Format

Instructional Methods and Materials

This course meets in person Mondays at 6:00 to 8:45 PM in bldg. 3 Room 352.  If there are any online classes students can use this link: 

Principles of Accounting II E1 in Teams

Teaching methods include:

Online lectures, videos, powerpoint presentations, guest speakers, recorded lesson segments and chapter summaries.

Course Description 

As a continuation of BUS101, this course focuses on accounting theory in relation to the specific needs of corporations and partnerships. Students will explore problems relating to assets and liabilities, payroll systems, methods of computing dividends, and corporate financial statements. 

Credit Hours: 3                                     Course Prerequisites: BUS101 

Course Professor

Philip E. Brown

Assistant Professor, Faculty, 

Pbrown1@rcc.mass.edu

Mr. Brown provides educational instruction in business courses including management, finance, marketing, and accounting. 

Mr. Brown brings over 25 years’ experience in financial services and small business ownership.   Mr. Brown has held senior management positions at The Boston Company and OneUnited Bank, and senior lending positions at Mellon Bank, Aetna Bond Investors and GMAC Mortgage Corporation.  

As a small business owner, he operated the largest black-owned commercial laundry in New England, developed, owned, and managed residential real estate, and currently operates a consulting practice focusing on capital acquisition, business development and strategy for small businesses.  

Mr. Brown earned an MBA from Columbia Business School and a BS in Management from Fisk University.  He enjoys travel, gardening, live music and is an avid golfer. He is a long time Boston resident living in the Jamaica Plain neighborhood with his wife and their two adult sons.

Please join me at:

LinkedIn: linkedin.com/in/philipbrownprof

YouTube: Prof. Phil Explains Business @prof.philexplainsbusiness1631

Office Hours: Building 3 Rm 455E In Teams at Prof. Phil Office Hours

Learning Objectives

Upon Completion students will be able to:

• Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches 
• Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions 
• Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method 
• Explain and Apply Depreciation Methods to Allocate Capitalized Costs 
• Analyze, Journalize, and Report Current Liabilities 
• Prepare Journal Entries to Reflect the Life Cycle of Bonds 
• Describe the Attribute of a Corporation, Compare and Contrast Owner’s Equity Versus Retained Earnings 
• Describe How a Partnership Is Created, Share profit/loss and is Dissolved
• Prepare the Statement of Cash Flows Using the Indirect Method 
• Perform Financial Statement Analysis Using Financial Ratios

Class Dates

Module 1     Chapters Covered 9-12

(Read Chapters, Review Class Presentation, Review Homework Before Class)

Homework Assignments

Due Date

1/23

Course Overview 

Review Principles of Accounting 1 

Welcome Post

Log onto course in MyRCC and post your answers to the following questions:

Name, major, what you hope to learn in this course and your favorite flavor of ice cream. Also, please reply to at least two other students’ post.

Review Homework

Welcome Discussion Post

1/25

1/30

9 Accounting for Receivables 577

9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions 578 

9.2 Account for Uncollectible Accounts Using Balance Sheet, Income Statement Approaches 584

9.6 Explain How Notes Receivable and Accounts Receivable Differ 606 

9.3 Determine the Efficiency of Receivables Management Using Financial Ratios 594 

9.4 Discuss the Role of Accounting for Receivables in Earnings Management 599 

9.5 Apply Revenue Recognition Principles to Long-Term Projects 603

Homework

9A

9B

2/1

2/6

10 Inventory 647 

10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions 648 

10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method 

10.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet 672

10.5 Examine the Efficiency of Inventory Management Using Financial Ratios 674 

Homework

10A

10B

2/8

2/13

11 Long-Term Assets 699 

11.1 Distinguish between Tangible and Intangible Assets 700

11.2 Analyze and Classify Capitalized Costs versus Expenses 704

11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs 709

11.4 Describe Accounting for Intangible Assets and Record Related Transactions 721 

11.5 Describe Some Special Issues in Accounting for Long-Term Assets 723 

Homework

11A

11B

2/15

2/20 

Presidents’ Day No Class

2/27

12 Current Liabilities 745 

12.1 Identify and Describe Current Liabilities 746

12.2 Analyze, Journalize, and Report Current Liabilities 755

12.3 Define and Apply Accounting Treatment for Contingent Liabilities 764

12.4 Prepare Journal Entries to Record Short-Term Notes Payable

12.5 Record Transactions Incurred in Preparing Payroll 777 

Homework

12A

12B

3/1

3/6 

Midterm Review Class Chapters 9-13

Mid-term Exam Take Home Open Notes Due by 11:55 PM 3/8  

Last day for late submissions

3/8

3/13-17 

Spring Break- No Classes

Class Dates

Module Two  Chapters Covered 13-16 and Appendix A

(Read Chapters, Review Class Presentation, Review Homework Before Class)

Homework Assignments

Due Date

3/20

13 Long-Term Liabilities 809 

13.1 Explain the Pricing of Long-Term Liabilities 810

13.2 Compute Amortization Long-Term Liabilities Using Effective-Interest Method 822 

13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds 830

Homework 13A

13B

3/22

3/27

14 Corporation Accounting 859 

14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock 860 

14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock 871

14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits 879 

14.4 Compare and Contrast Owners’ Equity versus Retained Earnings 890 

14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance 897 

Homework 14

3/29

4/3

15 Partnership Accounting 925 

15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership 926 

15.2 Describe How a Partnership Is Created, Including the Associated Journal Entries 932 

15.3 Compute and Allocate Partners’ Share of Income and Loss 935

15.4 Prepare Journal Entries to Record the Admission and Withdrawal of a Partner 938 

15.5 Discuss and Record Entries for the Dissolution of a Partnership 943 

Homework 15

4/5

4/10

16 Statement of Cash Flows 955 

16.1 Explain the Purpose of the Statement of Cash Flows 956

16.2 Differentiate between Operating, Investing, and Financing Activities 957

16.3 Prepare the Statement of Cash Flows Using the Indirect Method 959

16.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method 971

16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity

Homework 16

4/12

4/17

Patriot’s Day No Class

4/24

Appendix A Financial Statement Analysis

Homework 17

4/26

5/1

Final Exam Review Class Chapters 9-16 & Appendix A

5/8

Final Exam

Open Book in Class

Last day to submit late homework

5/8

5/12

Commencement