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Sep 07, 2024
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ACCT 121 Introduction to Accounting II5 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 AHSE 66 (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
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