Workforce Continuing Education Course Catalog

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Course
Accounting Fundamentals II
Name
ACC-3150IE
Available Classes
    Section Location Begin Date End Date Instructor Price Seats Available/Total Seats
236159 Online 09/16/2020 11/06/2020 EDUCATION TO GO $70.00 20/20
Description Course Outline Requirements Intended Audience More Details
Intended Audience
This course is intended for accountants.
Description
In this course, you’ll explore special journals, uncollectible accounts receivable, plant assets, depreciation, notes and interest, accrued revenue and expenses, dividends, retained earnings, and financial reports for corporations. This course builds on the knowledge you gained in Charlene Messier's online Accounting Fundamentals course (or another introductory accounting course) to provide a solid understanding of corporate accounting practices.
Course Objectives
  1. have learned all about accounts payable, which is a group of accounts that shows how much your business owes its vendors.
  2. have learned how to account for long overdue receivables that probably won't ever be paid.
  3. have learned how to deal with accrued income and accrued expenses.
Outline of Instruction
  1. Wednesday - Lesson 01

    In this lesson, you'll learn all about accounts payable, which is a group of accounts that shows how much your business owes its vendors. You'll be journalizing and posting your company's purchases and preparing a Schedule of Accounts Payable. Keeping track of what your company owes others is a vital part of operating a business. This lesson will give you the tools you'll need to successfully track those accounts.
  2. Friday - Lesson 02


    We'll take a close look at accounts receivable in this lesson. This is the money that your customers owe your business. After completing this lesson, you'll know how to enter charge sales into your Sales Journal and then post them to your General Ledger. You'll have also learned how to journalize payments on account received from your charge customers. Knowing what your customers owe you can make the difference between your company's success or failure.
  3. Wednesday - Lesson 03

    Today, we'll be dealing with uncollectible accounts receivable. While we'd all like to think that our customers will pay what they owe, that is not always the case. You'll learn how to account for long overdue receivables that probably won't ever be paid. While this doesn't happen often, it's a fact of business, so you'll need to know how to account for it in your company's books.
  4. Friday - Lesson 04


    In this lesson, we'll look at plant assets and depreciation. Most all businesses have assets they use in the operation of their businesses. Just like your car, business assets depreciate over time, so you'll need to know how to account for that expense in your records. And you'll need to record these assets and calculate their depreciation in a timely manner to keep accurate records for your business.
  5. Wednesday - Lesson 05

    This lesson is all about notes payable and notes receivable. A business might need a little extra time to pay a bill beyond the usual terms offered by the vendor. Or a customer may need an extension of credit beyond what the business usually offers its charge customers. You'll find out all you need to know about accounting for these situations as we look at how to record the issuance and payment of these notes payables and notes receivables.
  6. Friday - Lesson 06


    Today, you'll learn how to deal with accrued income and accrued expenses. Accrued income is money that the company earns in one fiscal period but doesn't receive until after another fiscal period begins. Similarly, accrued expenses are expenses that are incurred during one fiscal period that aren't paid until a future period. To get a true picture of the net income or net loss of your business, you'll need to account for the accrued income and accrued expenses within the period they're incurred.
  7. Wednesday - Lesson 07

    In this lesson, we'll be dealing with dividends, which is money paid to the company's stockholders on their investment. You'll learn how the business accounts for the dividends it pays to its stockholders. We'll also look at retained earnings, or the amount of profit the corporation retains for future use. Then we'll begin to prepare the worksheet, possibly the most important financial report a business compiles each year.
  8. Friday - Lesson 08

    Today, we'll determine if our business has a net income or a net loss by completing the worksheet we started in the previous lesson. And because many General Ledger accounts change throughout the fiscal period—supplies are used, insurance premiums are depleted—we'll need to bring these accounts up to date to reflect their current values. So we'll also take a close look at how to make adjusting entries to update our General Ledger accounts for the beginning of the new fiscal period.
  9. Wednesday - Lesson 09

    It's time to begin wrapping up our books for the end of the fiscal period. In this lesson, you'll learn how to compile most of the various financial reports a corporation needs to complete at the end of the fiscal period. You'll prepare an Income Statement, Stockholders' Equity Statement, Balance Sheet, and more. These are the reports that really demonstrate the success of a business.
  10. Friday - Lesson 10

    In this lesson, we'll get the books all caught up and ready for the next fiscal period. You'll go back and journalize those adjusting entries you entered into your worksheet, then you'll enter closing entries into your journal. Finally, you'll post these journal entries to the General Ledger to prepare it for the new fiscal period.
  11. Wednesday - Lesson 11

    Today, we'll cover every employee's favorite subject: Payroll! You'll learn about various mandatory and voluntary deductions from employees' pay, as well as how to journalize and post an entire payroll. As an added bonus, after this lesson, you'll be able to check the accuracy of your own paycheck.
  12. Friday - Lesson 12

    We'll finish up by preparing a variety of end-of-year tax reports. Here's your chance to go step-by-step through a multitude of IRS forms with instructions that are much easier to understand! You'll fill out the federal Form 941, then learn how to make federal income tax deposits. Then we'll look closely at Form W-2s and Form W-3s. Finally, we'll look at how to calculate and report the company's Federal Unemployment Tax payment. This lesson is jam packed with valuable tax information!
Contact Hours
24
CEU's
2.4
Industry Standard, State, or National Certification
No
CE to CU Articulation
No
Prerequisites
Text and Supplies Needed
Internet access
• Email
• One of the following browsers:
o Mozilla Firefox
o Microsoft Internet Explorer (9.0 or above)
o Google Chrome
o Safari
• Adobe PDF plug-in (a free download obtained at Adobe.com .)


Completion of Charlene Messier's online Accounting Fundamentals course (or equivalent experience), a calculator or adding machine, and a printer.
Clinical Site/Special Facilities
Requirements for Successful Completion of this Course
  1. Attendance 80% or above
  2. Participation
  3. Students must score 70% or better on 10 quizzes or 70% or better on the final exam.
Accreditation/Special Approval Requirements
Intended Audience
This course is intended for accountants.
Specific Industry or Business Support Needs
Industry or Job Titles Related to training Outcomes for Employment
Related Courses
Course Contact Information
Non-Credit Online Learning http://ceonline.waketech.edu
919-532-5818 or 919-532-5689