Building on the concepts from Financial Accounting I Part I, following a manual system and/or using accounting software, learn about subsidiary ledgers and special journals, as well as internal control and basic financial accounting theory and practical concepts. Learn to account for merchandise inventory. Develop the skills to prepare, maintain and close financial statements and learn the fundamental principles required to control and account for cash, banking, and inventory. Prepare payroll according to government guidelines and regulations and learn to follow procedures to account for sales tax and workers compensation.