ACC2004 Accounting II

Current Status
Not Enrolled
Get Started

ACC2004 Accounting II

This course is an introduction to primary theories and models accentuating financial accounting systems.  The contrast between bookkeeping and accounting will be researched.  Priority is given to how accounting measures, records, and reports economic activities and the link between accrual and cash flow measures in deciphering accounting data.

You will expand your knowledge base when it comes to what the intent of accounting and it’s usefulness is.  An awareness of the generally accepted accounting practices (GAAP) will be achieved.  Double-entry bookkeeping will also be related.


Accounting is recognized as the language of business.  The capability to read and interpret financial statements compels any person in business must understand accounting.  This knowledge of accounting is crucial for productive business communication and decision making, and therefore, is an obligatory course in any business program.  By the end of this course, all students should:

  • Prove knowledge of accounting theory and application of that knowledge in a business environment
  • Establish an understanding of the financial statements of a corporation
  • Validate knowledge of effective management procedures used to control cash
  • Explain an understanding of the valuation of intangible assets, current liabilities, and long-term debt
  • Demonstrate an understanding of the stockholders’ equity section of a balance sheet
  • Apply the rules related to earnings per share for corporations with simple and complex capital structures
  • Demonstrate an understanding of operating and capital leases, and accounting for income taxes
  • Prepare a statement of cash flows

Full-CLC Students

“A CLC award signifies that the student has attained the knowledge, (through either prior education or experience), equal to or greater than the student would have learned in a traditional college course.”

 “Based upon your CLC award, physical classroom attendance is not required; however, you will be required to successfully pass a final exam for each course.”

Based upon your HESEAP Application, you have received full-CLC for this course; therefore, this is a test-out course which does not include traditional education on the subject.

USILACS wants to help you succeed. If you feel you need a little knowledge refresher or want to expand your knowledge on this subject, we recommend that you consider reviewing some of the vast online education resources and search topics below.

Thousands of FREE Online College Courses:

Search Topics: Publications/Videos/Papers

(The majority of the exam questions for this course are based upon information contained in the below search topics)

  • (2018) Accounting, Investopedia
  • (2018) “Bookkeeping and Payroll Course – US Version.”  Adams Academy.
  • (2017) Basic Accounting Principles: National Institute of Open Schooling, pg. 1-23
  • (2017) Accounting Basics: pg. 1-18
  • (2016) “Accountant vs Bookkeeper” On-Core Bookkeeping
  • (2013) “The Basic Accounting Equation.”
  • (2013) “Preparing a Trial Balance.”
  • (2013) “Cash vs Accrual Accounting.”