ACC2004 Accounting II

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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)

Please note: USILACS is not the source of the following links. Therefore we do not have control over the accessibility of these links. You may find that some links are no longer active. We therefore encourage you to copy and paste the title into Google or YouTube to find an alternative source. You are also welcome to email our academic team at for assistance or to inform them of an inactive link so we can replace it with a new one.

Sometimes the links may invite you to download reference material into a PDF. Although we have been diligent in finding safe sources of information, we encourage you to be diligent in ensuring a download is safe on your device.

Although we are providing comprehensive study material, if you feel you require more, please copy and paste the topics and titles into Google and YouTube. 



Tips for success

Remember, these exams are all open textbook. Meaning, you can keep your reference material open in other tabs to refer back to during your exam.

Some of the reference materials are large, extensive books with hundreds of pages. If you have a question on your exam that you want to find the answer to within the book, here’s a quick way of doing so:

Choose a keyword or phrase from the exam question. Go to the reference material. Press ‘Ctrl’ + ‘F’ on your keyboard. This will bring up a search bar. Type your keyword or phrase into the search bar and click search. This will show you all the locations that they appear in the reference material.