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ACCT 180 - Accounting Basics-Career II
Prerequisites: ACCT 170 and ACCT 171 “C” or better and BUSN 160 recommended. Continues study of basic financial accounting principles and procedures as applied to corporations and partnerships. With ACCT 170, ACCT 171, and ACCT 181 is designed for two-year career program students desiring to enter business occupations.
canvas Materials: Textbook information is available at You will need to know the BHC course number, e.g., BL 201, and the section number.
Upon successful completion of this course, the student shall be able to demonstrate the following skills: A. Describe and record notes receivable and accounts receivable B. Explain and record bad debts using the allowance and direct write-off methods C. Explain the cost principle for computing the cost of plant assets, natural resources and intangible assets D. Compute and record depreciation of plant assets, depletion of natural resources and amortization of intangible assets E. Distinguish between revenue and capital expenditures F. Record the disposal of plant assets G. Differentiate between current and long-term liabilities H. Explain how to account for contingent liabilities, short-term notes payable, estimated liabilities and payroll transactions. I. Explain the characteristics of partnerships and corporations and their organization J. Prepare entries for the distribution of income and loss among partners; partnership formation; admission and withdrawal of partners; and partnership liquidation K. Calculate distribution of cash dividends between common and preferred stock L. Record transactions involving issuance of corporate stock, cash and stock dividends, stock splits, and treasury stock and explain their effects on stockholders’ equity M. Compute and record interest expense and amortization of bond premium and bond discount N. Prepare entries to record bond issuance and bond retirement O. Prepare and analyze the statement of cash flows. P. Analyze financial statement information using liquidity and efficiency, solvency, and market prospect ratios
Black Hawk College: 6600 34th Ave Moline, IL 61265 Phone: 3097965000