This course is the lab course associated with Financial Accounting I (ACCT2211). Students must be enrolled in ACCT2211 to enroll in this course. Major content will be the practical application of concepts introduced in the lecture course.
- Use the accounting equation and generally accepted accounting principles to analyze transactions.
- Prepare financial statements for service and merchandising businesses.
- Record transactions for periodic and perpetual inventory systems.
- Use various inventory costing methods to value inventory and show cost of goods sold.
- Depreciate assets according to generally accepted accounting principles.