ISL 202 - Financial Accounting II

This course, a continuation of the Introduction to Accounting course, explains the accounting procedures specific to companies' balance sheet and income statement items and the operation of accounting information systems.

This course provides a comprehensive overview of key accounting principles and practices. It covers inventory accounting, including various costing methods for both ending inventory and cost of goods sold. The course also examines sales accounting, focusing on journal entries for on-account sales, cash collections, and bad debt write-offs. Furthermore, it explores the application of the historical cost principle to long-term assets like property, plant, and equipment (PP&E), natural resources, and intangible assets, including methods for allocating an asset's cost over its useful life (depreciation, depletion, and amortization). Finally, the course explains liability accounting and how companies handle payouts related to liabilities and equity, such as dividends and retained earnings.