Catalog 2022-2023 
    Jun 13, 2024  
Catalog 2022-2023 [ARCHIVED CATALOG]

ACCT 121 Introduction to Accounting II

5 credits
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  and MATH 87  (or placement into MATH 98  or higher)

Course Outcomes
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

Program Outcomes
This course teaches to the following program outcomes:

  • apply manual methods and software tools to prepare accounting statements and reports
  • complete the accounting cycle, including end-of-period adjustments

Total Hours: 50 Theory (Lecture) Hours: 50