Accounting 2 Simplified for You

Manage payroll, cash, receivables, inventories & liabilities in easy to follow steps. Great companion of Accounting 1.
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1,404 students enrolled
Instructed by Majo Jacinto Business / Finance
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  • Lectures 27
  • Length 7.5 hours
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 12/2014 English

Course Description

Accounting II Simplified for You – is a continuation of a unique, no-nonsense and meaningful approach of understanding basic accounting principles, with special focus in merchandising, inventories, internal control, cash management, fixed assets, receivables, liabilities and payroll. Business transactions are illustrated in simple terms using relevant examples and easy to follow step-by-step instructions.

As the saying goes, “Accounting is the language of business." But you are NOT an accountant, so should you be left behind? ABSOLUTELY NOT! You do not need be an accountant to learn accounting. Give yourself the competitive edge of understanding accounting principles and concepts to better navigate the business environment.

This is a perfect complement to my course Accounting 1 Simplified for You -where you learn the basic framework of accounting, the recording process, the accounting cycle and financial statement preparation. These 2 courses combined will provide you with the framework you need to fully understand and apply accounting in business for any type of industry.

In this class, you will have a series of thoughtfully prepared video lectures using real-life business examples, handouts comes with every lecture and quizzes after each section to reinforce your learning. Dr. Jacinto promotes and encourages lively discussions and feedback sessions. All your questions directly related to the topic will be answered within 24 hours. This course is ideal for college business and accounting students, bookkeepers, business owners, managers and anyone who wants to better understand accounting in business in a way that makes sense to you. For work - this is an excellent go-to accounting course & guide whenever you need a quick refresher; and for school - a perfect study guide and supplement for students in accounting and business.

What are the requirements?

  • Ability to add, subtract, multiply and divide
  • Some understanding of accounting basics like the accounting cycle, the recording process and financial statements
  • Analytical Skills
  • Patience and willingness to learn

What am I going to get from this course?

  • Prepare the correct type financial statements appropriate for your type of business
  • Manage inventory. Calculate inventory costs and choose the right valuation method.
  • Discover ways to improve internal control procedures in your business
  • Be in control of your cash through bank reconciliation
  • Manage your receivables and payables
  • Record payroll and payroll taxes accurately
  • Use promissory notes in business transactions
  • Calculate depreciation expense properly using various methods
  • Estimate your bad debts
  • Calculate cash discounts and simple interest
  • Correct mistakes in recording freight transactions
  • Learn what bookkeepers do in accounting
  • Develop understanding of accounting procedures

Who is the target audience?

  • Designed for beginners
  • Some understanding of financial statements and the accounting cycle
  • Excellent study guide for accounting and business students who are currently enrolled in their first college accounting courses
  • Ideal for those who have procrastrinated from taking required accounting courses for fear of difficulty
  • Bookkeepers, accounting clerks, managers and small business owners who are looking to better understand the landscape of business
  • College students who are contemplating accounting as a career

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.



Welcome to Class!

Dr. Majo Jacinto's Student Testimonials
Section 1: Accounting for Merchandising

Prepare service and merchandising financial statements. Sales, Cost of Goods Sold, Gross Profit, Operating Expenses and Net Income. Single step and Multi step Income Statements


Recording Inventory, Discounts, Credit Terms & Freight Costs


Cost of Goods Sold, Accounts Receivable, Sales Discount, Using perpetual inventory in recording sales transactions.


FOB Shipping point and FOB Destination. Buying and Selling with or without freight.

10 questions

Quiz Description

Section 2: Inventories

Cost of Goods Sold and Ending Inventory valuation


Calculate cost of goods sold and ending inventory using the Specific Identification Method.


Calculate cost of goods sold and ending inventory using FIFO


Calculate cost of goods sold and ending inventory using LIFO. Difference between FIFO and LIFO


Calculate cost of goods sold and ending inventory using the Specific Identification Method.

5 questions
Quiz Description
Section 3: Internal Control

Control Environment. Elements of Internal Control. Internal control procedures

5 questions
Quiz Description
Section 4: Cash Management

Manage your cash through the bank reconciliation process

5 questions
Quiz Description
Section 5: Receivables

Different types of receivables and how to record them


How to record uncollectible accounts


Estimate bad debts


Promissory note and Interest Income

5 questions

Quiz Description

Section 6: Fixed Assets

Property, Plant and Equipment costs and other acquisition costs


Calculate depreciation and accumulated depreciation using the straight line method.


Calculate depreciation and accumulated depreciation using the units of production method.


Calculate depreciation and accumulated depreciation using the Double Declining Balance Rate Method.

4 questions
Quiz Description
Section 7: Liabilities

Record various types of current liabilities. Distinguish current from long term debts


Promissory note and interest expense

5 questions
Quiz Description
Section 8: Payroll Expense and related taxes and liabilities

Difference between employees versus independent contractors.


Gross Pay to Net Pay calculations. Understanding employee payroll deductions.


Recording payroll and payroll tax expenses. Journalizing payroll related transactions.

5 questions
Quiz Description
Section 9: Conclusion
Wrap Up

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Instructor Biography

Majo Jacinto, Certified Public Accountant & Accounting Professor

Dr. Majo Jacinto is an active professor in accounting, audit, information systems, taxation and nonprofit accounting for approximately 15 years in both the online and ground platforms serving college and graduate students in accounting and business.

Dr. Jacinto’s academic involvement include publishing textbooks, training manuals and sponsoring NYSED approved curriculum for Continuing Professional Education (CPE) credits. As a CPA, Dr. Jacinto is an actively engaged accounting practitioner serving for profit and non-profit organizations on Long Island, NY.

She earned her Doctor of Management degree at Colorado Technical University. She completed her MBA and undergraduate degree in Accounting at New York Institute of Technology. She also completed a baccalaureate degree in Economics and Psychology.


I am invested in your success. My passion lies in being your guide by the side and see you not only perform but transform into successful business professionals and be the best you can be through accounting education.

“Be a lifelong learner. Perform consistently well, communicate effectively, think analytically and speak fluently the language of business = accounting (Jacinto, 2013).”

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