employer taxes for FICA, FUTA, SUTA, and workers’ compensation
- Record the payment of FUTA, SUTA, and workers’ compensation
- Prepare Forms W-2, W-3, 941, and 940