4 hours, 4 credits. Prerequisite: ACC 101. In the second half of the one-year course, students will further explore financial accounting concepts such as accounting for partnerships and corporations, understanding current assets with a particular emphasis on payroll accounting, understanding the time-value of money and the role it plays in terms of long-term liabilities, financial statement analysis and how to prepare, interpret and understand the Cash Flow Statement. Special emphasis on managerial accounting including budgeting cost accounting systems, job-order costing, process-order costing and cost-volume-profit-analysis.