About This Course Pack
Financial Accounting II is an introductory financial accounting course that is taken after the completion of Financial Accounting I. The course is designed to cover additional topics in financial accounting using numerous examples to reinforce the concepts. Topics for the course include Property, Plant, and Equipment and Intangibles, current liabilities, partnerships, organization and operation of corporations, corporate reporting, bonds, accounting for debt and share investments, reporting and analyzing cash flows, and analyzing financial statements. The coursework for Financial Accounting I and II were created to meet all of the Financial Accounting Competencies to enter the CPA program.
While the course is adaptable, this course was created as a way of easily using the “flipped-classroom” approach. In this approach, the instructor completes an example and the class is then given time to work through an example. Students share their work with their peers to compare answers (known as “Think-Pair-Share”).
Included in this course are lesson plans, an instructor manual, a course supplement guide, practice questions, assignments, tutorial videos and exams. The course readings include an open textbook for each topic.
Accessibility Statement: The audio in the provided tutorial videos does not always provide a description of what is being displayed.
- Describe and account for debt and share investments
- Determine the cost of long-term assets and compute depreciation
- Define and record current liabilities including notes payable
- Account for long-term liabilities including the issuance, amortization and retirement of bonds
- Describe the nature and issuance of capital stock
- Compute earnings per share - both basic and fully diluted earnings per share
- Account for cash and stock dividends, and discuss stock splits
- Prepare a statement of retained earnings
- Describe and account for partnerships
- Develop and analyze cash flow statements for different users
- Prepare a statement of changes in financial position
- Explain the nature and purpose of independent audits of financial statements, and discuss the crucial role of professional judgment in the financial reporting process