- Course type: Self-paced
- Available Lessons: 72
- Average Lesson Length: 8 min
Eligible for Credit: Yes
Earn transferable credit by taking this course for credit.
Watch a preview:chapter 1 / lesson 1What Are Fixed Assets? - Definition & Examples
Course SummaryAccounting 202 has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. With this self-paced course, you get engaging lessons, expert instructors who make even the most challenging accounting topics simple, and an excellent resource for getting a head start on your degree.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
At the end of the course, you'll be able to strengthen your knowledge of important intermediate accounting concepts such as corporate income taxes, methods for cost accounting and post-retirement benefits.
Your grade for this course will be calculated out of 300 points. The minimum score required to pass and become eligible for college credit for this course is 210 points, or an overall course grade of 70%. The table below shows how your overall grade will be calculated.
|Proctored Final Exam||200|
Quizzes are meant to test your comprehension of each lesson as you progress through the course. Here's a breakdown of how you will be graded on quizzes and how they'll factor into your final score:
- You will have 3 attempts to take each quiz for a score.
- The highest score of your first 3 attempts will be recorded as your score for each quiz.
- When you've completed the course, the highest scores from your first 3 attempts at each quiz will be averaged together and weighed against the total possible points for quizzes. For instance, if your average quiz score is 85%, you'll receive 85 out of 100 possible points for quizzes.
- After your initial 3 attempts, you can take a quiz for practice as many times as you'd like.
- You will need to pass each quiz with a score of at least 80% to earn course progress for the lesson. However, it is not necessary to earn 80% within the first three quiz attempts.
Proctored Final Exam
The proctored final exam is a cumulative test designed to ensure that you've mastered the material in the course.
- You'll earn points equivalent to the percentage grade you receive on your proctored final. (So if you earn 90% on the final, that's 90 points toward your final grade.)
- If you're unsatisfied with your score on the exam, you'll be eligible to retake the exam after a 3-day waiting period.
- You can only retake the exam twice, so be sure to use your study guide and fully prepare yourself before you take the exam again.
- You may use the formula sheet provided in the 'Studying for Accounting 202' chapter.
Items Allowed on Study.com Proctored Exam for Accounting 202:
- Blank scratch paper
- Pen or pencil
- Formula sheet provided in the 'Studying for Accounting 202' chapter
- A non-graphing, scientific calculator (We'll provide you access to Desmos scientific calculator during the final exam.)
Items NOT Allowed on Study.com Proctored Exam for Accounting 202
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, or radios
- Notebooks or notes
- Graphing calculators
Upon completion of the course, you will be able to:
- Account for and disclose financial information for transactions involving fixed and intangible assets.
- Demonstrate understanding of accounting for securities and investments by preparing entries and properly recording financial information under a variety of different scenarios.
- Account for and disclose financial information for transactions as they apply to current liabilities and contingencies.
- Account for and disclose financial information for transactions involving bonds and notes payable; Prepare and describe transactions about a company's leases, for both operating leases and capital leases.
- Record transactions and prepare proper financial information as it pertains to stockholder equity transactions and comprehensive income.
- Calculate corporate income and account for corporate income taxes.
- Explain the different type of entries and financial disclosures required for pension plans and related post-retirement benefits, such as medical insurance.
- Account for a variety of accounting changes and error types found on the financial statements, including prospective and retrospective-type disclosures.
There are no prerequisites for this course.
Accounting 202 consists of short video lessons that are organized into topical chapters. Each video is approximately 5-10 minutes in length and comes with a quick quiz to help you measure your learning. The course is completely self-paced. Watch lessons on your schedule whenever and wherever you want.
At the end of each chapter, you can complete a chapter test to see if you're ready to move on or have some material to review. Once you've completed the entire course, take the practice test and use the study tools in the course to prepare for the proctored final exam. You may take the proctored final exam whenever you are ready.
How Credit Recommendations Work
This course has been evaluated and recommended by both ACE for 3 semester hours in the lower division baccalaureate and NCCRS for 3 semester hours in the lower division baccalaureate OR 3 semester hours in the upper division baccalaureate category. To apply for transfer credit, follow these steps:
- If you already have a school in mind, check with the registrar to see if the school will grant credit for courses recommended by either ACE or NCCRS.
- Complete Accounting 202 by watching video lessons and taking short quizzes.
- Take the Accounting 202 final exam directly on the Study.com site.
- Request a transcript to be sent to the accredited school of your choice!
- Check out this page for more information on Study.com's credit-recommended courses.
|Accounting for Fixed & Intangible Assets||Defines and value assets, fixed assets and intangible assets. Lists methods of depreciation and accelerated depreciation. Explains how to report depreciation on the balance sheet and write off plant assets from financial statements.|
|Accounting for Securities & Investments||Differentiates short and long-term investments. Defines held-to-maturity investments, and explains how securities and investments appear on financial statements.|
|Accounting for Liabilities & Contingencies||Defines known, estimated, current, long-term and contingent liabilities. Discusses the importance of evaluating investment management, and examines accounting for contingencies, long-term liabilities and environmental liabilities.|
|Accounting for Bonds & Notes Payable||Lists types and characteristics of bonds, and describes the steps involved in bond valuation. Details how to record the retirement of bonds, and explains how to issue bonds at a discount or premium.|
|Accounting for Operating & Capital Leases||Differentiates between capital lease and operating lease in accounting. Describes the impact of capital and operating leases on financial statements.|
|Accounting for Shareholder Equity & Comprehensive Income||Describes shareholder equity, the components of stockholder equity and the impact of dividend distribution on retained earnings. Details how to calculate total equity, earnings per share and return on equity.|
|Cash Flow Statements & Disclosures||Explains the purpose of the statement of cash flows, and defines cash flow. Lists disclosure requirements for cash flow statements and sources needed to prepare cash flow statements.|
|Accounting for Corporate Income Taxes||Demonstrates how to calculate pretax financial income, corporate taxable financial income, and corporate income taxes. Explains inter-period tax allocation.|
|Pensions & Post-Retirement Benefits||Discusses retirement compensation systems, and organizational incentive programs. Examines accounting for stock options, equity compensation plans and post-retirement benefit expenses. Shows how to calculate earnings for post-retirement benefits and the funded status of a pension plan.|
|Identifying & Correcting Errors in Accounting||Details the process of identifying accounting errors, and examines accounting errors that impact the trial balance. Discusses changes in accounting principles & restating financial statements.|
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What to Expect For the Exam
This Study.com course has been evaluated and recommended for college credit. Once you've completed this course, you can take the proctored final exam and potentially earn credit. Follow the steps below to take the exam.
Before taking the exam, all of the following requirements must be met:
|A College Accelerator Study.com membership.|
|Completed all lessons in Accounting 202: Intermediate Accounting II course and achieved 100% Quiz Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Have not taken this exam three times. (0/3)|
|Complete the exam readiness quiz.|
Please meet all of the pre-requirements in the Pre-Exam Checklist in order to take the exam.
Exam Process Details
1. Register For Exam
Registering for the exam is simple. First, be sure you meet the system requirements. Next, you'll need to agree to the academic integrity policy. Then just confirm your name and the exam name, and you're ready to go!
2. Download Software Secure
You'll receive an unique access code. Please write this down — you'll need it to take the exam. Then download Software Secure and follow the installation instructions.
3. Take Exam
The exam contains 50 - 100 multiple choice questions. You will have two hours to complete the exam, so don't start until you're sure you can complete the entire thing. And remember to pace yourself!
4. Get Exam Results
We will send you an email with your official exam results within 1 to 2 weeks. If you would like to raise your grade after receiving your exam results, you can retake quizzes with fewer than 3 attempts. You will then need to retake the final exam.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
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