OTEC 172: Bookkeeping II is an intermediate approach to manual accounting. Students will gain additional knowledge in common accounting systems including sales, purchases, taxes, and inventory. The concepts will be presented in the context of a merchandising business. Topics of study include specialized journals, combined journals, merchandise inventory, HST/GST/PST, year-end procedures and worksheets, and annual reporting. Financial statements will be prepared in detail including a classified balance sheet, an income statement with a cost of goods sold section, and a statement of owner's equity.
Prerequisites: OTEC 170 Bookkeeping I
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standard statementCourse Details| Total number of weeks | 8 |
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| Total Credits | |
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| Total Hours | 60 |
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Typical hours per week breakdown| Other | 60 |
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Outcomes
Upon successful completion of this course, the learner will be able to:
- use columnar journal and special journal systems;
- use accounts receivable and accounts payable subsidiary ledgers and general ledger control accounts;
- use special journals to account for taxes charged and paid;
- record merchandise transactions using the perpetual inventory system;
- complete the accounting cycle for a merchandising company;
- present financial information in a neat and proper format;
- prepare classified, related financial statements (income statement, statement of changes in owner's equity, and balance sheet) for a merchandising business complying with generally accepted accounting practices; and
- independently complete accounting simulations through applying learned accounting principles and practices.
Grading Table
Academic and Career
See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.
Disclaimer
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